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04/07/2020
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How To Calculate Payroll Costs for Your Paycheck Protection Program Loan
Source: Brian Thompson, Forbes, April 5, 2020. Provided by Adriane Harrison, Printing Industries of America
The Paycheck Protection Program (PPP) got off to a bad start last Friday, creating a lot of frustration and anger. Caught short by an aggressive timeline, many banks still haven’t started taking applications. Even where the program is up and running, banks and applicants are still struggling to understand exactly how the process will work.
Let’s assume that banks will eventually figure out the details. Business owners can get ready by gathering the information they’ll need. And while many elements of the program are still developing, you can count on one thing: The bank you’re working with is going to ask for your payroll costs. They will use them that figure to figure out the maximum amount that they can loan you.
Sound simple, right? Not so fast. The new law and regulations expand the definition of payroll in significant ways. Calculating these costs has gotten more complicated. Let’s look at what you’ll need to include in your payroll calculation.
View our COVID-19 Resource Page for More Information and Helpful articles
Premier Print Awards Cancelled
It is with a heavy heart that PIA announced today that they will be cancelling the Premier Print Awards for 2020. Canceling the event was a difficult decision for PIA to make, but with COVID-19 and the unknown for the upcoming months, it seemed the right thing to do. We want everyone to focus on taking care of themselves, their families, and employees.
With that being said, our 2021 Print Excellence Awards is still slated to begin accepting entries on September 1st! Look for more information in the coming weeks and months.
Is COVID-19 a Direct Mail Opportunity?
Souce: Colin McMahon, Senior Editorial Analyst, Keypoint Intelligence – InfoTrends, April 1, 2020
The COVID-19 pandemic has caused a major shift in lifestyle on a global basis. For the first time in modern history, a high percentage of the population is self-isolating or at least practicing social distancing. This incredible lifestyle alteration has been tracked by companies like Unacast, which use smartphone GPS data to pinpoint how much the mobility of the standard citizen has decreased in recent weeks.
Although COVID-19 will not be a permanent state of life going forward, there is real debate as to how long its effects will last, with some experts predicting that life may not fully return to normal until well into 2021. Given that a state of social distancing/social isolation might be the new short-term norm, print service providers may need to rethink their strategies to better communicate with and support consumers during this time of limited contact.
Paper Continues to Engage
Research has consistently shown that paper is a powerful tool for customer communications. Data from Keypoint Intelligence’s 2019 Annual State of Transactional Communications Business Survey found that 55% of businesses used paper and mail communication to foster better customer engagement. This research has also indicated that consumers spend more time reading printed mail than they do digital messages. Some of this has to do with format: opening an e-mail takes less time than opening an envelope. Nevertheless, research confirms that print remains a strong tool for capturing consumers’ attention.
