FactorForYou is a company focused on helping small businesses by connecting them with the correct factoring (invoice pay) companies. They have been working to expand their services in preparation for the CARES Act Payment Protection Plan, Round 3, which started in January 2021.
— In a still uncertain economy affected by the COVID-19 pandemic, the American Government has been trying to help small businesses survive, and even thrive. As a part of the federal CARES Act, the Payment Protection Plan (“PPP”) has been helping small businesses to maintain their staff, pay for rentals, and take care of other costs related to running a business.
Currently, the government is in PPP round 3, which started in January of 2021. Businesses are able to apply for loans via the federal government. If they are approved for a loan (based on business size and needs), the business is to use the majority of that money to pay staff. With meticulous bookkeeping, the approved companies can then apply for the loan to be forgiven.
FactorForYou, a company focused on connecting small businesses with factoring companies for the purpose of advancing on unpaid invoices, has also provided other resources for struggling businesses during this time. They have put information on their website regarding PPP Round 3, along with other resources to help reduce the “squeeze” of finances during this turbulent time in American history.
Along with this, FactorForYou has expanded their factoring company pool to several other states, allowing them to help even more small businesses to get through this time. Factoring is, in short, when a company purchases unpaid invoices and advances on them for an agreed upon rate. Then, the factoring company will assume payment on those invoices which are typically paid in net 30 to 90 day terms.
Factoring allows small businesses to get their money right now, so they don’t have to worry about waiting to be paid in this tough time. FactorForYou representatives state that their services, alongside the benefits the government is providing via the CARES Act, have kept a number of businesses afloat during this turbulent time.
A representative from the company shared that “We’ve expanded to multiple states, including Illinois, Ohio, New Jersey, Texas, and more. This has allowed us to help small businesses work with more factoring companies. Everyone wins when you connect people, and in an economy harmed and seperated by a global pandemic, that’s essential.”
FactorForYou is currently working with clients in small business, government, construction, health care, staffing, manufacturing, transportation, and oil & gas industries. They plan to expand their factoring reach further throughout 2021 and into the future, as well.
FactorForYou is a company focused on providing financial solutions for small businesses. While they primarily work in connecting small businesses with factoring companies (companies that buy unpaid invoices and deal with the debtors themselves), they also provide resources so that small businesses can stay strong financially. More information about FactorForYou can be found at their website, https://factorforyou.com/.
Release ID: 88997064