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The Paycheck Protection Program is now open to 1099 workers and independent contractors, of whom there are over 23 million in the U.S.. There has been a lot of confusion around how independent contractors interact with this program, and not a lot of guidance from the SBA or Treasury. In a virtual town hall hosted by Inc., a panel of experts shed some helpful light on this murky area. Panel: Kimberly Weisul, Inc. editor-at-large (Moderator) Neil Bradley, Executive...

14 April, 2020

It's fair to say that the Paycheck Protection Program's launch hasn't been perfectly smooth. The adjustment period as lenders familiarize themselves with unprecedented terms and the enormous volume of demand created a significant bottleneck. As some experts have warned, banks are prioritizing applicants with whom they have existing relationships. The systems to process all of this didn't immediately exist. After weeks of lobbying, FinTech (technology that supports banking and financial services) companies, including PayPal, Intuit, and...

13 April, 2020

There has been a lot of confusion around how independent contractors engage with the Paycheck Protection Program.  See, for example, this letter to Treasury Secretary Mnuchin y Forbes Senior Contributor Tony Nitti delineating some vexing points. To clarify, independent  contractors are not included in an employer's PPP loan amount. "As an employer and borrower, what you pay independent contractors and 1099s does not count toward your payroll cost in calculating how much you can borrow and how...

07 April, 2020

Be careful to avoid fraud schemes, cautions New Mexico Small Business Development Center Executive Director Russel Wyrick. Information about around relief programs for small businesses is changing at a dizzying rate right now. Unfortunately, some scams are already attempting to capitalize on the confusion. In a webinar hosted today by the New Mexico Economic Development Department, Wyrick shared some tips for avoiding traps and scams. Additionally, if you've applied for an EIDL, all communications will include...

03 April, 2020

What are the relative merits of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) options? This question comes up a lot lately amidst the whirlwind of new information about business relief programs.  The infographic below, by Live Oak Bank, provides a helpful and concise comparison. Steve Mariani, President and Founder of Diamond Financial Services, shared some additional insights in a webinar hosted by the International Business Brokers Association. Key takeaways from Mariani's...

02 April, 2020

Congress recently passed the Families First Coronavirus Response Act. Here is a summary of provisions dealing with employee absences, especially the Emergency Paid Sick Leave and Emergency Family and Medical Leave Expansion Act. These are relevant to small business owners. As we mention in our last Resource Roundup on the CARES Act economic relief package, sustaining employee headcount correlates to dollar to dollar forgiveness on relief loans. Emergency Paid Sick Leave Act: The Act is...

30 March, 2020

With the $2 trillion CARES Act economic relief package just passed in the House and President Trump expected to sign the bill into law today, small business owners will have access to new channels of support and payments. How can your business take advantage of these opportunities and be strategic during this time? U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley shared insights and advice this morning in a virtual Town...

27 March, 2020

The second in our series of resource roundups is dedicated to managing remote work. Tech and Security Make sure you have the technology you need. Good internet, a dedicated phone (and reception), account access and passwords, programs – all are easy to take for granted from a work computer with saved login credentials. There are a ton of apps to help with project management, workflow, productivity, and communication. Try to get your team on the same page...

25 March, 2020

Business acquisitions are red hot, and all kinds of businesses are being snapped up.  Some people are under the impression that only large businesses are being acquired, but this is far from the reality of the situation.  It would surprise many to learn that so much of the “action” is, in fact, small businesses buying other small businesses. In his Forbes article, “Take Advantage of the Golden Age of Business Acquisitions,” author Christopher Hurn explores the...

05 March, 2020

When the variable of family is added to the equation of selling a business, the situation can get rather messy.  Family usually complicates everything and businesses are, of course, no exception.  Ken McCracken’s recent article “Family business: to sell or not to sell?” 6 questions to help you make the right decision,” seeks to decode the complexities so often associated with family businesses. Consider the Market  The foundation of determining whether or not now is the right...

21 February, 2020

There are plenty of benefits to purchasing an existing business, but running a successful business can become overwhelming. If you’re considering buying a small business, but don’t know if you have enough time to commit to a significant venture, then a turnkey business model might be the right fit for you. Continue reading to discover if you’re someone who should buy a turnkey service business. 3 People Who Should Consider a Turnkey Service Business Turnkey opportunities exist...

12 February, 2020

In his recent article in Smart Business entitled, “How to get your business, and yourself, ready for sale,” author Adam Burroughs explores the key points of getting your business ready to sell.  Burroughs points to the truism that, at some point, almost every business owner must sell his or her business.  For this reason, it is critical to think about what it takes to get your business ready to sell.  Simply stated, it is best...

17 January, 2020

Employee engagement is a hot topic in workplace research. According to a recent Gallup survey, "The percentage of 'engaged' workers in the U.S. -- those who are involved in, enthusiastic about, and committed to their work and workplace -- is now 34%, tying its highest level since Gallup began reporting the national figure in 2000. The percentage who are 'actively disengaged' -- workers who have miserable work experiences -- is now at its lowest level (13%),...

20 December, 2019

Quite the week for Albuquerque, which made the Top 50 U.S. Cities for Starting a Business in 2020, according to a study conducted by Inc. and entrepreneurship researchers Startup Genome. These "Surge Cities" leverage local assets, human capital, and development strategy to drive success, with interesting lessons to be learned in each case. Entrepreneurship through acquisition can be a savvy path to business ownership, side-stepping some of the associated risk. Learn about about businesses for...

13 December, 2019

More accolades for Albuquerque! The Duke City ranks 11th for work-life balance in American cities. A recently published study compared cities across data representing work intensity, societal/institutional support, and city livability in order to determine where people do—and do not—enjoy well-rounded lifestyles. This is a handy compilation if you’re involved in site selection or debating where to buy a business. The introduction to the study, by security company Kisi, states, "We know first-hand how much of a...

10 December, 2019