covid-19 Archives - Page 2 of 4

Published on April 22, 2020April 22, 2020

9 mins read

What Small Business Owners Need to Know About the New Stimulus Bill

Congressional leaders reached an agreement with the White House on Tuesday for the relief bill to aid small-business owners. The bill, which includes a $310 billion refresh of the Paycheck Protection Program, has now been sent to the House for approval.

Here are answers to some of the most common questions about the future of the PPP program and alternative financing.

What’s happening with the Paycheck Protection Program?

The initial $350 billion for the PPP was designed to help small businesses cover payroll and other costs during the coronavirus pandemic. The program was exhausted as of April 16.

Lawmakers are now seeking to approve $484 billion to be allocated to small businesses, including $310 billion for the PPP program. House approval is expected Thursday.

I was approved for a PPP loan. Will I still get funding? How long will it take?

If you were approved and received confirmation from your lender, you can expect to receive PPP funds in around seven to 10 days. If you think you were approved, but didn’t receive any form of confirmation from your lender, it’s likely that you won’t receive a loan from the first $350 billion Congress put aside for this program.

Many bank clients believe they’ve been approved, but weren’t. The best way for a business owner to check whether or not they’ve been approved is to follow up directly with their lender. Many lenders have been proactive in updating their clients, and are planning to submit applications that weren’t approved by the SBA before the funding initially ran out.

How can I apply for the new round of PPP funds?

According to the SBA, lender enrollment and new loan applications aren’t being accepted at this time. Once the new bill is signed into law, the SBA is expected to announce when it will take applications for PPP again.

While waiting for PPP funding to resume, businesses should collect all required documentation for the program and send it to their bank lender. This enables the bank to prepare for submitting a client’s application as soon as the program opens again.

Tony Wilkinson, president and CEO of the National Association of Government Guaranteed Lenders, said that he expects funding to once again be gone in as quickly as a week.

“Lenders will be hitting the submit button on a significant number of applications as soon as it’s open,” he said.

If I applied to the first round of PPP, do I have to apply again?

Business owners don’t have to apply again if their application didn’t get approved in the first round. Many lenders have held on to these applications, and are prioritizing them in the pipeline for when the program opens up again.

How are lenders handling loans that didn’t get funded before the money ran out for the PPP?

Many lenders are continuing to process loans that didn’t get funded in the first round. They expect the process to move quickly when funds are available again.

Umpqua Bank, for example, has spent the past several days making sure small businesses have documentation and that their applications are completed and ready to go. The bank has had its teams working in shifts around the clock to get the high volume of applications completed.

“Our goal is to have as many small-business applications ready to submit to the SBA as soon as it reopens the PPP application process,” said Tory Nixon, senior executive vice president and chief banking officer at Umpqua Bank.

While it isn’t too late for business owners who haven’t yet applied, there is incredibly high demand. Reach out to your lenders as soon as possible to inquire whether they have the capacity to process your application.

“With the next round, it’s really a race against the clock to help as many small businesses as possible before the funding is again fully committed, which could happen within just a few days,” said Mr. Nixon.

The small-business loan program designed to keep workers employed is out of money, and some main street business owners hit by the coronavirus pandemic say that it simply isn’t enough to keep their business alive in the first place.

What can I use my PPP loan for?

PPP loans are primarily to be used for payroll-related expenses. At least 75% of the loan is required to be used for payroll; it is anticipated that no more than 25% can be used for mortgage interest, rent or lease payments, utilities and interest or debt accumulated since Feb. 15.

Utility expenses encompass necessities like cable and internet. Exceptions include personal expenses, including compensation above $100,000.

PPP funds must be used in 8 weeks to be forgiven. If unused or used for anything other than payroll or utility expenses, the loans aren’t forgivable and must be repaid, according to the Treasury’s fact sheet, which can be found online. Business owners will also owe money if they fail to maintain employee head-count.

Can I pay myself with the funds?

It depends on how the business is structured. If the business owner is a sole proprietor or salaried, they are entitled to pay themselves from the PPP. But if the business is an S corporation and the owner receives owner draws, then they aren’t entitled to use the money for their own pay.

For those who are eligible, the PPP can cover one’s salary up to $100,000.

Can I still get a traditional SBA loan?

For now, business owners can still apply for standard SBA loans, though a bank’s capacity to process them might be limited at this time. Call your bank first to ask if it can still be done in a timely manner.

While the money is available, standard SBA loans are a viable option for those who don’t qualify for the PPP, or are awaiting possible funding from it.

In addition, the SBA Debt Relief program is automatically suspending payments for all current and new borrowers for a six-month period. This includes principal, interest and fees for 7(a), 504 and microloans issued before this Sept. 27.

What about the Employee Retention Credit?

The Employee Retention Credit, which launched March 31, is a refundable tax credit implemented to help businesses to keep their employees on payroll.

Separate from the stimulus package, the tax credit is for 50% of up to $10,000 in wages for each employee if a business has been hurt by Covid-19, according to the IRS.

To qualify, a business must be fully or partially suspended due to the government order, or making less than 50% of comparable quarterly earnings.

Can I sign up for the Employee Retention Credit in addition to the PPP?

The Employee Retention Credit can’t be used in tandem with the PPP.

What resources are available for independent contractors or gig-economy workers?

Independent contractors and gig workers can collect unemployment. Businesses are encouraged to inform their contractors of this new benefit.

Independent contractors, sole proprietors and people who are self-employed are also qualified to apply for the PPP, according to the SBA.

Source: The Wall Street Journal

Published on April 21, 2020September 12, 2020

4 mins read

This Black Owned Pepper and Spice Farm Wants To Bring The Heat To Your Kitchen

Like many other Black owned businesses that have taken a hit in the past few months, Herban Farm is navigating how to survive and still serve the community.

We spoke with owner and operator, Ras Peynado to see how things are going.

black owned pepper farm — Ras Peynado, owner of Herban Farm

What inspired you to start a farm?

I was inspired by the story my mother told me about her and my father’s dream to own/operate an urban farm in Seattle, Wa. My parents never were able to realize this dream since father died in Jamaica, a poor rastaman.

I later took part of his humble lifestyle (farming) and turned it into a profitable lifestyle. I’m also inspired by my own passion for growing medical marijuana.

How has the Coronavirus outbreak affected your business?

GREATLY! The Coronavirus completely devastated my business sales. I operate at Pike Place Market 4-7 days a week year-round depending on the season with a small sales agent team.

We primarily depend on tourism. Tourists that come into the city and even more on cruise ship tourism from April-October. Tourism accounts for 85%-90% of my sales and since March have not been able to set up at market due to the statewide lockdown in Washington.

Black Owned Pepper and Spice Farm

How has it affected your lifestyle?

It’s been hard however I have been able to keep busy living on my urban farm. Spring is always a busy time of year with the start of the farm season also a very expensive time of year.

I am continually investing in infrastructure, supplies, kitchen and farm expenses. It’s really hard to continue to do that without cash flow or capital during these times.

I keep a good spirit and stay to my work. I’m not the only one experiencing this. I miss being at my market surrounded by a community of over 100 farmers and 300 craftspeople.

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A post shared by Urban Farming Foodie Flavor 🌿🥘 (@herbanfarmnw)

What new strategies have you implemented or do you plan to implement in your business?

Working with local partners like Savor Seattle and the Atrium Kitchen At Pike Place to come up with creative ways to reach the locals. I create seasonings, sauces, vinegars and other infusions like my Hot Honey Sauce.

All new fresh flavors to use in the kitchen! This is the time when people are spending more time in the kitchen and needing to stay satisfied avoiding the same old stale flavors from the grocery store.

My partners have been able to gather other fresh local producers to create weekly boxes/bags that can be curbside picked up or delivered throughout the city services hundreds of customers so far.

If you had one ask of your community right now, what would it be?

To be patient with each other, to protect each other, to love each other, and to support each other.

Tony O. Lawson

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Published on April 20, 2020April 20, 2020

1 min read

How To Receive a $5000 Small Business Grant From the U.S. Chamber of Commerce Foundation

Vistaprint announced April 14 it has founded the Save Small Business Fund in conjunction with the U.S. Chamber of Commerce Foundation, donating $1 million to help alleviate the financial losses owners are facing as a result of COVID-19 and help secure additional partner investors.

“Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks,” according to the website.

This comes at a time when eight in ten U.S. small businesses report being negatively impacted by COVID-19, according to Vistaprint research.

The Save Small Business Fund application period begins noon Monday. Eligible businesses must employ from 3 to 20 workers, be located in an economically vulnerable community and show that COVID- 19 caused fiscal harm.

The U.S. Chamber of Commerce Foundation allows those interested in applying for the grants to check their zip code to see if they’re in an eligible location. Click here to check yours.

A short application will go live today, April 20, 2020, at 12:00PM PT.

The application takes about 10 minutes, the foundation said. More details are available at www.savesmallbusiness.com for more information.

-Tony O. Lawson

Published on April 17, 2020April 17, 2020

1 min read

Guidelines for ‘Opening Up America Again’ Released

Guidance for a gradual reopening of the U.S. economy have been unveiled. Read the White House’s plan for “Opening Up America Again” here.

Published on April 16, 2020April 16, 2020

1 min read

Michael Che To Pay Rent for 160 Public Housing Tenants To Honor His Late Grandmother

Michael Che on Wednesday offered to pay one month’s rent to all 160 residents of an apartment building where his grandmother lived before she succumbed to COVID-19 earlier this month.

The “Saturday Night Live” star took to Instagram to announce that he plans to pay one month’s rent for all of the individuals living in his grandmother’s public housing complex.

“It’s crazy to me that residents of public housing are still expected to pay their rent when so many New Yorkers can’t even work,” Che wrote in the post. “Obviously I cant offer much help by myself. But in the spirit and memory of my late grandmother, I’m paying one month’s rent for all 160 apartments in the NYCHA building she lived in.”‘

https://www.instagram.com/p/B_BRjZXpkMd/

He called on the city to have a “better plan for debt forgiveness” for NYCHA residents, and asked Mayor de Blasio, Gov. Cuomo and Sean (Diddy) Combs to page him and come up with a plan.

Published on April 14, 2020April 14, 2020

7 mins read

How To Avoid COVID-19 Scams

As the number of COVID-19 cases increases, so too do the scams. Scams are a problem, even when the world is not in the midst of a pandemic. In 2019, more than $10 billion dollars was lost in phone scams alone. Scams can come in the shape of phone calls, ads, emails, texts.

Before you buy face masks, disinfecting wipes, colloidal silver, or other promised COVID-19 treatments. you can take a series of steps to protect yourself.

1. Phone calls

If you don’t recognize a phone number, be careful when you answer. Sometimes, calls come in from the same number on a daily basis; you should not respond. And don’t give out any personal information unless you know (or have checked out) the person on the other end.

Scammer calls, which often take the form of robocalls, ”were already a huge and growing problem prior to the coronavirus,” said Consumer Action National Policy Advocate Lauren Hall. She added that “scammers never let a good crisis go to waste, and this one has given them tons of material. Unfortunately, scammers can spoof numbers—so you may get a call that says it’s from the health department or the CDC. Unless you were expecting one, let it go to voicemail.”

To shut them down, she recommends “screening and blocking services like Nomorobo. Wireless service providers also offer call-filtering apps, while your smart phone likely has built-in features to block spam calls.” You might even want to put your phone on do not disturb..”

2. Online purchases

Almost anyone can set up an online shop under just about any name. Here are some important steps to take before you buy:

Confirm the online seller’s physical address and phone number in case you have questions or problems, recommends the Federal Trade Commission (the government agency responsible for preventing deceptive practices). Check out the return policy. Comparison shop; if it seems to be too good to be true, it probably is. And don’t forget to factor in shipping costs, which may be double the original price. Take your time, counsels the National Consumer League.

If you get a pop-up message asking you for financial information while you’re browsing, don’t reply or hit the link. Legitimate companies don’t ask for information that way. Be careful about any links. Don’t click on them if you don’t know the sources. If you do, then you might download virtual viruses onto your computer or device.

Ignore online offers trying to sell you vaccinations or home test kits. As the FTC points out, scammers may try to get you to buy products that have not been shown to treat or prevent the Coronavirus disease 2019. They will try to feed on your uncertainty. If you are at all tempted to buy, then go to the FDA website to see if there is any basis for the claim. And make sure to check out the seller as well.

“If you’re trying to buy something in short supply like hand sanitizer, it’s safest to buy from the retailer and not from unknown third party sellers, of which there are many,” notes Hall. She points out that, even a site like Amazon or WalMart.com, “sellers can and do fake hundreds of positive reviews.”

3. Payment

Use a credit card, don’t send a check (or cash!), and never wire money. Your purchase will then be covered by the Fair Credit Billing Act, which provides protection against fraudulent charges. If your credit card information is stolen, and someone then uses it without your permission, your liability generally is limited to the first $50 in charges. Your credit card company may go even further, so that you won’t be responsible for paying any of those unauthorized charges made to your card. Make sure to check your credit card statements carefully each month – or, these days, even more frequently — to make sure you recognize all of the payments.

4. Financial help

The federal government has already undertaken some steps to help, including waiving interest on all federally-held student loans. States and the federal government are trying to help homeowners facing eviction or foreclosure. But don’t respond to texts and emails about checks from the government. If someone tells you they can get you the money from the federal government now, then that person is a scammer. If you do get a check in the mail, make sure it is legitimate. And if you are told that your Social Security benefits will decrease because of COVID-19, that too is a scam, warns the federal government.

5. Stay safe

Finally, Hall counsels that if you don’t give out your personal or financial information— including online services you use to send or receive money, like Zelle, PayPal, or Venmo — then you’re less likely to get scammed.

As we spend more time at home, and – probably – more time trying to find things online, beware. Be even more careful now than ever.

Source: FORBES

Published on April 12, 2020April 13, 2020

10 mins read

More People Are Taking Estate Planning More Seriously Because Of The COVID-19 Pandemic

Estate planning professionals are seeing a boom in business as people hunker down at home to prevent the spread of the coronavirus.

The COVID-19 pandemic has many of us grappling with the possibility that our health and lives could change drastically within a short period of time.

If these possibilities have forced you to consider doing a will and other legal documents or simply getting your affairs in order, this article will provide you with some tips to aid you in the process.

estate planning

Small Steps Towards Peace of Mind

It may not be possible to get a plan in place during the novel corona virus lockdown. However, there are things you can do that prepare you to act once services are more available and provide you with some comfort that you can take care of the items that you can address now.

Write down everything of financial and sentimental value that you own.
Write a list the people in your life that you trust in categories of trust. List who you trust with healthcare decisions, financial decisions, with children, and with conflict. For each category it’s important to have at least two people. When you choose people in your estate plan, a nominee and one or two back-ups are sufficient.
Write down a list of people and pets who need your care and could be impacted if you are no longer able to care for them because you need care yourself or because you have passed away.
Download or request the beneficiary forms for all of your financial accounts and confirm that they list the beneficiaries you want. Don’t forget you can list a mix of primary beneficiaries and you can list your beloved organizations such as religious institution, alma mater, etc. as beneficiaries too.
Research estate planning attorneys in your area and reach out to learn about their services and fees. You should also consider getting a consultation to understand what happens based on your circumstances if you get sick or pass away. The legal answer may surprise and/or comfort you.
Research business attorneys well-versed in business succession planning. Just like with estate planning, you should consider getting a consultation to understand what happens to your business if you get sick or pass away.

What Documents Do You Need

These are the basic documents you need take care of you while you’re alive and support your loved ones in settling your affairs when you pass away:

Financial power of attorney;
Healthcare power of attorney;
Advance healthcare directives, e.g. living will;
Trust; and
Last will and testament.

In addition to these documents, beneficiary forms and asset titles (such as vehicle titles) provide important opportunities to do planning. If, for example, you have a retirement account or life insurance account, they will have forms on which you list the people or organizations that will become owners of those assets when you pass away.

Therefore, a first step in your planning should be to write a list of all of your assets. In that list, determine which assets you can plan for by using a beneficiary form or updating title (ownership). It is important to include them in your pandemic estate planning.

If you own a business, you should also consider whether your business legal documents are set up for management and ownership succession if you are not able to lead your business or if you pass away. Each business type (e.g. limited liability company, corporation, etc.) has associated governing documents that can be used to plan. Working with a lawyer to make sure these reflect your needs and values will be a boost to achieving your goals.

Where To Get the Documents You Need

I will always advocate for working with an attorney. Even in these extraordinary times, working with a skilled estate planning attorney is the best option because they are tasked with developing a plan that meets your individual circumstances and your goals.

Legal documents that you download or buy from the store may support your needs and goals. However, in using them you run the huge risk that they will not and that they will not be executed (signed) according to the law in order to make them effective. So start with an attorney.

If you absolutely cannot find an attorney in your state who can help you during this time, you can use the form documents for everything but the will. Handwriting your will and signing it is likely better than using a form document since states have specific requirements for what makes a self-prepared will effective.

CAUTION: if you go this route in using form documents and a handwritten will, your first priority when you can regularly access legal services should be to hire an estate planning attorney to assist you in developing a plan for you.

How Do You Get the Documents Signed

To be legally effective, the documents described above need your signature and they need the signature of others too- witnesses and a notary. The exception to this for most states is the handwritten will.

Witnesses must be people who will not personally benefit or potentially receive any asset from your death. Finding witnesses and a notary under these circumstances will be very challenging.

Therefore, it is important that you:

Understand whether your state requires witnesses and/or a notary for each of the types of documents described;
Understand whether your state requires all of the signing parties to be present at the time you sign or at the same time as each other;
Understand whether your state allows remote witnessing and/or remote notary services (witnessing by video); and
Create a list of potential service providers who can help you meet those requirements.

Again, start with attorneys as your first resource for the above information and for the actual services.

National Notary Association provides up-to-date information on notary services available across the country including measures states have taken during COVID-19.

There you will find a list of states that allow remote notary services. Note that remote notary services are different from electronic notary services. Your focus should be on remote notary services.

Funeral homes, especially in the Black community, are a bountiful resource in our lives during any period. Your local funeral home may have a notary on staff and have witnesses available since they are essential business that are continuing operations.

Also check with banks in your area, especially branches located in retail spaces, e.g. big box stores. Bank branches typically have notaries on staff. It’s helpful to call ahead to confirm the availability notary services and witnesses and set an appointment if you can.

Whether you get documents with the help of an attorney or on your own, make sure you store your documents in a safe place and communicate your plan with your loved ones. Find more detailed information on estate planning, please review this article for addition insights and information.

If you haven’t created an estate plan with the help of an attorney, why not? What’s holding you back? Let us know in the comments or email us an info@shoppeblack.us

– Contributed by Mavis Gragg

Mavis is a seasoned attorney and conservation professional with nearly two decades of experience in real estate, conflict resolution, estate planning, and probate. She serves as the Director of the Sustainable Forestry and African American Land Retention Project at the American Forest Foundation.

Prior to this role, Mavis founded the Gragg Law Firm, PLLC in which she assisted her clients in estate planning, estate administration, and heirs property matters.

When she is not being a justice girl, Mavis can be found at an art gallery, trotting the globe, or on the dance floor.

Published on April 12, 2020April 12, 2020

4 mins read

This Black Owned Toy Business Is Playing No Games During The Coronavirus Crisis

Matthew and Marnel met while attending Howard University for graduate school. Marriage and three young children later, they created a toy business called Puzzle Huddle.

We caught up with Matthew to see how his business and family is being affected by the Coronavirus crisis.

What were your initial thoughts when you learned about the outbreak?

We were concerned very early because our puzzles are manufactured globally and our partners were affected by the Coronavirus in January. We did not expect the health crisis to transition this quickly and profoundly to the United States.

How has it affected your business?

We had several significant televised media opportunities and pop-up events cancelled. Following many school closures, we experienced an increase in sales with parents looking for resources to keep their children busy and learning at home. In cases where we run out of inventory, our ability to receive new products is delayed.

How has it affected your lifestyle?

We have three young children (ages 6, 4, and 3) that have all been affected by school closures. At home we’re doing our best to create learning activities to keep our kids on track academically. Their learning time includes age appropriate math, reading, art, spanish, outdoor activities, puzzles, and public speaking (online using Facetime with family members).

What new strategies have you implemented or do you plan to implement in your business?

We are using our social media channels to highlight educational activities, tips, and resources for parents and students that are affected by school closures. There are so many homeschooling experts on social media and teachers that have gone online. We want to bring attention to those resources.

We’re also making adjustments to our product line and supply chain strategy to minimize specific vulnerabilities in the future. Beginning this summer we’ll have multiple products and revenue generation strategies to help manage our business’ risk profile.

We don’t know to the extent that our community is experiencing job and income uncertainty. We use our social media to give products away on a weekly basis and we hope to continue doing that so we can reach families that may not be in a position to buy our products during the public health crisis.

If you had one ask of your community right now, what would it be?

Connect with us through social media and let us know what resources and activities you are using to power through this experience. It’s been amazing watching our community mobilize online to support their children’s learning and care for each other.

There’s also been a lot of comedic relief from parents as they post about their experiences at home managing their children’s day during the school closures. Now is an awesome time to introduce a new puzzle into your homes.

-Tony O. Lawson

Published on April 11, 2020August 26, 2021

4 mins read

5 Digital Marketing Ideas to Consider During the Pandemic

As a business owner, you’re likely still trying to find ways to navigate the “new normal”. The good news is that this too shall eventually pass (fingers crossed). In the meantime, what you don’t want to do is slack on your digital marketing efforts.

That would be a waste of all the time and resources that you’ve already invested into your business to gain traction in an already crowded online marketplace.

That being said, let’s take a look at some digital marketing ideas that can help your business during the pandemic – and after.

5 Digital Marketing Ideas to Consider During the Pandemic

Implementing new digital marketing ideas during this period in time will have a huge impact on your company’s growth rate after the economy improves.

1. Stay Connected With Your Customers on Social Media

digital marketing ideas

More people are on social media now while stuck at home, searching for updates and trying to stay connected in a suddenly isolated country.

People need support, understanding, education, resources. Social media can provide just that and can be extremely powerful if it’s done the right way.

2. Make Sure Your Business Can Be Found Online

This was a no brainer “pre-rona” and it’s even more of a no brainer now. Online search traffic has increased significantly over the past few weeks and will continue to climb as we #stayhome.

Everyone is glued to their computer and phone. We’re looking for news, entertainment, education, and ways to pass the time. Now is an important time to be visible digitally because other forms of traditional marketing are not as relevant at the moment.

3. Be Prepared to Pivot

digital marketing ideas

This is an opportunity to show empathy and stay relevant at a time when your business may have been impacted by customers staying at home.

Restaurants are offering curbside pick up or free delivery. Healthcare and other service professionals that can’t physically see clients can offer online consultations. Personal trainers and Yoga instructors can offer live classes.

Another example that we’ve witnessed is businesses that originally make clothing and accessories pivoted to producing face masks.

4. Don’t Panic

You’ve likely heard all the gloom and doom predictions on the news and online about depressions and recessions. The truth is, the economy may be slow now but it isn’t stopping.

Money is still moving and consumers are still searching for people to do business with. Adjust your plan or create a new one.

5. Use this time to educate yourself

This is a perfect time for self-improvement. Use your newfound spare time to take a step back and assess what both you and your business need right now.

Learn how to improve your marketing strategy (You’re doing that right now!) Study how to create more content or improve your website performance. These are just a few actions that will pay off down the road.

–Tony O. Lawson

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Published on April 8, 2020November 28, 2020

2 mins read

Black Owned Face Mask Businesses

The Centers for Disease Control and Prevention has revised its face mask policy and is now urging everyone to wear cloth face coverings in public.

According to their website, “CDC recommends wearing cloth face coverings in public settings where other social distancing measures are difficult to maintain (e.g., grocery stores and pharmacies) especially in areas of significant community-based transmission.”

This announcement has spurred an increase in businesses that offer face masks. Here are some Black Owned Face Mask businesses that are creating face masks for those in need.

We know we missed some and will continue to update the list!