The CARES Act passed by Congress in March was a much-needed lifeline for thousands of American small businesses. Of the many programs it created, the Paycheck Protection Program did more than any others to keep companies afloat. According to a survey conducted by payroll services company OnPay, 52% of all small businesses received a PPP loan of some kind.

While some PPP loans were eligible for full forgiveness, others needed to be paid off in full depending on the size of the loan and what it was used for. For the businesses that do manage to pay off their PPP loans, the final payment can feel liberating. The question must be asked, however: What is a business to do once the loan is paid off?

Some sectors are booming while others are still on shaky ground; no matter what space your company is in, the freedom you have once you’ve finished paying off your PPP loan can be used on a number of different endeavors. Here are some of the best.


1. Rehire
Even the best PPP loans couldn’t prevent all companies from slimming their workforce: by April of this year, 21% of companies had already laid off significant numbers of their employees, with another 64% planning to do so in the near future, according to a study conducted by the Kenan-Flagler Business School at UNC. Once the onus of repaying your loan is lifted, give back by rehiring.

Weekly unemployment claims are... read more>>>https://www.successdigestonline.com/4-things-you-might-want-to-do-now-that-your-ppp-loan-is-paid-off/