You received a Payroll Protection Program Loan, congratulations but now what? Stop, pause and create a plan. There are three things you should be doing right now and we created a 9Grid, our visual thinking tool to lay it out for you.
- Cash Flow Management – don’t spend your funds until you have a system in place
- Create a Spending Plan – 75% of funds for payroll, 25% for rent, mortgage interest and utilities
- Create a Staffing Plan – You may not have an exact re-open date yet but you can still create a plan
For the full explanation of the three things you should be doing now, check out the video on our YouTube page by clicking HERE