Since the beginning of the coronavirus pandemic, the government has sent out a few rounds of stimulus checks. Here’s a breakdown of the COVID-19 legislation and stimulus check amounts:
- CARES Act: $1,200/person maximum
- Consolidated Appropriations Act: $600/person maximum
- American Rescue Plan: $1,400/person maximum
Not all taxpayers received checks each round, as they were based on an individual’s adjusted gross income. And, not all taxpayers received the full check amount, as they were phased out after a certain threshold.
So if you are unsure of how to use the stimulus check(s), here are a few ideas for business growth
1. Pay down business debt
If you have business debt, like a loan, a line of credit, or an unpaid bill consider using the stimulus check to pay off debt. Who wouldn’t want to cut down on accruing interest, penalties, and late fees?
2. Invest in new business equipment
Is it time to invest in better equipment, tools, and/or supplies? If you have put off a new (but necessary) purchase, now might be the time. Investing in better-operating equipment could help grow the business. New equipment and tools could mean streamlined processes, reduced errors, top-notch results, and improved customer relationships.
3. Increase marketing spend
Marketing generates sales. Sales lead to growth. If you want to grow your business, increase marketing spending. Remember to track the return on investment (ROI) to see whether the increased spending is worth it or not.
4. Hire a contractor
Have you been putting off certain key actions, like setting up a business website or fixing some electrical problems? That untapped stimulus check could be your ticket to hiring a contractor and getting some much-needed work done … especially if you don’t yet have a small business website up and running.
5. Take a business course
You can invest in your business by investing in yourself. After all, knowledge is power.
You could grow your business by taking a business course, going through a rigorous training program, or obtaining a business certificate. These types of learning opportunities help business owners improve their management skills, financial knowledge, marketing skills, and administrative knowledge.
You may also put your stimulus check towards employee training programs. By investing in your employees, you could also help grow your business by ensuring your team is continually improving their skills and knowledge.
For more information please visit: https://report.woodard.com/articles/5-things-your-clients-can-do-with-their-stimulus-checks-for-business-growth