June 11, 2021: This SBA Loan May Come with Up to 6 Months of Covered Principal and Interest Payments
June 11, 2021
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What workers want
We don’t have to tell you that hiring is hard. But recently, the challenge is rising to new heights. Caleb Newquist, Gusto’s Editor-at-Large, writes:
Now that the pandemic is easing and businesses are reopening in earnest, a new problem has emerged: a lack of workers. Earlier this week, the US Bureau of Labor Statistics reported that there were 9.3 million job openings on the last business day of April, a record. Meanwhile, 4 million people quit their jobs, also a record. In other words, there’s a lot of competition between employers for an increasingly choosy and confident workforce.
So, what do workers want? According to Bloomberg, there is a rising demand for flexibility: “A May survey of 1,000 U.S. adults showed that 39% would consider quitting if their employers weren’t flexible about remote work.”
Is your business struggling to hire? If so, what requests have you heard from candidates? Let us know in our survey, and we’ll compile learnings to share with our community.
Bonus: If you’re looking for an expert perspective on all things small business and accounting, check out Caleb’s On the Margins newsletter.
SBA Loans Series, Part 1: Standard 7(a) loans
We know how crucial access to capital will be this summer. That’s why we’re highlighting a helpful Small Business Administration (SBA) loan program each week.
First up is the 7(a) loan, which is the SBA’s most common program. While there are nine different types of 7(a) loans, the Standard 7(a) loan is the most popular. It has a broader set of qualifications, meaning more businesses will qualify.
The SBA guarantees a portion of the loan amount, so lenders see applicants as less of a risk. It can also encourage them to offer more attractive loan terms.
Maximum loan amount: $5 million
Maximum SBA guarantee:
- 85% for loans up to $150,000
- 75% for loans over $150,000
Note: If you get a 7(a) loan approved between now and September 30, 2021, the SBA will cover up to six months of principal and interest payments.
Learn about eligibility and how to apply in our full guide to Standard 7(a) loans, and tune back in next week for another loan spotlight. You can check out our full list of SBA loans here.
To my accountant, with love
This past year, as business owners faced unprecedented obstacles, their accountants were right alongside them in the trenches. To celebrate their tireless efforts, we asked business owners if they’d be willing to put pen to paper and show their accountants how much they’re appreciated. The response was overwhelming. Of the hundreds of accountant love letters we received, here are 15 of our favorites.
New from Gusto
- What’s the Minimum Wage in My City and State? A 2021 Guide (in certain states, minimum wage hikes will go into effect on July 1)
- The Employer’s Complete Guide to Hazard Pay
- Find Out if You’re a Business Owner and an Employee—and How This Impacts Your Taxes & Benefits
Find the latest relief options in our Small Business Relief Finder.
Want more news and resources? Check out past editions in our archive.