Compass Consulting Services PA

A study by the payroll company ADP reports that 937,000 jobs were created in the months of May/June. More than half of these jobs were created by small businesses with less than 20 employees! Things are slowly getting better, keep up the great work everyone!

ADP Small Business Report for June 2020 - Nearly a Million Jobs Added - Small Business Trends The June 2020 ADP Small Business Report shows small businesses adding nearly 1 million jobs to the economy between May and June.

There is still $129 billion dollars left in PPP loan funding. The senate has seen fit to extend the application period for an additional 5-weeks. If this passes full legislation, there will be another opportunity to apply for a PPP loan if you missed the window!
Read the full article here:

Senate approves 5-week PPP extension In a surprise move, the U.S. Senate passed by unanimous consent an extension until Aug. 8 of the application period for the Paycheck Protection Program.

"What you get by achieving your goals is not as important as what you become by achieving your goals"

The SBA announced that you will be able to apply for early loan forgiveness whether you have an 8 or 24 week period of coverage. However, doing so will forfeit the safe-harbor provision that allows you to restore reduced salaries by December 31st 2020. This would mean any reductions in salaries, of more than 25%, would be forfeited from loan forgiveness.
Read the full article HERE:

PPP recipients can apply early for loan forgiveness, SBA says New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.

While we have all been caught up in the changing compliance of PPP loan forgiveness, the SBA has offered a renewed solution through the EIDL program.
EIDL loans are available again in addition to offering $1000 per employee grants AGAIN!

Eligible Businesses:
-Independent Contractors
-Freelancers
-Sole Proprietors
-Small Businesses
-Agricultural Businesses

For full stipulations see the SBA's documentation here:

Coronavirus (COVID-19) SBA Disaster Assistance in Response to the Coronavirus

6 predictions for how the current crisis will impact small businesses:

1. Printed media will be less available
2. Digital Marketing will be a core strategy
3. Customer email lists will be vital
4. Team collaboration will be distanced
5. Business owners will shift to informing in addition to providing a service
6. Subscription based services will become the core way of doing business

Do you agree? What else do you think might change?