Welcome, Olivia Conn

Olivia joins BluePrint Strategy as our Dashboard Guru. Olivia is a California native who moved to Tennessee 15 years ago to pursue a career in the music industry.   During the course of her pursuit, she needed to work to support herself, and landed a job at a healthcare company where she found a wonderful, stable environment to develop new skills while also paying the bills. It was in this position where she met her husband.

Olivia and her husband are blessed by their 14 year old stepson, and beautiful 11 month old daughter. Over time Olivia worked her way up to her current role, which is in data analytics. Olivia has a passion for data management and is very thankful to be able to use those skills with us at BluePrint Strategy Solutions. Olivia continues to enjoy singing and songwriting outside of work and within her church. She is thankful for the position at the healthcare company that led her down the path to a career, a family, and whole new passion. Welcome to the team, Olivia!

Small Business Resource | Paycheck Protection Program FAQ's

Here at BluePrint Strategy, we believe in providing the necessary resources for small businesses to grow. Below you will find a FAQ from The U.S. Senate Committee on Small Business & Entrepreneurship. Want to know what this means for you? Schedule a consultation today!

Where can I apply for the Paycheck Protection Program?

You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program. You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool. You can call your local Small Business Development Center or Women’s Business Center and they will provide free assistance and guide you to lenders.

Who is eligible for the loan?

You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, “Accommodation and Food Services,” and each of your locations has 500 employees or fewer, you are eligible. Tribal businesses, 501(c)(19) veteran organizations, and 501(c)(3) nonprofits, including religious organizations, will be eligible for the program. Nonprofit organizations are subject to SBA’s affiliation standards. Independently owned franchises with under 500 employees, who are approved by SBA, are also eligible. Eligible franchises can be found through SBA’s Franchise Directory.

I am an independent contractor or gig economy worker, am I eligible?

Yes. Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program.

What is the maximum amount I can borrow?

The amount any small business is eligible to borrow is 250 percent of their average monthly payroll expenses, up to a total of $10 million. This amount is intended to cover 8 weeks of payroll expenses and any additional amounts for making payments towards debt obligations. This 8 week period may be applied to any time frame between February 15, 2020 and June 30, 2020. Seasonal business expenses will be measured using a 12-week period beginning February 15, 2019, or March 1, 2019, whichever the seasonal employer chooses.

How can I use the money such that the loan will be forgiven?

The amount of principal that may be forgiven is equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements. Payroll costs include employee salaries (up to an annual rate of pay of $100,000), hourly wages and cash tips, paid sick or medical leave, and group health insurance premiums. If you would like

to use the Paycheck Protection Program for other business-related expenses, like inventory, you can, but that portion of the loan will not be forgiven.

When is the loan forgiven?

The loan is forgiven at the end of the 8-week period after you take out the loan. Borrowers will work with lenders to verify covered expenses and the proper amount of forgiveness.

What is the covered period of the loan?

The covered period during which expenses can be forgiven extends from February 15, 2020 to June 30, 2020. Borrowers can choose which 8 weeks they want to count towards the covered period, which can start as early as February 15, 2020.

How much of my loan will be forgiven?

The purpose of the Paycheck Protection Program is to help you retain your employees, at their current base pay. If you keep all of your employees, the entirety of the loan will be forgiven. If you still lay off employees, the forgiveness will be reduced by the percent decrease in the number of employees. If your total payroll expenses on workers making less than $100,000 annually decreases by more than 25 percent, loan forgiveness will be reduced by the same amount. If you have already laid off some employees, you can still be forgiven for the full amount of your payroll cost if you rehire your employees by June 30, 2020.

Am I responsible for interest on the forgiven loan amount?

No, if the full principal of the PPP loan is forgiven, the borrower is not responsible for the interest accrued in the 8-week covered period. The remainder of the loan that is not forgiven will operate according to the loan terms agreed upon by you and the lender.

What are the interest rate and terms for the loan amount that is not forgiven?

The terms of the loan not forgiven may differ on a case-by-case basis. However, the maximum terms of the loan feature a 10-year term with interest capped at 4 percent and a 100 percent loan guarantee by the SBA. You will not have to pay any fees on the loan, and collateral requirements and personal guarantees are waived. Loan payments will be deferred for at least six months and up to one year starting at the origination of the loan.

When is the application deadline for the Paycheck Protection Program?

Applicants are eligible to apply for the PPP loan until June 30th, 2020.

I took out a bridge loan through my state, am I eligible to apply for the Paycheck Protection Program?

Yes, you can take out a state bridge loan and are still be eligible for the PPP loan.

If I have applied for, or received an Economic Injury Disaster Loan (EIDL) related to COVID- 19 before the Paycheck Protection Program became available, will I be able to refinance into a PPP loan?

Yes. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.

For more information visit The U.S. Senate Committee on Small Business & Entrepreneurship. **Be sure to consult with your CPA, we are able to consult on strategy.

Being Proactive & Being Prepared | A note from BluePrint Strategy

In the face of uncertainty in our personal lives and in our businesses, BluePrint Strategy is moving forward with a 30-day outlook and readiness to adapt as we learn more about COVID-19 and its impact. There are ways to prepare and to stay present within your businesses that will hopefully minimize the challenges that may potentially arise as a result of the continuing spread of coronavirus.

McKinsey issued a comprehensive analysis of COVID-19 threat to the economy (https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business). One of their seven recommended immediate actions for companies falls under “Financial stress-testing and contingency plan.” In my role as a strategic advisor, I felt it appropriate to share this resource along with my own recommendations to help you also cautiously navigate the next 30 days. 

Here are specific and timely actions to consider for your business:

• Review your budget – consider the impact that might come from a 20% reduction in revenue and realign expenses accordingly; reduce discretionary spending

• Utilize your line of credit – maintain cash reserves; re-evaluate based on interest rates after 30 days

• Create weekly cash flow reports – have your team regularly update these reports with a focus on AR

• Understand your cash flow needs – this can help you identify what levers to change

• Collect receivables – focus on getting customers to pay their bills sooner than later

• Strategic planning – develop a business continuity plan across various scenarios and develop priorities based on business continuance

• Virtual meetings & virtual team impact – transition from in-person meetings to online meetings (Zoom); calculate the costs and implications of a remote workforce

• Consider client/employee risk management – identify scenarios related to risk management protocols and potential expenses

I consider the above recommendations to be “best practices” for financial preparedness in this uncertain time. Be proactive. Plan. Focus on the next 30 days. Do you want to gain a better understanding of your business? Your personal CashFlow Story © will give you a snapshot of your cash position. Contact Brittany Lorenzi at btl@blueprintstrategysolutions.com to obtain your free CashFlow Story © today.

Who Helped Guide Your Path?

This January marks the 19th annual celebration of National Mentoring Month, and it’s no secret that we are strong advocates for business mentorship.

There is power behind mentoring and research demonstrates that guided experience share between new business owners and experienced business owners improves business, social and economic prospects, which ultimately strengthens the community. 

While National Mentoring Month primarily focuses on the impact that volunteer mentors can have in helping youth reach their potential, it also extends to the business world. An experienced business mentor can help entrepreneurs navigate the unpredictable terrain of starting and growing a business.

Mentors accomplish what books cannot: connection, support, and an invaluable source of personal experiences that include big wins, learning opportunities and development. 

Rather than having you sit down and spill out mismatched thoughts, a mentor will guide you through your thoughts by asking the right questions, helping to develop a roadmap for your business while pinpointing potential at risk areas and highlighting possible opportunities.

• Do you have a business idea that you want to bring to life? Our Business Plan Roadmap is a great document to help you get started.
   

• Ready for the next step? Let BluePrint Strategy review your Business Plan. We'll ask you the right questions, provide a written analysis, and highlight recommended changes.
   

• Local to Nashville? Take advantage of events around town that celebrate business mentorship, such as Bizwomen Mentor Monday on February 12, 2018.
   

• Looking for a mentor in Nashville? Schedule a consultation BluePrint Strategy or Mentoring at the EC.

Brittany Lorenzi, CEO/Founder of BluePrint Strategy, chaired the Entrepreneurs Organization US Central & East Central Region Mentorship Summit on January 18-19, 2018.

BluePrint Strategy Turns 5 🎉

You will not find any blueprints of building in Brittany Lorenzi’s office. Her superpower is empowering entrepreneurs to grow their businesses using a strategic blueprint for success. Brittany’s consulting firm, BluePrint Strategy, is celebrating five years in the business of helping clients achieve strategic objectives, whatever they may be. Higher profitability…check. Better business performance…check. More focused and insightful leaders…check. Seamless company acquisition…check. Brittany is a problem-solver with a passion for helping others.

After friends regularly sought her advice over the years about starting and managing their small businesses, Brittany decided to launch BluePrint Strategy in 2015 to help even more local businesses that needed similar guidance. After all, she did have nearly 20 years of experience in commercial real estate; a background in finance, operations, and management; and four successful business launches under her belt.

Brittany’s initial plan was to create a collaborative of consultants who could serve a variety of industries and business functions, but BluePrint Strategy gradually took on a specialized approach in the areas of its biggest impact: strategic advising and business performance consulting. BluePrint Strategy found its niche. Clients look to Brittany and her team to help take their businesses to the “next” level.

It is not surprising that Brittany has become a valuable mentor within the local entrepreneurial community. She dedicates time and expertise to organizations such as the Entrepreneur Center, EO Nashville, and NAWBO to enrich the business communities in middle Tennessee and to empower other entrepreneurs to achieve their own goals. She even founded Collaborate; a co-working facility in Berry Hill to provide entrepreneurs with office space and shared resources to get their businesses off-and-running.

 A lifetime of entrepreneurship, a career of making things happen, a passion for mentoring others, and now FIVE YEARS with a business that ties it all together – Happy 5th Birthday, BluePrint Strategy