A bill in Congress has been brewing since October 2020 and finally passed in December 2020. Representative David Scott introduced H.R.8620 which is stated to:
“To permit payments for certain business software or cloud computing services as allowable uses of a loan made under the Paycheck Protection Program of the Small Business Administration.”
What PPP can do for you
This bill was an amendment to the Small Business Act that changes the definition of how PPP loan moneys can be used. The changes are as follows:
“the term ‘covered operations expenditure’ means a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses”
So what does this mean for your business? That you can apply for the PPP funds then use them to upgrade your out-of-date software that runs your company or use the funds to move your business into the cloud. There has never been a better time or excuse to discuss the possibilities of moving your business to the cloud and implementing those upgrades that have waited so long. By doing so you will position your company better for the Work From Home trend and be prepared for business expansion once the pandemic is over.