Growth Through the Downturn

Growth Through the Downturn

ChoiceLocal Partners,

It is a complete and total honor to serve you, your company and your employees — especially at this time due to our ability to drive revenue for you when you may need it most.

I am happy to report that the vast, vast majority of ChoiceLocal’s partners are seeing growth in their metrics through the downturn. 100 percent of our staff is working, albeit remotely, and firing on all cylinders as we measure every teammates’ KPIs on a daily basis.

ChoiceLocal has developed an action plan specific to each industry and franchise system we serve.  Many industries are seeing a 20 to 25 percent year-over-year INCREASE in demand since COVID-19 hit and we are helping our partners take market share today while their weaker competitors pull back.  We are seeing rapid expansions in job applicants in industries that have long worked hard at recruiting, INCREASED interest in franchise systems we have long been established with and a flurry of new franchise systems wanting us to take over their marketing to help them through difficult times.

If you need help and want to know how we can help you GROW THROUGH THE DOWNTURN, reach out to your Account Executive and/or Partner Development Manager.  We have a COVID-19 plan we have implemented for your franchise system and early results are encouraging. We can tailor our response to your unique business needs in your local area.  WE ARE HERE TO HELP PROTECT AND GROW YOUR BUSINESS THROUGH COST-EFFECTIVE REVENUE GROWTH.

IMPORTANT FOR YOUR BUSINESS:
CARES ACT — HOW TO GET CASH FOR YOUR BUSINESS FAST

Every now and then, Congress surprises us by doing something truly amazing and good for the country. Luckily, in times of real threats, our country always seems to rise to the occasion.  In the wee hours of March 26th, the Senate voted unanimously for The Cares Act. The House should pass it as early as this afternoon, and President Trump is excited to sign it immediately.

Based on what is available now, here is what it’s going to do, said as simply as I can say it:

THIS IS UNPRECEDENTED IN U.S. HISTORY – 50% of Americans are essentially going be able to have their full income, healthcare and their company’s rent paid for by the Federal government, through their employer, for a 2.5-month period, if necessary. That 2.5-month period should be enough to get the United States through this forced shut down of economic activity until things get closer to normal. For most businesses, they can still qualify for this loan that is more like a grant, even if they don’t need its full power, and use it to increase investment in their business and further grow their business and the economy.

Here is more detail:

  • 48 percent of American workers are employed by small businesses (defined as a company under 500 people).
  • The Federal Government will give a super low interest “SBA loan” to any small business that applies that will cover 2.5 months of payroll, health insurance, rent and mortgage interest payments.
  • If a company lays no one-off, pretty much 100 percent of the loan is forgiven and, in reality, is like a grant (free money).
  • If a company does some layoff, they will have to repay the loan in proportion to the percentage of their workforce they lay off at a maximum rate of 4 percent interest.
  • If a company hires people back, they have already laid off, they could qualify to not have to repay any of the loan.

If you think this is something that can help your business, talk to your banking contacts about getting the new SBA Loan from the Cares Act to learn more about how it works so you can get to the front of the line to get this investment from the Federal Government.  We also encourage you to talk to other trusted sources on this such as home office, business advisors, and your attorney prior to making any final decisions.  To be clear, we are not responsible for your SBA Loan decision here.  We are simply passing on some potentially good news for your business. 

Here is a write up from a law firm about the CARES ACT and the SBA Loan / Grants.
Here is how to apply for Small Business Loans under the Coronavirus Stimulus Bill.

What does this mean for the country as a whole:

  • The U.S. Government will probably save millions of American jobs with this bill and the economy will rebound from COVID-19 much faster than it already would have once the quarantines are lifted.

What does this mean for you, our Partner:

  • This gives you added fuel to help us fulfill our goal for you —GROW THROUGH THE DOWNTURN.

As always, if you have questions about how ChoiceLocal can help you grow through the downturn, please reach out to your Account Executive.

We will all be stronger because of this!

God Bless,

Joe Soltis
CEO
ChoiceLocal