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As the coronavirus crisis unfolds, many small businesses are searching for any available tools and resources to help with their finances. That’s why NextRoll has partnered up with Womply to provide small businesses streamlined access to forgivable emergency loans through the federal Paycheck Protection Program (PPP). We recognize that small businesses are in a vulnerable position, and our goal is to help people get resources as fast as they can.
If you have questions around the PPP or the stimulus package in general, you’re not alone. That’s why we recently hosted a webinar with Toby Scammell, Founder and CEO at Womply, and Peter Krivkovich, co-founder of AdRoll and CFO/COO at NextRoll Inc. (AdRoll’s parent company) to address the new stimulus package and other opportunities for small businesses to thrive.
The webinar covered:
If you know any small businesses that are in need of support, please pass this along!
What many people may not know is that historically, small businesses have been the primary driver of job creation and economic growth in the US. However, unlike some of the larger companies with more money and more access to facilities, many small businesses run on a month-to-month basis. They depend on their monthly revenue to pay rent, payroll, etc., with little money squared away for emergencies.
Because small businesses are so fragmented across the country, the challenge is reaching them with the necessary government programs. It’s a massive problem that requires help from both public and private companies to solve.
Check out our FAQ with the top questions surrounding COVID-19:
This webinar highlights and delves into these three emergency capital options:
This is a private initiative that Womply started with FundRocket. If you’re a local business, you can receive $1,000 tomorrow to invest in your business. No fees, no interest, and flexible repayment terms. To be eligible, you have to be a legitimate US business with a verifiable bank account and demonstrate at least $5,000 in revenue so far in 2020. The program is still up and running — check out their site to learn more.
This is a government program that was passed as part of the CARES Act in late March. The EIDL program has been in place for many years and is usually used during disaster relief like hurricanes.
The CARES Act recently modified this loan program to provide $10,000 advances for small businesses. According to the Small Business Administration (SBA), whether your EIDL is approved or not, the advance doesn’t have to be repaid, and you should receive it within days following a successful EIDL application.
Note: The SBA received reportedly more than 4 million applications, which is around 20x the usual demand. Although you may not see the money straight away, it’s still recommended that you fill out out the necessary paperwork to save yourself a position in line.
The PPP is a $349 billion program authorized by the CARES Act to provide small businesses with the money they need to continue paying employees during the COVID-19 crisis. The goal of the program is to encourage small businesses to maintain payrolls.
PPP loans are a compelling option for small businesses because they’re forgivable up to the total amount of the loan. That means that if borrowers meet all of the conditions, they won’t have to pay back any of the loan they receive.
To get access to capital, you’ll have to go through an approved lender in the US. This is where the complexities come in (and where Womply and NextRoll want to help you!). Learn more here and start your application today.
Note: Sources indicate that the PPP program has already run out of funding after approving over a million loans, but congress is working to appropriate additional funding for the program. We will be sure to update this guide as soon as new information comes out.
For more information on the PPP:
Last updated on August 16th, 2022.