PPP Loan Forgiveness

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Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness

If you received the Payroll Protection Loan (PPP) make sure you are taking the necessary steps to apply for loan forgiveness. 

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

You can find more information on the SBA Website.

Ask SCORE: What is the best way to market a niche product?

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by Ken Sethney, Kitsap SCORE

Marketing a niche product means that you’re not selling to everyone. You are focused on a group of people who are most likely to buy your products or services. 

Having a narrow pool of potential customers comes with challenges and ultimately means more work on your part to find those people who fall within your niche. However, marketing a niche product also has advantages once you identify your customers. 

Successfully marketing a niche product starts with an in-depth understanding of your potential customer’s wants and needs.

When you are targeting a small group of buyers, you need to understand who is most likely to buy your product and how your product can provide solutions to their needs.

Start with a bit of market research. Google can help you find lots of useful information. You can also visit the Kitsap Regional Library and speak to an adult services librarian. The library website can give you access to valuable information. 

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COVID-19 Reopening Guidance for Businesses and Workers

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from the office of WA Govenor, Jay Inslee

On June 30 Washington state reopened under the Washington Ready plan. All industry sectors previously covered by the Roadmap to Recovery or the Safe Start plan (with the limited exceptions noted below) may return to usual capacity and operations.
Important Reference Documents
Healthy Washington Requirements
For governing bodies of public agencies opting to host in-person public meetings under the Open Public Meetings Act, as permitted under Emergency Proclamation 20-28, et seq., the miscellaneous venues guidance remains in effect.

New Flex Fund loan program to aid recovery for small businesses.

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Small business owners and nonprofits across Washington can start applying today for low interest loans of up to $150,000 through the newly-launched Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits – particularly those in low-income communities – recover and grow as communities across the state reopen for business.
Learn more now.

Washington State Financial Support for Businesses

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Newly-opened Small Business Flex Fund program offers low-interest loans to small businesses and nonprofits

The Washington State Department of Commerce this week launched a new Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits – particularly those in low-income communities – recover and grow as communities reopen for business. Gov. Jay Inslee in November 2020 approved a foundational investment of $30 million for Commerce to create a recovery loan program. Commerce is partnering with several financial institutions and community-based organizations to lend $100 million or more to small businesses and nonprofits with fewer than 50 employees and annual revenues of less than $3 million.

Qualifying businesses and nonprofits can apply for loans up to $150,000. Loans are available in 60- or 72-month loan terms at interest rates between 3-4.5%. The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under resourced communities and underbanked businesses the Small Business Flex Fund aims to help. Interested applicants pre-apply on the Flex Fund’s online portal and, if they qualify, will be matched with a lender. Once matched, the participating lender will assist the business owner throughout the application process and provide additional advisory support. If a business doesn’t qualify, they will be connected to a trusted community organization that can assist with finding other resources. For more information and to apply, visit smallbusinessflexfund.org.  

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How much is your company worth?

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Manage Your Expectations

by Kelly Deis of SoundPoint Consulting 

Most business owners do not have a realistic idea of what their businesses are worth. Owners almost always think that their business is worth quite a bit more than the market would likely bear. There are several reasons for this.

1. Emotional Ties: Owners are personally and psychologically tied to their business. This is particularly true for long-running family businesses. 

An owner has poured their heart and soul into their business. Where others may see a mundane business, owners – like proud parents, see their business as an apple of their eye. This emotional tie may cause a disconnect with the realities of the market.

2. Lack of Analytics: Most small business owners do not have a grounding in the analytics which determine a company’s value. 

Sadly, I have run across several owners who negotiated a purchase price for their businesses with their gut, and ultimately overpaid. Now, they are hoping this is the baseline for the current valuation. Not surprisingly, this is not a criterion for prospective buyers. Most buyers value a business based on its cash flow. The original purchase price rarely – if ever, is a factor.

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Updated COVID-19 information from Washington State.

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What you should know about…

Updated statewide guidance on COVID-19 requirements

On May 13, 2021, Gov. Jay Inslee announced a presumptive June 30 end date for many COVID-19 capacity restrictions for businesses. In addition, the governor signaled that all counties will move to Phase 3 as of May 18, 2021, and that fully vaccinated individuals will no longer be mandated to wear face coverings, whether indoors or outdoors. Businesses may continue to require face coverings by all customers if they choose, and continued vigilance around sanitizing and social distancing indoors is encouraged.  You can read more here.

For employers, the Department of Labor & Industries has issued guidance on how to safely implement the new face-covering standard for fully vaccinated employees.  Continue reading →

Revenue is revenue, right?

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by Kelly Dies, Soundpoint Consulting

A dollar is a dollar. That’s true. And, all revenue is equal. Right? Well no, not in an investor’s or potential buyer’s eye. So what makes some revenue good and other revenue better? 

Recurring

Recurring revenue is highly desirable because is it known and predictable. The best example of this is an auto-renewal fee or service charge periodically charged directly to a customer’s credit card. Once the initial sale is complete there are no more costs to acquire a customer. The revenue stream is much like an annuity. Continue to provide the goods or services as promised and the revenue keeps coming in. 

Great examples of this are insurance premiums and streaming fees. Once customers have decided to purchase the product – and assuming they remain content, they are happy to have their credit card billed automatically. 

In contrast, consulting and attorney fees are often one-time in nature. Revenue ceases when the project is complete and the engagement ends. 

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Join the SBA’s Seattle district office to learn about the Restaurant Revitalization Fund

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The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. 

During this live webinar we will discuss: 

  • What is the Restaurant Revitalization Fund
  • Who is eligible to apply
  • How much money you can get 
  • How funds can be used
  • How and when to apply 
  • Where to get help with your application

Staff from SBA will be answering your questions live throughout the presentation with dedicated Q&A time at the end. 

Who should attend: Current small business owners who have experienced pandemic related revenue losses who own a restaurant, bar, and other similar places of business that serve food or drink.