As the COVID-19 crisis continues to sweep the nation and upend the business world, banks and private corporations alike are offering grant money to help keep entrepreneurs and businesses afloat during these tumultuous times. It can be a complicated process rife with red tape and restrictions, and a lot of business owners are wondering how they can file for grants and assistance, what does it entail, and what are the considerations. Lance Bachmann, the founder of 1SEO, discusses grants and loans on his latest Facebook web series episode in great detail with business owners in mind.
Besides running an SEO and digital marketing company, Lance hosts The Lions Den, a Facebook and IGTV web series, giving clear insight for business owners into trends with a brass tacks approach. Not one to mince words, Lance delivers the information people want to know with refreshing honesty and reliable data. "The video series on Facebook is all about helping business owners and our clients navigate the muddy waters of doing business digitally in a regulatory environment," explains Lance. "So naturally, the issue of grants and PPP loans has been a hot topic and one that absolutely needs to be addressed."
As the COVID-19 crisis evolved, companies like Google and Facebook jumped in with grant money to help their existing client basis during this tough time. "Google and Facebook grant money are similar in that you would have had to have spent money on advertising in the past year, and the money you apply for will be credited to your account to spend later," states Lance. "The difference is for Facebook, you must be located in a city where they have an office, so, for instance, Philadelphia and some other areas are not eligible. Google has provided a bit more transparency in that it is for everyone, but in addition to spending money on Adwords for the past ten months, those months must also include January and February." Lance believes that is smart business as it protects their existing client base while not putting money just up for grabs for anyone and everyone.
When it comes to the all-important topic of PPP loans as stimulus bills continue to pass through congress, Lance doesn't pull any punches. "Banks prioritized larger loans, and there was most certainly a pecking order in place preventing all businesses access to these loans, including some who needed it most," states Lance. "Banks showed their true colors through this crisis, and I'm not surprised. Expect to see huge lawsuits from this. There will be fallout, and it won't be pretty." While unimpressed with the big banks' handling of PPP loans, Lance did mention that the smaller banks have done a much better job, including Centric Bank, who he believes did things the right way.
"It's a tricky time for businesses. It's scary, but our team at 1SEO is analyzing the data and information at every turn, breaking it down for our clients and ensuring they are prepared for the next steps they need to take," states Lance. Brief and right to the point Lance's most recent Facebook episode of The Lion's Den sheds light on the at times murky and inconsistent process of grants and loans helping businesses get the money they deserve during these unprecedented times.