SBA Paycheck Protection Program Loans and the Marketing Industry: 4 tips for marketers (MarketingSherpa)
By MarketingSherpa, Daniel Bernstein. - Featuring Taylor Gibson, Optima Office COO.
Tip #1: Understand how your workers are classified
There has been a lot of press about the PPP and how it can help small businesses cover payroll and operating expenses. For some in the marketing industry, there may be special considerations in how they should manage their organization’s human resources.
“Many marketing agencies have a lot of 1099 contractors; those freelancers are not covered under the agency’s PPP loans. Therefore, marketing agencies would have an easier time covering those types of expenses under the Economic Injury Disaster Loan Assistance Program,” advised Taylor Gibson, COO, Optima Office, an accounting firm.
Gibson advises that the Payroll Protection Program can be a better loan option if you have W2 employees since portions can be forgiven (more info below).
“You can get two-and-a-half times the qualifying monthly wages and benefits through the Paycheck Protection Program. Plus, the PPP does not require a personal guarantee — which the Economic Injury Disaster Loan Assistance Program does,” advised Gibson.
DISCLAIMER – Due to the daily changing environment and guidelines being provided by the government, this information could be outdated. Please contact our office for the latest updates and guidelines. Optima Office is not responsible for any actions taken due to the information provided. The information provided here is for instructional purposes and does not represent legal advice being given by Optima Office.
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