Now is a perfect time to review your technology plan and assess how cloud technology can help your business in 2021. One of the new benefits to the Paycheck Protection Program Second Draw (PPP2) program approved in December 2020 is it now includes additional ways to spend your funds and still achieve 100% forgiveness.
Under the new guidance issued for the PPP2, you can spend up to 40% of your PPP2 funds on technology which qualifies as “cloud computing services” for your business. Technology expenses were not included in the first round of funding, so this category is new. To jumpstart your thinking, we have deciphered a few ways you can utilize the PPP2 funds towards leveraging technology to modernize your business.
Here are three ideas we think business owners and leaders can leverage technology to better their business using PPP2 funds while still obtaining 100% forgiveness:
1. Data Analytics
Modern businesses are recognizing the power of data to win in today’s competitive marketplace. Microsoft’s PowerBI tool is a cloud computing service that has emerged as a leader in helping companies embrace analytics across the organization through its ease of use and simple interface. PowerBI can help you get the insights you need to make confident decisions and drive efficiencies in your business. Specifically, PPP funds could be used to pay for PowerBI subscriptions and implementation services such as creating initial PowerBI reports, setting up a data management program, or training your employees via a ‘Dashboard in a Day’ training session.
2. Cloud Readiness Assessment
PPP2 funds could be used to perform the initial readiness assessment to develop a Cloud Roadmap for migrating files, applications, or servers to Microsoft 365 or Azure. Migrations to a public cloud, such as Microsoft, can help improve your business operations and result in up to 30-40% total cost of ownership (TCO) savings, creating an ongoing competitive advantage for your business.
3. Process Automation via Microsoft Power Automate
New low-code/no-code solutions available now help businesses automate manual processes specific to them. These solutions, powered by the Microsoft Power Platform, enable businesses to automate their processes faster and reduce the cost of doing business. Microsoft’s secure Power Platform empowers business users, not developers.
Technology can be used to speed up adoption of newer technology, automate manual processes, or to help employees work from anywhere. If you have been looking for the right opportunity for your business to fully embrace cloud computing services, PPP2 funds could make this the right time.
Anders Technology has the training, experience, and expertise to help your business understand the options under the new PPP2 guidelines and how you can prioritize your 2021 goals and budget to utilize your spending to fit your needs. Contact an Anders advisor below to discuss your situation and recovery options. Visit our COVID-19 Resource Center for more resources as it relates to the recovery of your business.All Insights