Maximizing cash flow projections and navigating the federal and local small business opportunities
Many small businesses are scrambling to find ways to navigate the volatile economic landscape right now. In today’s episode, we are joined by Katie Lilly from Lillyfield Accounting Solutions to discuss the federal and local programs and how to avoid delays in submitting your forms as well as forecasting cash flow for your business. Tune in.
In this episode of the Digital Marketing Podcast, Michael Winn, Chief Digital Officer of Digital Ops, discusses maximizing cash flow projections and navigating federal and local small business opportunities. He welcomes Katie Lily from Lily Field Accounting Solutions, who offers insights into two key federal programs: the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
The EIDL is available through the SBA and provides working capital, with the first $10,000 given as a grant. The PPP, designed to help businesses maintain payroll, requires applications through banks and can offer loans that are forgivable if used correctly for payroll and expenses. Wynn highlights the importance of staying responsive to bank communications and being prepared with the necessary documentation. This guidance is crucial as many businesses face economic challenges during these uncertain times, emphasizing the need for strategic financial planning and leveraging available resources.