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Does anyone else see the inconsistencies with the COVID-19 regulations on businesses and activities? By NO means am I saying there should be less regulations for all of our safety, but it does seem a little strange that we can go sit outside at brunch with strangers (at a small distance), but we are not recommended to have social gatherings with people that we know...
If anyone else gets it, please let me know! I know we are all doing our best in this novel situation but it still all seems a little strange 😏
A new stimulus bill has still not been agreed upon, and some are worried nothing will happen until after the election. Some lawmakers have proposed breaking up the bill into smaller parts to be voted on, but House speaker Nancy Pelosi opposes this idea. The House has a scheduled break on October 2, which they are prepared to postpone if no deal is reached, so let’s hope we hear more development soon 🤞🏻
I have heard stories of landlords threatening tenants, businesses giving up commercial space because they don’t understand the rules of the moratorium, and everything in between. This is a difficult situation for everyone, and I understand why emotions and stress levels are on high 🤯
This would be my solution for the government, in lieu of loans and grants, to ease tensions and misinformation between tenants and landlords.
It’s wishful thinking, but I prefer to think of solutions rather than complain about the current state of affairs, even if they won’t be implemented 🙂
Have you applied for PPP loan forgiveness?
Most businesses are taking the wait-and-see approach. The bank quoted in this particular article, Atlantic Union Bank, said that less than 5% of businesses that had applied for PPP loans through their bank had applied for forgiveness. Most people are waiting to see if Congress will create a more streamlined forgiveness application, or even completely forgive all loans under $150K.
If you are a smaller business, I think it is wise to wait out applying unless you have perfect records and certainty that your loan will be forgiven.
Thoughts?
A centrist group lawmakers, 25 Democrat and 25 Republicans called the House Problem Solvers Caucus, created a compromise to the awaited stimulus package. They call it the Problem Solvers’ Plan, and it requires $1.5 trillion in funding, splitting the difference between the $600 billion the Republicans proposed, and the $3 trillion Democrats wanted.
They propose:
✅$450/week in supplementary unemployment income
✅A second round of $1200 stimulus checks
✅$500 billion for state and local government aid
✅Repurposing of the remaining $145 billion from the previous PPP program, plus an additional $95 billion for small business aid
✅$145 billion for childcare and school funding, helping schools eventually reopen and set up for remote learning
✅$100 billion for coronavirus testing
The solution splits the difference between the two parties’ proposals. Although speaker Nancy Pelosi says they will not take another recess until this is handled, but so far it seems like there will never be a compromise. What do you think?
Have you ever had to fire a client? If you own a service business, the answer is likely “yes”.
It can be an awkward and uncomfortable conversation, but hanging on to a client who is toxic to your workplace will always produce more harm than good, in the long run. I have some non-negotiable reasons for firing clients, but here is my #1 by far.
What has been your experience with this?
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Just a reminder to get your ballots in, AND that I am still ready to open a restaurant as a side hustle 🙂 Since I already am trying to balance my current life, it seems like the perfect time to throw another business into the mix 😉😜
Also: I put out a poll in my Instagram stories (@businessguruatlaw) asking if anyone struggles with work/life balance, and 100% said no...I am so impressed! Videos and tips are welcome 🙂
How do you manage work/life balance?
Without giving up the life part, the answer is BALANCE ⚖️ In the same way I manage my clients’ priorities and organize my law practice, I am in a constant state of finding balance between work/kids/husband/family/friends/life and doing my very best to give them all what they need.
If I’m being totally honest, where I lack focus is on “me time”. No matter how many times I see the hashtag #selfcare it seems to be the thing easiest to put on the back burner. I’m working on it 🤷🏼♀️
#businesslaw #mentalhealth #wellness
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UPDATE: If your PPP loan was under $50K, the SBA has released a simple, streamlined application. Though not the blanket forgiveness many small borrowers hoped for, it does allow for smaller borrowers the following:
1️⃣ The forgiveness amount will not be decreased if an employee had a reduced wage or salary, and;
2️⃣ The forgiveness amount will not be decreased if the amount of employees was reduced during the covered period.
In addition to these main points, the entire application is far less complex than originally expected, and does require far less administrative work. My guess is many borrowers are still going to want more help than this, however, given how long this pandemic has continued.
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I have had clients who want to make the opposing party’s life difficult, simply out of spite and anger. While I admit in some of the cases I understand their position, in the end I always advise against any move done out of spite. Not only are you paying financially, but you are also stooping to the level of the person you are trying to spite.
Thoughts?
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In transactional work, it is so much easier to give an estimate of fees, especially when drawing up a contract or something more tangible. In litigation it is different, as we don’t always know what turns the case will take. I do my best to make estimations from experience, but I understand how attorneys get a bad rap for “charging for every paper clip” 😉
If you are an attorney, do you struggle with trying to explain potential cost to litigation clients?
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File this under: Client Red Flags 🚩
If I have a potential client who tells me about other lawyers they have spoken to with lower rates, that’s where the conversation *should* end. If they have a lower budget in mind, you would think they would say thank you and move on, right? Instead, many attempt to haggle or use this as some sort of leverage. I don’t understand this mentality at all, but one thing I do know is, even if they decide my rate works for them, they likely aren’t going to be my ideal client. There might be exceptions, but for the most part, clients who want a lot for very little usually stay with that mindset throughout the business relationship.
What are your experiences with this?
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Disclaimer: This post is a legal advertisement. Any comments provided do not create an attorney-client relationship. This is an attorney advertisement.
When my daughter wanted a new toy, she used to preface her questions with “You’re probably going to say no...”
We had a conversation about it and now she says “You’re probably going to say yes...”
And guess what? It works. (Some of the time 😉)
Some people believe in this, some don’t, but I definitely believe in self-fulfilling prophecies in regards to what energy and expectations you put out in the world. We are limitless, and the minute we start putting limitations on what we believe we can have and do, I think those things actually become limited.
Do you agree, or not? I would love to hear your input in the comments...
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In response to the slow moving decision on a second stimulus plan, the Main Street New Loan Facility plan has lowered their minimum borrowing amount to $100K (from the previous amount of $250K). This program was established by the CARES Act and guarantees 95% repayment to banks that extend this option.
To qualify, the borrower must fall under the same criteria as those who received PPP, and must not be insolvent, unless due to circumstances of COVID. Those who received EIDL loans are NOT eligible, unless they just received the $1-$10K non repayable grants.
The loans will have no interest the first year, no principal payments the first two years, but are to be repaid over 5 years.
Is this a loan you want to take advantage of? i look forward to your thoughts. Full article below:
https://www.forbes.com/sites/alangassman/2020/11/02/ppp-borrowers-may-now-apply-for-100000-main-street-loans/?sh=42fc413559ca
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Did you have a fun Halloween? 👻
Even though it was a little different this year (!), we still managed to dress up, see some close friends, and, of course, cook and eat delicious food 😋 Did you do anything fun?
Oh, and can anyone guess what I am? 🙂
A great idea is not enough 💡 And, even though a great idea is necessary, there is one thing that matters more to the long term SUCCESS of your business...
And many entrepreneurs (with great ideas) overlook it.🧐
#entrepreneurship #businesslaw
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This is a question I get all the time, so I thought I would make a simple quiz for anyone who might be wondering...(and if you have a corporation, just substitute with Shareholders agreement)
And for those of you with family businesses or businesses with friends, the last slide is for you 😉
#maketherulesBEFOREyoumakemoney #operatingagreement #shareholdersagreement
Why haven’t you incorporated your business yet?
❓Is it because you consider it a “side hustle”?
❓Is it because you don’t want to pay a lawyer/service for the entity formation?
❓Is it the $800/year? (For my CA people)
OR...
Are you simply not betting on yourself? Meaning - if it’s not an official business, maybe you’re not an official business owner, and then you don’t have the pressure or expectation to build the dream business you have always wanted to build. If it stays unofficial, you can unofficially fail and no one will know otherwise...?
Here’s the thing: If you want your own business, you can have it. I can’t tell you how successful it will be, that’s up to you and your product/service and strategy, but you CAN be a business owner. You can sell your product/service, market how you want, create your own schedule, hire who you want, call your own shots, and build the dream you have always wanted to build. I’m not saying it will be easy, but you CAN do it, and it starts with you betting on yourself and taking the necessary steps to becoming an official business owner.
So...are you going to incorporate your business today? 😉
(Disclaimer: This post is a legal advertisement. Any comments provided do not create an attorney-client relationship. This is an attorney advertisement.)
Why don’t I set goals?
I am ambitious, and I have had success in what I am passionate about, so why wouldn’t I set a clear path to create more of what I want?
I realized that my goals are always evolving, so instead of making set goals and holding on to them, I simply let them evolve and see where they go, and it has always worked for me.
On that same thought, I believe a lot of people set modest, practical goals because they are afraid to set huge, scary goals. I see clients do this in their businesses all the time - take on a partner because of fear of doing it on their own, pursuing a business idea that is “safe” instead of a passion, etc.
What goals would you set, for your life and your business, if you removed the fear?
#foodforthought #fears #entrepreneurship
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This seems appropriate as we are at the end of January 😉
Many people who were fired up on January 1 might be finding their fire start to go out as the year progresses (which is common!), and slowly disappointment and discouragement starts to creep in...
But I don’t have that problem 🙂Because - I don’t set goals! Not in the traditional way, at least.
Watch this video to hear one of the reasons why I don’t think goal setting is foolproof, and stay tuned for more reasons (and my overarching goals) in tomorrow’s post. 🥅
Did you set goals for 2021?
