Hiring and Growth March 2, 2023June 25, 2021

June 25, 2021: Get Up to $9,000 From the SBA If You Qualify for This Loan

Mohini Kundu Content Marketer, Gusto

June 25, 2021

You’re reading Gusto’s newsletter for growing businesses. If you’d like these weekly updates in your inbox, you can subscribe here. New to Gusto? Try a free demo today.

The new normal for women-owned businesses

Our newest survey in partnership with the National Association of Women Business Owners (NAWBO) dives into what the “new normal” looks like for women business owners, and what tools and support will help them succeed in a post-COVID world. Here are some of the most interesting insights:

62% of these businesses have adopted remote-friendly technology, like Zoom, since the pandemic began.
60% are offering a flexible work schedule and/or remote work to their teams.
Nearly two-thirds of owners who posted a job opening reported having a harder time filling positions than before the pandemic (if this is you, be sure to check out the remote hiring tips in our new e-book).
50% of owners said better broadband/internet service will help them grow their business in the future.
43% of owners said additional government grants and tax breaks would be most helpful to their business right now.

Check out the full report here.

SBA Loans Series, Part 3: 504 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.

This week, we’re highlighting another loan program that, like the Standard 7(a) Loan, has a special guarantee from the SBA this summer: the 504 Loan. This program provides business owners with long-term fixed rate financing for large assets, like land, real estate, equipment, and machinery. You can access a 504 Loan through Certified Development Companies (CDCs), aka nonprofits that work to stimulate economic development in their communities.

Maximum loan amount: Up to $5 million

Maximum SBA guarantee: If you’re approved by September 30, 2021, the government will cover up to $9,000 a month of your monthly fees and loan payments.

If you only need $500,000 or less, you could also qualify for the 504 Express Loan Program, which can get you funds faster.

Learn about eligibility and how to apply in our full guide to SBA 504 Loans, and tune back in next week for another loan spotlight. You can check out our full list of SBA loans here.

What is hazard pay, and why should you care?

Hazard pay, or “hazard duty pay,” is extra money you can add to an employee’s regular salary if you feel the job involves some risk of injury, sickness, or death. In most cases hazard pay isn’t mandatory, but during the pandemic, it’s something you may want to consider.

Employers can provide this perk to motivate employees to perform their duties amid a risk of COVID-19 exposure. With so many businesses hurting for workers this summer, private companies can choose to increase pay for certain employees who qualify as “essential frontline workers.” It’s a win-win.

Want to offer your team this benefit? Learn more about hazard pay and how to set up your policy in our complete guide.

New from Gusto

Find the latest relief options in our Small Business Relief Finder.

Want more news and resources? Check out past editions in our archive.