Bank of America has put together a web page with resources for small businesses that are grappling with the challenges stemming from COVID-19 shutdowns. Included on this page is a link to Facebook’s Small Business Grant program. Facebook stated that they will be providing $100 million in grants and credits to 30,000 small businesses and application information will be posted soon.
Category: Cash Flow
SBA Offers Paycheck Protection Loan
The Paycheck Protection Program is a Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020. More information can be found here.
Top 10 Mistakes That Prevent Women From Scaling Businesses To $1MM
Despite women owning 40% of all the businesses in the U.S., in 2018, less than 2 percent of women-owned businesses generated more than $1 million in sales (and that percentage is even lower when you only look at women of color). This article in Entrepreneur explores ten common mistakes that include: trying to do it all yourself, not spending enough time working with mentors and coaches, lack of a cash runway and not understanding the scalable aspects of the business.
Tips on Managing Cash Flow
This post from May 2019 in Forbes and this post from May 2016 in Entrepreneur both share useful tips for what to focus on when you are managing your cash as you launch your business. Nothing you probably don’t already know – it is important to have goals, spend wisely, reduce overhead, etc but useful to skim through to make sure you are doing all you can to effectively manage this critical resource!