Casey Graham is the founder and CEO of Gravy, the leading field payment, payment recovery, and customer retention system for business with recurring revenue. This week, Casey is discussing the COVID-19 small business stimulus package and how it impacts your small business.
The way Casey sees it is this: never in history has a virus impacted the world the way it is. It has created a small business disaster and shutdown which has stimulated a capital market recession. There is an underlying fear in the market. People either fight, flight, or freeze. Gravy helps people understand that fight and flight are both options, but freezing isn’t good for anyone.
Heather and Casey discuss the CAREs act and what it means for small businesses. At the time of this recording, across two phases, 2 trillion dollars has been set aside for small business funding. For the first time, you have the government, banks, and small businesses all relying on each other. The government is saying that they want you to keep your people employed. If your business has been in place since February, has under 500 employees, and have been impacted by COVID-19, you will get a forgivable loan if you use the loan to stay in business. They discuss who can file and how, and the importance of the act itself.
Casey breaks down important details and offers his advice on how to best leverage the stimulus package. He points out potential pitfalls to keep an eye out for and shares the functional process behind getting the forgivable loan. Then, he talks about the timeline of receiving the approved loan and how the money gets to your business. The amount you get is based on your average payroll and divide it by twelve. From that average, you multiply it by 2.5–this is what will be deposited to your account. There are limits on how many employees and how much you can receive. Essentially, this loan becomes a grant should you spend it on approved expenses.
OTHER TOP QUOTES FROM THIS EPISODE
- “Amazing times call for amazing solutions.” -Heather R. Stone
- “The point of the money is to pay your people so they don’t have to get unemployment.” -Casey Graham
- “Right now, this is the time to get the quickest, cheapest attention.” -Casey Graham
- “Smart businesses are working on getting in front of their audience.” -Casey Graham