Premier Business Lending Explains Section 179 and The Carry Over to 2021

What is the Section 179 Deduction? Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below. Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax […]

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6 Startup Business Loan Options for Entrepreneurs

Entrepreneurs often have a hard time securing a startup business loan. A new business venture is just too risky for most traditional banks. But there are lenders willing to offer small-business loans to a fledgling startup, including alternative lenders and microlenders, as well as other funding options for scrappy entrepreneurs.   Keep in mind: If […]

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Now That PPP Loans Have Ended, What’s Next?

Now That PPP Lending Has Ended, Biz2Credit Small Business Lending Index Finds May 2021 Loan Approval Rates Increase for Banks and Non-Bank Lenders     Small business loan approval percentages at big banks ($10 billion+ in assets) climbed slightly from 13.4% in April to 13.5% in May 2021, however, small banks’ approvals jumped higher from 18.2% in April, to 18.7% in May. “Loan approvals […]

The Heavy-Duty Vehicle Market Doesn’t Get Much Better than the Current Condition

According to ACT Research’s recently released Transportation Digest, the current business environment for heavy-duty trucks does not get much better than it is now. “Demand for commercial vehicles in North America is about as good as we’ve seen in 35 years of monitoring heavy-duty market conditions,” Kenny Vieth, president, and senior analyst for ACT Research […]

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SBA stops accepting new PPP applications from most lenders as general funds run out

The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline. The SBA informed lenders Tuesday afternoon that the PPP general fund was out of money and that the only remaining funds available for new applications are […]

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Small Business Trends and Predictions for 2021

Keep an eye on these small business trends and predictions for 2021: Lending programs related to COVID-19 will be key, but they are not sufficient. Alternative sources of funding will be needed as well to meet business owners’ capital needs in 2021. Digital marketing spend is likely to increase, as traditional marketing and PR gets […]

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6 Small Business Loan Myths Busted

Obtaining a loan for your small business is a great way to boost investment and even grow your business when the time is ripe. You might have heard some grumblings about small business loans: they are hard to obtain; your credit has to be flawless; don’t ask for too much money or you’ll be denied. […]

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The Treasury Department has reopened the Paycheck Protection Program (PPP)

The Treasury Department has reopened the Paycheck Protection Program (PPP), following new guidance on the small business forgivable loan program. The new terms aim to quell the earlier criticisms of the relief effort. Some 5,400 businesses have received about $520 billion to date, but the aid program has been plagued by confusion surrounding forgiveness eligibility and complaints […]

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2021 Updates to the PPP Program

As most businesses are aware, the rules governing PPP loans have been updated as part of The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Act”). The Act was just one section of the massive 2021 Consolidated Appropriations Act that was passed by Congress and signed into law by the President on December 27, 2020. To combat […]

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Paycheck Protection Program (PPP) 

Paycheck Protection Program (PPP)  Loan forgiveness information   Many businesses are relieved to have received PPP funds but are now concerned they may not  receive forgiveness. The two primary causes for concern are: 1) not using the loan proceeds  properly, and 2) not documenting the correct use of funds adequately. These are common  concerns, and […]