Weathering The Covid Storm
Early in the pandemic, a client that provides B2B services was struggling; many of the businesses he serves were shut down by government order. He had healthy cash reserves but was uncertain about when business would pick back up. Our team partnered with him to ensure his business could weather the storm.
Navigating Uncertainty due to Covid-19
Our client has been in business for several decades. He’s built a wonderful reputation for great service and for caring deeply about his employees. He wanted to keep them on the payroll so they could continue to support their families. But it was difficult for him to navigate the ever-changing world of financial assistance programs such as Economic Injury Disaster loans, Paycheck Protection Program loans, the Employee Retention Tax Credit, and state grants.
That’s where Momentum CFO came in…
With experience scoring millions of dollars in financial assistance from these programs for our clients, we knew we could save the day for him too. We helped him obtain over $700K to weather the revenue downturn.
He was able to keep all his employees on the payroll. They didn’t suffer financially.
Both of his PPP loans were fully forgiven. He got back on track in 2020 and achieve even greater financial success in 2021.
In case you’re wondering, all of Momentum CFO’s clients’ PPP loans were forgiven. Free money is the best kind!