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How to Pay Back an EIDL or PPP Loan

September 22, 2020
By Gerri Detweiler –

If your business received an Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) loan, you may have determined it isn’t a good fit for your small business for any number of reasons:

You just wanted the EIDL grant and not an EIDL loan

You didn’t understand the loan terms when you applied

You can’t use the EIDL funds or PPP funds the way you hoped

You don’t think most of your PPP loan will be eligible for forgiveness

You aren’t sure your business will survive to be able to repay a loan

(more…)

Don’t Miss Out On New Covid-19 Tax Credits

September 1, 2020
By Intuit –

Intuit Aid Assist EstimatorTo help small businesses and self-employed workers stay afloat due to the COVID-19 outbreak, the IRS created new tax credits, including:

• Employee Retention Credit
• Paid Sick Leave Credit
• Paid Family and Medical Leave Credit

But carving out extra time to figure out which tax credit options you may qualify for — while adapting your business to COVID-19 — can be an overwhelming and time-consuming experience. Federal financial relief programs often have rules, provisions, and exceptions that are hard to understand at a glance. With a mission to power prosperity around the world, Intuit recently added a Tax Credit Estimator to Intuit Aid Assist — a free interactive tool that helps you determine your eligibility for various federal relief programs. Click To Tweet (more…)

Two Sisters Boutique: People and Community Matter

August 25, 2020
Success Story: Wisconsin

Two Sisters Boutique

Darcy Musil incorporated her background as a manicurist, esthetician and bra fitting specialist into Two Sisters Boutique, her unique retail business designed for women of all shapes and sizes. Her store provides a custom “one-on-one styling” service to shoppers who prefer suggestions and guidance.

Many customers come to the boutique for help obtaining the perfect look for photo shoots such as family portraits and senior pictures. Darcy also offers makeup consultations to provide expert knowledge on skin tone and color match. The retail location in Rice Lake opened in May, 2017 with four employees, and the business has grown to employ seven.

SUCCESS DURING COVID-19

The store is more than just a clothing boutique. It supports local vendors in many ways. Jewelry, soap, lotions, candles and other accessories and gifts created by local artisans are sold in Darcy’s store. When COVID-19 hit, Darcy had to close the storefront location but was able to sustain online sales. (more…)

Eclectic Store Expands Online During Covid-19 Shutdown

August 4, 2020
Success Story: Georgia. By Aaron Cox –

Cottle & GunnCottle & Gunn in St. Marys, Georgia, closed its doors in April when the state’s shelter-in-place directives took effect. But the COVID-19 pandemic didn’t stop owner Deborah Cottle from doubling — then tripling — her sales from the previous spring, thanks to a creative outlook, a new online store, and some help from the University of Georgia’s Small Business Development Center.

Located just blocks away from the Florida state line to the south and the Atlantic Ocean to the east, St. Marys is home to about 17,000 people. Cottle & Gunn sits in the middle of the coastal town’s historic district — a fitting location for an eclectic store specializing in reclaimed vintage furniture, housewares, local crafts and more.

While the store itself is small, its online presence is anything but. Since opening her doors in 2014, Cottle has built an online following that nearly matches the size of the town — with more than 15,000 combined followers on Facebook and Instagram.

So, when the pandemic hit and businesses began closing their doors, Cottle tapped into that social media network — and her longstanding relationship with the SBDC — to keep her sales going. (more…)

Vytal Health: Transformative Care

July 28, 2020
Vytal HealthSuccess Story: Wisconsin –

Dr. Tiffany Mullen co-founded Vytal Health with Dr. Alex Yampolsky in July of 2018, and their focus on personalized, affordable care has only grown stronger since then. Vytal Health is a telemedicine company that provides continuous, long-term relationships with patients via digital channels. The two doctors were inspired to start the business because people were searching for answers to health problems and not finding them in traditional avenues.

GETTING STARTED

As new business owners, Dr. Mullen and Dr. Yampolsky had to create and refine their working relationship, make a few mistakes and find funding along the way. Dr. Mullen turned to the UW-Milwaukee Small Business Development Center (SBDC) after being referred by a friend who was also an SBDC client. Seeking a female mentor and sound business advice, Dr. Mullen found Cheryl Mitchell, a consultant at the SBDC. Click To Tweet (more…)