Day: January 30, 2021

Speech and Sedition in 2021

The progressive press decides that dissenters should be suppressed.

5 SEO Tips For Bonanza E-Commerce Sellers

As an e-commerce seller, your business depends on your relationship with search engines.

Search engines are one of the first stops potential buyers make before purchasing an item. When your store is invisible to search engines, you simply don’t exist to the vast majority of your audience.

It’s a concerning thought and one reason e-commerce sellers spend so much time fixing and maintaining their on-site SEO.

Of course, understanding your platform is critical if you expect to stand out. If you’re serious about gaining that SEO edge, you need to know how search engines interact with your platform.

That’s where Bonanza comes in. It’s a great platform if you’re trying to avoid crowded, oversaturated sites like eBay and Etsy.

This article explores how Bonanza works and shows you how to drive traffic to your store from search engines. 

What is Bonanza and How Does it Work?

As a platform for e-commerce sellers, Bonanza exists as a marketplace for all kinds of products. 

The sheer variety of products you can sell on Bonanza is impressive. Bonanza lets merchants sell art, books, coins, jewelry, and everything in between. 

What Is Bonanza and How Does It Work

Bonanza functions similarly to many other e-commerce platforms. Sellers pay fees on both the price of the goods sold and the shipping fees associated with that purchase. However, you don’t pay unless your items sell—there are no listing fees or subscription costs. 

You can advertise on the platform, but for our purposes, we’re going to focus on how to drive organic traffic to your business using SEO.

5 SEO Tips for Bonanza E-Commerce Sellers

To increase views on Bonanza, you need to provide customers with the most relevant information at the right time. Let’s look at how to optimize your Bonanza listings to drive organic traffic.

Use Strong Keywords in Bonanza Listings

As with all types of SEO, effective keyword usage is paramount when optimizing for Bonanza. But, before you can use keywords in your title and listing, you need to figure out what your keywords are.

Google Keyword Planner is a fantastic tool for testing the strength of specific key terms and phrases that you’re considering for your content.

Bonanza - Use Strong Keywords in Bonanza Listings

Let’s say your e-commerce store revolves around hiking. The word “hiking” itself might be a perfect fit for your content, but this presents a few problems. 

The biggest issue here is hundreds, if not thousands, of other merchants selling hiking equipment on Bonanza. There’s little chance your content will stand out to either the algorithm or potential buyers based on that term alone.

Instead of using a broad keyword like “hiking,” you can use a strong keyword phrase that accurately describes your product. Suddenly, you’ve narrowed down your audience significantly.

Your audience is no longer anyone who types in “hiking” in a search engine. 

You sell hiking boots to people actively looking for sales. By narrowing your focus to keywords related to that, you’re telling search engines your site is useful to a particular group of buyers. The more specific the solution, the more likely these search engines are to recommend it.

Don’t just look for keywords with high search volumes—seek out phrases that naturally fit into your site and signal genuine value.

By the way, if you’re looking for more in-depth keyword analysis, you can use my Ubersuggest tool for free here.

Bonanza - Use Ubersuggest for Keyword Research

Include Quality Images

Discussions on SEO tend to revolve purely around the text. But, believing search engines only look at the text on your site would be a serious mistake.

The images on your site send data to search engine algorithms and can signal a higher quality experience for users.

Remember, search engines are in the business of having the right answer. When your business becomes the best possible fit for a potential buyer, search engines may give you the spotlight.

Image quality is essential. Take clear, well-lit pictures of your items with backgrounds that don’t distract. Use multiple images from different angles so your audience can fully see what they’re considering purchasing.

After you’ve taken your photos, change the file names to match your content. If you used a picture of a national park for your hiking store, don’t just call it DMG_33223.jpg. Change its name to something appropriate and relevant, such as hiking_boot_brand_style_name. 

Make sure your image dimensions match the image size as displayed. This can impact load times for your site, which can have a dramatic effect on your on-site SEO.

Additionally, use the right format for your visual content. If you want to preserve background transparency, use PNG. Logos and icons should use SVG. For larger photos, use JPEG. This option preserves the image’s colors and clarity while taking up less storage space.

Speaking of which, reduce the file size of your images! If you’ve ever wondered why your pictures take so long to load, this is likely the culprit. Slow load times mean less attention from search engines.

Images also have alt text (or alt tag). Essentially, this is the information conveyed to users who can’t see pictures. Whether they’ve disabled images or they’re using a screen reader due to a visual impairment, alt text helps provide information on that image.

Search engines use alt text to vet the quality of a site. This means if you don’t have alt text (or you do, but it’s nonsensical), you’re probably missing out on free traffic.  

Choose Your Item Titles Carefully

When shopping online, you likely see a lot of products with titles that are a list of keywords rather than a clear title like you’d use on, say, a blog post. This isn’t the way to go.

I’ve found a simple way to help e-commerce sellers understand the value of item titles. 

Think about your store from a search engine’s perspective. Your site description is pretty similar to an article or blog post as far as they’re concerned. Search engine algorithms see everything as content, and they want to provide positive experiences for users.

If you created a blog post on hiking titled “hiking positives why you should hike how to like hiking,” would a search engine find that valuable? Of course not. You’d probably title that post something like “Making the Most of Hiking” or “The Awesomeness of Hiking.”

For articles and blogs, you likely already take the time to build compelling, relevant, engaging content regularly because you know how valuable it is to both a search engine and your audience.

Do the same for your store listings—research using the Keyword Planner. Run a competitor analysis and see which titles excel and which are failing.

Above all, your item title and product descriptions need to be helpful. When they’re helpful, they’re valuable— and when you’re valuable, search engines are more willing to pay attention. 

It’s also worth noting paying attention to the differences in the buying cycle. Online shoppers with low buyer awareness need lots of convincing. For example, a buyer that searches for “hiking boots” may still be researching their options and not yet ready to buy, while someone who searches for “Women’s Newton Ridge Waterproof Amped Hiking Boot” is likely ready to buy.

If they aren’t familiar with your product, you’ll need to focus on education first.

Start with key features, product usage, and brand guarantees. This makes your product copy both user-friendly and valuable.

Add Product Features and Benefits

Now that we’ve established that product descriptions function like any other piece of content, it’s time we broke down how to craft a valuable description. 

Start with product features. From an SEO perspective, potential buyers are searching for perks and features when they use search engines. 

After all, they aren’t just looking for “boots.” They’re looking for “high-quality, comfortable boots.” 

The mistake some sellers make is assuming the list of features is enough. That list is just one piece of the puzzle. What makes a product description stand out to a search engine’s algorithm is contextually appropriate copy. 

These aren’t just high-quality, comfortable boots. They’re boots that stand up to the harshest of winters. They’re boots you can wear for hours on end. Maybe they are waterproof. 

While Bonanza allows you to fill out boxes with item traits and listing details, they also give you space to write out a description. Provide details you couldn’t give in the boxes.

For instance, you can put the boots’ size and material in the traits, but you can’t tell them the heel height. Put that type of information in your written description.

When you create a clear picture of the experience with a particular product, you bring a high level of authenticity to the shopping experience. 

If your content checks some of the keyword boxes but isn’t valuable, your site won’t get organic traffic for long.

Grow Using Content Creation

One of the most frustrating challenges you’ll deal with as an e-commerce seller is being unable to innovate. As a business owner, you want every business-building tool at your disposal. Which brings up the question: at what point do you start to expand your marketing efforts?

After all, you don’t just want to beat your competitors by a small margin. You want to dominate your e-commerce space and have your site on the first page of a user’s search engine results.

Commit to creating a blog for your site. It doesn’t have to be fancy, but it should be value-driven. 

You could use a free option like WordPress.com and write two articles a week on topics your audience cares about—and link to relevant items in your Bonanza store. You’ll have over 100 articles in a year, all linking to your Bonanza store, which shows search engines a series of healthy links to your store.

Bonanza - Grow Using Content Creation

More high-quality links mean validation, plus there’s the added perk of adding another layer to your marketing funnel. 

You can even use this content to collect email addresses for your newsletter. Use that to drive repeat business, and before you know it, you’ve built a truly profitable ecosystem. 

Conclusion

SEO is just as crucial for e-commerce stores like Bonanza as it is for other types of content. Without solid SEO for your store, consumers probably won’t find your products.

Understand what users need from their search experience. Take the time to create a user-friendly product page. Offer engaging content and create a store that puts the customers’ needs first.

You’ll never be able to “trick” search engines. But with enough patience and hard work, you can get search engines to work for you and drive traffic to your Bonanza store.

How have you found success on Bonanza?

The post 5 SEO Tips For Bonanza E-Commerce Sellers appeared first on Neil Patel.

Top 25 E-commerce Marketing Podcasts You Must Follow in 2021

Top 25 E-commerce Marketing Podcasts Contents [show] ⋅About this list & ranking E-commerce Marketing Podcasts Cart Overflow: Where eCommerce Marketing Playbooks Are Written & Shared Secrets To Scaling Your Ecommerce Brand Business of eCommerce Ecommerce Marketing School with Ben Jabbawy The Ecommerce Influence Podcast eCommerce Marketing Podcast Honest eCommerce Podcast The Unofficial Shopify Podcast EcomCrew Podcast eCommerce […]

The post Top 25 E-commerce Marketing Podcasts You Must Follow in 2021 appeared first on Feedspot Blog.

Top 15 Daily Herald RSS Feeds

Top Daily Herald RSS Feeds Contents [show] ⋅About this list & ranking The Daily Herald RSS Feeds Daily Herald » Local News RSS Feed Daily Herald » Utah News RSS Feed Daily Herald » World News RSS Feed Daily Herald » National News RSS Feed Daily Herald » Community News RSS Feed Daily Herald » Entertainment RSS […]

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Business Credit Cards for Bad Credit in a Recession

Let Us Show You the Foolproof Way to Get Business Credit Cards for Bad Credit in a Recession

Do you know how to get business credit cards for bad credit in a recession? According to the SBA, small business credit card limits are 10 – 100 times those of personal cards! This means you can get a lot more money with business credit. And it also means you can have personal credit cards at shops, and now have an additional card at the same retail stores for your business. And you won’t need collateral, cash flow, or financial information to get small business credit.

In a recession, banks are understandably less inclined to loan. So get your funding on credit! Check out our stellar choices.

Apply for Business Credit Cards for Bad Credit in a Recession

Brex Card for Startups

Look into the Brex Card for Startups. It has no annual fee.

You will not need to supply your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nevertheless, they do not accept every industry.

Additionally, there are some industries they will not work with, as well as others where they want more documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines, even during a recession.

Apply for Business Credit Cards for Bad Credit in a Recession and Pay No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

 Apply for Business Credit Cards for Bad Credit in a Recession and Get a 0% Introductory APR – Pay Absolutely Nothing!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day business purchases like office supplies or client suppers for the initial $50,000 spent per year. Get 1 point per dollar afterwards.

You will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash as opposed to points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. After that get 1%.

It has no yearly fee. There is a 0% introductory APR for the initial one year. After that, the APR is a variable 14.74 – 20.74%.

You will need great to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Apply for Business Credit Cards for Bad Credit in a Recession: Yes, You Can!

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, with no minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. However if you can pay in a timely manner, and completely, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines, even during a recession.

Apply for Business Credit Cards for Bad Credit in a Recession and Get Flexible Financing – Have A Look at Your Options!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. After that, pay $250 annually.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need excellent to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Apply for Business Credit Cards for Bad Credit in a Recession and Get Cash Back

Business Credit Cards for Bad Credit in a Recession Credit SuiteFlat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem at any time with no minimums.

You will need good to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Annual Fee

Discover it® Business Card

Check out the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for year. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need good to excellent credit to qualify for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the first 12 months. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on net, cable, and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at filling stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no restriction to the amount you can get.

You will need superb credit to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Check out the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. Then get 1% after, with no limits.

You will need outstanding credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Apply for Business Credit Cards for Bad Credit in a Recession and Get Irresistible Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the initial 3 months. Rewards never expire.

So you pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need great to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines, even during a recession.

The Perfect Way to Get Business Credit Cards for Bad Credit in a Recession

Your absolute best way to apply for business credit cards for bad credit in a recession will hinge on your credit history and scores.

Only you can select which features you want and need. So make sure to do your homework. What is excellent for you could be catastrophic for others.

So, as always, make sure to develop credit in the recommended order for the best, speediest benefits.

The economy is bound to change again – and your chances to get these cards will increase. Then you can apply for business credit cards for bad credit in a recession, and beyond!

The post Business Credit Cards for Bad Credit in a Recession appeared first on Credit Suite.

3 Inbound Marketing Trends to Master in 2021

Inbound marketing isn’t easy. There are tons of strategies for driving more traffic. You can write more blog posts and e-books, leverage better keywords, and create a social media publishing schedule. To top it all off, inbound marketing trends shift almost as fast as SEO tactics. This means it’s harder and harder to stay on …

The post 3 Inbound Marketing Trends to Master in 2021 first appeared on Online Web Store Site.

Dover (YC S19) is hiring a growth engineer to modernize recruiting

Article URL: https://www.dover.io/open-roles/growth-engineer Comments URL: https://news.ycombinator.com/item?id=25962478 Points: 1 # Comments: 0

The post Dover (YC S19) is hiring a growth engineer to modernize recruiting first appeared on Online Web Store Site.

PPP Loans – Round 2

PPP Loans: Round 2!

After a lot of deliberations and last-minute changes, it appears the second round of PPP loans is getting approval. However, this information is still in flux. So be sure to check on the SBA website for the latest information. See sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

The Consolidated Appropriations Act of 2021

Congress gave approval to a $900 billion COVID-19 relief package. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). Guidance and regulations related to this second round of PPP have not yet been issued. The SBA must provide these regulations within 10 days of the enactment of the Act. See natlawreview.com/article/paycheck-protection-program-round-2-highlights.

The Consolidated Appropriations Act of 2021: Details

The new relief package includes additional funding for new loans, the ability to get a second PPP loan for small businesses facing significant revenue declines in any 2020 quarter compared to the same quarter in 2019, clarifications providing for the deductibility of business expenses paid with forgiven Paycheck Protection Program loans. So this is a material change from existing IRS guidance.

It also includes loan eligibility for Section 501(c)(6) not-for-profit organizations for the first time, $15 billion for live venues, independent movie theaters and cultural institutions, and $20 million for the Economic Injury Disaster Loan Program.

Limited Eligibility for Second Draw PPP Loans

The Second Draw of PPP loans are available to borrowers that previously got a PPP loan. Second Draw loans are only for businesses that employ no more than 300 employees (down from 500). Or they must meet an alternative size standard, or have used the entire amount of their first PPP loan or will use such amounts. Plus they must had gross receipts during Q1, Q2 or Q3 2020 at least 25% less than the gross receipts from the same quarter in 2019. Applicants may use Q4 2020 if they apply after January 1, 2021.

Limited Eligibility: Details

If the business was not in operation for some of 2019, then comparable quarters may be different. The limitations for Second Draw loan eligibility do not apply to first-time borrowers.

This required all borrowers to certify that the “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant” as of the date on which the PPP loan application is submitted. There should be further guidance on this issue in the coming weeks.

Maximum Loan Amount

Borrowers of a Second Draw PPP loan have an option to calculate the maximum loan amount by multiplying the borrower’s average total monthly payroll in the one-year period before the date on which the loan is made, or calendar year 2019, by 2.5 times. The maximum loan amount is down from $10 million in the first round to $2 million. Like the first round, seasonal employers calculate their maximum loan amount differently. Note that the $2 million cap does not apply to first-time borrowers. Their cap remains at $10 million.

Maximum Loan Amounts for the Hospitality Industry

Borrowers of a Second Draw PPP loan that have NAICS Code 72, can use a 3.5x multiplier of their average monthly payroll costs to calculate their maximum loan amount. This is subject to the $2 million cap. These are typically restaurants and hotels.

Choose Your Own Covered Period

The covered period is the time when a borrower must use the funds to qualify for forgiveness. Originally the SBA provided that this would be an eight-week period starting on the date borrower received the loan proceeds. But in later amendments, it expanded to 24 weeks. Borrowers can now choose the length of their covered period, so long as it is at least 8 weeks and is no longer than 24 weeks.  This change gives borrowers more control over how to handle potential reductions in workforce once PPP funds are gone.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Use of PPP Funds

Congress expanded the types of expenses for which businesses can use all PPP loans. This applies to existing PPP loans, except if there’s already forgiveness, and new loans. This is in addition to payroll, rent, covered mortgage interest and utilities.

Covered Operations Expenditures

These expenditures can include payments for business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment or tracking of payroll expenses, HR and billing functions, or account or tracking of supplies, inventory, records, and expenses.

Covered Property Damage Costs

The second round of Paycheck Protection Program loans now covers costs related to property damage, and vandalism or looting, due to public disturbances that occurred during 2020, not covered by insurance or other compensation.

Covered Supplier Costs

The second round now covers expenditures to a supplier of goods essential to the operations of the entity when the expenditure was made. And it is made pursuant to a contract or order in effect at any time before the covered period or, with respect to perishable goods, in effect at any time during the coverage period.

Covered Worker Protection Expenditures

These expenditures include operating or capital expenditures allowing a business to comply with requirements or guidance issued by the CDC, HHS, OSHA or any state or local government, during the period from 3/1/20 to the date when the national emergency declared by the president expires, related to the maintenance of standards for sanitation, social distancing or any other worker or customer safety requirement related to COVID-19.

These expenses appear to include PPE, physical barriers that were put in place, expansion of indoor/outdoor space, ventilation or filtration systems, and drive-through windows.

Tax Treatment

PPP loans will not be a taxable income inclusion. Expenses paid with the proceeds of a forgiven PPP loan are now tax-deductible. This covers not only new loans but also existing and prior Paycheck Protection Program loans. This reverses previous guidance from the Treasury and IRS, which did not allow deductions on expenses paid via PPP proceeds. In addition, any income tax basis increase that results from the borrower’s PPP loan will remain even if the PPP loan is forgiven.

EIDL Advances Do Not Reduce Forgiveness

Before the passage of the new Act, borrowers receiving an EIDL Advance (advances between $1,000 and $10,000) had that amount subtracted from their total forgiveness. This is in effect had the effect of repaying the EIDL Advance. The Act now provides that EIDL Advances will not reduce PPP loan forgiveness. The SBA has indicated that borrowers that already received forgiveness and had their EIDL Advance deducted from it may be able to amend their forgiveness applications. Further guidance is expected to be issued.

Forgiveness Applications for Loans Under $150,000

The SBA is simplifying these to a one-page certification. This certification includes a description of the number of employees the eligible recipient was able to retain because of the loan. Plus it includes the estimated total amount of the loan spent on payroll costs, and the total loan amount.

Forgiveness Application Details

While the forgiveness application is changing, all of the rules still apply. Rather than going through the process of showing how borrowers came to certain numbers, the new application merely asks borrowers to self-certify. Given the liability attached to making a false certification to the SBA, all borrowers who choose to submit this simplified application should check their responses. They can do so by at least filling out, in draft form, the long-form application. This is to ensure that the certifications made on the newer form are true and correct.

All borrowers must retain all employment records relevant to the forgiveness application. This is for a period of four years following the date of submission. They must also keep all other records relating to PPP and the forgiveness application, for  three years after submitting the forgiveness application.

Eligibility for Section 501(c)(6) Not-for-Profit Organizations

These organizations generally consist of business leagues, chambers of commerce, real estate boards, boards of trade and professional football leagues. Such organizations must not be organized for profit. And no part of their net earnings can be to the benefit of any private shareholder or individual.

These organizations are generally expected to be eligible if they do not receive more than 15% of receipts from lobbying activities. Plus lobbying activities cannot comprise more than 15% of the organization’s total activities. And the cost of lobbying activities cannot be more than $1 million during the tax year ending 2/15/20. Plus the organization cannot employ more than 300 employees.

PPP Loans in Bankruptcy

Borrowers in bankruptcy will be eligible to apply. These new loans will be treated in the borrower’s bankruptcy case as administrative claims. To the extent not forgiven, they must be paid in full in any Chapter 11 cases. And they are not subject to cramdown. A cramdown is the imposition of a bankruptcy reorganization plan by a court despite any objections by certain classes of creditors. This is a significant change since the first round of PPP lending.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

PPP Loans and State and Local Taxes

FYI, the COVID-19 relief bill grants borrowers in the Paycheck Protection Program tax-free forgiveness of the loan. And there is the ability to deduct covered expenses. But that comes with a big question. Whether states will permit those write-offs, along with tax-free forgiveness, remains up in the air. That means businesses may still face surprise taxes on their state tax returns. However, small businesses may decide to go on extension when they file their 2020 taxes next year.

States may choose to comply with federal tax law as of a specific date. Hence the PPP second round and its tax law changes may come too late for some business owners. Since many states and municipalities are hurting for tax revenue, this may be a place where they go for additional funding. See cnbc.com/2020/12/29/small-mom-and-pop-businesses-that-took-ppp-loans-may-face-a-tax-bomb.html.

Relief via State Governments

Even as there may be tax issues, some states are stepping up and offering funding to save local businesses. For example, in Massachusetts, Gov. Charlie Baker announced a $668 million program to provide help for small businesses affected by the pandemic. The program offers grants of up to $75,000 or three months of operating expenses. See wcvb.com/article/massachusetts-governor-baker-covid-pandemic-business-support-announcement-december-23-2020/35057186.

California

Small businesses can apply for some extra relief as part of a $500 million grant program the state is offering. Grants will vary from $5,000 to up to $25,000 in the state’s Small Business COVID-19 Relief Grant Program. Non-profit organizations will also be eligible for the program. Businesses can use funds from the grant to pay for rent, utilities, resources, employee expenses and other relevant costs. See nbcsandiego.com/news/local/california-small-businesses-can-begin-to-apply-for-500-million-covid-19-grant-program/2483045.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Pennsylvania

Gov. Wolf gave approval to $145 million for Pa. businesses. This is in the form of a funds transfer from the Workers’ Compensation Security Fund at the Pennsylvania Insurance Department. The state legislature will appropriate it into grants for businesses whose operations and revenue were significantly hurt by the pandemic. See nepascene.com/2020/12/gov-wolf-approves-145-million-pa-businesses-urges-congress-provide-covid-19-relief.

Michigan

Gov. Whitmer signed a $106 million COVID-19 relief bill. This relief bill includes $55 million for small businesses. However, vetoes cut more than half of funding, including for the Unemployment Insurance Trust Fund. Extended unemployment benefits may be jeopardy unless appropriations can get approval to come from elsewhere. See crainsdetroit.com/government/whitmer-signs-106-million-covid-19-relief-bill-vetoes-cut-more-half-funding.

A Great Alternative to PPP Funding: Our Credit Line Hybrid

With a hybrid credit line, you can fund your business without putting up collateral. You only pay back what you use. Your personal credit score should be at least 685. In the past 6 months you should have fewer than 5 credit inquiries. And you should have fewer than a 45% balance on all business and personal credit cards.

To qualify, you can’t have any liens, judgments, bankruptcies, or late payments. It’s better if you have established business credit as well as personal credit. But if you do not meet all the requirements, you can take on a credit partner.

Takeaways

The details on the second round of PPP loans are still under consideration. But some aspects are clear, such as: nonprofits are eligible. And there is a financing cap for second round loans if you already got a PPP loan. Plus there will be federal tax forgiveness. But there might not be local or state tax forgiveness. A terrific alternative to a PPP loan (first or second) is a Credit Line Hybrid. Contact us today and find out if you qualify, and how much your business can get.

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