June 4, 2021
Recovery’s next challenge? SMBs say inflation
Alignable’s May 2021 Road to Recovery Report found that 67% of business owners are worried about the impact inflation will have on their recovery. While inflation is showing up in a few ways, one major effect is in the cost of inventory. The report shows that 80% of business owners are paying more for supplies compared to pre-COVID pricing.
In some industries, business owners report supply costs having gone up as much as 400%. Has inflation shown up as a challenge for your business? Let us know in this brief survey.
Introducing our new series: SBA Loans
Among the most crucial things businesses want from the Small Business Administration (SBA), advocates tell the Wall Street Journal that “improving access to capital” is critical. Due to ongoing needs and hardships, the SBA has made a number of temporary changes to some of its loans to help businesses in their recovery from COVID-19. These changes include:
- Bigger loan limits, allowing businesses to borrow more
- Increased loan guarantees, giving lenders more incentive to lend
- Waived lender and borrower fees
- Extended repayment periods
- Increased lender maximums
- And last but not least, principal and interest payments from the SBA
The SBA covering principal and interest payments for a period of time could save your company thousands of dollars. And if you apply by the end of summer, you could get access to a loan that will be covered for six months. To help you make the most of these benefits, we’ll spotlight a different SBA loan program each week, with details to help you figure out which one is right for your business.
Check out our full list of SBA loans, and tune back in for our first spotlight next week.
PPP’s over. Now what?
The end of May brought a close to the PPP lending program, but if your business was approved for a PPP loan, your journey isn’t over. Your next steps are to:
1. Spend the funds in a way that will make you eligible for loan forgiveness
2. Actually apply for loan forgiveness
The magic of the program lies in turning as much of the loan as possible into a grant, aka free money. When you’re ready to apply, or if you want to know how to maximize your loan forgiveness, check out our full guide to PPP forgiveness applications.
JUN 9: How to Stay Compliant While Growing Your Remote Team
If you’re hiring and scaling your team in a post-COVID world, there’s a lot to consider. That’s why we’ve partnered with FreshBooks and experts at JazzHR to help ensure you’ve got your bases covered when it comes to remote hiring best practices. Tune in on June 9 at 10am PT | 1pm ET to learn more.
JUN 7–8: NAWBO Virtual Advocacy Days 2021
Gusto is thrilled to be sponsoring the National Association of Women Business Owners (NAWBO)’s 2021 Advocacy Days, which are open to all women-owned businesses next Monday and Tuesday.
By registering, you’ll get a chance to:
- Hear from elected representatives on the most pressing issues for women business owners
- Connect with fellow women entrepreneurs
- Access tools and resources for leveling up your business
Find the latest relief options in our Small Business Relief Finder.
Want more news and resources? Check out past editions in our archive.