Why Retailers Should be Applying for CARE's Act Forgivable SBA Loans

Based on multiple conversations, just about every retailer that I spoke with over the last 2 weeks is seeing negative effects on their sales numbers due to the Coronavirus.  As part of the stimulus package passed last week, most small retailers will qualify for a forgivable short term loan from the SBA to use for 10 weeks worth of payroll and related expenses.

The stipulations and application process appear to be very simple and streamlined. Although, I'm sure that the SMA will be flooded with requests once the application process can begin in the next 1-2 weeks.

Given that this is a forgivable loan that can help keep your store afloat for the next 10 weeks, I'd encourage all retailers to watch for more information from their local SBA office.

Preliminary information can be found here: https://www.bakerdonelson.com/cares-act-understanding-sba-loan-programs-to-determine-eligibility-and-best-fit-for-your-company

At this time, it appears that the loan can only be used for payroll, utility and rent related expenses - not for technology related investments. Still, a forgivable loan is something that should not be ignored if it can keep your staff paid and cover some other expenses until you can fully open up again.

I'll watch the SBA website for more information as well and see when they area ready to start processing applications.

Is Your Store Temporarily Closed? Some POS Tips

I have fielded several calls from retailers asking what to do regarding their point of sale system while their store is temporarily closed. Some general suggestions:

1. Make sure that you have a backup of all data. Best to have a backup that is off site (like a thumb drive or external hard drive) or cloud based
2. See if your point of sale provider will reduce any monthly fees while the store is closed
3. It is normally OK to power down the hardware but do not unplug anything - some of the hardware may lose settings if electrical connections are lost. Check with your point of sale provider to see which hardware can be powered down or put in to "sleep" mode without risking the loss of programming (this especially applies to payment terminals and other devices without actual power switches)
4. Make sure that dust does not accumulate on any hardware
5. Ensure that it can easily been seen that the cash drawers and till's are empty
6. Make sure that you have written down all passwords and user ID's (and keep in a safe location). These can be easy to forget if not used on a daily basis.
7. Check with your point of sale provider to see if it is OK to shut down any WiFi or network equipment - including the router for your internet connection. I normally recommend leaving the router on so you maintain the internet connection.
8. If in doubt, leave everything as is but in "sleep mode" or similar.

Two other recommendations:

1. When getting ready to re-open, test everything at least 2 days before you open to help prevent any last minute surprises.
2. This is also a good time for Microsoft RMS point of sale software users to start looking at RMS replacement options. Even if you won't be making a purchase until late 2020 or early 2021, it doesn't hurt to use this down time to explore options like Retail Management Hero and Cloud Retailer (these are the only two direct replacement programs for RMS at this time).  You may find this RMS and Cloud Retailer comparison video here to be helpful as a starting point: https://www.youtube.com/watch?v=8sNWdpw5pKo

If you have any questions, suggestions or comments on the above, please contact me at kevinantosh@gmail.com or 208-340-5632

Video Overview of Cloud Retailer Loyalty Program

When showing retailer the Cloud Retailer point of sale software program to retailers, I am often asked about the available customer loyalty module for Cloud Retailer. The video below gives a great overview:

If you have any questions about Cloud Retailer or point of sale systems in general, please contact me at kevinantosh@gmail.com or 208-340-5632.