A Harvard Business Review article titled To See the Future of Competition, Look at Netflix resonates strongly just now. “As more and more of us turn to Netflix for entertainment, the company bears watching as a source of insights about the future of business and work,” writes author Bill Taylor. That seems to apply in the time of quarantine even more than when he wrote it. As the inventor of “binge watching,” Netflix has likely...
There can be no way around it, Inc. contributor Brian Hamilton’s April 2020 COVID-19 centered article, “6 Actions to Take in the Next 90 Days to Save Your Business,” isn’t pulling any punches. Hamilton, Founder of the Brian Hamilton Foundation, believes that the next 90-days could be make or break days for business owners looking to navigate the choppy waters of the COVID-19 pandemic. His latest Inc. article provides readers with 6 actions they should...
There can be no way around it, Inc. contributor Brian Hamilton’s April 2020 COVID-19 centered article, “6 Actions to Take in the Next 90 Days to Save Your Business,” isn’t pulling any punches. Hamilton, Founder of the Brian Hamilton Foundation, believes that the next 90-days could be make or break days for business owners looking to navigate the choppy waters of the COVID-19 pandemic. His latest Inc. article provides readers with 6 actions they should...
President Trump signed the legislation today to replenish business relief programs and support hospitals and COVID-19 testing. The package totals $484 billion and includes: An additional $310 billion in funding for the Paycheck Protection Program (PPP), with $60 billion reserved for small banks and lending institutions $75 billion for hospitals $25 billion to support testing efforts $60 billion for emergency disaster loans and grants (EIDLs) In a recent virtual town hall hosted by Inc., U.S. Chamber of...
Congress and the White House have reached an agreement for the second round of funding for business relief programs. Details are forthcoming. It's expected that the package will total $450 billion and include: $300 billion for the Small Business Administration’s popular Paycheck Protection Program (PPP) $50 billion for the Economic Injury Disaster Loan (EIDL) program $25 billion for testing $75 billion for hospitals Notably, $125 billion of the PPP money will be set reserved for small businesses...
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...
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...
In a moment of totally disrupted customer experience, marketing efforts risk coming across as not only irrelevant but downright crass. How can businesses continue to communicate with customers and share value? Focusing on mission statement and values in order to re-enforce marketing strategies is more important than ever. Information is Crucial Each customer purveying your business’s website needs to understand your hours of operation, any limitations to service and what is being done to ensure cleanliness. Providing...
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...
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...
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...
The U.S. Chamber of Commerce has published concise and helpful resources to help small businesses navigate the details of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the Paycheck Protection Program initiative of this law, $350 billion have been allocated to help businesses stay afloat, and particularly to help businesses sustain employment. As we mentioned in last week's overview of the CAREs Act and its intended impact, these loans come with forgiveness terms...
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...
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...
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...
