There are always a lot of things going on for small businesses to take note of.  Starting with a Google On Air workshop, not to mention a Happy Hour in partnership with the Plainfield Chamber of Commerce and ending with the Level Two Small Business Book Club, this is a great week in October!

But first, you will want to check out this grant opportunity from the state of Indiana.  The Small Business Restart Grant program has been extended and the eligibility has been expanded.   Here are details:

Grants will be issued up to $10,000 per company and will be issued in the order in which applications are received until funding is exhausted.

Eligibility requirements:

  • Business must be registered to operate in Indiana
  • Business must have had less than 50 employees at of 12/31/2019
  • Business must have had less than $5 million in revenue in 2019
  • Business must have been profitable in 2019
  • Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
  • Must be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan

 

 

 

 

 

 

 

Boost Your Entrepreneurship Skills with Women Will – Part 2

Tuesday October 6th at 3:00 pm

Women Will is a Grow with Google program that focuses on economic empowerment for women across the world. In this two-part workshop tailored to aspiring women entrepreneurs, you will learn how to plan, launch and grow your business. In Part 2 we will discuss how to seek finances, boost sales, and improve your negotiation strategies. Plus, learn how to turn objections and criticisms into powerful tools to improve your business.

Note: This workshop is tailored to those who identify as women, and is open to all. To get the most from the workshop, it is recommended to attend both parts. Sign-up to watch Part 1 here.
Difficulty Level: Introductory

Wednesday October 7th at 12:00 pm
With the new normal of social distancing in place, people are online now more than ever. How do you leverage more traffic to social networks, more orders online, and thousands of hours of video being watched on the internet every day?

Business Ownership 101 – Indy Chamber

Wednesday October 7th at 1:00 pm

The Business Ownership 101 workshop conducted in partnership with SOURCE Entrepreneurship Center, Inc outlines four critical stages of business development. It will help shape your business idea, share a variety of resources in each stage, and create next steps needed to launch and/or grow. The workshop will also give you time to ask questions and learn from others who are looking to launch a business. This is the first step on your path to becoming a successful business owner!

Selling In A Pandemic Workshop Series (ISBDC)

Wednesday October 7th at 6:00 pm

The workshops listed will be hosted via Zoom and you can pick which ones you would like to attend. All business to consumer sales workshops are from 12:00 pm to 1:00 pm and all business to business sales workshops are from 2:00 pm to 3:00 pm. There are limited seats available and if all the seats are filled for a workshop that you are interested in attending, you will be put on a waitlist. More information about each workshop below!

 

How to Explain Your Products and Services with Infographics – SCORE

Thursday October 8th at 1:00 pm

How well you communicate information about your products and services can make or break your potential sales with customers. In today’s noisy world of information overload and short attention spans, infographics are a quick and easy way to explain the details about your products and services engagingly.

This webinar, presented by product expert Dinah Ramirez with Easelly, will provide you with basic formats and strategies for tackling an infographic’s writing and development so that your customers can learn what they need to know and move forward with a purchase.

You’ll learn:

  • What an infographic is and the benefits of using them to explain your products and services
  • How other companies and businesses use infographics to explain their products and services – from simple to complex
  • How to write, organize, and streamline content for an infographic
  • Ways to get your infographic designed 

20 Cyber Topics in 20 Weeks Series

Thursday October 8th at 11:00 am

Under the leadership of the Indiana Procurement Technical Assistance Center (PTAC), Purdue MEP and many Indiana cybersecurity providers have developed a series of essential cybersecurity topics. 20 cybersecurity topics in 20 weeks is an effort to provide Indiana businesses with the training needed to achieve CMMC Level 1/basic small business information security and to improve the Indiana DIB’s cyber-health. In addition to live webinars, all of the presentations will be recorded to create a library of cyber information that clients can view when they do have the time to focus on cyber health and defense acquisition regulation compliance.

Happy Hour at Brew Link Brewing

Thursday October 8th at 4:30 pm

Join Level Two and the Plainfield Chamber and some of our friends for a gathering at Brew Link for some fellowship and fun outside on the west side of town!
Friday October 9th at 12:00
Join us for gBETA Indy’s Lunch & Learn, Friday, October 9, 12pm!

Legal-101 for Startups
There are some common legal mistakes new startups make, but you don’t need a law degree to avoid them. You just need to come to this Lunch & Learn to make sure you set your company up for success from day one!

Speaker: Travis Stegemoller, Attorney, Director of Entrepreneurial Services at Barnes & Thornburg LLP

What you will learn:
–Structuring your company for the type of financing you are pursuing
–Protecting the intellectual property of the company
–Vesting founder and employee equity to incentivize future contributions

Next Week:

Small Business Roundtable – Plainfield Chamber of Commerce

October 13th at 8:30 am at Level Two Inc

The Small Business Roundtable is an opportunity for business owners to find solutions to their common business pain points. Additionally,
· Learn from each other.
· Participate in an informal group discussion.
· Discuss monthly topics important to small business.
· Connect with other chamber members.
· Share your expertise and discuss your business challenges.

 

Sell Online This Holiday Season with E-Commerce Tools

October 14th at 12:00 at Level Two Inc

As a Grow with Google Partner, Level Two Coworking would like to invite you to tune in to a special livestream for small businesses: Sell Online This Holiday Season with E-Commerce Tools.

Learning objective:

Learn how to sell online to customers as they kick off their holiday shopping this season. We’ll walk through the benefits of setting up an online store with Shopify and how to list your products on Google so that you can sell from anywhere. Plus, learn about more helpful tools to stand out online, such as Local Opportunity Finder and Grow My Store.

The Big Week for Small Business – US Chamber of Commerce and Inc.com

October 13th – 15th

Join us October 13-15, 2020 for The Big Week for Small Business, three days of audience-driven discussions, powerful advice, unique networking moments, engaging breakout sessions, and practical strategies from business owners like you. Share your successes and challenges with your peers and gain the skills and perspective you need to come out on the other side stronger than ever.

Photo by J. Kelly Brito on Unsplash

 

 

There are always a lot of things going on for small businesses to take note of.  Starting with a Google On Air workshop and a Virtual Job and Apprentice Fair, and ending with our Level Two Small Business Book Club, let’s send your September out with a Bang!

Also, you do not want to miss this new Small Business Grant opportunity from our friends at LISC:

Beginning today, 9/28, LISC has a small business relief grant open to rural areas nationwide or communities with fewer than 50,000 people. Our local LISC office primarily focuses on Indianapolis so our statewide economic development/small business partnerships are limited. We know many of you have LEDO, SBDC and other contacts that touch small businesses in rural areas in Indiana. If you feel this opportunity is relevant.  You can view a map of eligible areas on this site if you are unsure of the size of a particular city or town.

 

 

 

 

 

 

 

Hendricks County Virtual Apprenticeship and Trades Fair

Monday September 28th – October 2nd

  1. Check out “Explore Industries” to search vendors by sector.
  2. If you are not sure what you are looking for, start with Resources!
  3. Make sure to sign up for live chats ahead of time.
  4. Don’t forget to fill out the survey for a chance to win!

 

Get Your Local Business on Google Search and Maps – Part 1

Monday September 28th at 3:00 pm

Showing up when customers are searching online is more important than ever. Ensure customers can find accurate, updated information about your local business on Google Search and Google Maps, no matter which device they use. Part 1 will teach you how to create and manage a Google business profile from start to finish.

Products: Google Search, Google Maps, Google My Business
Difficulty Level: Introductory

Tuesday September 29th at 1:00 pm

When we don’t feel rested and energized, it directly impacts our life and our business. If you want to ramp up your impact today, it starts by getting sleep.

The World Health Organization has declared sleep loss as an epidemic across all industrialized nations with staggering statistics.

Join this life-altering presentation with Success Coach and Speaker Holly Jean Jackson, and walk away with:

  • Sleep facts & a clear understanding of why sleep is crucial to you and your business
  • The 3 biggest sleep challenges
  • Concrete strategies to boost your sleep & double your business impact

If you find yourself feeling exhausted all of the time and lacking the energy you need to build your dream life and business, this is the webinar for you.

Tech Hire Sponsored by TechPoint

Tuesday September 29th at 3:30 pm

Indy Women in Tech is hosting EMPOWERIndy @Home. The series of virtual events are designed to develop and engage the STEM community of Indiana during the time of COVID-19. Our goals are to introduce engaging topics to the Indy tech community by partnering with local organizations who want to share their playbook for success and teach others how to make the tech workforce more inclusive.

Tech Hire, Sponsored by TechPoint, is our kick-off event for the series. We will discuss various pathways and programs that help transform tech into an inclusive workforce in Indiana. Our goal is to highlight what is needed to enter the tech workforce, resources available to those in need, and how can we increase the number of underrepresented tech professionals to the growing workforce.

Starting a Business During a Pandemic WEBINAR (SBA)

Tuesday September 29th at 5:00 pm

Have you been thinking of starting a business but don’t know where to begin? Want to be your own boss but not sure how to do it? Then this workshop is just what you need! Learn 10 basic steps to follow; what resources are available; important tips on starting a business; and the reality about grants. Instructions for joining this Microsoft Teams meeting will be given at time of registration.

Selling In A Pandemic Workshop Series (ISBDC)

Wednesday September 30th at 12:00 pm

The workshops listed will be hosted via Zoom and you can pick which ones you would like to attend. All business to consumer sales workshops are from 12:00 pm to 1:00 pm and all business to business sales workshops are from 2:00 pm to 3:00 pm. There are limited seats available and if all the seats are filled for a workshop that you are interested in attending, you will be put on a waitlist. More information about each workshop below!

September 30th – Starting the Sales Relationship in a Pandemic

This workshop will discuss what is or isn’t working when it comes to identifying, qualifying, and capturing new clients during the pandemic.

Wednesday September 30th at 3:00 pm

Showing up when customers are searching online is more important than ever. Ensure customers can find accurate, updated information about your local business on Google Search and Google Maps, no matter which device they use. Part 2 will show you how to optimize an existing Google business profile with features to help you stand out online.

Products: Google Search, Google Maps, Google My Business
Difficulty Level: Introductory

 

Funding Options for Small Business WEBINAR

Wednesday September 30th at 5:00 pm

Learn about SBA’s guaranty loan programs, disaster loans, expert help available and how to finance your business idea at this informative webinar! Topics include: how to finance your business; what SBA Disaster Loans cover; where microloans are available; what to take to your lender; and how the mentors and counselors can help.

20 Cyber Topics in 20 Weeks Series

Thursday October 1st at 11:00 am

Under the leadership of the Indiana Procurement Technical Assistance Center (PTAC), Purdue MEP and many Indiana cybersecurity providers have developed a series of essential cybersecurity topics. 20 cybersecurity topics in 20 weeks is an effort to provide Indiana businesses with the training needed to achieve CMMC Level 1/basic small business information security and to improve the Indiana DIB’s cyber-health. In addition to live webinars, all of the presentations will be recorded to create a library of cyber information that clients can view when they do have the time to focus on cyber health and defense acquisition regulation compliance.

Keep your Business FINANCIALS Well, in the age of COVID! (ISBDC)

Thursday October 1st at 1:00 pm

An overview explaining how small businesses position their firms to successfully win Federal contracts.  A proposal development methodology consisting of collecting effective marketing intel and applying small business regulations, using knowledge-based decisions for creating winning proposal themes and compliant/compelling proposals. Coaching and training on how to prepare, support and negotiate a FAIR and REASONABLE Federal bid (Cost Proposal).  Learn how contractor’s cost accounting system is a major source of data used in preparing for proposal for a negotiated contract and in accumulating costs during contract performance. This webinar is brought to you by Ruffin Consulting, an SBA 8(a) Graduate and Small Disadvantaged Business (SDB) contracted by the U.S. Small Business Administration to bring contracting training to small businesses.

 

 

 

Photo by J. Kelly Brito on Unsplash

 

 

Are you interested in checking out webinars that could help you start or grow your small business?  We try and get the news out from our partners, so that you can have access to the information you need to help your business thrive.  From Livestreams directly from Google to a business accelerator program, here are some of the things you should keep a look out for this week and beyond.

 

 

 

 

 

 

Boost Your Money Management Skills for Your Small Business – Part 1 (Google)

Tuesday September 8th at 3:00 pm

Whether you’re starting a new business or already managing one, it’s important to understand how to manage your business finances. Having good money management skills will help increase your business’s opportunity for success. Part 1 will show you how to separate business and personal finances, and track your business finances. Plus, you’ll learn about money management mistakes to avoid.

Products: Google Sheets
Difficulty Level: Introductory

Wednesday September 9th at 1:00 pm
The Business Ownership 101 workshop conducted in partnership with SOURCE Entrepreneurship Center, Inc outlines four critical stages of business development. It will help shape your business idea, share a variety of resources in each stage, and create next steps needed to launch and/or grow. The workshop will also give you time to ask questions and learn from others who are looking to launch a business. This is the first step on your path to becoming a successful business owner!

Wednesday September 9th at 3:00 pm

Whether you’re starting a new business or already managing one, it’s important to understand how to manage your business finances.  Having good money management skills will help increase your business’s opportunity for success. Part 2 will help you understand cash flow and profit & loss. Plus, you’ll learn about money management mistakes to avoid.

Products: Google Sheets
Difficulty Level: Introductory

Rebuilding Your Brand

Wednesday September 9th at 2:00 pm

Throughout the COVID-19 health and economic crisis, small businesses have stood tall and pivoted their business models to survive. They’re now pivoting again to adapt to a new and changing world, serving customers through an uncertain economy and with heightened health and safety concerns to consider. How should businesses rebuild and alter their brand and communication strategies to resonate with customers during this time of change? What steps should entrepreneurs take to ensure their brands stay current during the pandemic and beyond? We at CO— are here to help you navigate this delicate road.

Join us Wednesday, September 9, at 2pm ET for CO— Blueprint: Rebuilding Your Brand, an interactive discussion focused on helping businesses strike the right tone with an evolving customer base. Host Jeanette Mulvey, Content Director at CO—, will lead the conversation that combines advice from experts with practical insights from small business owners.

Launch Your Own Business Virtual Workshop (ISBDC)

Wednesday September 9th at 4:00 pm

At this virtual workshop, you will get a chance to learn from one of our professional business coaches and to network with a group of other aspiring entrepreneurs!

We will discuss: characteristics of successful entrepreneurs, how to create and register your business entity, and how to start building your own team. Attendance via Zoom enables you to become a direct client of the Central Indiana SBDC and access additional and ongoing services such as market research reports.

20 Cyber Topics in 20 Weeks Series

Thursday September 10th at 11:00 am

Under the leadership of the Indiana Procurement Technical Assistance Center (PTAC), Purdue MEP and many Indiana cybersecurity providers have developed a series of essential cybersecurity topics. 20 cybersecurity topics in 20 weeks is an effort to provide Indiana businesses with the training needed to achieve CMMC Level 1/basic small business information security and to improve the Indiana DIB’s cyber-health. In addition to live webinars, all of the presentations will be recorded to create a library of cyber information that clients can view when they do have the time to focus on cyber health and defense acquisition regulation compliance.

Federal Contracting Readiness Webinar (SBA)

Thursday July September 10th at 1:00 pm

An overview explaining how small businesses position their firms to successfully win Federal contracts.  A proposal development methodology consisting of collecting effective marketing intel and applying small business regulations, using knowledge-based decisions for creating winning proposal themes and compliant/compelling proposals. Coaching and training on how to prepare, support and negotiate a FAIR and REASONABLE Federal bid (Cost Proposal).  Learn how contractor’s cost accounting system is a major source of data used in preparing for proposal for a negotiated contract and in accumulating costs during contract performance. This webinar is brought to you by Ruffin Consulting, an SBA 8(a) Graduate and Small Disadvantaged Business (SDB) contracted by the U.S. Small Business Administration to bring contracting training to small businesses.

Starting an Online Business for Next to No Money (SCORE)

Thursday September 10th at 1:00 pm

There has never been a better time to start a business online than right now.

Steve Strauss, USA TODAY columnist and bestselling startup author, will show you the steps needed to start an e-business, even without a big budget.

Find out everything you need to know to launch the dream, including:

  • The Shoestring process
  • The different types of online businesses you can start
  • Finding the money
  • Making money
  • Business nuts-and-bolts
  • And more!

If you are looking to create a side hustle or main hustle with an online business, then this is the webinar for you.

SBA 8(a) Business Development Program Recruitment Summit (SBA)

Friday September 11th at 10:00 am

The SBA 8(a) Contracting Program is designed specifically for small business, and can provide a tremendous boost to a company’s government sales. Business Opportunity Specialist Vernice Mathis will explain the program, help you find out if your business is eligible. For those who pre-register their business in the U.S. System for Award Management (SAM), a step-by-step 8(a) application help-session will be included.

Find out if you meet basic eligibility criteria for the 8(a) program at www.sba.gov/federal-contracting/contracting-assistance-programs/8a-business-development-program then sign up for this free webinar today!

Dream it – Start it – Grow it Business Accelerator – Indy Chamber and SOURCE

September 17th at 6:00 pm

The 10-week, virtual Business Accelerator, conducted by Business Ownership Initiative (BOI) and SOURCE Entrepreneurship Center (SOURCE), is designed to help make your business dreams or existing business a sustainable reality. During this series, participants learn to define/refine their target market, hone their marketing skills, tighten up their business strategies and operations, create a sustainable and profitable business model through financial projections, and more.  At the course’s end, participant will have the opportunity to compete for $2,000 at its culminating Pitch Fest.  Register through SOURCE by September 11.

 

GLEW 2020 (MatchBOX)

Thursday September 24th

GLEW is a 2-day virtual conference to celebrate entrepreneurship, brought to you by MatchBOX Coworking Studio and their partners in Greater Lafayette.

Regardless of your stage or sector, this conference is designed to help you imagine, start, and grow your business.

They are offering coworking space members throughout Indiana a 50% discount. Check out the code below!

INCOWORK50 for 50% off tickets

 

Photo by J. Kelly Brito on Unsplash

 

 

Student Membership

Do you have a college student in the house who will be studying remotely this semester? If they need to go somewhere safe to get their studying and work done efficiently, you can send them to Level Two Coworking. We have started a student discount for college students ages 18+. They only have to pay $50/month or $200 for the semester to be able to study in a wonderful atmosphere with Speedy Wifi, Free Coffee, and Private Study rooms!  Level Two Coworking space is a great place to study.

Indiana Mask Mandate Coming Next Monday (Updated July 28th)

Earlier this week, Governor Holcomb came out with a new Executive Order that will require Hoosiers to wear masks beginning on Monday, July 27th.  While the exact wording of this order has not been released, we do know some details:  “Cloth masks and other non-medical face coverings are recommended for all people, both public and private, in interacting in their workplaces and community, such as shopping. The only exception is children younger than 2 years of age; they should not have face coverings, according to the Centers for Disease Control and Prevention (CDC).

A mask or other face covering may be factory-made, sewn by hand, or improvised from household items such as scarves, bandannas(sp) and T-shirts. The mouth and nose should be covered.

The executive order requires face coverings for anyone 8 years old or older in the following places:
• Public indoor spaces and commercial entities
• While using public transportation or other vehicle services such as a taxi or ride share
• Outdoor public spaces when it’s not possible to socially distance from people not in the same household”

While there is a threat of a Class B Misdemeanor it is not clear who will enforce the mandate, and even the Governor stated, “please know the mask police will not be patrolling Hoosier streets…..We don’t want it to get to the point where misdemeanors come into play,” he said. “We don’t think we’re there yet.”  Also, in a twist, state AG Curtis Hill has announced that he thinks the Governor has overstepped in the mandate.  Hopefully, we will be able to see the order in detail when signed, and we will know a bit more before Monday.

Update:  The Governor came out with the actual Executive Order on Friday, July 24th.  This Executive Order did away with the enforcement guidelines along with any criminal penalties for not complying with the mandate.  We also have additional invoices that give us some clarity like the following:

  • It lasts until August 26th unless “rescinded, modified or extended”.
  • This mandate does not extend to “private offices, private workspaces, or meetings in which six feet of social distancing can be achieved and maintained between people not in the same household”

For more information, check out the executive order.  

At Level Two, we have been keeping track of all Executive Orders, and will continue to make sure our space is Safe for all of our Coworkers and their clients.  We do ask that our Coworkers wear masks when in public spaces such as the hall or restrooms, or when up and around members of the community.

Other Small Business News and Articles for Your Weekend Reading

Is a New Stimulus Package on the Horizon?:  Treasury Secretary Mnuchin recently released the Administration and GOP’s desires for the new Stimulus package, now we wait and see how they can come together with the House and Senate Democrats.

Micro-Stresses add up and can be leading to burn-out and exhaustion:  Stress is alive and well, and seemingly little things can build up and push us over the edge. These “micro-stresses” can have have an enormous toll on our productivity and well being, but “if we see them for what they are, we can build the support network, mindset, and constructive responses that we need to head them off.”

3 Oxymorons in Business You Must Understand: We think the first one is probably the most important.

How to Negotiate Via Email:  As more and more communication happens online and via email, it is important for us to be conscious of the message we are sending via electronic communications.

Why Mentoring is More Important than Ever:  Here are five mentoring practices to apply to your business.

Have a great weekend!

John C. Anderson

Level Two Executive Director

Are you interested in checking out webinars that could help you start or grow your small business?  We try and get the news out from our partners, so that you can have access to the information you need to help your business thrive.  From an outdoor Happy Hour for networking to an SBA Business Development program and the future of Technology and Business, here are some great ways to learn more about running your business this week.

 

 

 

 

 

 

 

 

 

 

 

SBA 8(a) Business Development Program Online Recruitment Summit – SBA

Tuesday July 21 at 9:00 am

Small businesses taking part in the SBA 8(a) Business Development Program can become 8(a) certified and work to win sole-source Federal contracts of up to $4 million for goods and services and $6.5 million for manufacturing. They also qualify for specialized training, marketing assistance; and access to government surplus. Want to know more? During this online summit you will learn: What the benefits are to being an 8(a) certified firm If you qualify for the 8(a) program About the 8(a) application process This workshop is definitely for you if: You want to take advantage of federal contracting opportunities You have a service or product to sell to the federal government Your business has two (2) years in operation SBA 8(a) Business Development Program Recruitment Summit login information and access code will be emailed once registration is complete. Sign-up today!

Plainfield Chamber Lunch

Tuesday July 21st at 11:30 am at Hummel Park

Aaron Garner, Tetra Prime Consulting–New Rules of Networking

Catered by: The Coachman Restaurant and Lounge

The meeting will be held in the Hummel Park Charleston Pavilion, located on the west side of the park. Access you the Pavillion off via Sugar Grove Road.

July 21: Prepare to Persevere – The Future of Technology & Business – SCORE

Tuesday July 21 at 2:00 pm

The coronavirus crisis will be the catalyst for small businesses to make big changes now, and in the future, in order to persevere and thrive.

Join Steve Hoffman, investor, author, and CEO of Founders Space, as he discusses the latest trends in technology and how they will affect businesses. He’ll discuss new opportunities and where venture capitalists are focusing their attention and investments.

You’ll discover:

  • Where to find new opportunities
  • Technological breakthroughs that will shape industries and our economy in the coming years
  • How you can prepare to take advantage of this

Use Google Tools to Help You Land Your Next Job – Google

Wednesday July 22nd at Noon

Learn how to discover new job opportunities using Google Search and organize your job search experience using G Suite tools. In this workshop we also share strategies to improve your resume, tips to help you communicate effectively online, virtual interview best practices, and the latest resources from Google and other partners to help support job seekers.

Products:Job Search on Google, G Suite (Sheets & Docs), Google Meet
Difficulty Level: Introductory

 

Virtual Executive Women’s Forum – A Joint Event – Women & Hi Tech and Executive Women in Finance Indiana: Construction and STEM, The Perfect Career Combination!

Thursday July 23rd at 11:45 am

Please join us for this FREE event hosted by Women & Hi Tech and Executive Women in Finance. There are numerous industries and career paths that benefit from a STEM professional’s problem solving, analysis, project management and disciplined scientific skill and thought process. Gain insight into how STEM skills fit within the needs of today’s construction projects. Hear case studies from accomplished leaders within the construction industry where designing and building is their core business strategy.

Google Refresh – Claiming and Maintaining Your Listing – ISBDC

Thursday July 23rd at Noon

Join the West Central ISBDC to learn about Google My Business and all the updated tools to utilize within your business!

Retail Revelations – Strategies for Improving Sales, Margins, and Turnover – SCORE

Thursday July 23rd at 1:00 pm

This time presents unique challenges for retailers of all sizes, across industry and geographical boundaries. It’s more important than ever to be doing the right things that directly impact your retail business surviving and thriving – even amidst the most challenging of times.

In this webinar, presented by retail expert and SCORE mentor Ritchie Sayner, you will learn why retailers fall prey to the non-profit cycle and how to rise above it.

We will discuss:

  • The concept of inventory turnover and why it is vital to cash flow and revenue growth
  • How initial markup impacts profitability as well as strategies for controlling markdowns
  • The advantages and disadvantages to online selling that you MUST be aware of
  • And more….

Plainfield Chamber of Commerce Happy Hour

Thursday July 23rd at 4:00 pm at The Coachman on their patio

Join us on the Deck of The Coachman for a time to network in the open air, while getting to know a few of your Chamber Members and others.

Photo by J. Kelly Brito on Unsplash

 

 

Due to legislation that was signed into law on July 4th, there is now an extended deadline to apply for the remaining $130 Billion in PPP dollars available to small businesses.  The new deadline has been moved to August 8th, which will get you past the July 15th extended tax filing date.

Client Meeting

More than 170,000 loans totaling about $38.5 billion have been canceled as of May 31.  These companies made the decision to pay back the PPP funds because they could find additional funding or due to the fact that there has been increasing clarity into their business future.

Yesterday, the Trump administration also released a list of companies that received the most money from the PPP loans, and were not canceled (paid back).  These businesses received more than $150,000 from the program, which is far less than the $2 million safe harbor released by the SBA.  These loans made up only around 13% of all loans, but accounted for almost 75% of all the funds disbursed.  For instance, after looking at all the data for Hendricks County Indiana, it appears that we had 194 loans of over $150,000 and 1,567 loans under $150,000.  If you would like to look at all of this data, you can find it via the SBA data dump here.   I have broken them down into spreadsheets.

The SBA also released some more information about the program.  This data includes that they had approved almost 5 million loans totaling over $520 billion.  This program supported more than 51 million jobs (when the loans were applied for), and the average loan size is $107,000.  The industries that received the highest share of PPP dollars included Health and Social Assistance, Professional, Construction, and Manufacturing.

We have written about the updated PPP Loan forgiveness guidance before, so you can check that out at your leisure, but according to the new guidelines you have until the end of the year to apply for your PPP forgiveness.  Also, if you have not applied for the PPP yet, but think you may want to, you should start on your application now.

Good luck, and remember to speak to your advisor or CPA before you take any recommendations.

Remote workers

As we look back over the past few months, and as many of us were tying to juggle e-learning, household duties, partners who also work from home, and some semblance of productivity, we understand that these experiences hardly resemble how remote work looked pre-COVID-19.

Now as Indiana continues to open back up, more and more employers are facing a choice of whether or not they want to adopt some type of work from home strategy for the future.  Study after study reports that working remotely increases productivity, and after discussing this with local business owners, this seems to be the case here as well.

We also know that when working remotely, it is important to put a division between family and home duties and work duties.  Setting up boundaries is key.  This is where a coworking space or shared office space can come in.

Coworking spaces can give remote workers several of the advantages of working from home, like flexibility in work schedule and cutting down on commute time.  They also can provide advantages over working from home, like providing private Meeting Rooms for conference calls, and allowing for a clear separation between work life and home life.

These spaces can also provide employers and businesses increased flexibility in overhead as many of the leasing contracts are short term down to as little as a month.  This way businesses can reduce their long-term leases and try out different local spaces on a month to month basis until they find out one (or more) spaces that fit their need.  Utilizing a coworking space will also reduce costs as many of these spaces, like Level Two, include water, coffee, and printing.

Level Two currently offers discounts of 20% to teams of 4 or more members, and has taken several safety precautions to make sure our coworkers are safe.  If this is something you might be interested in for your employees, give us a call at 317-932-0369 or email us at Info@leveltwocoworking to find out more details!

Photo by DISRUPTIVO on Unsplash

Level Two is proud to announce a program that we have been working on with the Town of Plainfield, with additional support from Home Bank and First Merchants Bank.  Due to our desire to help facilitate a healthy entrepreneurship ecosystem in Hendricks County, we have started an Entrepreneurship Scholarship program.  This program will provide $500 of the $750 total cost of annual memberships at our coworking space to an entrepreneur and up to three other members of their team, if they fit into 1 of these two categories:

  1. Your business was negatively impacted by COVID-19 and you need to find a new workspace for your operations.
  2. You have an innovative idea or product, and you would like a new workspace to operate out of while you turn this idea into a business.

The Town of Plainfield established a budget of $10,000 for the Entrepreneur Coworking Scholarship Program, which is a part of a bigger $340,000 COVID-19 Small Business Economic Response Plan.  “During this crisis, Level Two’s value is demonstrated more than ever as it has provided regular updates for resources, not just to members but to all small businesses, on navigating the restrictions, accessing funding options, and even how to maintain mental health during these trying times,” said Town Manager, Andrew Klinger. “Having a membership at Level Two is invaluable for many entrepreneurs. Our Small Business Crisis Response Grant helped businesses manage while their doors were closed for several weeks. This next roll-out is helping businesses relocate or gain access to resources to start their business or push it to the next level.”

If you are interested in learning more about this program, you can check out more information by checking out the scholarship page, give us a call at 317-932-0369, or shoot us an email at Info@leveltwocoworking.com.

 

Earlier this week, the SBA and Treasury issued new PPP Forgiveness guidance and new versions of the forgiveness application (including an EZ version) to take into account the Paycheck Protection Program Flexibility Act (Flexibility Act) that was signed into law on June 5th.

The Guidance is great for the Independent Contractors, Freelancers, and those who are self-employed.  According to the Treasury, they have “determined that it is appropriate to limit the forgiveness of owner compensation replacement for individuals with self-employment income who file a Schedule C or F to either eight weeks’ worth (8/52) of 2019 net profit (up to $15,385) for an eight-week covered period or 2.5 months’ worth (2.5/12) of 2019 net profit (up to $20,833) for a 24-week covered period per owner in total across all businesses.”  This means that if you do not have a lot of covered expenses like rent, business mortgage interest, or utilities, you opt for the extended covered period of 24 weeks (instead of the original 8) and will most likely receive full forgiveness.

The new PPP EZ Forgiveness Application applies to borrowers who fit one of the criteria below:

  1. Kept their employees wages within 25% of their pre-COVID-19 level and did not reduce the hours of their employees between January 1, 2020 and the end of the Covered Period.
  2. Kept their employees wages within 25% of their pre-COVID-19 level and the borrower was “unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020.
  3. Self-Employed, Independent Contractors, Freelancers, and any other business with no employees.

For some more details on these new rules, you can check out this great Forbes article from Brian Thompson

If you have not yet applied for the PPP due to fears that you might not qualify for forgiveness, now might be a great time to do so as you only have until June 30th to apply, and there is still over $100 billion in PPP funds available.  Before you do apply for the PPP, though, if your Indiana small business has been severely negatively impacted by the COVID-19 pandemic to the tune of 40% month over month loss, you can qualify for the Indiana Small Business Restart fund.  This fund will grant your business up to $10,000 depending on the revenue losses you incurred. You are eligible if your business:

  1. Is registered to operate in Indiana
  2. Had less than 50 employees at of 12/31/2019
  3. Had less than $5 million in revenue in 2019
  4. Was profitable in 2019
  5. Can demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
  6. Did not have used funding from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), or Community Development Block Grant (CDBG)

Also note that on Monday of this week, the SBA reopened the Economic Injury Disaster Loan Emergency Advance program to all eligible borrowers.  This is another great opportunity for small businesses, independent contractors, and self-employed individuals to try and recoup some losses experienced due to the COVID-19 shutdown.

Disclaimer:  As always, please know that we operate a Coworking space for independent contractors, freelancers, the self-employed and remote workers, we are definitely not CPA’s, so anything you see on our blog is just for your information and should not be considered advice as we do not know your specific needs or issues.  Please consult your CPA or Advisor.