Tag: Program

Drug education program in schools to include focus on fentanyl: 'Just Say No was not enough'

The current fentanyl crisis has caused a shift in drug education. Now, schools and police departments feel children as young as the 5th grade should learn about the dangers of hard drugs.

The D.A.R.E. America program has been around since 1983, and originally taught kids to “Just Say No to Drugs.” Now, its message is changing, and Venina Smith says her son could have benefited from the updated curriculum.

“My son passed away on Sept. 16, 2020, from fentanyl poisoning. He was 40 when he passed away, and he had been dealing with addiction and mental health for a number of years since he was a teenager,” Smith said. 

Smith said her son’s drug addiction started in middle and high school even though he received D.A.R.E.’s police-led Drug Abuse Resistance Education. She believes the program needed an upgrade.

WASHINGTON FATHER WHO LOST TWO SONS TO FENTANYL OVERDOSES PLEADS FOR CONGRESS TO CRACK DOWN ON DRUG DEALERS

“It was outdated. ‘Just Say No’ was not [enough],” Smith said. “Just say no, but say no to what?’

Now, the federally-funded program’s curriculum has shifted to “Keeping It Real.”

Dennis Osborn serves as D.A.R.E. America’s western regional director. Osborn says the updated curriculum helps bring awareness to the harsh realities of new drugs and the consequences of addiction. 

“We start teaching them in about the 8th grade, and middle school, about addiction cycles and how the brain works and how it can get addicted to certain substances like heroin, fentanyl, opioids,” Osborn said.

TEXAS SCHOOL DISTRICT ON THIRD FENTANYL OVERDOSE DEATH AS POLICE MAKE FOURTH ARREST CONNECTED WITH DRUG DEALS

The CDC reported monthly overdose deaths involving fentanyl for people ages 10 to 19 increased over 180% from 2019 to 2021.

The Houston Independent School District re-initiated it’s D.A.R.E. program in the fall of 2020. Brittany Burden, who serves as a Houston ISD D.A.R.E. officer, said drugs are changing and advancing – daily. 

“Five or 10 years ago, we didn’t know exactly the extent of the problem with fentanyl, and so now our kids are exposed to it. They can get it as easily as it being in some food or getting from some candy from one of their classmates,” Burden said.

In 2021, D.A.R.E. added a fentanyl fact sheet to its program – a change Smith says could help save lives.

“Some children start experimenting at about 12,” Burden said. “If we don’t get the message out about what these drugs are doing, and how fentanyl is involved with a lot of these illegal drugs, kids will think ‘oh, it might be OK.'”

D.A.R.E. reports approximately 6,000 law enforcement agencies – nearly one-third of America’s departments – incorporate their officers in schools across the country. 

In addition to a newfound focus on fentanyl education as the opioid crisis rages, there are other school programs similar to D.A.R.E., such as The All Stars Core Program and the Child Development Project, that address teen suicide and social media safety awareness.

How to Grow a Successful CRO Program

Your website can be your strongest sales asset or your weakest link.

A high-converting website works even when you’re sleeping, bringing in sales and growing your business 24 hours a day.

While the average conversion rate is around two to five percent, some of the highest performing websites online see conversion rates as high as 11 percent.

This means top advertisers are outperforming competitors by more than double.

If you want to increase your conversion rates, you need a strong CRO program to guide you.

A CRO program can improve ROI for your e-commerce business by targeting website performance and testing user experience methods that encourage online conversions.

Below, we’ll cover why CRO programs matter, how to create them, and what success in this space really looks like.

search conversion rate for CRO program graph

What Is a CRO Program?

Conversion Rate Optimization (CRO) programs are digital marketing strategies that help to improve conversion rates on websites or apps.

Usually, a CRO program finds drop-off points or obstacles on a website, analyzes how and why they are occurring, and then helps you develop new ways to ensure future conversions.

This is done through A/B testing, data analysis, customer journey mapping, consumer research, and more.

The key is to figure out:

  • what brings people to your website
  • what barriers they face when they arrive
  • what persuades them to convert
  • how can you repeat this conversion with other similar guests

From there, tactics such as analytics, PPC tracking, heat mapping, and user recordings help read on-site behaviors.

Using a combination of these tools and pairing them with a testing schedule is one of the most effective ways to improve your website conversion rates.

Why Are CRO Programs Important?

CRO programs are essential to growth because they improve customer experience, conversions, and sales.

Conversion rate optimizations can even lower your customer acquisition cost by improving conversion rates with visitors already on your site.

For example, if your website gets 1000 visitors a month and has a five percent conversion rate, you’ll get 50 conversions per month. If you can increase your conversion rate by five percent, you’ll double your monthly conversions without spending more to acquire new customers. You can see this at work in this conversion rate optimization funnel.

two cro program conversion rate funnels

CRO programs give you insights into what is working on your website and what is not, allowing you to optimize your budget allocations.

As competition online grows, CRO programs are becoming increasingly important.

These days, it isn’t enough to offer a good product or service; you also need an engaging website that loads quickly, funnels users towards your end goals, and offers value and insight.

According to Unbounce, 70 percent of consumers report a slow load time decreases their chance of buying. From that same cohort, 32.3 percent claimed they are only willing to wait four seconds for a page to load.

Seventy-seven percent of mobile shoppers say they are more likely to purchase from websites that allow them to purchase quickly.

Well-placed CTAs can increase website conversions by 232 percent.

A strong CRO program can tackle all of these solutions while putting user experiences first and creating a clear framework for improving on-site experiences.

Once you understand how, when, and why your customers enter or exit your site, you’ll be able to make improvements to help it reach its maximum potential.

With a well-structured CRO program, you have the ability to:

  • Improve the speed and quality of your website.
  • Improve long-term revenue without long-term investments.
  • Personalize on-site experiences for your customers.
  • Capture new insights into visitor and customer behavior.

Who Should Consider Starting a CRO Program?

Any business that wants to improve its online conversions can benefit from a CRO program.

More specifically, CRO programs are great for e-commerce businesses, businesses with email marketing programs, and businesses involved in paid media programs, as CRO is a natural accompaniment to these programs.

CRO programs can also improve SEO efforts, as they improve page load times, on-page performance, UX/UI, and readability.

Any business looking to improve its online conversions or SEO can benefit from a CRO program. This list can include:

  • B2C e-commerce businesses
  • B2B businesses looking to increase online leads
  • blogs and listing sites looking to improve SEO
  • agencies and marketers running paid media campaigns for clients
  • agencies and marketers servicing digital-based clients
  • SaaS companies looking to drive online downloads
  • educational institutions that want to attract new students
  • hotels and hospitality organizations looking to improve bookings

Businesses that stand to see the largest benefits from CRO programs are those that have a large number of monthly web visitors.

CRO programs usually work best with scale. For example, a five percent increase in conversion rate on a site with 100 monthly visitors is only five extra conversions per month. Yet, a five percent increase on a site with 100,000 monthly visitors is 5,000 extra conversions per month.

Additionally, CRO programs are most effective for websites with one clearly defined goal. For example, an e-commerce website looking to sell more products, a B2B business may want to increase demo appointments or drive email sign-ups. Whatever your goal, it should be obvious to incoming visitors.

Keep in mind CRO programs are best suited for businesses seeking to build long-term value. Clients need to understand the value of their website and how it affects consumer relationships. Using several CRO strategies, for example, is often more effective but those strategies take time.

companies looking for cro programs graph

Drawbacks to CRO Programs

While CRO programs can be incredibly helpful to growing businesses, there are some drawbacks.

First, CRO programs can be costly and time-consuming. It’s not about quick wins, but rather ongoing testing, optimization, and education.

Many businesses don’t have the internal expertise to launch a CRO program. This often means hiring third parties is necessary, which increases the cost.

For those with in-house expertise, it can be difficult to shift resources towards a dedicated CRO program.

For businesses on a tight budget, or those without time to oversee these programs, CRO programs may end up being unfulfilling.

That said, creating a structured CRO program can alleviate some of the costs and drawbacks associated.

Below, we’ll outline some of the steps needed to integrate a CRO program into your business.

How to Create a CRO Program

Research shows that the top marketers in the world set clear goals and that goal-setting marketers are 375 percent more likely to report success.

If you’re ready to start your own CRO program, you’ll want to lead with strategy.
Here’s how to get started.

  1. Establish a CRO Culture

    For a CRO program to be successful, you need buy-in from top members of your organization and staff.

    Top management controls budget, resource allocation, and sign-offs for your programs. Cooperation on this level is essential to see a CRO program through from start to finish.

    Likewise, coordination with team members and among departments will be necessary to complete your program. CRO programs often include members of data management teams, UX teams, webmasters, and customer support.

    To ensure your CRO program runs smoothly, educate all team members and higher-ups on the goals and benefits of the CRO.

  2. Hire People Who Align With CRO Principles

    CRO programs often involve data, strategy, design, copywriting, and web development.
    If you know your company is interested in CRO, establish this in your hiring processes.

    Even better, search out top talent well-versed in CRO and consult their expertise when considering new team members.

    The more alignment you have with your team from the start, the more likely you will see success in your CRO program.

  3. Document and Adhere to the CRO Process

    A successful CRO program requires a well-defined process.

    This process should start by outlining key issues on your existing website and how they contribute to gains and losses in your conversion funnel.

    From there, develop hypotheses to tackle these issues, and design a calendar to keep your team on schedule.

    Your entire process should revolve around A/B testing. Once you start testing, you’ll likely find more places to optimize. Document these opportunities in as much detail as possible, then add them to your calendar.

    Pay attention to any new opportunities for optimization and ensure every decision is data-backed and aligned with your overall business goals.

  4. Use CRO Tools

    Whether you plan to watch visitor activities on your website through heatmaps or want to know how your lead forms are performing, CRO tools are an essential part of your program.

    CRO tools show an average ROI of 223 percent, so don’t be afraid to invest a bit of money to get the tools you need.

    Here are a few CRO tools to consider:
    -heat maps
    -scroll maps
    -A/B testing tools
    -multi variant testing tools
    -split testing tools
    -funnel analysis tools
    -Google Analytics
    -form analysis tools
    -visitor recording tools

  5. Use CRO Research Methodology for Applicable Tasks

    All good CRO programs start with research.

    This can come in three forms:
    -experience research
    -qualitative research
    -quantitative research

    Experience research usually involves site walkthroughs, usability analysis, and heuristic analysis to understand the workings of your existing site.

    Qualitative research may use online surveys, polls, customer support insights, and user testing to understand how your users interact with your site and what makes them leave.
    Quantitative research involves web analytics and mouse tracking to see exactly where and how users convert.

    This data will give you the foundation for your CRO program and let you know exactly where to focus your efforts.

    From there, it’s all about testing, re-testing, and optimizing your website.

How to Measure the Success of Your CRO Program

While increased conversions are the most obvious metric of CRO success, too much focus on conversions can lead your CRO program astray.

Other metrics, such as bounce rates, time on site, shopping cart abandonment, cost per conversion, and clicks should be considered when measuring the success of your CRO program.

Remember, what matters most is the quality of conversions, not the quantity.

It often costs far more to bring in new customers than to keep the ones you already have. Similarly, a five percent increase in customer retention can increase your profitability by 75 percent.

Focus your CRO program on customer engagement, experience, and retention, and you’ll be on the road to success.

Conclusion

CRO programs are an effective tool to improve online conversions.

While they are a big investment, both in time and money, a good CRO program can uncover so many opportunities for business growth.

Whether you choose to run your CRO program in-house or hire a dedicated CRO company, this guide will set you up for success.

As a final note, remember that CRO and SEO can work hand-in-hand when done right.

Don’t be afraid to test and experiment widely with both. You never know what you might uncover.

Have you found success in a CRO program?

What’s This? The Paycheck Protection Program is out of Money Again?

What is Going on with the Paycheck Protection Program? According to the New York Times, “Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.” Unfortunately, this … Continue reading What’s This? The Paycheck Protection Program is out of Money Again?

What’s This? The Paycheck Protection Program is out of Money Again?

What is Going on with the Paycheck Protection Program?

According to the New York Times, “Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.”

Unfortunately, this is nothing new. The Paycheck Protection Program has run out of money before – almost exactly a year ago, to be precise, on April 16th.

And then in August of 2020, that round for the PPP ended with money left over.  So, in essence, the amount has gone up and down, regardless of who has been occupying the White House or which party is controlling Congress.

Paycheck Protection Program Fraud Does Not Help Matters

According to the National Law Review, by last month, the SBA, “provided a total of $934 billion in funding to companies impacted by the COVID-19 pandemic. As of September 2020, Congress had already identified billions of dollars in suspect loans issued under the PPP; and, in the months since, the U.S. Department of Justice (DOJ) has continued to pursue fraud investigations targeting PPP loan recipients across the country.”

In fact, it turns out to be good employment news for lawyers. The Department of Justice is currently hiring trial attorneys to prosecute loan fraud cases. But there are more reasons why the Paycheck Protection Program may have burned through its funds more quickly than its expected end date of May 31st.

Paycheck  Protection Program Loans Going to Places That Do Not Need Them is Another Issue

In a paper published by NBER.org, that organization found, “funds were targeted towards areas less severely affected by the virus, at least initially.” While things have changed, and the distribution process has improved dramatically, there may still be some questionable places where PPP funds went but were not needed – at least not as desperately as they have been needed in other industries and other parts of the country.

PPP Set Aside Still Has Some $$ – For Now

Also per the New York Times, “Some money — around $8 billion — is still available through a set-aside for community financial institutions, which generally focus on lending to businesses run by women, minorities and other underserved communities. Those lenders will be allowed to process applications until that money runs out…”.

Hence if you are a member of a protected class, you may be in luck. If you want a Paycheck Protection Program loan, and you have not acted yet, then your best (and only) bet is to go through a community financial institution. And you had best hurry.

Will more money be released to bolster this program for yet another round of funding? It is hard to say. Given that there was an April hiring boom, it is entirely possible that Congress and the President will decide to wait and see. Or, maybe, forgo another round while the economic recovery stays strong. As always, that could change at any time.

As a result, it is probably a good idea to look at alternatives to the Paycheck Protection Program.

Demolish your funding problems with 27 killer ways to get cash for your business.

3 Great Alternatives to the Paycheck Protection Program

3. 401(k) Financing

This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

Credit Suite offers 401(k) financing.

401(k) Financing: Terms and Qualifying

The Credit Suite 401(k) financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. In as little as 2 weeks you can invest a portion of your retirement funds into your business, giving you more control over the performance of your retirement plan assets and the working capital you need for business growth.

401(k) financing is easy to qualify for as you won’t need financials or good credit to get approval.

To qualify for 401(k) financing all any lender will require is a copy of your two most recent 401(k) statements. If your 401(k) has a value more than $35,000 you can get approval, even with severely challenged personal credit.

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it.

Can usually get up to 100% of what’s “rollable” within your 401(k). The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Do You Have Credit Issues Now?

Our 401(k) financing program is perfect for business owners who have credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval for a low-interest credit line, even with severely challenged personal credit and low credit scores.

You can get approval for a credit line, regardless of personal credit quality, even if you have recent derogatory items and major collections on your credit report.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems. You will need to pay a lender fee; it will include 5 years’ worth of management and consulting.

Demolish your funding problems with 27 killer ways to get cash for your business.

2. Account Receivable Financing

Many businesses wait weeks, even months to get paid on their outstanding account receivables. This typically creates major cash-flow issues as they provide their goods and services and absorb those costs until they eventually get paid sometimes 90 days later.

Hence another funding option is to use outstanding account receivables as collateral for financing. Receivables should be with the government or another business. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so. You can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing: Terms and Qualifying

Use your outstanding account receivables for financing. Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates as low as 1.33%. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing Through Credit Suite

With Credit Suite Account Receivable Financing you can get rates less than 2% and financing as high as $20,000,000 even with severely challenged personal credit.

Easy Qualification Process

To qualify for AR Financing your business must be open for at least 12 months. The lender will review your existing receivables or purchase orders and will look into the company that your receivables are with.

If the companies who owe you money have a good history of paying their debts, you can easily get approval regardless of your personal credit quality.

Do You Have Credit Issues Now?

The Credit Suite Account Receivable Financing program is perfect for business owners who have credit issues.  Lenders are not looking for, nor do they require good credit to qualify. You can even get approval and be advanced 80% of your receivables, even with severely challenged personal credit and low credit scores.

Get approval with a personal credit score lower than 500, even if you have recent derogatory items and major collections on your credit report. Lenders truly don’t care about your personal credit; they care more about the credit of the company where you have the receivables.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems.

You can get paid tomorrow instead of waiting weeks or months for payment. And you can do this for less than the cost of you accepting a credit card payment from your customers.

There are very few other programs in existence that can give you these low rates even if you have severe personal credit challenges.

Demolish your funding problems with 27 killer ways to get cash for your business.

1. The Credit Suite Credit Line Hybrid is a Terrific Alternative to a PPP Loan

A credit line hybrid is a form of unsecured funding.

Our Credit Line Hybrid program is extremely popular due in part to how easy it is to get approval. To qualify lenders will look solely at your or your credit partner’s personal credit quality. They are looking for very good personal credit with no derogatory items reporting.

Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. You can get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time.  This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). Your credit utilization on each of your revolving accounts has to be less than 40%. You can have no more than six inquiries per bureau in the past six months. Fewer inquiries are preferable. You cannot have more than four unsecured accounts opened within the past 12 months. And you cannot have any bankruptcies in the previous seven years.

Plus, there can be no open (unpaid) collections, liens, or judgments. And no late payments in the last 24 months. You will need to have a seasoned bank card trade line with a $2,000 limit or higher. A higher limit is preferred.

Plus, you must have at least two open revolving accounts with a good payment history spanning a year and a half to two years.

No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Do You Have Credit Issues Now?

If you have good credit there is a good chance you can get approval for our Credit Line Hybrid. But even if you have personal credit issues now and no established business credit, we still might be able to help.

You can qualify for our Credit Line Hybrid program with a personal guarantor. If you have someone such as a business partner who does have good personal credit, they can apply and qualify for unsecured financing for the business.

Our collateral-based financing programs are perfect for consumers with personal credit challenges. Get approval with great terms and get approval even with severe credit issues. You can also qualify for financing with us if you have been open more than a year and have active cash flow for your business now.

You can use our Business Credit Building Program to help quickly establish a business credit profile and score so you can qualify for unsecured financing based on your business credit. We even work with a powerful network of credit improvement specialists who can help you repair your personal credit damage.

Paycheck Protection Program and its Alternatives: Takeaways

The Paycheck Protection Program has been in flux ever since it was first announced over a year ago. And the fact that it’s again out of funds should come as no surprise.

But don’t despair if you feel you’ve missed out on business financing. Try any of our alternatives to the PPP – and these three just scratch the surface when it comes to all that Credit Suite has to offer.

You can get business funding and stay afloat – no matter what’s going on with the PPP. Why not reach out today to find out the details on what you can get for your business?

The post What’s This? The Paycheck Protection Program is out of Money Again? appeared first on Credit Suite.

What Is the YouTube Measurement Program (YTMP)?

Every now and then Google and YouTube provide us with a little insight into what they’re thinking. This small glimmer of hope shows us that we, too, can have success on the platform with the right steps. The YouTube Measurement Program is one of these little glimmers.  YTMP provides a clear list of all the …

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Just How To Best Select An Affiliate Program Online

Exactly How To Best Select An Affiliate Program Online Advertising services and products via the Internet is undoubtedly much easier and also much more gratifying contrasted to conventional advertising and marketing techniques. With the numerous individuals around the world obtaining on-line daily, there’s a massive opportunity for a vendor to market his items and also …

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Your Complete Guide to SBA Loan Requirements and the Paycheck Protection Program

The Federal government recently passed the CARES Act. CARES stand for Coronavirus Aid, Relief, and Economic Security Act.  This bill addresses and responds to the economic impacts of the COVID-19 outbreak. It authorizes emergency loans to distressed businesses by providing federal funding for forgivable bridge loans, as well as for grants and technical assistance.

Note: the PPP keeps changing, and money sometimes is held up in Congress. Fundability, on the other hand, is achievable and helpful no matter what Congress is doing.

Do You Meet the SBA Loan Requirements for the Paycheck Protection Program and Economic Injury Disaster Loan Program?

Paycheck Protection Program Loans and Economic Injury Disaster Loans are both included in the CARES Act as help for small business owners.  What are the SBA loan requirements for each of these business funding programs, and do you qualify?

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

The Paycheck Protection Program (PPP)

The Paycheck Protection Program is a business lending program.   It is designed to help businesses keep paying employees even when they are shut down due to the coronavirus pandemic.  Allowable uses of funds include:

  • Payroll Expenses
  • Employee Salaries
  • Mortgage Interest
  • Rent and Utilities
  • Interest on debt incurred before February 15, 2020

The annual percentage rate for these loans is 1%.  You do not make any payments for the first 6 months.  However, interest does accrue during this time. Loans issues before June 5 must be paid within 2 years. If your loan was issued after June 5, the loan matures in 5 years rather than 2.  These loans are up to 100% forgivable with approval.

SBA Loan Requirements: Forgiveness

To request forgiveness, you will submit a request to the lender that is servicing the loan. It should include documents that verify the number of full-time employees and pay rates.  Also, you will need to verify the payments on eligible mortgage, lease, and utility obligations. You have to certify that the documents are true. In addition, you will have to show that you used the forgiveness amount to keep employees.  If not, you will have to show the funds were used to make eligible mortgage interest, rent, or utility payments. The lender must make a decision on the forgiveness within 60 days.

What Else Do I Need to Know About the PPP and SBA Loan Requirements?

First, the program was recently extended to stay open through August 8, 2020.  Not only does that not give you a lot of time, but you need to apply as soon as possible anyway.  There is a cap on the funding, and processing applications will take time. Consequently, some lenders are limiting the number of applications they will accept in a single day.

SBA Loan Requirements: Who Can Apply, When Can they Apply, and Where Can They Apply?

Existing SBA lenders started accepting applications on April 3, 2020 from small businesses and sole proprietorships with less than 500 employees.   Beginning on April 10, independent contractors and individuals that are self- employees were able to apply through SBA lenders.

Other lenders besides those that are currently working with the SBA are able to get in on the fun as well.  In an effort to relieve some of the burden of processing, other lenders are able to enroll in the program and will be able to start accepting applications as soon as they get approval.  There is a list of participating lenders, by state, at SBA.gov.

SBA Loan Requirements: What Do You Need to Apply?

It’s pretty straight forward.  If you meet the SBA definition of a small business or contractor, you just have to make a few good faith certifications.  These include:

  •  Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • You will use the funds to keep workers and maintain payroll or to make mortgage, lease, and utility payments.
  • This is the only loan you have or will have under the program.
  • You will provide all documentation necessary to verify the number of full-time employees on payroll and how much their payroll costs.  Also, you will provide any necessary documentation needed to verify mortgage interest payments, rent payments, and covered utilities for the eight weeks after getting this loan.
  • Loan forgiveness will be available for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities.
  • All the information you provide in your application and supporting documents and forms is true and accurate.
  • You realize that the lender will calculate the loan amount using the tax documents you submitted. You guarantee that the tax documents are identical to those you submitted to the IRS.

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

SBA Loan Requirements: The Economic Injury Disaster Loan Program

These are funds you apply for directly from the SBA.  They can be used to cover the following expenses:

  • Payroll
  • Fixed Debts
  • Accounts Payable
  • Other expenses that cannot be paid because of the disaster’s impact.  In this case, the disaster being COVID-19.

These loans are available up to $2 million dollars at an annual percentage rate of 3.75%.  The terms go up to 30 years. These are not forgivable loans.

SBA Loan Requirements: How Do You Get Started?

Let’s start with what not to do.  Do not get in your car and drive to the bank.  While most lenders are back open for business inside, it is best to have an appointment to handle a PPP application. Even getting an appointment can take a while however.

The best option is to find someone, a middle man, to help you navigate these loan programs.  This way you ensure you get the best lender for you, and you get your SBA coronavirus relief funds as soon as possible.

What Else Does the CARES Act Do?

In addition to the above relief for businesses, the CARES Act also provided relief for individuals.  The bill also provided funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate phases out when incomes exceed $75,000,or $150,000 for joint filers. Most of these payments have already been distributed, but some are still waiting for theirs.  The bill also establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans.  It also delays due dates for employer payroll taxes and estimated tax payments for corporations.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

It’s a Mad World

Here are the facts.  The federal government does not want to see a collapse of the economy any more than we do.  They want to do what they can to help small businesses.  They are taking steps to do just that.

State governments are in the same boat.  They want to ensure their states are able to survive and thrive economically despite the coronavirus business impact.

Here’s the bad news, as if you didn’t already know.  Businesses lost tons of income during the shut downs caused by the virus.  Even opeinig back up, people aren’t going out as much as they did pre-pandemic. Even more, some states and cities are shutting down certain businesses again.  Spending is vastly curtailed. Without a steady flow of income, eventually businesses will not be able to make payments on existing debt.

The good news in light of all of this darkness is that no one wants this to happen.  That means measures are being taken to try and stop the spiral.  These include those mentioned above.  It’s not just the Federal and state governments that are coming to the rescue however. Local governments, along with many charitable and professional organizations, are tossing in life rafts as well.

SBA Loan Requirements: What Can You Do for Yourself?

SBA loan options Credit SuiteHowever, you have to do your part.  You aren’t helpless, though it likely very much seems this way.  First, do everything you can to access all the help you can now. Find someone that can walk you through the process to ensure you get all you can as fast as you can.

That’s not the end of the story however.  You need to do all you can to make certain you can get back to business as usual as fast as you can when this is all over. How do you do that?  You need to adapt your business to the current situation. The relief funds can help you. With those funds, you can do many things to not only keep your business afloat, but to make it stronger than ever.

Hard Times Breed Innovation and Adaptation

These are the times that breed creativity and innovation.  Use the funds to keep your employees on board, but don’t forget you can use them as well.  Is there some way you and your employees can provide products and services for your customers?  Can you do anything online or go to customers’ homes?

For example, some local bakeries and ice cream shops have been taking food trucks out to neighborhoods during this time to increase sales.  To aid in social distancing, they take orders online first, and of course take all protective precautions.

Beauticians and barbers that are even allowed to open are having to reduce the number of clients they can serve at one time.  Of course, they are taking all necessary safety measures to ensure that disease isn’t spreading.  Gyms are offering online fitness classes for their members since they cannot have as many people inside at one time. Pet groomers are going mobile even if they do not usually provide mobile services.  Speech therapists, counselors, and more are working via video chat. Small boutiques are doing giveaways online and offering curbside pickup to reach those that are not comfortable getting out yet. There are options, and these funds can help you take advantage!

Work on Fundability

The relief funds available through the CARES Act are available to both businesses and those that are self-employed.  However, beyond this, a business has to be fundable to get financing to build, grow, and thrive. This will still be the case long after COVID-19 has passed.  Now is a great time to assess the fundability of your business and make changes to improve it if need be.

The first part of this process includes making sure your business is set up to be fundable.  What does that mean? It means that your business:

Has Separate Contact Information

That doesn’t mean you have to get a separate phone line, or even a separate location.  You can still run your business from your home or on your computer if that is what you want.  You do not even have to have a fax machine.

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

Applies for Credit Using an EIN Not Your SSN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

Is Incorporated

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability.

Uses a Separate Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes.   In light of SBA loan requirements, it can help you prove how you used loan funds for the purpose of qualifying for loan forgiveness.

Has All Necessary Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, red flags are going to fly up all over the place.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.

Has a Professional, Practical, User Friendly Website

What does this have to do with anything.  Well in light of the COVID-19 pandemic, a website can help you stay operational despite social distancing standards. Not just any website will do however.  You need to make sure it is professional and that it is easy for your customers to use. Likely, this means you need to hire someone to help you with this. The cost is well worth it.

SBA Loan Requirements: This Isn’t the End

This doesn’t have to be the end of your business story.  Help is available and you do have options. At this point, the very first thing you need to do is find help to navigate the SBA resources available to you.  Next, be sure you use the resources in a way that your business comes out even stronger.  Lastly, use this downtime wisely. Take a look at the fundability of your business and see what you can do to improve it.  Then, when the time comes, you will be able to sail out of the storm and into the light.

The post Your Complete Guide to SBA Loan Requirements and the Paycheck Protection Program appeared first on Credit Suite.

The William D Ford Direct Student Loan Program

The William D Ford Direct Student Loan Program

The William D Ford Direct Student Loan Program
The Direct trainee financing program began around 15 years back and also was planned to remove the center male to make sure that, as opposed to entailing financial institutions, cooperative credit union as well as various other exclusive lending institutions, the Federal federal government car loans the cash straight to moms and dads and also trainees.
Straight lending programs overlap the option which is called the FFELP, or Federal Family Education Loan Program, which is a program developed to resolve a network of exclusive loan providers. Because straight lending programs replicate in lots of means the FFEL programs, it is necessary to determine which program you desire. Both programs use both Stafford as well as PLUS financings.
The standards for qualification on both programs coincides as well as they adhere to the same requirement based standards, or have the same credit history check demands as those for non demand based programs. Because both programs basically offer the exact same finance financing this elevates the all-natural concern of exactly how to pick in between them.
To some extent the choice includes selecting which of 2 suppliers you will certainly need to handle. Although both will certainly supply client solution employees to respond to any kind of concerns, in some instances you might locate that personal lending institutions will certainly be much more adaptable and also handy while the federal government will certainly be uncaring or extra administrative. This will certainly not constantly hold true naturally and also in some cases you will certainly discover that simply the reverse holds true.
Among the very best methods to obtain a feeling for the solution you are most likely to obtain from various lending institutions is to review a few of the Internet online forums managing the topic of pupil finances. With the significant development of social networks in current years it has actually ended up being a lot less complicated to discover a varied collection of point of views. Obviously you do need to take care as most of the sights shared are based a lot more on individual preference than unbiased standards, yet reviewing the messages will swiftly reveal you which side the poster prefers.
There are nevertheless some a lot more concrete distinctions in between both kinds of funding. Due to the fact that FFELP car loans are both financed as well as serviced by exclusive economic establishments the company with which you authorize a promissory note could not be the company to which you make payments. It is a typical technique nowadays for loan providers to ‘market’ lendings on various other business in similar as a lot of home loan firms do.
This is a crucial factor to consider due to the fact that you may have mosted likely to the problem of locating a lending institution you such as, selecting past just the rates of interest on the car loan and also settlement terms as well as liking their customer support, just to locate that your lending is offered on as well as you are handling a business which you had actually formerly denied. When it comes to straight fundings nevertheless, due to the fact that finances are not offered on by the Federal federal government, this trouble does not occur.
Probably one of the most crucial distinction for most of loan providers nevertheless will certainly be the distinction in prices, payment terms and also charges in between both. Below you require to bear in mind that while the rates of interest on Stafford and also PLUS fundings are formally repaired personal loan providers do take pleasure in some adaptability in various other locations.
They could or may except instance fee both source and also insurance coverage costs, which are presently examined at 3% and also 1%, according to Federal policies. These costs will certainly still be used to your funding, a personal loan provider may concur to soak up these in order to obtain your service. They may as an instance pick to change the days on which rate of interest costs are determined or to either expand a moratorium or raise your payment duration.
At the end of the day the only means to uncover simply what is offered is to search in similar means as you would certainly if you were trying to find any type of various other sort of lending.

Straight car loan programs overlap the choice which is called the FFELP, or Federal Family Education Loan Program, which is a program made to function via a network of exclusive loan providers. Because straight car loan programs replicate in lots of methods the FFEL programs, it is essential to choose which program you desire. Both programs provide both Stafford and also PLUS financings.
One of the ideal means to obtain a feeling for the solution you are most likely to obtain from various lending institutions is to check out some of the Internet discussion forums dealing with the topic of trainee financings. These fees will certainly still be used to your finance, an exclusive lending institution may concur to soak up these in order to obtain your company.

The post The William D Ford Direct Student Loan Program appeared first on ROI Credit Builders.