With the recent passing of the Consolidated Appropriations Act, in December of 2020, small businesses will be receiving unprecedented levels of support from the U.S Federal Government. This assistance comes in the form of the revival of many programs started by the CARES Act. This continuation of resources creates the ideal scenario to receive the funding that many need present an unprecedented opportunity both current business owners and for those wishing to become business owners.
Although frontline workers and other essential members of our nation are receiving the vaccine, the pandemic is still affecting a majority of Americans. To further combat the virus’ harmful effects, Congress passed the Consolidated Appropriations Act, 2021 on December 21st. Taking effect on December 27th, this act will continue the economic assistance provided by the CARES Act, including $325 billion being allocated to help small businesses through loans assistance programs and restarting of the Paycheck Protection Program (PPP).
The New Rules for Loans
As the nation saw the implementation of the PPP, there are numerous rules and regulations in the Consolidated Appropriations Act, 2021that lendees need to take into consideration prior to apply for and taking the loans.
For more information, please visit the official U.S. Small Business Administration website with the following link: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
What this Could Mean for Potential Business Buyers
As seen in March of last year, the government is attempting to provide financial support to American small businesses. This provides prospective entrepreneurs, who are looking to buy a pre-owned business, a unique opportunity. By applying for the loans offered and covered by the discussed programs, new business owners can finance their newly purchased small business with guaranteed financial assistance from the Federal Government.
This makes buying a business much less expensive and less risky, therefore more desirable for a variety of reasons which are listed below:
Typically, many people are dissuaded from owning a business due to their concerns of the major risks and investments involved. Add a pandemic that has majorly shifted the economy and job market, and it’s understandable why most would shy away. However, as the nation is seeing, there is a magnitude of support from both federal and state governments along with the idea that when businesses thrive, our economy will thrive.
The Liberty Group of Nevada understands the idea of purchasing a business can be daunting. Our business brokers are dedicated to making the process of purchasing a business an informed and efficient experience with no surprises. They bring industry knowledge and expertise to each transaction and are able to assist the buyer with their purchase. If you are interested in purchasing a business or would like more information, please visit http://thelibertygroupofnevada.com/.