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TUE, OCT 13, 2020
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Welcome to the CNBC Small Business Playbook newsletter, brought to you by CNBC Events.
The fall/winter months are typically a boom for small businesses. But this year will almost certainly be different, with Covid-19 cases on the rise, federal aid in limbo, and occupancy restrictions still in place. Despite these obstacles, the National Federation of Independent Business released a new report today indicating a slight uptick in optimism, as owners continue to reinvent their business models and search for new strategies to stay afloat.
Finally, October is National Women’s Small Business month, and we’ll meet a trio of female entrepreneurs who have successfully pivoted, and are pedaling toward a brighter path.
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SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
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The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. Read more from SBA.gov
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GETTING DOWN TO (SMALL) BUSINESS
- Name: Amy Hochhauser, Rhodie Lorenz, Becky Cerroni
- Business: JoyRide Cycling + Fitness
- Location: Six studios in Connecticut and Texas
- Employees: 75
- Pandemic pivot: When Covid first hit, we were heartbroken and terrified at the thought of closing down seven vibrant studios overnight. We were worried about our ability to pay rent and meet our demands. We were also afraid for our staff — they rely on their jobs and they are like family to us. We quickly realized, however, that we had two choices: hide under our desks and wait for this to end, or pivot and try to save the business we’d built for over a decade. At JoyRide, we encourage our riders to use the strength we build together in the studio to tackle the challenges of life. We knew that we had to practice what we preach. We found numerous ways to stay connected with our audience, such as offering outdoor cycling classes using silent headphones, and developing a custom JoyRide Bike At-Home via Stages Cycling, and continued to focus on our core value of community service. During the protests this summer, we hosted a virtual speaker series on racial injustice, and ran a number of successful outdoor fundraising events for groups such as Shatterproof and the Breast Cancer Alliance. Our willingness to show up for our customers and reinvent the ways in which we do business has paid off. Seventy-five percent of our annual members have maintained their monthly dues throughout the pandemic. Currently, we are working on our most recent pivot - a streaming platform called JoyRideGO, which will launch in late 2020. The future of boutique fitness is hybrid. Customers will want to experience your brand both in-studio and at home.
Do you own a small business that made a big-time pandemic pivot? Tweet me & use hashtag: #CNBCSmallBiz.
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