Nicole Mitchell It seems these three little letters, PPP have had the power to cause just as much stress as the reason it was created in the first place.
When the SBA announced there would be financial assistance especially for small business owners there was a sigh of relief. Which quickly turned into a few not so pleasant emotions…..
Some say there were good intentions but too little too late. The expectation that businesses would be able to stay open or reopen did not line up with the timing. Funds running out before business owners could access created loss of jobs when limited reserves were depleted. Also the refusal or concern from employees regarding safe workplaces, due to childcare issues and other factors created another barrier to using the funds.
Poorly planned – yes. Badly executed – yes. Useless piece of legislation – absolutely not!
In this current climate it’s easy to allow our sense of frustration with paperwork and people to override the opportunities that have been unveiled. It is unprecedented for a government agency to essentially give away money to the smallest of businesses. Yes there is an ultimate goal to keep the economy afloat. But what if –
At least some business owners were able to re-open and keep their doors open with the right strategy:
Maximizing the funds available to cover certain expenses along with meeting payroll
Evaluating staff to prioritize the correct employees to return to work
Documenting all payroll expenses to meet forgiveness requirements AND find new tax credits for the business (i.e. Employee Retention Credit)
- Business owners who had never heard of the SBA found out there were options to get info, support and funds on a regular basis SBA traditional 7a loan program
Surety bond guarantees that help small businesses in government contracting space
FREE yes FREE training and resources through SBDCs (Small Business Development Centers, SCORE and others). Google it….
- Small businesses received an opportunity for a new level of support from customers
Advertise specifically as a small business that provides the same quality as the big name they know – choose your local CPA vs a large national chain doing tax preparation
Engage locally – social media is great but what about the neighborhood publications and social networks that reach real people
- Entrepreneurs and sole proprietors found strategies to take their companies to a new level
Implement a proper payroll system that is cost effective and accurately tracks your employee costs now and for future planning. There’s more to it than “make sure everybody gets paid every 2 weeks”
Investigate tax credits that come from treating yourself as an employee as well as the owner
What low or no-cost to employer benefits can you provide to increase employee commitment and loyalty (legal assistance programs, accident insurance programs, etc)? Now more that ever it will be critical to show your appreciation for those who stuck it out with you. Employees are less likely to jump over to the next company if you show appreciation for their efforts
Certainly no one wanted to learn how to “pivot” under these circumstances. However the small business owner has had the spotlight turned on and now is the chance to shine!
PPP – Plan, Perform, PROSPER
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