SCORE Cape Cod & the Islands
June 2020
Acknowledge. Affirm. Act.
As a Small Business owner, you earn the privilege of and the responsibility to be a leader...of your business, for your employees and importantly, in your community. Yes, this has been a stressful year as we all struggle to work through the pandemic. But now we are faced with another pandemic...the realities surrounding the tragic death of George Floyd and the resulting call for action within our country and our community. Oftentimes, our instinct is to avoid talking about issues such as race. Not because we don't care but rather because we fear saying the wrong thing.

However today, as community leaders, Small Business owners need to go beyond diversity initiatives and determine how we can make a tangible, positive change in both our work and community environments. This will be critical as we emerge from the pandemic so let's step up to the challenge.
The PPP has been modified to help more businesses be in compliance for forgiveness. As you'll see below, the changes are quite significant. Questions? Check with your bank or your SCORE mentor.
  • PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period.
  •  The payroll expenditure requirement drops to 60% from 75%. However, it draws a specific line requiring borrowers to spend at least 60% on payroll or none of the loan will be forgiven.
  • Borrowers now have a 24-week period to restore their workforce numbers and wages to the pre-Covid numbers required for full forgiveness. This is required to be complete by Dec. 31, changing the previous deadline of June 30.
  • Borrowers have five years to repay the loan in place of the original two. The interest rate continues to remain at 1%.
  • The bill allows businesses with a PPP loan to also delay payment of their payroll taxes.
  • The new bill allows borrowers to make adjustments due to inability to restore qualified employees or inability to restore business operations to Feb. 15, 2020, levels due to COVID-19 related operating restrictions.
Good webinar running on June 11 from 11AM-12PM through the SBA and the Worcester Chamber of Commerce. It's FREE. Sign up at PPP Loan Forgiveness Webinar. Additionally, we'll update our website and our Facebook page as we learn more details. Check them out often.
The Best Price May Not Be the Cheapest Price.
As we prepare to reopen, many business owners are thinking about how to price their products. Do I reduce prices to get things going? Do I keep my regular prices? It all depends on how you want to position your business and oftentimes, that means you don't want to be the lowest price in the market. Plan strategically.
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Hey Ladies! Don't Give Up on Securing Funding.
It's no surprise to anyone that women entrepreneurs have a much tougher time securing funding. Before you give up the dream, take a look at some of the funding that is out there EXCLUSIVELY for women.
Look Who Has Been Working Hard During the Coronavirus!
While we've all been in isolation, Pinterest (yes Pinterest) has been going all out to add three new ways for you to generate increased sales. And they are already seeing huge increases in traffic, engagement and online sales. Might be time to add them to your social media and online commerce plans.
TIMELY WEBINARS--ALL FREE

June 11 | 1 PM ET
Get the latest federal government and professional safety organizations guidelines to protect you and your employees from COVID-19 exposure.
June 16 | 11 AM ET
This webinar will provide insights for women who want to innovate and disrupt the world of business – to grow faster, stronger, and soar globally for a better tomorrow.

June 18 | 1 PM ET
Sponsored by Deluxe. Smart tips for auditing your business finances as well as ways to monitor for potential risks to keep your business safe from fraud.

June 24 | 1 PM ET
Sponsored by Constant Contact.
In a time of such uncertainty, it’s more important than ever to know how to be engaging and get results. Get a recipe for social media that saves time and gets results to grow your business.
Need Help? We're Mentoring!
SCORE mentors are here to help and busy assisting businesses work their way through all the issues surrounding Coronavirus. We're working remotely with very flexible times. To set your appointment, call us at 508-775-4884. We're not in the office but we do respond quickly. If you prefer, register online
SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. We have been doing this for more than 50 years.  

Because our work is supported by the U.S. Small Business Administration, and thanks to our network of 10,000+ volunteers, we are able to deliver our services at no charge or at a very low cost.
 
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
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