PPP: "More than half of emergency small-business funds went to larger businesses, new data shows" small business |
- PPP: "More than half of emergency small-business funds went to larger businesses, new data shows"
- Why is Employing and Managing Staff so HARD?
- Question about third party charged to the restaurant
- Where can I buy gift cards in bulk for staff or can anyone recommend a decent incentives platform?
- Please suggest reusable plastic, or compostable waxed cardboard containers & packaging for a take away kitchen ? Where to buy ? What all packaging material would be required for a small take away business ?
- Structuring multiple companies using Holding, Subsidiaries
- How do you balance the want of a business versus the desire for working in organisations where you can make actual change or a stellar career?
- Sba loan requirement
- WaveApps cancelling support for non CA/US residents - best alternatives?
- Blinds/shades business help
- We managed to make $1.6K within 48 hours what’s next?
- What to look for in a business partner?
- I'm an Instagram Manager and I'm giving my service for free.
- How to be a confident manager?
- Prototype Design/sketch help!!
- Something for free!!!
- Business growth phases?
- Custom Reworked Clothing
- What social media platform brings you the most sales?
- I am recruiting one of my friends as an employee, Any tips on how to not ruin our friendship while working together?
- Job negotiations with small business owner for salary to run landscape company.
- Pllc formation help
| PPP: "More than half of emergency small-business funds went to larger businesses, new data shows" Posted: 01 Dec 2020 08:01 PM PST The Trump administration has emphasized PPP loans to small firms, but data released Tuesday shows that most of the $522 billion went to about 600 larger companies and chains Doozy of an article. https://www.washingtonpost.com/business/2020/12/01/ppp-sba-data/ Decided to post the article copy below in comments. It's in the public interest. By Jonathan O'Connell, Andrew Van Dam, Aaron Gregg and Alyssa FowersDec. 1, 2020 at 11:05 p.m. ESTAdd to list More than half of the money from the Treasury Department's coronavirus emergency fund for small businesses went to just 5 percent of the recipients, according to data on more than 5 million loans that was released by the government Tuesday evening in response to a Freedom of Information Act request and lawsuit. According to data on the government's Paycheck Protection Program (PPP), about 600 mostly larger companies, including dozens of national chains, received the maximum amount allowed under the program of $10 million. Officials from the Treasury Department and the Small Business Administration (SBA) have argued that the program primarily benefited smaller businesses because a vast majority of the loans ― more than 87 percent ― were for less than $150,000, as of August. But the new data shows that more than half of the $522 billion in the same time frame went to bigger businesses, and only 28 percent of the money was distributed in amounts less than $150,000. The newly released data comes after a federal lawsuit filed by The Washington Post and 10 other news organizations under the Freedom of Information Act challenging the SBA's refusal to release records on borrowers and loan amounts. A federal judge ordered the release of the data by Tuesday and the agency did not appeal. Small-business loans went to members of Congress, private-equity backed chains Devised as a way to temporarily pay small companies to keep their employees on staff for eight weeks, the Paycheck Protection Program is widely credited with helping millions of businesses make payroll during the early months of the coronavirus pandemic, benefiting tens of millions of employees. A bipartisan group of senators unveiled plans Tuesday for another $908 billion in stimulus, including nearly $300 billion in new funding for the Paycheck Protection Program and other SBA programs. However, the program's spring rollout was fraught with confusion over rules for borrowers and an early run on the money by large chains and big banks that caused the first pot of funding to run dry in eight days. The Treasury Department later asked large well-capitalized borrowers to return their funding, though the agency has not disclosed which borrowers have done so. The data released Tuesday disclosed for the first time the exact dollar figures received by some of the top recipients, showing that a number of restaurant chains received the maximum $10 million, among them the parent companies of Uno Pizzeria & Grill, Legal Sea Foods, Boston Market and Cava Mezze Grill. Law firms, churches and professional staffing services were also among recipients of $10 million loans. The SBA calculated loan amounts based on monthly payroll figures and capped loans at a maximum of $10 million. Businesses with up to 500 employees were eligible, though that limit was relaxed for restaurant and hotel companies. Previous disclosures of PPP loan data showed that the program was falling fall short of the Trump administration's claims of its success. A Post analysis of 4.9 million loans initially released by the SBA contained numerous errors, casting doubt on the administration's claim that the $517 billion in lending had "supported" 51 million jobs. Many companies were reported to have "retained" far more workers than they employ. Likewise, in some cases, the agency's jobs claim for entire industries surpassed the total number of workers in those sectors. For more than 875,000 borrowers, the data showed that zero jobs were supported or no information is listed at all, according to the analysis. SBA exempted lawmakers, federal officials from ethics rules on $660 billion loan program There is also increasing evidence that the program was subject to considerable fraud. Investigators at the Justice Department, FBI, IRS and other agencies have joined forces to identify fraudulent borrowers, and in September the government announced that it had charged 57 people with trying to steal a total of $175 million. The SBA inspector general's office has received tens of thousands of fraud tips, and federal officials have launched hundreds of investigations. Additionally, a "blanket approval" allowed Congress, officials and their families to receive PPP funds without a required conflict of interest review. Several members of Congress, including some who helped shape the program's rules, benefited from funds, according to news reports and financial records. The Post filed a Freedom of Information Act for complete records about the lending program on April 24. After the SBA failed to respond in the time required by law, The Post and 10 other national news organizations sued for the release of records on the Paycheck Protection Program and a separate smaller loan program, the Economic Injury Disaster Loans program, or EIDL. SBA seeks to delay release of records following court order In response to the lawsuit, the SBA posted loan-level data of 660,000 business and nonprofit organizations that received at least $150,000 in funding. But despite a disclaimer on the loan application stating that the names of borrowers and amounts of loans would be "automatically released" in response to FOIA requests, the agency argued to the court that it should not have to provide exact loan figures for any of the loans, as well as borrower information for loans under $150,000, an estimated 87 percent of all PPP loans. The agency claimed that FOIA's confidential business information and personal privacy exemptions allowed the agency to withhold the records. Ultimately, Judge James E. Boasberg of the U.S. District Court for the District of Columbia rejected the agency's arguments and ordered the SBA to "release the names, addresses, and precise loan amounts for all individuals and entities that obtained PPP and EIDL COVID-related loans by December 1, 2020," noting that while the agency had the right to appeal the ruling "the Court sees no basis for any further delay." As the pandemic continued into the summer and fall, some of the employment gains proved temporary. The payroll processor Gusto estimates that small businesses laid off about 232,000 workers nationwide soon after their PPP requirements expired, according an analysis of the records of about 37,000 Gusto clients who received PPP loans. Losses were sharpest in retail trade, facilities management and other sectors hit hard by the pandemic, said Gusto economist Luke Pardue. "This is a significant head wind to the economy in the fall," he said. In rolling out the Paycheck Protection Program, the SBA and the Treasury Department stripped away much of the paperwork that is traditionally required for business loans, something that allowed banks to move quickly but also made the program more vulnerable to abuse. And the federal government promised that PPP loans could be entirely forgiven, making them far more attractive than what most businesses could find without government help. In addition to traditional mom-and-pop shops, the program was open to a broad array of businesses, representing nearly every corner of the U.S. economy. Loan recipients included independent contractors such as Uber drivers, franchises of international brands, health-care workers, nonprofit organizations, churches, schools, Wall Street investment firms and others. Some industries successfully lobbied for access to the program after they were initially excluded. The Trump administration removed a restriction on businesses that profit from gambling after the gaming industry argued it should be eligible. Strip clubs and payday lenders argued that their businesses had been hurt by the virus, too, and many of them ended up receiving loans. In other cases, the SBA sought to claw back funding from loan recipients that were seen as controversial. Later the SBA sent letters to dozens of Planned Parenthood nonprofits, which offer a range of health-care services including abortions, demanding that they return the funds. Republican lawmakers including Sen. Marco Rubio (R-Fla.), a key architect of the Paycheck Protection Program, argued that the organization's local affiliates did not qualify because they were too closely associated with Planned Parenthood Federation of America, the national advocacy organization. Nate Jones contributed to this report. [link] [comments]  |
| Why is Employing and Managing Staff so HARD? Posted: 01 Dec 2020 09:07 AM PST Hi, I have run my own plumbing business for 5 years. Since hiring two plumbers and an admin worker I pretty much stopped plumbing myself great right? NO! Every employee needs their hand holding. I have to get involved in 1/3rd of their tasks as they either need help, clearly struggling or making mistakes. This has pushed my work day to over 12 hours. Was it unreasonable to expect to hire experienced workers, train them for a month and to expect them to efficiently do their work? Im seriously considering downsizing as this is having a massive impact on my family life and mental wellbeing. [link] [comments]  |
| Question about third party charged to the restaurant Posted: 02 Dec 2020 04:43 AM PST Hello! I'm a restaurant owner. I'm just being a partner with the local third party in my city and just found out the fees that was charged from them included taxes and tips. Example subtotal to restaurant $1,000 tips from customer $100(my employees take all the tips) and sale taxes $100 total $1,200 and the charged fee 20% that was $240. I Just wondered if they can charge me 20% from tips and sale taxes because I see on postmates, ubereats or doordash they charged the fees from pre-taxes. Thank you [link] [comments]  |
| Where can I buy gift cards in bulk for staff or can anyone recommend a decent incentives platform? Posted: 02 Dec 2020 04:25 AM PST I need a lot but the options available seem a bit crap and are often for stores that have collapsed this year. I want some employee benefits that would be compatible with online services since everyone seems to be streaming now. [link] [comments]  |
| Posted: 01 Dec 2020 05:10 AM PST |
| Structuring multiple companies using Holding, Subsidiaries Posted: 02 Dec 2020 02:55 AM PST Im looking to start a couple of businesses and a charity. Im trying to figure out the structuring and benefits of having a holding company and subsidiaries. Moreover how does one actually implement a holding company is it something that can be done after the creation down the road? Should I be talking to a small business lawyer or CPA about this? [link] [comments]  |
| Posted: 01 Dec 2020 09:47 PM PST Ive always been in my own small business, previously it was more of an industrial business but recently we are doing more of domestic work and smaller scale works. I don't find it fulfilling. I keep toying with the idea of quitting and going to a job, working for something maybe environmentally responsible, developing a career and who knows, enacting real change in the world. There are so many benefits to having a proper career, the professional networks, teams, less pressure but there are benefits to your own thing as well. How do you balance the two? [link] [comments]  |
| Posted: 02 Dec 2020 12:51 AM PST I will eventually want to try and get a sba loan for my business. I read that they won't give you a loan unless your open for at least two years. Is my opening day the day I file my llc? Can't seem to find any information. Thank you. [link] [comments]  |
| WaveApps cancelling support for non CA/US residents - best alternatives? Posted: 02 Dec 2020 12:49 AM PST I used WaveApps for my pretty passive sidehustle. It was a good enough selection of features completely free (ad supported) that did what I needed for such a low-income project. But now they're discontinuing paypal integration and support for non CA/US residents so I have to find an alternative. Do you know what might work for me? Happy/able to self host something as well. Requirements:
Any ideas? Any of you experiencing the same dillemma? [link] [comments]  |
| Posted: 01 Dec 2020 06:36 PM PST recently got let go of my job and I'm looking to start a business in installing shades. I saw the zebra shades are really nice and give a modern look to the house. However, i have no experience when it comes to pricing and figuring out how to find a supplier or if these business just make the blinds themselves. I wish i had somewhere to learn everything about this business from scratch. Is this business even profitable? Any tips will help Thank you [link] [comments]  |
| We managed to make $1.6K within 48 hours what’s next? Posted: 01 Dec 2020 05:58 PM PST I recently launched my activewear company for the second time and we managed to make over $1.6K in sales within 48 hours. What helped boost those sales was because we had some repeat customers, friends & family make purchases as well. Here is what we've leveraged so far.
I already had a decent mail list with about 600 contacts because of the first initial launch back in 2018. We are now considering ads but we are waiting for things to gradually slow down before we do so. We conveniently launched during the black Friday weekend so in our case, this was good timing. I know for a fact we will still have a few orders here in there especially with Christmas coming along but here's where we need potential advice. Because things will slow down it's inevitable. Any advice is more than welcome. [link] [comments]  |
| What to look for in a business partner? Posted: 01 Dec 2020 11:25 PM PST I recently connected with a business owner about a project I'm interested in. After the meeting was over, the owner suggested we take part in a joint venture, with equal joint ownership on the project. I'm familiar with the Owner, his business is small and he doesn't have a huge presence on social media as he is an older gentleman. I was excited about the offer at first as he is VERY knowledgeable and well connected in the city, although he does not come across like it. But before I commit, what are some things I should look for in a business partner if any? He has the skill and a lot of wisdom, but I'm still a little nervous.. [link] [comments]  |
| I'm an Instagram Manager and I'm giving my service for free. Posted: 01 Dec 2020 10:40 PM PST So, I launched my Instagram Managing business a few days ago and I'm thinking of giving my service for free to 2-3 people for a few weeks so that I can make my testimonial and eventually grow my business. As an Instagram manager, I grow Businesses grow their instagram pages and get clients from Instagram. If you're trying to grow on Instagram or know someone who's trying to grow on Instagram I'd be glad to help you out!! . P.s I'm interested in working with small businesses, local shops, photographers. If your business is in a different niche, I'd still like it if you'd reply to this!! [link] [comments]  |
| How to be a confident manager? Posted: 01 Dec 2020 09:25 PM PST Hey guys, Hoping to get some advice from some people with experience running a team, where you sometimes feel like your team is so good they are better than you. Im 28 and I run and own a fast growing company, I have 8 full time staff. The business side is going pretty well and growing really fast, I have no issues going and getting clients for my team to work with. But my question is around managing staff, I've been super selective about who we hire and I feel like I'm running an all star team. I make sure they are all paid well for their work because I don't wanna loose them. However sometimes I feel kind of stupid talking to my team. Eg. One of my guys is a retired pro rugby player... and I'm young enough to be his son....he's a pretty big confident guy, I feel like such an condescending idiot saying ...." hey mate, really good job with that client" Or some of my other workers are higher educated then me, also feels weird giving them advice how they should be writing reports ect. sometimes it feels like everyone is gunna think that I cheated my way to owning this successful company by using their success. I kinda realise that's not completely true...but it's a feeling I get in the back of my head a lot. How do you get rid of this feeling? I wanna seem confident and be a good leader to my team? [link] [comments]  |
| Prototype Design/sketch help!! Posted: 01 Dec 2020 05:34 PM PST Inventing has definitely been a passion of mine since middle school. I have a several notebooks at home with inventions I've come up with. I've also started a few business'; some successful- some wildly unsuccessful. my next venture requires me to learn the process of designing, manufacturing, and taking products to market. I really want to start on the first floor and practice my design skills. I would love to work with some of you on the forum who might not be as artistically gifted to create prototype sketches. I also have a pretty decent understanding of the manufacturing side- I would be more than happy to be a resource in that department as well. If anybody would like me to come up with sketches for your ideas- reach out!! I would love to help out. (your ideas will stay 100% between you and me. I just really want to hone my design skills.) [link] [comments]  |
| Posted: 02 Dec 2020 12:55 AM PST What if i offer you a free sales funnel builder ??? 🤔🤔🤔 [link] [comments]  |
| Posted: 01 Dec 2020 08:53 PM PST The first phase from what I've gathered is putting together a profitable product, and business model. The second phase is directly expanding to more products and improving the business model. The third phase is transitioning to be more complex and like a traditional business. The last stage is at the stage of scaling. The stages I believe it is is a barebones profitable business, slightly developed, developed, scaling. In your opinion, what are the milestone stages and how a business should grow? And, of course it can definitely be in a completely different line of thinking [link] [comments]  |
| Posted: 01 Dec 2020 07:24 PM PST Hey everyone! My girlfriend does custom reworked clothing for her Instagram page. Any followers would be greatly appreciated ðŸ˜. I'd love to surprise her with some extra love because she truly works so hard. Her Instagram is @nivenaguru [link] [comments]  |
| What social media platform brings you the most sales? Posted: 01 Dec 2020 08:56 AM PST Hi! I started my small business March of this year and have made over 1,600 sales. This is my first holiday season and it's been busy, to say the least. However, for the past two weeks, my Instagram (which is where I get the most engagement out of all my social media outlets) engagement has been extremely low...I'm now struggling to even get 20 likes on a post which is so frustrating and people have told me that my posts aren't showing up on their feed. I know Instagram has really annoying algorithm changes and rules, so it might be that. I was wondering what social media platform brings you the most sales? I am not as active on my Pinterest and TikTok as I should be because I put a lot of focus on creating content for my Instagram feed, but now I'm wondering if I should change that. Facebook hasn't really worked out for me, but I hear ads do great for some businesses. Would appreciate it if anyone could share what works best for them! THANK YOU. [link] [comments]  |
| Posted: 01 Dec 2020 07:26 AM PST She is signing a whole contract and i am planning to treat her as an employee not my friend in work timing, but a lot of people are telling me it will ruin our friendship, I recruited her because i know she is a hard worker and she needs the money Edit: So since a lot of people are advising against it but i am not letting my friend stay without a job while she needs the money, I decided to update you guys on what will happen after one month of work [link] [comments]  |
| Job negotiations with small business owner for salary to run landscape company. Posted: 01 Dec 2020 05:54 PM PST TLDR I asked for $32.50 an hour with 1% of sales. He countered with $25 an hour with 5% of sales. With "opportunity" to move to $30 an hour in June 2021. (About 3 weeks ago via phone call) He calls me today saying that we need to do paperwork for the new position at $24 with 5% commission. Question 1: Do I bitch about the extra $1? Question 2: Do I bring up the potential raise in 6 months in the meeting tomorrow? And if I do both... then how to do so without sounding like an entitled prick? FYI- should make about 5% of maybe $75k in commission in first half of year next year. Please just let me know what you think. I have been the backbone of the company and due to the pandemic my boss has downsized from 5 employees at the beginning of 2020 to just me and a manual labor employee. I run everything except incoming and outgoing payments. Manage projects and manage a portfolio of commercial properties for landscape maintenance and chemical applications in the Midwest. I just don't wanna end up feeling like I got screwed but I also want the company to grow. Ie. Carson Wentz in Philadelphia All points of view are appreciated and taken into consideration. [link] [comments]  |
| Posted: 01 Dec 2020 05:03 PM PST Hello!! I'm looking into forming a PLLC with being a therapist. Has anyone used legalzoom to form their business? Thoughts? I looked into others and was rejected because of being a professional LLC being in a field that could deal with a malpractice claim. Any feedback would be great. I'm a bit stuck and trying to learn how to do it myself in PA, but struggling. [link] [comments]  |
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