Checklist for reopening corona virus for small business owners

Checklist for reopening corona virus for small business owners


With some states lifting business restrictions, small businesses in various industries are preparing to reopen their doors. <! – ->

However, it does not work as usual.



Checklist for the reopening of the corona virus

In order to create a safe and productive work environment, employers may need to take several additional steps before they can be used again.

<! – -> Vicki Salemi, career expert at Monster.com gave small business trends some tips on important steps that companies should take when preparing them. That is why we have created this handy checklist for corona virus reopening that any small business owner can use.

Prepare a timeline

Most states remove restrictions in phases based on specific regions and types of business. Although details can change, it is important for companies to set goals and dates for reopening certain parts of their business so they can stay on the right track. In this way, you can also give employees and customers an idea of ​​when you will reopen.

Create a communication plan

Many small business employees are waiting for information about their return to work from managers or superiors. If you don't already have one, create a specific chain of commands or open communication channels to send messages to your entire team. When creating a schedule and plan, let employees know exactly what changes can be made when they return to work. Your plan should include things like office logistics, meeting guidelines, and the use of lifts and break rooms, as you'll likely still need some social distance guidelines. Some companies may also fluctuate if employees return or continue to offer teleworking options for high-risk team members or for those who feel unsafe to come back to the office immediately.

Invest in protective equipment

Physical security is a top priority at many workplaces across the country. So if you don't have a stock yet, you may need to invest in a stock of personal protective equipment such as face masks and gloves to distribute to employees. In fact, some states have asked employers to provide their teams with masks or other equipment when they require them to come to work. If you order these items in advance, you can ensure security as soon as they have to be opened again.

Setting up disinfection stations

Regular hand washing and disinfection is also of the utmost importance to slow the spread of the coronavirus. Companies that want to ensure a clean environment and help employees feel safe and comfortable can set up additional disinfection stations or hand washing areas in their office or facility. <! – ->

Development of a cleaning policy

If there are some common areas in your workplace, regular disinfection may be necessary or beneficial to stop germs from spreading. And your regular professional cleaning schedule may not be enough. Therefore, you may want to create a schedule or guidelines for disinfecting certain items. For example, you can leave the disinfectant cleaner near the phone in the conference room and ask each employee to clean it after use. Or create a rotating schedule for team members to disinfect door handles and elevator buttons daily.

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Emotionally support employees

This time it was not only difficult for people's physical health. Many employees are likely to have emotional problems as well. And some of this can show up as you prepare to go back to work or prepare for another important change in your schedule. As an employer, you can support your team by letting them know clearly how they can discuss problems with you or other members of your team. For example, you can set up a meeting where people can openly discuss problems or open virtual office hours with themselves or certain managers. Just letting people know that it is normal to feel a little uncomfortable during this time can help reduce their fear of returning to work.

Strengthen your online presence

<! – -> Even if some companies reopen, personal interactions will no longer be what they used to be. Companies that have relied on this type of communication for sales and marketing must therefore further adapt their strategies. Even before you return to the office all day, small business owners should focus on creating a more robust online presence so customers can easily do business with you, even if they distance themselves socially. During this time, it may be worth focusing more on your social media customer service or adding a live chat feature to your website.

Set limits

Working from home has resulted in many employees observing strange working hours and combining their office and private lives. When teams move back to an office environment, some employees may maintain some of these habits, such as: For example, answering emails in the middle of the night or planning conference calls for dinner. To maintain reason and create a healthier business environment, companies may want to set working time guidelines or at least deter unhealthy habits.

Start a virtual mentoring program

When employees return to work in stages and only interact with each other behind masks or physical barriers, it is normal for people to feel separated from their colleagues. This can ultimately lead to burnout or make people feel separated from their work. If you want to securely encourage more interaction, you can create a virtual mentoring program or set up collaboration opportunities so people can collaborate online or by phone. This can also be beneficial for teams that will continue to work remotely for the foreseeable future.

Maintaining flexibility

Even if you have a solid plan for your team to return to work, things can change immediately. Don't get too involved in a particular schedule or idea if health or policy changes affect your business. Creating some contingency plans and keeping communication channels open in your company can help you stay agile during this crisis and quickly adapt to unexpected challenges.

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57% of small businesses are optimistic despite COVID-19

57% of small businesses are optimistic despite COVID-19


The majority of small businesses (57%) say that despite the COVID 19 crisis, they are optimistic or extremely optimistic about their company's future. This emerges from a survey published today. The State of Small Business Report published by Facebook and the Small Business Roundtable surveyed 86,000 small business owners. The report focused on the COVID-19 situation. <! – ->

This positive outlook is remarkable when you consider that almost a third of small businesses said they were not operational from April 2020. They were closed due to the crisis.

Although there is no shortage of small businesses harmed by COVID-19, the impact of the industry varies. One thing is clear: small businesses need a quick opening of the economy before more sustainable damage is done.

31% shutdown: industries injured by COVID-19

<! – -> Thirty-one percent (31%) of small businesses had ceased operations during the April 2020 crisis. The reason? Around 62% of those questioned said the main reason was government contracts. Only 9% cited financial challenges and 7% cited lack of customer demand as a reason.

In terms of geography, businesses in the northeast were more likely to close. Those in the southeast were less likely.

However, when it comes to types of businesses and industries, the small businesses most affected by COVID-19 include:

  • Private enterprise, including self-employed: 52% closed.
  • Hospitality and restaurants: 43% closed.
  • Service companies such as fitness, salons and professional services: 41% closed.

Those who remain rather open are in agriculture as well as in information and communication. See the table above.

Small businesses adjust where possible

Small companies have an advantage due to their flexibility and maneuverability. And this advantage helped the owners to turn and adjust. <! – ->

The Internet was a lifeline. About 79% have changed and adjusted in some way to deal with it.

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  • Many have employees who work at home and use technical tools to work.
  • 36% make all sales online. They use tools for e-commerce, digital payments, digital advertising and service delivery.
  • But not all small businesses can get by with online work. About half of the companies (51%) indicated that a large part of the interactions still have to be carried out in one physical place.

Those who are still open face a thin quarter

It will be a lean summer for small business operations. One study participant said: “Despite the 50% drop in sales, we still have to pay 100% of our fixed costs. That's impossible. The rent was already high. Now it makes up 50% of our gross income. "

<! – -> Of the small businesses that are still open, 76% of owners are concerned about cash flow. About 41% of owners say they want to use personal savings to keep the business going. Another 39% do not know where they will get the money from.

Approximately 11% of small businesses that are still operating assume that if the conditions continue, they will fail in the next three months.

Obviously, small businesses injured by COVID-19 need the economy to open up.

As one business owner said: “My business needs to open up the economy. Small businesses suffer and no amount of economic stimulus can replace a thriving and functioning company. “

Sheryl Sandberg, COO of Facebook, and John Stanford and Rhett Buttle, the co-executive directors of the Small Business Roundtable, summarized the study. The "… people who work, manage and work for SMEs are resilient; Among them there is hope and optimism for the future of their business. They are finding new ways to reach their customers online, they are making adjustments to how and when they do business, and they are working hard to fulfill their family responsibilities at the same time, ”they said. See the study .

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How to Encourage Employees to Go Back to Work %% sep %%%% Site-Name %%

How to Encourage Employees to Go Back to Work %% sep %%%% Site-Name %%


Are you concerned that your employees may not be able to return to work after the pandemic? <! – ->

Some may fear for their safety. Others could temporarily receive higher unemployment benefits. In any case, getting some people back to work can be more difficult than you originally thought.

Small Business Trends contacted Arran Stewart, CVO and co-founder of Job.com who gave some helpful tips to encourage your employees to return.

<! – -> It provided five ways that small business owners can encourage their employees to get back to work.

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Encourage employees to return to work after pandemic

He started by highlighting some of the remaining obstacles.

"Fear will be the biggest hurdle for business owners," Stewart writes. “We need a suitable vaccine or medical treatment. Until then, there is constant concern that you will get sick in a public place. "

Stewart says another problem is that some states are paying people more unemployment than when they were working. People may also not want to return to a job that could expose them to the virus.

Here are some things SMEs can do to solve these problems. <! – ->

Show them that you are interested

Stewart explains: Owners and managers must lead with empathy and compassion. This is a stressful time for everyone when people feel insecure about their health, safety and future. These principles should determine how you lead your employees through this and beyond. “

Here are some things smart business owners can do.

<! – -> It helps to keep up to date with wellness websites and other resources . Post information about them in the office or on your website and other shared areas. Ensuring that your employees have the latest information from credible sources shows that you are taking care of it.

If they know that you are compassionate, they are more likely to want to return to work.

Good communication is a great way to lure your employees back. This is one of the best ways to show them that you are compassionate. Make sure that all channels you use are bidirectional. Knowing that they can meet their needs and concerns will make them feel more comfortable

Building an internal channel via Slack or Skype helps.

Show them that you will protect them

Stewart says small business owners need to redevelop the workplace.

"They want to keep the high-touch services clean and give employees access to personal protective equipment such as gloves, masks and hand disinfectants," says Stewart.

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Adopting a routine where everyone wipes equipment and desks encourages a sense of togetherness. This is particularly important for places with layers.

It's one thing to find this equipment to protect your company and your people. You need to do a little more to make this aspect appealing. You should train your employees in how to wear gloves and masks and how to use the disinfectant effectively.

Here are some CDC tips on .

The provision of printed matter and signs is also good. If you set this up in your small business you will see that you care about your employees and their safety.

Change Your Health Insurance

Stewart explains some other possible changes that employees will withdraw.

"Office capacity may need to be scaled down or staggered to achieve a policy of social distancing," he says. "In addition, the sick leave guidelines can be adjusted to broaden the definition of qualifications," he says.

Include remote work

Another way to adapt your business to the times is to encourage teleworking. He says that if employees have been able to stay productive, they should be allowed to work from home. Properly presented, this is a great incentive to get people back to work

"Some of the changes brought about by the pandemic were more positive and progressive for some industries," he says. "Use some of the changes as an opportunity to improve and expand your business."

If you make sure that your people have the right technology, you can work from home. The right communication system is important. Cloud-based VOIP phone systems are vital. Office workers will feel comfortable with backups for video conferencing systems like Zoom.

Funding a schedule helps to get workers back into this kind of situation. It's a good idea to offer a routine. It helps workers return to a familiar rhythm even when they are not in the office.

Start planning now

"Despite the circumstances, this is an ideal time for small businesses to use their ability to change quickly and start over with new work practices," says Stewart.

If you want to get started, check out some of these office designs inspired by COVID 19. The new six-foot office combines social distance and jobs. The company concerned also offers paper place mats for desks. These are thrown away at the end of the day.

Stewart delivers the last word.

"Now is the time to think carefully about the future of your business and how agile you can be to survive and thrive out of the pandemic."

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How to Trust Your Remote Employees (INFOGRAPHIC)

How to Trust Your Remote Employees (INFOGRAPHIC)


Working from home has become the new normal for many workers. Some workers thrive in remote working conditions and prefer to work from home in the future. For companies and managers who have no experience with homework, this new territory brings with it obstacles and challenges. <! – ->

One such obstacle is trust.



Trusting Remote Workers

Online Psychology Degrees have compiled an infographic to shed light on the subject of trust in this new climate of remote work. The infographic Trusting Remote Workers: The New Normal shows current work trends. Research examines workers' thoughts about working from home.

<! – -> Research shows that 91% of workers say they experience a better work-life balance when they work from home. 76% said their productivity and focus had increased, and 78% said homework reduced stress.

Employers also see the benefits of doing homework, but many have concerns about trust. Online Psychology Degrees' infographic describes the psychology behind why it is so important to trust remote employees.

The value of trust

With employees in organizations who feel trustworthy with their homework, 106% more energy feels at work. Confidence in employees means that 76% of employees feel more engaged in tasks. Trust is also synonymous with a lower stress level. The study found that 74% of employees say they feel valued when working remotely, which lowers stress levels. 40% of workers say they suffer less from burnout when they feel valued in their organization. 29% say that overall they feel more satisfied with life when they feel valued at work at home.

How can employers show trust in remote workers?

The infographic shows ways in which employers can trust the homework staff. One of them was to promote self-regulation. The infographic cites a 2014 study that found that almost half of employees would forego a 20% increase to gain more control over how they work.

76% of workers said their best work days were when they made progress on their goals. As a result, it is another strategy that employers and managers can adjust to help workers feel trustworthy in remote conditions. <! – ->

Be transparent

The infographic also cites a study that found that engagement in the workplace is significantly improved through the daily communication of executives. In order to help employees feel trustworthy and valued when working remotely, it is important for employers to exercise transparency.

The future of work

Of course, homework setups are nothing new. As Small Biz Trends noted in an article from 2018 there are many reasons why teams prefer to work from home.

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<! – -> Since COVID-19 forces employers to offer homework, the pandemic has shown how effective remote working can be. As a result, many employees thrive in the current work environment. 78% say they feel healthier from home.

Since more workers prefer to work from home, employers should rethink working conditions according to COVID-19. However, as the infographic shows, distant conditions must be right, including providing trust and transparency to workers.

The key message of the infographic from Online Psychology Degrees is, as the investigation shows:

"With a focus on trust, any distant team can survive and thrive."

Trust Remote Workers: The New Normal Infographic

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Vijay Sundaram of Zoho discusses PPP funding %% sep %%%% site name %%

Vijay Sundaram of Zoho discusses PPP funding %% sep %%%% site name %%


In this week's Small Business Radio Show I spoke to Vijay Sundaram, chief strategy officer at Zoho about the next round of PPP funding for small businesses. We also discussed how the program can better serve small businesses and what else the federal government could do to help. <! – ->

Congress approved a further $ 310 billion for the Paycheck Protection Program (PPP). And there is another $ 60 billion for the Economic Injury Protection Plan (EIDL).

The new funding has reserved $ 60 billion for loans to small and medium-sized financial institutions.

<! – -> But this introduction of urgently needed money by banks did not go smoothly and as a result many small companies could no longer get help during this time listed companies received 500 in the first round Million dollars.

It has been reported that many companies that were not severely affected by the coronavirus pandemic could get a forgivable loan because it was not based on need, revenue, or income. but how many employees a company had at a particular location.

It is predicted that in the first two rounds less than 15% of small businesses in the United States will likely receive a loan.

Vijay Sundaram from Zoho talks about PPP funding for small businesses

Small businesses that have received a PPP loan must now use 75% of their wages and salaries for the next eight weeks or June 30, 2020 (whichever comes first). Unfortunately, this results in corporate unemployment agencies effectively passing money on to employees, even if small businesses are unwilling to hire them again.

In addition to global growth and marketing, he is responsible for the partner and channel program. Vjay is a former entrepreneur and company founder in the areas of cloud supply chain software, mobile advertising technology and renewable energies. <! – ->

He emphasized that if we want to help the economy, we have to do a lot of help to the 30 million small businesses in the United States that make up a large percentage of GDP and account for 47% of the country's employment.

He praised the federal government for the speed with which they passed the program, but believes banks are not an optimal channel because they have obstacles to lending and reducing their risk.

<! – -> Vjay comments that they probably "distributed in 14 days what they normally distribute in 14 years!"

He advises the government to find a better channel for distributing the money, since the banks naturally focused on larger customers with whom they had a relationship.

In addition, many small businesses were not even aware of all the programs that could support them.

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He believes that the SBA must help small businesses with all three problems:

  • How to keep employees,
  • How to Maintain Cash Flow
  • How to prevent bankruptcy

In this case, Vjay explains, “Corporations can then focus on what they need to do operationally to keep their business going and spend time redefining their business rather than keeping their creditors at bay . "

There are political barriers to making money available directly to workers like in other countries (75% of their salary is paid directly to them) because there are few mechanisms besides unemployment.

But Vjay insists that these are extraordinary times and parts of the US government are doing revolutionary things.

For example, the Federal Reserve buys corporate bonds and stops mortgage bonds. These are exceptions created by the law to allow them to enter markets where they were previously prohibited.

Vjay says we have to use innovative thinking, like in Sweden, where corporate taxes have been reimbursed. He suggests taking steps in the United States such as suspending wage taxes, rents and mortgage commitments, or getting more money directly for employees, as was done in the FFCRA Act for extended sick leave

.

Vijay admits there will be fraud, but broad brushstrokes to solve the problem are urgently needed.

Listen to the entire episode of the Small Business Radio Show .

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Coronavirus grants available to small businesses %% sep %%%% Site-Name %%


It's no secret that small businesses face massive financial challenges due to the corona virus. <! – ->

However, there are several options available to help struggling entrepreneurs make ends meet until they reopen or regain some of the business lost in this unprecedented time.



Coronavirus grants for small businesses

Below is a list of the grants and grant programs that are available to small businesses. Some are available to certain types of companies, others are open to all SMEs that have problems. Read through to find the options that work well for your small business.

Facebook Small Business Grant Program

<! – -> Facebook offers $ 100 million in grants and advertising loans to small businesses affected by coronavirus. To qualify, companies must have between 2 and 50 employees. The funds are available to more than 30,000 companies in more than 30 countries in which Facebook operates.

Salesforce Care Grants

Salesforce and Ureeka have teamed up to offer small businesses with difficulty $ 10,000 in grants. To qualify, companies must have between 2 and 50 employees, be in business for at least 2 years from March 2020, and generate annual sales of between $ 250,000 and $ 2 million. Depending on the location, applications are open in phases. Qualified companies can apply online.

Google Ad Credits

Google offers $ 340 million in ad credit to SMEs around the world. The company has also pledged grants to support health organizations and nonprofits. The funds available to SMEs are available to those who had active Google Ads accounts last year. The credits are automatically available so you don't have to apply. SMEs can use the funds for advertising expenditure in the course of 2020.

Yelp Advertising Credits

Yelp offers $ 25 in facilities designed specifically for restaurants and nightlife businesses facing coronavirus challenges. This facilitation includes free advertising and exemptions such as free page upgrades and three months of free access to Yelp reservations and waiting list features. Independent local advertisers in other industries can also request relief.

GoFundMe Small Business Relief Fund

The Small Business Relief Fund by GoFundMe grants micro-grants to small businesses affected by coronavirus. To qualify, small businesses must raise at least $ 500 for a GoFundMe fundraiser, and the company and its partners provide grants to provide additional support. Companies must also operate independently and use the means to support employees. Partners include Yelp, Intuit QuickBooks, Bill.com and GoDaddy. <! – ->

Verizon Small Business Recovery Fund

The Local Initiatives Support Coalition and Verizon teamed up to provide grants of up to $ 10,000 to qualified small businesses. Verizon's total investment is $ 7.5 million. Businesses can use the funds to pay rent and utilities, pay wages, pay outstanding debts, and cover other immediate operating costs.

Goldman Sachs COVID-19 Aid Fund

Goldman Sachs pledged a total of $ 550 million in aid. Much of it is intended for small business loans. The rest is available as a grant to organizations, healthcare providers and communities.

JPMorgan Chase Philanthropic Investment

<! – -> As part of his $ 50 million global philanthropic commitment, JPMorgan Chase has provided grants to small businesses in the United States and Europe, and China to help with face economic difficulties. The funds will mainly be aimed at companies in vulnerable and underserved markets.

The entrepreneurial dream project

This scholarship and mentorship program from Supermaker includes $ 100,000 in non-dilutive scholarship funds and mentoring opportunities for experienced entrepreneurs like Mark Cuban and Rebecca Minkoff. Two qualified companies receive the funds and ten more receive coaching.

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Business for everyone

Business For All is a mentoring and scholarship program by Alice and Verizon. Small businesses can apply for grants of up to $ 50,000 to support their growth. Emergency grants of $ 10,000 are also available to help coronavirus companies in times of crisis. Grants are awarded on an ongoing basis. Companies can apply until September. The program also includes video mentoring sessions with prominent entrepreneurs.

Freelancers Relief Fund

Many freelancers lost their jobs during the pandemic and have no access to traditional unemployment benefits. That is why the Freelancers Union has set up a fund to distribute emergency aid to needy members. Beneficiaries can receive up to $ 1,000 to cover household expenses during this time.

The Workers' Fund

The Workers Fund is a program that accepts donations and distributes them to gig workers and low earners who are not eligible for unemployment benefits but have lost their jobs due to the corona virus. The Workers Lab works with Canary to provide funds for certified freelancers and gig workers.

Artist Aid

For artists from various disciplines who face financial difficulties due to the corona virus, Artist Relief brought together national art scholarship holders to help. Qualified artists may receive a $ 5,000 grant to help with financial emergencies.

Beauty Changes Lives Relief Grants

For professionals in the beauty industry who are unemployed due to a corona virus, Beauty Changes Lives offers aid of USD 1,000. Scholarships are financed by the Horst Rechelbacher Foundation and CDN Creative Nail Design and are available to professionals and students of beauty programs.

JBF Aid Fund for the Food and Beverage Industry

The James Beard Fund has provided emergency aid funds to independent restaurants and food service companies. Applications are currently being suspended due to overwhelming demand. But they can reopen the program in the future.

Stacy's rise project

For companies founded by women, Stacy & # 39; s offers a scholarship, mentoring and advertising program to provide support during this time. 15 women founders will receive a $ 10,000 grant. Applicants may also receive free advertising space and expertise from PepsiCo and Frito-Lay directors.

SheaMoisture Fund

SheaMoisture offers grants for colored women, black entrepreneurs and businesses to help communities with the pandemic. The company has committed a total of $ 1 million to help companies stay afloat. The funds are divided into different grant categories.

State and local grants

In addition to the above, companies in certain states and communities have numerous grants available. If your company operates locally, you can search here for grants that apply to your region . The US Chamber of Commerce Foundation also has a list of programs here .

If you know of more grants to small businesses that are addressing the consequences of the reaction to the coronavirus pandemic, please let us know in the comments section.

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Vimeo Stories in Place Highlights Small businesses amid the pandemic %% sep %%%% site name %%

Vimeo Stories in Place Highlights Small businesses amid the pandemic %% sep %%%% site name %%


Vimeo recently released a new video collection “Stories in Place” that contains stories of small businesses that have adapted in the days of the corona virus. <! – ->

Vimeo employees selected these videos for 12 days of on-site protection. Each filmmaker received a scholarship to make a video about a small business he loved and how that business was affected by the pandemic. And Vimeo compared each scholarship with a donation to the companies presented.

Small businesses continue to adapt to the coronavirus pandemic in a number of ways. Some closed their doors completely. In the meantime, others have changed the way they deliver products and services to customers. And sharing these stories of persistent small businesses can inspire or motivate other entrepreneurs.



Vimeo stories on the spot

<! – -> Courtney Horwitz, head of the Vimeo brand, said in an email to Small Business Trends: “Vimeo always valued beautiful storytelling. Good videos are really the foundation of our brand. With the launch of Stories in Place, we wanted to humanize this situation and put the stories we don't see in the spotlight.

“These are 8 stories about incredible small business owners adapting to that time and finding a way to get their businesses up and running now. It was important to us to have these stories told, to offset some of the negative news and to provide inspiration. We hope that people will see these videos and feel compelled to support a local company or take on a creative project while they distance themselves socially. "

886

One of the 8 videos shows 886, a Taiwanese restaurant in New York City that was closed due to the pandemic. The video shows owners struggling with difficult decisions about paying their employees and donating food to nearby hospitals.

Desert Island Comics

Another feature is Desert Island Comics, a legendary Brooklyn company that is closed indefinitely. The cut paper film combines memories of comic fans with thoughts of shop owner Gabe Fowler. In the video, Fowler speaks of the binding power of comics. <! – ->

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Read the stories from Desert Island Comics here.

Jeff Maassen

There is also the story of Jeff Maassen. He is a fisherman in Santa Barbara. Maassen recently stopped diving for sea urchins due to frozen global supply chains and upcoming port closures. The video tells the story of fishermen trying to make ends meet. You can read Jeff's story here .

<! – -> These stories represent a small part of those presented in Stories in Place. Each video shows a company in a different industry. Watch every business owner share their struggles and resilience. If you're having trouble finding motivation, read these uplifting and other stories.

The rest of the Stories in Place collection can be found here .

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Dun & Bradstreet introduces new COVID-19 Impact Index

Dun & Bradstreet introduces new COVID-19 Impact Index


Dun & Bradstreet recently launched its COVID-19 Impact Index. It helps companies understand the effects of COVID 19. <! – ->

Dun & Bradstreet's research showed that 90% of companies in the United States are affected. In addition, 43% of companies in Pennsylvania, New Jersey and New York were even asked to remain open.



Dun & Bradstreet COVID Index

Restaurants, some retailers, real estate shops and beauty salons were most affected .

<! – -> At the other end of the scale, 83% of companies in places like Vermont, Wyoming, and Minnesota had the least impact on the index.

Small Business Trends spoke to Brian Alster, General Manager of Third Party Risk & Compliance at Dun & Bradstreet, about the new research.

"We started with simple health scans," says Alster. "When we started publishing this information, customers said," This is really helpful, but it leads to more questions. "

The index was launched to highlight affected companies and their supplier network.

More details

According to Alster, companies want to know exactly who affected them. They also wanted more details so they could take action. <! – ->

Dun & Bradstreet had a leg up here. Alster explains:

"We started examining our traditional risk assessments," he said. “Dun & Bradstreet is a commercial venture company. We have data on how companies interact with other companies. "

Noticeable

<! – -> He says that the effects of COVID-19 became very clear in March. It offers a historical perspective from 2008 that is related to this modern catastrophe.

“In 2008, small businesses were affected for the first time. They were also one of the last to come back, ”he says.

"We wanted to provide an additional level of insight that conventional data did not show."

He emphasizes that the index is a complementary source. It adds further insight into the existing risk assessments. The index provides an overview of the impact of COVID-19 on business operations, including customers and suppliers. It deals with flowing conditions and arranges companies in relation to each other.

The lower the numbers, the higher the impact and the corresponding risk.

Therefore. One is the highest risk and 100 is the lowest. In the end, it's a relative ranking that summarizes companies to get an overview of their health.

How It Works

These are different pieces. Alster explains how they all work together to create a smooth snapshot.

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"We look at two different assessments," he says. “The first is how the company is doing. The second deals with the network with which the company interacts. It is a relationship grouping of all the different companies that this particular company works with. "

This breaks down into the consideration of various factors.

Location Impact

The first is an impact on the location taking into account various ideas and state restrictions as well as confirmed cases and growth rates of COVID 19.

The second is an impact on industry. This is based on a company's industry and whether it is essential or not. Whether online or stationary.

Surviving a disaster

The company's health effects use some other existing Dun & Bradstreet scores. These predict how well a company will survive a disaster. These are basically credit scores. You look at the financial stability of a company.

Finally, there is a network impact. This roof view includes customers, suppliers and other third parties.

Composed

The following happens when you put everything together.

"If you see how all of this works together, you can paint a picture," says Alster. "You realize that a retailer in New York City may develop differently than the one in the same industry with exactly the same profile in North Dakota."

That is, if you look at an industry in multiple locations, you can see how the pandemic is developing in different areas. The relationship between companies is important.

"It is important to see how all of these factors come together," he says. Finally, Alster makes some important points.

No score

"Remember, this is not necessarily a score. It works best when comparing companies," he says. "If I looked at a small company that was a pizzeria, we could do it against all other pizzerias in the United States or at their location. "

Plans for a larger space for small businesses are in the works.

"This is a fluid environment," says Alster.

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Virtual conference trends: Do you have a future post pandemic?

Virtual conference trends: Do you have a future post pandemic?


The "New Standard" is now used to identify the state of almost all industries, and the business event segment is no different. Questions: "Do virtual conferences have a future after the pandemic?" is perfectly appropriate considering where we are right now. And the answer is that there will be a future, but business events will continue as before once a vaccine is found. <! – ->

In the meantime, virtual conferences have become the norm. Our own event page on Small Business Trends is now filled with virtual conferences and webinars. This is a new infographic presented by Data Connectors and developed by NowSourcing .

With the title "Virtual Summits and the Future of Business Meetings at a Time After COVID", the report asks: "How are conferences affected by this shift?" Not only are the conferences affected, the impact on the local economy is also a major problem.

<! – -> These events are a blessing for the cities in which they take place, including the many small businesses in these cities – such as hotels, restaurants, social businesses such as clubs and bars, etc. and those Cancellations cost cities around the world millions of dollars.

The cost of canceled events

According to the report, the global event industry is currently $ 1.5 trillion. And since COVID-19 the vast majority of events have been closed or postponed, while others have become virtual.

Direct spending on flights, hotel stays, restaurants, and transportation is responsible for generating more than $ 1 trillion annually. All of this has come to a standstill today. There are also direct losses related to events.

For example, the infographic states that the Mobile World Congress lost $ 480 million, SXSW $ 350 million, E3 $ 75 million, Google I / O $ 20 million, and many others.

Although the number is enormous, the loss is more effective for individual providers and participants. The lack of a single conference has devastating consequences for a small business. Huge loss of income and future opportunities are at stake. <! – ->

Loss for local businesses results from hosting events and spending attendees in stores and attractions. A good example of this influence is the 280,000 people who attended the 2019 SXSW event in Austin, TX.

This does not include the tens of thousands of people who attend panels, parties, and concerts at the same time, spread across hundreds of venues in Austin. The total number of people for 2020 has been estimated at around 400,000.

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Virtual conference trends

<! – -> This pandemic has helped force organizations to rethink their business. And business events have adapted by holding virtual and even holographic conferences . According to the report, video and web conferencing will account for 80% of all Internet traffic by 2021. This means that both businesses and consumers are used to this form of communication and interaction.

A virtual conference will be:

  • Eliminate travel expenses
  • Reduce the entrance fee
  • Deliver a more focused event focus
  • Organizers allow more to be invested in speakers
  • Reduce pollution

In addition, organizers can create unique functions for participants with lectures, discussions, and panels to meet their specific needs. With custom content, online attendees can engage at a higher level. According to the report, engagement is 86% compared to face-to-face conferences. Conducting a virtual conference clearly offers many advantages.

The question is how many of these events will permanently move their conferences to a digital platform. If not, is there a hybrid conference on the horizon?

Local events

When we're back to normal, will people prefer local events? The infographic indicates that 15% of travelers plan to avoid public transportation and cities, even after cities and states lift their restrictions.

The virtual conferences that companies are now holding will provide some very good data points, and companies will not forget them. In the end, virtual conferences will be part of all business events. After all, no matter how many people physically attend a conference, the thought of reaching millions of participants around the world cannot be ignored.

For more information, see the infographic below.

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SBA says it will review PPP requests during the second round

SBA says it will review PPP requests during the second round


"The purpose of this money was not for large public companies with access to capital," Finance Minister Steven Mnuchin . This statement comes after millions of dollars have been given to large companies from the Paycheck Protection Program (PPP) . <! – ->

Everyone from Harvard University to Nathans Famous, Potbelly, Ruths Hospitability Group, Shake Shack, Kura Sushi, and even the Los Angeles Lakers received millions of dollars. While the Lakers, Shake Shack, and Ruths returned the money, others are still considering this decision.

It is important to remember that there are consequences. Secretary Mnuchin said: "If you repay the loan immediately, you are not liable to the SBA and the Treasury. However, there are serious consequences for people who do not properly confirm this certification."



The PPP

<! – -> The PPP was developed to grant small businesses a loan to keep their employees or to reinstate the people they fired. However, the $ 350 billion allocated to fund the program quickly ran out of money. And a closer look at the distribution of the money shows that large public companies received loans that they shouldn't have.

SBA to review PPP applications

With the recently approved second round of financing, Secretary Mnuchin and US small business owner Jovita Carranza made a statement to address the obvious concerns of small business owners.

“We have found that a large number of companies have adequately re-evaluated their PPP loan needs and promptly repaid loan funds to remind all borrowers of an important certification required to obtain a PPP loan. To further ensure that PPP loans are limited to eligible borrowers, the SBA, in consultation with the Treasury Department, has decided to review all borrowers over $ 2 million in addition to other loans upon submission by the lender of the borrower's loan application. Guidelines for implementing this procedure will be available shortly. "

added, "We continue to work hard to ensure that America's workers and small businesses get the resources they need to get through this challenging time."

The fiasco of the first round

So what happened in round 1? Simply put, part of the money ended up in deep pocket companies. This is because there were gaps in the legislation. <! – ->

The first gap is that public companies can borrow money. And 230 public companies did this for $ 800 million. Hedge funds and private equity companies also qualified. In the second round, however, both gaps are no longer available.

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However, the largest gap remains open. It enables hotel and restaurant chains to continue to be eligible for PPP loans. Every single location of a company with less than 500 employees currently qualifies. This means that even the largest franchise companies can get the PPP loan. And that's exactly what happened in the case of Shake Shack and others in the first round.

<! – -> The finance department has released a new FAQ page for the PPP with instructions for companies wishing to apply for a loan.

Loans of the first round

One of the largest data points of the SBA is the number of loans of USD 1 million. Almost half of the $ 350 billion was paid in loans of $ 1 million or more.

does not mean that small loans have not been approved. The SBA approved 1,229,893 loans of $ 150,000 or less. This was just over $ 58 billion of the total. However, loans in excess of $ 1 million accounted for 44.53% of the total, while only 4.05% of the applicants. The total for this particular group is $ 152.4 billion.

And it is this inequality that has angered small business owners about the process.

This is a list of industries by loan amount for the PPP.

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<p><center> <em> <small> Image: <a href= SBA Image: whitehouse.gov
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