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5 Ways to Manage and Pay Off Small Business Debt

As a small business owner, you have a lot to manage—future business goals, vendors, new marketing strategies, and maybe even some employees. And that’s far from an extensive list. Add debt to the mix, and you suddenly have one more thing to juggle. Debt is sometimes necessary to get a small business off the ground or to keep it running. But it can create unnecessary pressure and headache. Over time it can stand in the way of your business objectives and become an unsustainable expense. To get it under control, here are five tips to help you manage your business debt.

Steps to Take if You Have Been Impacted by the Employee Payroll Tax Deferral

President Trump’s recent executive actions have impacted millions of Americans. We have already written about the actions on evictions, the student loan payment suspension, and increased unemployment benefits. However, one more executive action signed in August is beginning to have an impact on some American workers: the employee payroll tax deferral. If you have been affected by this deferral (also called a tax “holiday”), here is what you need to know and what you need to plan for in the coming months.

Using Your PPP Loan as a Self-Employed Worker

When the coronavirus pandemic forced businesses across the country to close, the government created the Paycheck Protection Program (PPP) to give small businesses an immediate influx of cash via forgivable loans. What you may not have known is that sole proprietors, independent contractors, and gig workers are also eligible for PPP. Although the PPP expired in August, Congress is in talks to renew the program in the coming months. If you’re a sole proprietor, independent contractor, or gig worker who has been impacted by the pandemic, PPP may be a great option for you.

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Settling debts with creditors could do more harm than good—consider these options

In a crisis, long-term planning may lose out to quick and dirty solutions — regardless of the consequences. As the pandemic and its economic fallout continues, more cash-strapped consumers could fall into this trap if the 2007-09 recession is any indicator. A recent report by the Consumer Financial Protection Bureau found that from 2007 through 2010, debt settlements — which can be financially risky — increased. Meanwhile, credit counseling, a debt relief option that keeps consumers in good standing with their creditors, declined. Before you hit a moment of crisis decision-making, understand how to think through debt relief options.

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