Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan program and other relief programs rescued many small enterprises from financial crisis. If certain requirements are met, all or part of PPP loan proceeds may be forgivable — similar to a grant from the federal government.
The PPP loan program ended on May 31, 2021. Now, struggling businesses might be applying for affordable conventional loans — or negotiating more favorable terms for their existing debt. Doing so can help reduce interest expense and working capital requirements. Don't wait for lenders to make the first move. Here's how to get the optimal terms from your lender.