Category Archives: Small Business Owners

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Covid-19 Relief Initiatives for Georgia Business Owners

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There seems to be optimism in the air with news of the number of coronavirus cases falling and greater access to vaccines.

Unfortunately for many people this is still a difficult time, especially a high percentage of small business owners who faced a disruption of epic proportions to their businesses. 

Here are the latest Covid-19 relief initiatives available to small business owners in Roswell Georgia and the surrounding counties. 

Roswell Georgia Business Owners… 

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During the February 22nd city council meeting, the mayor and city council members approved the COVID-19 Relief Assistance Program for residents and small business owners who have experienced financial hardships as a result of the COVID-19 pandemic.

The program will help residents in need to pay living expenses like mortgage/rent, utilities and childcare. It also supports local brick-and-mortar businesses struggling to stay afloat due to the pandemic.

The city has allocated $800,000 to this program — $400,000 is available to residents in need of assistance, and $400,000 is available to Roswell small businesses. To qualify, applicants must meet specific criteria.

These Grants Do Not Have to Be Paid Back to the City!

Residents and business owners will be able to apply during the open application periods for each program by visiting www.RoswellGov.com. 

For business owners there is a short window of time to apply. And the application period for the Small Business Relief Assistance Program will open March 8 and continue through March 22, 2021.

Metro Atlanta Counties…

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Comcast Rise is a commitment to support small businesses who have been hit the hardest by the economic impact of the pandemic. The Comcast RISE Investment Fund provides monetary grants to help Black, Indigenous and People of Color (BIPOC)-owned, small businesses grow as they navigate the challenges of the pandemic.

Open to businesses in Atlanta, GA (Cobb, Clayton, DeKalb, Fulton, and Gwinnett Counties) 100 small businesses will receive a $10,000 monetary grant. The application period is March 1-14, 2021.

More details can be found here: https://www.comcastrise.com/

Is PPP3 for Me?

In order to reach the smallest businesses, SBA will offer Paycheck Protection Program loans to businesses with fewer than 20 employees and sole proprietors only from Wednesday, February 24 through Tuesday, March 9, 2021

The latest round of Paycheck Protection Program (PPP) funding represents a marked improvement compared to the prior round.

  • The share of funding going to small businesses with fewer than ten employees is up nearly 60%
  • The share of funding going to small businesses in rural areas is up nearly 30%

Remember the deadline to apply is March 9, 2021. So, if you’re planning on moving forward here are two actions to take today!

  1. Find a lender:
  2. Identify a loan:
    • First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
    • Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.

Additional information, tools, and COVID-19 related resources can be found using the following links:

SBA Coronavirus Relief Options – Comprehensive list includes:

  • Payroll Protection Plan (PPP)
  • Covid-19 Economic Injury Disaster Loan (EIDL)
  • Shuttered Venue Operators Grant Program (SVO GP)
  • SBA Express Bridge Loan
  • SBA Debt Relief
  • Cross Program Eligibility

Georgia Chamber of Commerce – Scroll to the bottom of the page for a list of programs and safe workplace recommendations.

SBA Coronavirus Relief Options – Comprehensive list includes:

  • Payroll Protection Plan (PPP)
  • Covid-19 Economic Injury Disaster Loan (EIDL)
  • Shuttered Venue Operators Grant Program (SVO GP)
  • SBA Express Bridge Loan
  • SBA Debt Relief
  • Cross Program Eligibility

Georgia Chamber of Commerce – Scroll to the bottom for a list of programs and safe work place recommendations.

Well, that is it for now regarding the Covid-19 relief initiatives for small business owners.

Please feel free to reach out if you have questions or if I can help you or your business!

And don’t forget to continue to support your local small business community… it is making a difference!

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What Business Owners Now Know About Their PPP Loan Forgiveness

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On Friday, May 15, 2020, the SBA released new details on loan forgiveness for Paycheck Protection Program (PPP) loan borrowers. Also included in the release was access to the application that PPP borrowers will use to apply for loan forgiveness and detailed instructions on how PPP loan borrowers should fill out the application.

This SBA application form and instructions are designed to simplify the process from borrowers and to minimize compliance burdens. However, there are gaps. And the SBA plans to issue regulations and guidance soon to provide further help to borrowers as they fill out their applications, and to give lenders guidance on their responsibilities.

Concerns…

The forgiveness application form does help address some administrative items such as providing additional clarity around “costs incurred but not paid” during the covered period, which is aligned with a recommendation by the AICPA. However, major issues remain. In particular, small businesses need flexibility on when the 8-week period should start or need to have the covered period extended to more than 8 weeks.

It’s clear the application form and instructions provided yesterday are not enough. Some of the most pressing issues are not addressed and in other areas it appears new questions have arisen.

Erik Asgeirsson, President, and CEO of CPA.com, the AICPA’s business and technology arm.

Ultimately this is an important starting point for PPP loan borrowers to know what to expect moving forward.

A Good Start…

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.

I recommend business owners review the application and the instructions to ensure they understand the criteria for PPP loan forgiveness. Any areas of concern or questions should be addressed with their CPAs, bankers, and financial advisors prior to completing the application.

Additional information, tools, and resources can be found using the following links:

SBA Media Release

PPP Loan Forgiveness Application

PPP Loan Forgiveness Calculator

SBA Information and Resources

Additional Information and Resources

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The Latest Information and Resources Business Owners Need to Know During COVID-19

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The business community is reeling right now thanks to COVID-19. And while initiatives are being implemented to provide some relief, small business owners are facing unprecedented challenges.  

But the rollout of so many programs on both a federal and state level is complex and complicated. And local business owners are telling me they don’t know where to turn for up-to-date information and resources they can act on right now.

In an effort to help, I have created a COVID-19 quick reference guide for business owners. Download this interactive list of information and resources business owners can use to successfully operate their business during the coronavirus crises.

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Note! Information will be updated as actionable information becomes available, so check back often.

***5:00 PM April 1, 2020*** Georgia Govenor Brian Kemp just issued statewide Shelter-in-Place order that will go into effect on April 3rd.

***Update on Friday, April 3rd*** The Georgia statewide shelter-in-place, which goes into effect today, April 3rd at 6 pm through 11:59 pm on Monday, April 13, 2020. The order mandates that residents stay home except to engage in essential services, perform necessary travel, or if they are part of the workforce for critical infrastructure. Read the Shelter in Place Handout from the Governor’s Office, which provides more details about the order.

Business Owners COVID-19 Assistance Overview

The CARES Act: Coronavirus Aid, Relief and Economic Security is a $2 trillion stimulus package that includes significant relief money for small businesses.

To be eligible, a small business must be substantially affected by COVID-19, experiencing a decrease in revenue, staffing challenges or supply-chain disruptions, for example. The business must also employ less than 500 employees.

The CARES Act provisions include:

  • Emergency grants of $10 billion that will provide up to $10,000 per small business to cover immediate operating costs.
  • Forgivable loans of $350 billion that will be allocated to the Small Business Administration to provide loans of up to $10million per business for ongoing payroll and operations costs.
  • Existing loan relief of $17 billion to cover six months of payments on existing SBA loans for small businesses that already have them.
  • Expanded unemployment insurance for workers who can’t be rehired or find other work. It also extends jobless benefits to previously ineligible groups of workers, like gig workers and freelancers.

What do business owners need to know about qualifying?

Businesses must maintain a similar number of employees as they did prior to the crisis in order to be eligible for full loan forgiveness. A reduction in loan forgiveness will be applied to those businesses that do not meet this requirement.

What can small business owners do right now?

  • Reach out to your bank to verify they can process SBA loans. Tell them you plan to apply for the EIDL or the PPP loan and inquiry how to get ready to apply. They should also be able to share how quickly the grant or loan will be available.
  • If you do not have a relationship with a banker, or yours will not process SBA loans, you should find one.
  • Start gathering all pertinent documents. The required documents will vary based on the lender, but it’s a good idea to begin gathering:
    • Payroll records for the calendar year 2019 plus the first quarter of 2020, including 1099 payouts to contractors vital to the operation of your business
    • Bank statements
    • Articles of incorporation
    • Lease agreement or deed for the place of business 
    • Business certificate or license
    • Individual and business tax returns and any financial documents that reflect your financial situation
  • Not all the necessary loan application paperwork has been finalized with the banks as of today, but is expected by Friday, April 3rd.

What to do if your business doesn’t qualify?

Businesses that do not meet the requirements for the CARES grant or forgivable loan relief may still apply for a loan via the SBA Express Bridge Loan Program or Economic Injury Disaster Loan Program. These loans will need to be repaid but could help to fill the financial gap until the coronavirus crisis is over.

You need to stay informed, here’s how:

The Small Business Administration has put together a special coronavirus page detailing existing loan information. You will also find guidance for businesses and employers along with links to local assistance. As more information is released there will be updates to this link, including details about the stimulus loans and grants.

More Business Owners COVID-19 related posts and articles can be found here.

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Information and Resources to Help Small Business Owners Navigate COVID-19

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In an effort to support business owners, here is the latest news about COVID-19 as it pertains to small business and I’ve included an updated list of resources. So, how does the US Small Business Association (SBA) define a small business…

A Small Business Is Defined As:

Depending on your industry, a small business could be defined as a business with a maximum of 250 employees or a maximum of 1,500 employees. They’re privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses.

For those of you in Georgia, Governor Brian Kemp announced yesterday that Georgia has received an official statewide disaster declaration from the U.S. Small Business Administration. This declaration will provide assistance in the form of SBA Economic Injury Disaster Loans (EIDL) to impacted small businesses in all 159 counties in Georgia.

This opens the door for small businesses and nonprofits in Georgia to now apply for economic injury disaster recovery loans.  The loan can be up to $2 million per business to assist small businesses impacted by COVID-19. 

The application is now live, and Georgia small business owners can go directly to the SBA for assistance and to access the application.

Not in Georgia… no worries, use this link for information and the application for every state that has received the disaster declaration from the SBA.

Required Documents for SBA for EIDL loans: 

  1. Profit and Loss and Cash Flow Statements for 2019 and 2020 on annual basis and year to date basis.
  2. Tax returns from the past 3 years, both personal and business 

Loans are available for small business and non-profit organizations. While terms will be established on a case-by-case basis, many will have a thirty-year repayment term with first payments not due for up to twelve months. Businesses should expect to provide a tax transcript, financial statements, and a profit and loss statement. Interest rates will range from 2.75% to 3.75%.

In addition to the above, I suggest you reach out to your lending institution to see if relief programs are being offered during this time: delaying payments; interest only payments.  

To learn more about the EIDL program:

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Join Small Business Roundtable with SBA Administrator Jovita Carranza and CEOs of the leading small business organizations. They will discuss the needs of small business owners during the economic fallout resulting from the COVID-19 outbreak.

Friday, March 20th, 2020 at 2:30 pm ET

Click Here to RSVP

****This Just In****

(1:15PM March 20th) At this time, due to some last minute scheduling issues, we are working to reschedule this webinar for another day and time. Our goal is to have something next week. Timing might be better as we expect to know more about the next round of legislation.

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This is something every business owner should ask their staff who are working from home, before moving into the meeting agenda of the call. Discover what it is here. 

Learn How to Manage a Manage a Work-From-Home

  • TODAY – March 20: Learn from nationally recognized experts on How to Manage a Work-From-Home Workforce Teleconference with a FREE webinar. This resource is open to any business in the region and is hosted by Council for Quality Growth in partnership with Forsyth County Chamber. Register here.
  • Next Week: Georgia Commute Options is hosting a Telework Webinar Series to share information about managing objectives and deliverables while teleworking, collaborating through technology, supporting good working habits and more.

IRS Tax Relief information

The IRS has established a special section of the agency’s website focused on steps to help taxpayers, businesses and others affected by this coronavirus. Their page will be updated as new information is available.  

Guidance for Businesses and Employers with Regard to COVID-19

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:

Well that’s it for now… 

But please leave a comment with any information and resources that you’ve found useful as you’ve navigated the COVID-19. And don’t forget to support the local small businesses in your area any way you can.

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Do You Know A Georgia Small Business Rock Star?

Nominations are open for the 2019 Georgia Small Business ROCK STARS! Nominate yourself or another great Georgia small business who you think is deserving of ROCK STAR status for this year.

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What’s New This Year?

There are new categories so please be sure to check the one that best describes your business. They also now peer-to-peer judging which includes the current 2018 ROCK STARS who will also be judging the finalists.

Criteria:

  • All types of Georgia small businesses can apply. Nominate your own company or another great Georgia small business.
  • You must employ under 100 (total Georgia employment).
  • You must be a Georgia-based, for-profit company.
  • If you have been assisted by your local or state economic development resources (see application for details), you will receive BONUS points.

Winners are expected to: 

  • Attend the awards luncheon.
  • Take part in producing a short video about your business on location at your company.
  • Provide a high-res product or service photo(s) to be included in promotional materials, size 1200px or higher.

Awards Luncheon: 

  • March 18, 2019, in Atlanta – Location TBD

About the Program:

The Georgia Department of Economic Development (GDEcD) and the Georgia Economic Developers Association (GEDA) team up every year to recognize the outstanding, unique and impactful small businesses in the state of Georgia.

This unique endeavor for Georgia is a huge success only because of the small businesses that impact Georgia every day…the risks, the innovation, the outreach, the reasons why…all of these qualities abound in Georgia and we want to recognize them.

APPLY NOW

Deadline: September 15, 2018

See the complete list of all the 2018 nominees and where their business is located in Georgia. And you can view all the previous Georgia Small Business Rock Stars here. 

Does Your Business Standout and Get Noticed Online?

Today 3 out of 4 shoppers search online when they want to find a business, and 7 out of 10 made a purchase from a business they found using a search engine.

Businesses with optimized Google Business listings have a much better chance of getting a customer’s attention when they are searching online.

Google research suggests that customers are 50% more likely to consider purchasing from businesses with a complete listing. 

 

Does this sound like you…

  • Claiming your Google Business Listing has been something you’ve been meaning to do, but just haven’t gotten around to it.
  • You’ve claimed your Google Busines Listing but it’s not fully optimized with photos, business services listed, or branding messages.
  • You’re so busy, you honestly don’t have the time to do it. And the thought of giving up family time to watch a set of YouTube tutorials on how to do it properly is unappealing.
Let the team at Tom Martin Coaching & Consulting set-up and fully optimize your Google Business Listing in a week for only $247. Sign-up today and receive 90 days of business listing monitoring for FREE!
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Guest Appearance on Podcast for Business

Creating Raving Fans of Your Business

Recently I had the privilege of being a guest on the Podcast for Business show. The podcast is all about business conversations over coffee where the discussions focus on the journey of business ownership.

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Podcast for Business is hosted by Diane Campbell who owns Gratitude Goodies, a specialty gift basket company. Being a business owner herself, Diane’s understanding of business and perspective as a business owner lends itself to compelling conversations with other small business owners.

Actually, Diane’s mission at Gratitude Goodies of helping corporations express their appreciation to customers in meaning and memorable ways set the stage for our conversation about how business owners can create raving fans of their businesses. You can listen to my episode of Podcast for Business using the audio player below. 

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Why You Need to Optimize Your Google My Business Listing Today

When business owners start looking for ways to attract more customers, what is the first thing that comes to mind? The internet, right? But before they start having conversations about SEO, SMO, and social media ads, they need to make sure they have fully optimized the free online marketing platforms available, like Google My Business.

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When digital platforms like Google My Business and Nextdoor are fully optimized phones start ringing, customers start showing up, and traffic increases on websites.

Sadly though, many small business owners fall under the misconception that a website, some search engine optimization and a few social media posts are all they need for business growth to occur.

Your website doesn’t need to be found by everyone; it just needs to be seen by the people who live in your community. You get this right, and the results can be significant.

4 out of 5 people use search engines to find information about your business.

Your potential customers are searching find local business information like business hours, location, phone number, online reviews, and more. Customer surveys reveal that businesses with detailed online profiles and complete business listings are twice as likely to be considered reputable by consumers.

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Why You Need To Do a Mid-Year Business Review

It’s halftime, how did you do? The end of June represents halftime for the personal goals and business objectives you set for the year. Much like in a football game, the scoreboard only tells part of the story at the end of the second quarter. So, before you kick-off the second half of the year, the wise thing to do is a mid-year business review.

Photo Small Business Owner Mid-Year Business Review

While the band is on the field at halftime, coaches and players are examining film and adjusting X’s and O’s to come up with a winning second-half game plan. Sadly though, many small business owners and sales professionals emerge from the July 4th holiday break with the same plan that has been in place since January. 

We Know We Should

The cars we drive, the planes we fly in, and the high-tech machines we use all need to be tuned and calibrated to ensure optimal performance. Intuitively we know our lives and our businesses have similar demands, yet we fail to schedule the time for this review. It is encouraging to see more and more of my small business owner clients incorporating a mid-year business review into their management philosophy.

Common Reasons Why We Don’t

And while more of my clients are open to this, there are two common scenarios where people resist doing a mid-year business review. 

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Are You Using Nextdoor?

By now you have probably received an invitation to join Nextdoor. And if recent press is any indication, you have been using Nextdoor in your community for quite some time.

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Nextdoor currently has over 125,000 neighborhoods registered in its network, which, according to Nextdoor co-founder Nirav Tolia, represents over 75% of the neighborhoods in US.

For those unfamiliar with Nextdoor, Charlie Rose recently interviewed Tolia and they discussed the history of Nextdoor and the value it offers to consumers and local business owners.

One of the biggest use cases for Nexdoor members early on was neighbors asking other neighbors for the best service provider in their area. In a New York Times article about why Nextdoor has caught on, Tolia describes why it works so well for local business owners…

Of the five million messages are exchanged each day on Nextdoor, Mr. Tolia said, “the network’s users send more than one million recommending services to one another. And around 80% of those posts are discussions about local service providers and businesses.“

Nextdoor vs. Facebook