COVID-19 Business Resource Center

January 7, 2021

The EIDL Program Extended for 2021

The Small Business Administration recently announced that they have extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program. The deadline is now December 31, 2021.  This extension is a result of the recently passed and enacted bipartisan COVID-19 relief bill. The one change is that the EIDL Advance is not currently available as those funds have been fully allocated. Otherwise, EIDL loan applications can be received through December 2021, pending the availability of funds. Please note that the loans continue to be  offered with favorable terms such as a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year repayment with no pre-payment penalties or fees, and an automatic deferment of one year before monthly payments begin. Every eligible business is encouraged to apply to get the assistance they need. You can apply online directly through the […]
December 29, 2020

New Paycheck Protection Program Loans: What We Know So Far

Additional PPP loans, EIDL grants, Pandemic Unemployment benefits and other small business relief are arriving in 2021. The total allotted for these new PPP loans is just more than $284 billion. As with the first round, businesses may be qualified for full loan forgiveness if portions are correctly spent within a certain time frame. Please be advised that the information is changing quickly and is based on recent information on the programs. It can and is expected to change. The Foresight team will be checking and revising as new information becomes available. It is strongly suggested that you do not rely solely on this for your financial decisions. Continue reading below as we answer some popular questions related to the new program. Who is eligible for the new PPP Loans? Many small businesses may be eligible for the new PPP […]
December 22, 2020

Succession Planning in 2021: If You Won’t Do it for Yourself, Do it For Those You Love

 Simply put, succession planning is the strategy of passing on leadership roles, and often ownership of a company, to an employee or group of employees. Sounds simple, right? So why is this so difficult to do? – Its because there often isn’t the depth of leadership or skills within a small, often family-run funeral or cemetery business. It is also because many of us have problems letting go! Not long ago, the NFDA and Foundation Partners Group published a study called “2020 Funeral Business Planning Survey” about the state of Succession Planning in the Funeral and Cemetery Industry. The study showed that more than 50% of Owners plan to retire within the next five years (25% within the next 24 months) and more than 50% of those have little or no plan!  In a profession where we preach preparedness and […]
October 25, 2020

Ask the Experts! Your questions on financing answered by Foresight!

One service area that we are always asked for insight and guidance on is our Business Financing Services. For this month’s column, we combined all of the most popular financing questions into one comprehensive article. Continue reading below as Doug Gober, Partner provides some insights on SBA financing, debt refinancing, borrowing limits, and more.  Question: Why would I want to get SBA financing instead of going to my local bank? Doug Gober: Since its inception, SBA lending has become very popular because it opens the door to a larger base of entrepreneurs transitioning into businesses. It does so by reducing the amount of initial investment required and extending the terms on of the loan. Unless you have significant investment dollars available, it is difficult for quality, skilled people to become a business owner using conventional lending. Conventional commercial lending effectively […]
October 22, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

It is official, Lenders are submitting decisions on PPP Forgiveness Applications

Recently, a Foresight client reached out to our team with wonderful news to share. Their lender had completed the review of their PPP Forgiveness application and approved their amount in FULL! We knew that the Small Business Administration officially opened their Paycheck Protection Program loan forgiveness portal to lenders back in August.  And of the millions of loans approved under the program, the SBA had only received thousands of forgiveness decisions from lenders. Ultimately, the PPP loan forgiveness process is a lengthy one. It requires the small business to complete the application and submit it to the lender. The lender then has 60 days to give its decision. That decision is then relayed to the SBA, who then has 90 days to process and finalize the application and reimburse the bank for the loan. There is also the possibility of […]
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