NKBA Live’s “Brave New Business,” Episode 3, provided valuable insights about the complexities of the Federal government’s programs to help small businesses. By Dianne M. Pogoda

 

Even though COVID-19 has brought most commerce to a screeching halt, the bills are still due — and this has many companies flummoxed about where they’ll get the money to pay rent, utilities, workers’ wages and benefits until business returns.

In Episode 3 of NKBA Live’s “Brave New Business” online series, NKBA CEO Bill Darcy hosted financial experts David Murphy, Senior Vice President of Wealth Management, and James Jack, Executive Director,  Head of Business Owners Client Segment, both from UBS Financial Services, who offered strategies for small and mid-sized businesses to decipher elements of the package in “Weathering the Storm: Navigating the Stimulus Package.”

“This is a really critical time, and it seems the news is changing every day,” said Jack,  who focused on the Paycheck Protection Program. He explained that PPP is first-come, first-served, and that while most of the $349 billion allocated to this program has already run out,  Congress is expected to authorize another $250 billion for the program.

Among the highlights of the program:

  • It is designed for businesses with 500 or fewer U.S.-based employees.
  • The amount available is either $10 million or 2.5 times a company’s monthly payroll.
  • The funds may be used to pay employee wages, benefits, retirement plans, the company’s mortgage or rent and utilities, and as long as 75% of the total is used to for payroll, the loan may be forgiven (in other words, it converts to a grant).

Jack also discussed the complexities of furloughed employees and compensation for independent or sole proprietors.

For more on this labyrinth of regulations and programming, watch Episode 3 on the NKBA YouTube channel by clicking here.

Brave New Business is hosted live on Thursdays at 2 pm (Eastern Time) and features thought leaders across all segments of the business in a free online forum. They’ll cover topics of critical interest to kitchen and bath design, remodeling, manufacturing and distribution, as well as survival tactics for small businesses and independent operators. These discussions will share best practices, experiences and advice, and serve as networking opportunities.

The next episode streams live on Thursday,  April 23, and covers a topic that might have started out as a convenience or even a luxury, but has quickly become a necessity: “Harnessing the Potential of E-Design.” Darcy willwelcome interior designer and e-design expert Jenna Gaidusek, founder and CEO of eDesign Tribe Inc. in Gainesville, Fla., and NKBA members Jeremy Bauer and Jason Clifton, partners in Bauer-Clifton Interiors, an interior architecture and design firm in Alaska — where digital communication, virtual design and remote site management are vital tools.

To register for this forum, register below.