October 15, 2021: Don’t Miss EIDL’s 30-Day SMB Application Window
October 15, 2021
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Apply now for EIDL’s exclusive application window
Last Friday marked the beginning of a 30-day window in which COVID Economic Injury Disaster Loan (EIDL) borrowers can exclusively apply for loans of $500,000 or less. This is an attempt to ensure the funds get into the hands of the businesses that need the funding most—which hasn’t always been the case.
ICYMI, the EIDL program also got an upgrade last month with an increased loan cap, deferred payment period, and more. If you’re looking for capital for your business, learn how to apply today.
How to overcome the ‘Great Resignation’
We first heard rumblings about the Great Resignation peaking in April 2021, when about 4 million workers quit their jobs. August showed us that the trend isn’t going anywhere. According to the Washington Post, roughly 4.3 million people left their jobs in August (that’s 2.9% of the workforce), and in the same month, 55% of workers said they intend to look for a new job in the next year.
What’s at the heart of the Great Resignation? Gusto’s Head of Employee Engagement Bernard Coleman highlights one key element that’s leading to the mass exodus from the workforce—and how it’s also part of the solution:
There are many factors driving the great resignation such as a red hot job market, lack of personal connection to current employers, higher pay, better opportunities and the perception that the grass is greener elsewhere.
If organizations want to have a fighting chance at retaining their talent, they need to truly prioritize feelings. To comprehend how people are feeling requires using every possible instrument to understand their experiences.
Workers feel burnt out, unappreciated, and unfulfilled. Managers have to proactively increase employee engagement if they don’t want to lose their team. Engaged employees not only perform better, they also tend to stay in organizations longer. Here are a few additional resources to help you increase employee engagement on your team:
- How Companies Can Improve Employee Engagement Right Now
- Employee Recognition Ideas That Actually Help Retain Your Team Members
- 5 Remote Employee Engagement Secrets That Work
- How to Set Up an Employee Assistance Program
Financial Planning Month: Are you ready for 2022?
In honor of Financial Planning Month this October, we’re revisiting our cash flow forecasting series, which Gusto developed in partnership with Jirav and small business finance pro Andi Smiles last summer. It’s a complete guide to building your own 18-month financial model for your business. The three-part series walks you through the whole process and provides a free template that you can customize and use to calculate future scenarios. Get started here.
Need more help whipping your finances into shape? Check out these other gems from the Gusto blog:
- A Survival Guide to Bookkeeping When You Have No Idea How to Do It
- 4 Super Useful Balance Sheet Ratios—And How to Calculate Them
- How to Make an Operating Budget for Your Business
- How to Build Business Credit (Even If Your Personal Credit Isn’t Great)
OCT 19: Accessing Capital for Your Business
On Oct. 19 at 11am PT, join Accion Opportunity Fund to learn all about small business lending options and how to put your business in the best position to access capital. Register here.
OCT 26: Are You Getting the Most Out of Your Benefits Solution?
Join Gusto on Tuesday, October 26, at 11am PT to learn what to look for in a great benefits administrator, how to evaluate your current benefits solution, and how Gusto can help you meet your team’s benefits needs. Register here.
Other headlines from the week
- Retail Sales Rise, Showing Resilient U.S. Consumers (Wall Street Journal)
- Introducing the Top Women Entrepreneurs of the Year (Inc.)
- Have an F.S.A.? You May Be Able to Carry Over More Money in 2022. (New York Times)
Find the latest relief options in our Small Business Relief Finder.
Want more news and resources? Check out past editions in our archive.