[Scooter_Stepford]

I just learned a hotel booking site furloughed 95 of its 100 employees. The only hotels being booked around the world are in China.

Depending on their circumstances, to keep their staff the company could apply for an SBA-backed loan that is part of the latest stimulus bill.  The portion of the loan that is used for payroll, employee benefits, rent, mortgage will be converted to a grant under most scenarios.

There’s certainly ‘execution risk’ with the program, but for many small businesses (< 500 employees) there are options that ought to be strongly considered before pulling the trigger on furloughs or layoffs.

Supposedly, official details will be available Friday, but there is plenty of commentary on the ‘Payroll Protection Program’ out there.

[Scooter_Stepford]

I just learned a hotel booking site furloughed 95 of its 100 employees. The only hotels being booked around the world are in China.

Depending on their circumstances, to keep their staff the company could apply for an SBA-backed loan that is part of the latest stimulus bill.  The portion of the loan that is used for payroll, employee benefits, rent, mortgage will be converted to a grant under most scenarios.

There’s certainly ‘execution risk’ with the program, but for many small businesses (< 500 employees) there are options that ought to be strongly considered before pulling the trigger on furloughs or layoffs.

Supposedly, official details will be available Friday, but there is plenty of commentary on the ‘Payroll Protection Program’ out there.