When You Should (and Shouldn’t) Use Payroll Protection Loans

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With jobless claims hitting record highs, you might finally need to figure how to ask for help.

A portion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion in government-backed loans for small businesses, under the Paycheck Protection plan. As a small business owner or sole proprietor, that means you can borrow money to help meet your payroll, pay your rent or mortgage, and cover your utilities.

The first eight weeks of the payroll loan can possibly be turned into a grant so that it can be free money for you. Even if not, the maximum interest

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