In the US, we are on a pay as you go tax system. If you have a W2, income tax is withheld from each paycheck based on the W4. If you have income from other sources, such as self employment, 1099’s, stock sales or dividends, or rental properties you may be required to pay estimated tax payments throughout the year. This is intended to make it easier for taxpayers to pay their taxes throughout the year instead of one lump sum at the end of the year. Or, you could say that it ensures the IRS receives payments by making the payment smaller and dividing it in to quarterly payments instead of requiring payment for the whole sum after the tax return is prepared. The quarterly estimated payments are based on the AGI and your tax rate as well as the capital gains tax rate or self employment rate from the previous year.
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
The penalty for not paying your quarterly estimated payment varies from quarter to quarter. The IRS will calculate your penalty for you. The penalty rate is the federal short term rate + 3%. In 2020, the Q2 rate for underpayment was 5% but then it dropped to 3% in Q3. When you pay your quarterly estimated payments also matters when determining your penalty. You could pay the entire amount, but still be penalized if it is not paid by the due date.
For Texas residents impacted by the winter storm, the Q1 and Q2 payments are due on June 15th in 2021. Q3 payment is due September 15th and Q4 payment is due January 15th of 2022. Typically, Q1 payment is due April 15th.
Your website is the foundation of the online presence for your business. Is it working correctly? Answering that question isn’t that simple. To achieve your marketing goals, businesses should monitor specific indicators of performance. There are some indicators that almost all businesses will want to measure when reviewing their website’s analytics. Below is an explanation of 5 indicators that you should look at as you analyze your business’s online presence.
Bounce rate is the percentage of sessions on your website where the user exits without any interactions. The extent to which bounce rate matters depends on the type of website your business has. For example, if your website is only one webpage, a high bounce rate is more acceptable than when your website has multiple pages which should all be visited during one session. For example, according to Hotjar, the average e-commerce website’s bounce rate is between 20 and 45 percent, with a bounce rate under 20% being “exceptional.” On the other hand, the average bounce rate for a small business landing page is between 60 and 90 percent. Still, if the bounce rate is above the average range, it shows that users aren’t engaged by the webpage and is something you definitely would want to look into. Google Analytics provides multiple reports which contain bounce rate as a metric. This can help you isolate problematic areas of your website that need to be looked at and fixed.
Pages per Session
The number of pages users look at during a session is an indicator of how engaged they were when they were on your website. The more pages viewers look at in a session, the more likely they are to use your services or buy your product. An issue with only looking at the bounce rate is that it shows whether users engaged with your website, but not how much their engagement level was. Of course, the number of pages on your website affects how important this should be to your business.
As a business, it is important to know what the demographic of people viewing your website. That can help you better communicate to them and turn make a sell. Knowing this group will allow your business to have the information needed to do a better job of targeting your ideal customer. For example, if your ideal clients are men 50 and above, and you are not attracting this demographic then changes must be made. You may need more relatable images and content on your web site for this group.
Sources, Mediums and Campaigns
A good way to better understand your business is to see where users came from to your website. The term source is the website where a user was before your website. This could be direct search, search engines like Google, or other sites if users clicked on links to go to your website. The medium means the type of search that happened or the way that a user came to your website. Examples include organic search (unpaid,) cost per click (paid search) and many others. Campaigns are specific marketing operations to bring people to your website. You can look in Google Analytics to see which campaigns are doing better than others. All of these help you understand where your audience is coming from and informs your business strategy. For example, if you have a lot of followers on social media but very few of them visit your site to take an action, you may need to modify your efforts.
A conversion is when someone transacts with your business, helping achieve your greater business goal. There are many ways in which one could give credit for conversions. One way is to give credit only to the page where users completed the transaction. But it can also be useful to know how people got to that page. An assisted conversion is where a user goes to the final page to complete a transaction from another page of your website. In Google Analytics, you can look at the paths that users take from first landing on your website to buying something. That way you can see what sites contribute most to users buying from your business. For example, for an e-commerce business, the final step of a conversion is the shopping cart page on their website, but a user might have visited their site twice through direct search before making the purchase. Each of these times contributed to the purchase, meaning that direct search would get credit for an assisted conversion.
One of the most important things you need for your business to succeed is knowledge about who your clients are and what strategies are the most successful at retaining them and attracting new clients. By looking at these indicators, you can analyze what parts of your business operations are succeeding and which need to be changed, and ultimately maximize your profits.
“Why are American workers becoming harder to find?”, an article this week in The Economist found that total job vacancies nationwide are at the highest level for at least 2 decades. There are plenty of unfulfilled positions, causing a labor shortage, even though employers are offering higher pay.
The online zine, The Hill, noted that “as of March this year (2021) the U.S. was still 8.4 million jobs short of pre-pandemic levels, a year after the economy lost more than 21 million jobs amid the onset of the COVID-19 pandemic. The unemployment rate has since dropped to 6 percent, but it does not reflect millions of Americans who left the labor force because of the pandemic. While there are still millions of unemployed people still looking for work, restaurants, bars, fast food, retailers are having trouble hiring to meet the surging demand.”
The Economist article explored three reasons. First, over-generous stimulus checks and bonus unemployment; yet studies don’t back this one up during this pandemic. Stimulus checks were a huge help when there really weren’t jobs available during the height of the pandemic.
The second reason was the fear factor, the fear of Covid, to work in jobs that are public facing. Hopefully, vaccines should be bringing this reason to a close over the next few months.
Lastly, the extraordinary reallocation of resources accelerated by the pandemic, meaning the huge shift in where the jobs are both in locations and sectors. McKinsey & Company published a report on Feb 18, 2021 on the future of work after Covid 19 that started with a startling quote: The pandemic accelerated existing trends in remote work, e-commerce, and automation, with up to 25 percent more workers than previously estimated potentially needing to switch occupations.
McKinsey & Company also studied the effect of Covid on women in the workforce, particularly women with children under 10 years old. In an article published March 8, 2021, a study last year found nearly 23 percent of women workers were considering leaving the workforce in 2020. Many women left the workforce to help their children through the school year will likely/hopefully be ready to get back to work in the fall assuming vaccines put the pandemic behind us.
Economists believe that this hiring issue will work itself out in the next several months. In the meantime, a caution to employers to about offering higher salaries if they can’t sustain that salary into the future. To offer a high salary now just to reduce it later will bring big morale and productivity problems later.
It might mean, too, that business might start looking at new ways to staff their operations. McKinsey concludes that businesses can start with a granular analysis of what work can be done remotely by focusing on the tasks involved rather than whole jobs. For businesses with jobs with high physical proximity, these are likely to experience the most disruption post-covid.
Escrito por Leonardo Pozzobon, coordinador de programas
Qué es y qué no es un plan de negocios
Un plan de negocios NO es la solución mágica definitiva para los problemas de tu negocio; eso depende únicamente de la ejecución adecuada. Sin embargo, un plan de negocios SI es una guía bastante útil para mostrarte el camino hacia la rentabilidad, listando los desafíos y recursos necesarios para alcanzar la rentabilidad. En la vida real, es muy probable que eventualmente consigas obstáculos que no habías previsto, o que consideraste cosas inicialmente que vas a descartar luego, pero no debes dejar que esto te desanime; recuerda “Un plan es inútil, pero la planificación lo es todo”. Eventualmente puede que encuentres una mejor oportunidad o un mejor mercado que te haga cambiar de opinión sobre algo, pero con este proceso sabrás dónde te encuentras inicialmente y hacia dónde quieres ir.
Qué incluye un plan de negocios
Dicho esto, vamos a pensar en lo que se incluye en un plan de negocios. Pero primero, un negocio sólo será un negocio si y sólo si ha identificado un problema o una necesidad que puedes resolver o atender, si puede proporcionar la solución adecuada y encontrar al cliente ideal que tendrá este problema, siempre y cuando esté dispuesto y en capacidad de pagarte a cambio de tu solución. La forma de encontrar un problema y resolverlo dependerá del tipo de negocio y el producto o servicio, al igual que las regulaciones que necesitas comprender y aplicar; pero encontrar el cliente y el precio ideal es solo una parte de los planes de Marketing y Finanzas. Lógicamente, debes atender estos temas en tu “camino hacia el éxito”, o plan de negocios:
Problema / Solución (qué harás y cómo)
Plan de Marketing (quién es tu cliente y cómo lo encuentras)
Plan de Finanzas (cómo estás ganando dinero)
Operaciones (cómo estás dando o produciendo tu solución)
Construyendo mi plan de negocios
Imaginemos el ejemplo de un negocio de cuidado infantil, que brinda un servicio casi invaluable a las familias trabajadoras: cuidar de manera segura a los jóvenes mientras los padres trabajan para llevar comida a la mesa. Lo que hace 200 años pudo haber sido un papel para la familia extendida, en este mundo industrializado, los adultos jóvenes se mudan lejos del hogar y de la familia. Ahora, en el mundo post-pandemia y la gran mudanza a lugares más económicos, es aún más importante comprender las partes de un buen plan de negocios para aprovechar las nuevas oportunidades.
Empiece por analizar las necesidades y deseos de tu cliente. Lo más cómodo para un padre es dejar a sus hijos cuando van y vienen del trabajo, por lo que tu mejor opción es estar cerca de zonas residenciales u oficinas, y encontrar la mejor manera de conectarse con estos segmentos de clientes. Conectarse con tu cliente ideal es el siguiente paso en tu estrategia de marketing, y no debes dejar de invertir en los elementos más básicos de una estrategia estándar: mantener una imagen limpia y segura, ser visible y fácil de encontrar desde la calle y tener una presencia online actualizada. Cuando decides dar el paso para contactar directamente a grupos de padres, recuerda que estos se forman espontáneamente alrededor de alguna plataforma o sistema, y estos varían de una ciudad a otra. Un vecindario puede comunicarse usando Facebook, mientras a seis cuadras de distancia otro vecindario puede usar Nextdoor, y un tercero puede usar simplemente una simple cartelera como en los viejos tiempos. Lo último es que recuerdes ser coherente con los recursos que tendrás disponibles para ejecutar tu estrategia de Marketing, e investigar bien antes de salir a gastar dinero.
Pasando al tema del dinero, recuerda que una empresa no se arruina si pierde más dinero del que gana, sino cuando se queda sin efectivo. ¿Qué significa esto? Significa que necesitas tener ahorros suficientes para cubrir tu primera semana, mes o año; el tiempo necesario que le tomará al negocio aumentar sus ventas y generar ganancias para el dueño. ¿Qué significa eso para ti? Empieza haciendo un presupuesto de todo, pero primero que nada, toma nota de todo lo que necesitas gastar para abrir, todo lo que necesitas gastar mensualmente para que el negocio siga abierto, y lo que debes gastar en tu producto o servicio. O en la jerga de CPA: tus costos iniciales, tus costos fijos, y tus Costos de Bienes Vendidos (COGS). Todo, como siempre, dependerá tanto de tus decisiones de inversión como de los recursos que tengas disponibles. Existe una gran diferencia en la inversión inicial y los costos mensuales entre las opciones:
Compra de un inmueble
Arrendamiento de un lugar
El dinero que tengas disponible puede limitar un lado de lo que puedes hacer (el número de niños que puedes atender limita la otra parte). Entonces, primero descubre qué recursos tienes disponibles, cómo es tu gran visión de un centro de cuidado infantil, y luego investiga los costos e inversiones necesarios para alcanzar tu visión. Eso se convertirá en el punto de partida de tu plan financiero.
Hasta ahora, todo sobre lo que he hablado es gastar, gastar, gastar; veamos el ingreso. Brindar la solución a un problema, ya sea vendiendo un producto físico o vendiendo su tiempo y conocimiento, siempre traerá ciertos costos asociados con cada unidad de producto o servicio que venda. Ese costo es lo que llamamos Costo de Bienes Vendidos. Esto definirán, en primer lugar, la cantidad más baja que puedes cobrar, y te da una guía sobre qué precio definir. Finalmente, la cantidad de clientes a los que podrás atender define tus Ventas, resta tus COGS y tendrás tu Ganancia Bruta estimada. Este monto es lo que usarás para cubrir tus gastos fijos, pagos de préstamos, nómina y la ganancia del dueño. Aquí está la gran importancia de hacer una estimación buena y realista de todos sus gastos, fijos y variables. Si cometes el error de sobreestimar la cantidad de niños a los que puedes atender, no cubrirás tus costos; subestima tus gastos de alquiler, servicios públicos o nómina, y es posible que no le quede ganancia al negocio. Un pequeño error puede significar que tu negocio ya no es sostenible.
Esta es una descripción muy breve de todo lo que debes tener en cuenta al hacer tu plan de negocios para un Centro de Cuidado Infantil. Si quieres profundizar en cualquiera de estos temas, no dude en comunicarte con EGBI para una sesión de coaching.
By Leonardo Pozzobon, Program Coordinator with EGBI
A business plan is NOT the be-all-end-all magic solution to your business problems; that will lie only in your adequate execution. A business plan is, however, a guide to show the path to profitability, listing your challenges and needs to get there. You may eventually reach roadblocks that you hadn’t anticipated, you may consider things initially that you then discard, and you shouldn’t let this discourage you; remember “Plans are useless, but Planning is everything”. You may eventually find a better opportunity or a better market that makes you change your mind on something, but you will know where you stand initially and where to go.
That being said, let’s think about what goes into a Business Plan. But first, a Business is only a business if you have identified a Problem or Needthat you want to solve or address, if you can provide the right Solutionfor it, and find the right Customerwho will have this problem, as long as he or she is willing and able to Pay you in exchange for your solution. The way to find and solve any given problem is unique to that industry, as are the regulations you need to navigate; finding the ideal customer and ideal price is just part of the Marketing and Financial plans. Thus, logically these should be addressed on your “road to success”, or Business Plan:
Problem / Solution (what you’ll do and how)
Marketing Plan (who’s your client and how will you find them)
Finance Plan (how are you making money)
Operations (how are you making more of your solution)
I want to look at the example of a Childcare Business, which provides a near priceless service to working families: Caring safely for the young while parents work to bring food to the table. What 200 years ago might’ve been a role for the extended family, in this industrialized world young adults move far from home and family. Now in the post pandemic move to more affordable places, it’s even more important to understand the parts of a good business plan to take advantage of new opportunities.
Start by looking at the needs and wants of your customer. Parents will most often want to drop off their children when going to and from work, so your best bet is to be close to home or work, and to find how to best connect with these customer segments. Connecting with your ideal customer is the next step on your marketing strategy, and you should not neglect investing in the most basic items of a standard strategy: maintaining a clean and safe image, being visible and easy to find from the street, and having an updated online presence. When directly doing outreach to parent groups, remember these form spontaneously around whatever platform or system that gets traction, and these vary from town to town. A neighborhood can communicate using Facebook, six blocks away another neighborhood can use Nextdoor, and yet a third one can just use an old school bulletin board. It’s okay to bootstrap your marketing strategy, just as well as it is to have money to spend, just make sure that you spend your money wisely, and research before.
Moving on to the money topic, remember that a business doesn’t go bankrupt if it’s losing more money than what it makes, it goes bankrupt when it runs out of Cash. What does this mean? It means you want to build a war chest large enough to cover your first week, or month, or year, however long it takes you to start making a profit and paying yourself. What does that mean, again? Do a budget, find out what your spending categories are, find out everything you need to spend to open, to stay open, and to serve your customers. Or in CPA lingo: your Start-up Costs, your Fixed Costs, and your Cost Of Goods Sold (COGS). Everything, as usual, will depend on both your investment decisions and the resources available to you; there’s a huge difference in initial investment and monthly costs between purchasing real estate and leasing a place, and your available funding caps one side of what you can and cannot do (your Total Addressable Market caps the other side). So first decide what you have available to invest, what your grand vision of a childcare center looks like for you, and then research all the costs and investments needed to reach your vision with your available resources. That will then become the starting point of your Financial plan.
So up until now, all I’ve talked about is spending, spending, spending, let’s get to making money. Providing the solution to a problem, be it selling a physical product or selling your time and knowledge, will always bring certain costs associated with each unit of product or service that you sell; that is what we call Cost Of Goods Sold. These will define, first, the lowest amount you can charge, and give you some guidance on what price to set for your services. Finally, the # of clients you serve will determine your income, subtract your COGS and you’ll have your estimated Gross Profit. This is what you’ll use to cover your fixed expenses, loan payments, payroll and your final income. So you see how important it is to do a good, realistic estimation on all your expenses, fixed and variable. Overestimate the # of children you can serve, and you won’t cover your costs; underestimate your rent, utilities, or payroll expenses, and you may not have any money left to pay yourself. One underestimation may mean your business is no longer sustainable.
This is a very short description of everything you need to consider when making your Business Plan for a childcare business. If you would like to go deeper on any of these topics, feel free to reach out to Economic Growth Business Incubator (EGBI) for a coaching session.
As the ice thaws, Texans are getting a better understanding of the damages caused by last week’s winter storms. The most common damages suffered were as a result of burst pipes, falling trees and power failures. As home and business owners begin to tackle the cleanup and repairs, they are looking for answers. Some of the questions we are getting in my office are can I be reimbursed for food spoilage? Is tree removal covered? Can I get my hotel stay reimbursed? The answer to these questions can be found in your insurance policy. As this can be a complicated document, it is important to consult your insurance agent to determine what your policy does and does not cover. When deciding whether or not to file a claim, there are some important things to consider: – Make sure you check what your deductible is. Many coverage’s are subject to your deductible. – If you stayed at hotels do to power outage or no water. Many insurance will not cover you hotel stay. If you or your family had to evacuate your home due to storm damage, your policy might cover your cost. – If you do have a claim keep in mind plumbers and restoration are two to four weeks out. Get your name on as many waiting list as possible. Also insurance companies are dealing with many claims, don’t wait until they call you to get your contractors or plumber. – Take pictures of everything, before, during and after getting work done…if you think you are taking too many picture take more! Keep every receipt, and itemized list of the damages. – Keep your family safe and try to mitigate the damage.
In some situations the damage may not be covered by insurance. In these instances, there may still be help available from the federal government. If you have loss that your insurance doesn’t cover consider filing a claim with FEMA. FEMA can’t duplicate benefits for losses covered by insurance however, if insurance does not cover all of your damage, you may be eligible for federal assistance. The fastest way to apply is online at www.disasterassistance.gov.
If you don’t have internet access you can register by calling 800-621-3362 or TTY: 800- 462-7585. The phone lines operate from 8 a.m. to 10 p.m. CDT each day. Here are some Q&A from Texas Department of Insurance https://www.tdi.texas.gov/consumer/storms/winter-storm-faq.html
Pasos para recibir asistencia. Para ti y tu hogar:
Primero: debes hacer la solicitud o reclamo a tu seguro. Asistencia a través de Grant de FEMA está disponible para hogares sin seguro o con seguro insuficiente. Requisitos de ciudadanía: al menos un miembro del hogar debe ser ciudadano o residente legal de los EE. UU. (puede incluso ser un niño menor de edad que sea ciudadano o residente legal de los EE. UU. con un padre o representante solicitando en su nombre). La asistencia de FEMA es una Subvención (Grant) y no tiene que ser reembolsada, y no afecta tus impuestos. No tiene ningún efecto sobre el Seguro Social, Medicaid u otros programas de bienestar. Pueden ser utilizados para gastos de vivienda temporal, gastos de alojamiento, reparación del hogar, reemplazo del hogar, construcción de vivienda permanente y de cuidado de niños, gastos médicos y dentales, gastos de funeral y entierro, daños a los artículos del hogar, combustible para la fuente de calor primaria, artículos de limpieza, daños a vehículos esenciales, mudanza, almacenamiento y otros gastos o necesidades serias según lo determine FEMA.
Para tu negocio:
Primero: debes hacer la solicitud o reclamo a tu seguro. Préstamos por desastre de la SBA – Préstamo para desastres físicos para empresas – Préstamo por desastre por daños económicos (EIDL) – Préstamos para viviendas por desastre Se pueden otorgar múltiples préstamos por desastre ya que se emitieron múltiples declaraciones de emergencia (Covid y Winter Disaster). No puede haber superposición (gastos duplicados) en lo que respecta a los fondos, pero dos préstamos por desastre separados pueden estar activos para las dos declaraciones. Debes tener un historial crediticio aceptable para la SBA Debes demostrar tener la capacidad de reembolso Debes tener un colateral para préstamos de más de $ 25K El tope para préstamos es de $2 millones; interés entre 1,25% y 6%; términos de 7 a 30 años.
Citizenship requirements: A member of the household must be a citizen, non-citizen national or qualified alien of the US, including a minor child who is a citizen, non-citizen national or qualified alien of the US with a parent or guardian in the house applying on their behalf.
FEMA assistance does not have to be repaid and is not taxable income. It has no effect on Social Security, Medicaid or other social safety net programs.
Temporary housing, lodging expenses, home repair, home replacement permanent housing construction AND child care expenses, medical and dental expenses, funeral and burial expenses, damage to household items, fuel for primary heat source, clean up items, damage to essential vehicles, moving, storage and other expenses or serious needs as determined by FEMA.
Multiple disaster loans can be given since multiple declarations were declared. (Covid and Winter Disaster) There cannot be any overlap(double dipping) as far as funds go, but two separate disaster loans can be active for the two declarations.
Credit history acceptable to SBA
Show repayment ability
Collateral needed for loans over $25K
$2 million ceiling; interest rate between 1.25 and 6%; terms from 7 – 30 years
Please refer to our directory if you are in need of any companies to assist with your cleaning needs. For a list of our clients with Cleaning Companies, click AQUÍ. Please let us know if you have any questions.
Applications for the new
$900 billion COVID-19 small business relief package begin for new borrowers the
week of Jan 11, 2021 from community financial institutions like PeopleFund in
Austin. What this means for small business owners:
you did not apply for a SBA Paycheck Protection Program (PPP) loan in 2020, you
could be eligible for a First Draw PPP loan under this new legislation starting
Jan 11, 2021.
you received a PPP loan in 2020, you could be eligible for a Second Draw PPP
Loan under the new COVID-19 relief package starting Jan 13th.
you did not apply for an SBA Economic Injury Disaster Loan (EIDL loan) in 2020,
there is additional money in the legislation to fund new loans.
Major rules relevant to EGBI small
The following is a quick glance at the
Interim Rules for the PPP. Please refer to the SBA for the complete regulations
or talk to your lender about your specific situation.
apply for PPP loans from financial institutions. Talk to your lender. If you
don’t have a lender, the SBA will roll out funds to community financial
institutions like PeopleFund, LiftFund, BCL of Texas before banks and credit
unions. Use this link to get on PeopleFund’s waiting list for a PPP loan: https://peoplefund.org/covid-19-loan-programs/
The loan is
guaranteed by the SBA. No collateral is required. No personal guarantee is
required. The borrow will not pay any fees for the loan. Lender must make a
one-time disbursement of the loan within 10 days of approval.
The full amount
of both First Draw and Second Draw PPP loans may be forgiven if used according
to law. The interest rate is 1% for 5
years for any part not forgiven.
are eligible if you were in operation by February 15, 2020 and have less than
500 employees. Documents that can establish your eligibility: payroll records,
payroll tax filings, Form 1099-MISC, Schedule C or F, income and expenses from
a sole proprietorship, or bank records.
Second Draw Loans
have special eligibility criteria:
Borrower for a Second Draw Loan must prove a revenue reduction of 25% or greater in any one quarter in 2020 compared to the same quarter in 2019. This provision appears to make start-up businesses ineligible for a Second Draw Loan if they did not have significant revenue in 2019.
Business has 300 or fewer employees.
Borrower must use the full amount of the First Draw Loan on eligible expenses before the second loan is disbursed.
You don’t have to
apply for forgiveness for your First Draw loan before you apply for a Second
Draw Loan. The forgiveness process for the First Draw Loan should be clarified
and simplified by the end of January 2021. You have 10 months from the end of
your loan forgiveness period (typically 24 weeks after disbursement of the
loan) to apply for forgiveness. Contact your lender to apply for forgiveness.
The FORMULA for
PPP loans is the same as last time, 2.5 times your monthly payroll costs and
may include owner’s net profit in lieu of payroll as calculated on the Schedule
C for 2019 or 2020.
consist of compensation to employees (whose principal place of residence is the
United States) in the form of salary, wages, commissions, or similar
compensation; cash tips or the equivalent (based on employer records of past
tips or, in the absence of such records, a reasonable, good-faith employer
estimate of such tips); payment for vacation, parental, family, medical, or
sick leave; allowance for separation or dismissal; payment for the provision of
employee benefits consisting of group health care or group life, disability,
vision, or dental insurance, 62 including insurance premiums, and retirement;
payment of state and local taxes assessed on compensation of employees; and for
an independent contractor or sole proprietor, wages, commissions, income, or
net earnings from self-employment, or similar compensation.
USES of the loan:
At least 60% of the loan must be used for payroll costs; the remaining 40% may
be used” to support the ongoing operations” such as:
Mortgage interest payments
Interest on debts prior to Feb.15, 2020
Refinancing an SBA EIDL locan made between Jan 31, 2020 and April 3, 2020
Covered operations expenditures such as business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses
Property damange related to vandalism and looting due to public disturbances that occurred in 2020 that were not covered by insurance