1. There is more than $130 billion in PPP funding still available … and now, more flexibility too.
PPP funds are still available for small businesses, independent contractors, nonprofits and tribal businesses whose operations were impacted by the Coronavirus outbreak. And with the enactment of the Paycheck Protection Program Flexibility Act, there is more flexibility, such as the extension of time to spend loan proceeds from eight weeks to 24 weeks and the expansion in the percentage of funds that can be used for non-payroll expenses. Read more in this joint statement from SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.
2. The last date on which a PPP loan application can be approved is June 30, 2020.
While many extensions and flexibilities were enacted with recent legislation, one date still remains: the last day a PPP loan application can be approved is June 30, 2020. That means now is the time to apply for a PPP loan before time runs out. Find a PPP lender — or even review PPP materials in 17 languages — by visiting www.sba.gov/paycheckprotection.
3. SBA Resource Partners can help you with the PPP application or loan forgiveness process.
Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are helping small businesses navigate through the PPP process. Plus, they are working with businesses on their individual recovery plans. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resources for Small Business website.
4. We want to know how the PPP has helped your business.
We’ve been answering a lot of questions from businesses about the PPP process along the way. Now we want to hear the end result. Tell us your story of how the PPP has helped your business and your employees.
5. Report fraud to the SBA Office of Inspector General.
While new programs are helping people through difficult times, unfortunately, it comes with new avenues for scams and fraud. If you suspect fraud on an SBA program or want to learn more about known scams and alerts, visit the SBA Office of Inspector General website.
The power of technology has made it possible to do business not only across town, but across the world. Who knows — your small business might not even have an office, complete with rent, a mail slot and utility bills. If your small business specializes in services or digital products, you may never even meet your employees in person!
Teams who work remotely have the flexibility to do great work regardless of location, time zone or method of transportation. Thanks to online collaboration tools and mobile devices, working remotely is just as routine now as using a fax machine was 15 years ago. Continue reading →
The path to business ownership is an exciting journey. As you embark on your journey, you need a few things to successfully reach your destination. First and foremost, you need a good roadmap or GPS to successfully navigate your way.
The SCORE Startup Roadmap, sponsored by FedEx, guides your journey, from your business idea through opening your doors to customers.
Whatever startup route lies ahead of you, the Startup Roadmap provides direction along the way. It will help you chart a course to success, minimizing detours and dead ends so you can get to your goal faster. This Roadmap will take you from the initial step of defining your business idea through your ultimate destination: launching your business. In each chapter, we’ll teach you what you need to do and give you the resources and expertise you need to get it done. Continue reading →
“A library patron who wants to buy vacant land made a one-on-one research appointment to investigate mobile home parks in Kitsap, Mason, Jefferson, and Pierce County. The lack of affordable housing in the area weighed on her and she wanted to use her resources to provide housing for families who are burdened by a high rents or long commutes. We were able to identify all the mobile home parks in Kitsap and its neighboring counties, who their owners are, what their annual sales volume is, and build a geographic heat map that showed their locations relative to one another. She left with handle on potential gaps in the market and a more focused sense of where it makes sense to look for land.” — Carina Wood, Kitsap Regional Library, Silverdale Branch
Congratulations!! You’ve grown your small business so much that you need help, and so you’ve hired your first employee. Now you’re confronted with the task of paying that employee properly in accordance with IRS regulations and State of Washington statutes, along with making payments to taxing authorities and reporting to them periodically. And now you’re stomach’s churning!!
To correctly pay an employee in Washington, the employer needs to deduct the following taxes from the employee’s pay and report and remit timely these amounts to the relative taxing authorities:
Social Security Tax and Medicare Tax (just the employee’s share)
Federal Income Tax
Washington Labor & Industry Premiums (just the employee’s share)
Washington Paid Family & Medical Leave Tax (just the employee’s share)
There may be other withholdings from the employee’s pay, such as garnishments for child support, contributions to a retirement plan, donations, and the like. Continue reading →
According to the 2017 State Of Women-owned Businesses Report commissioned by American Express, women-owned businesses now account for nearly 40 percent of all companies in the United States. With the increase in the number of women-owned firms a whopping 114 percent (compared to the 44 percent increase among all businesses) from 1997 to 2017, it’s evident women entrepreneurs are a powerful force within the U.S. economy. Continue reading →
Like marriage, buying a franchise is a long-term commitment.
Before you say yes, make sure you understand to the in’s and out’s of franchising what it takes to be successful.
Be Your Own Boss. The phrase is repeated often in franchise circles, and it can be intoxicating to those considering franchise ownership. It means freedom from the typical 9 to 5. It means control. It means you call the shots. All of this is true, but being your own boss also means that you have responsibilities.
You are responsible for your employees, your customers, and your business. Their well-being is in your hands. That is why it is essential for anyone considering franchise ownership to weigh all the factors that go into being the boss and understand what it takes to be successful. Franchise ownership is a long-term commitment much like a marriage. It’s good to treat it that way, from courtship – researching franchises – to “I Do” – signing the Franchise Agreement. Remember the goal is happiness and financial independence. Continue reading →
This article has been brought to you courtesy of Linkedin.
There are over 30 million small businesses in the United States, but only half of them will make it past five years. Ensure your small business is in the successful half and capitalize on how LinkedIn can evolve your business. Here are three ways to grow your business using LinkedIn:
Create & Promote a LinkedIn Company Page
LinkedIn members are 50% more likely to buy once they’ve engaged with your business on LinkedIn. But they can’t connect with you if you don’t have a LinkedIn Company Page. Personal profiles don’t have the same marketing, advertising, and recruiting features as Company Pages, making them less effective at promoting your business. As you create your page, think about the kind of impression you want to create among potential customers and employees. Continue reading →