The Source Grow Grant Program will offer $71M in grants to small businesses in Cook County. Applications for the program will open on October 3rd.
These grants will be paired with one-on-one advisory and consulting services from over 40 organizations. Money for the program comes from the American Rescue Act.
Priority will be given to entrepreneurs of color, women, veterans, LGBTQ+, and persons with disabilities. Businesses that were harder hit by the pandemic such as Accommodations. Food Service, Hospitality, Arts, Entertainment, Childcare, Social Assistance, Retail, and Transportation and Warehousing will also be given a priority status.
Further information about the grant can be found at the following web address.
Let me leave you with this.
The stock market opened lower today after Consumer Spending rose 0.4% in August despite the Federal Reserve raising interest rate. August’s spending increase was a reversal from the July numbers that actually went down 0.2%.
In addition, core inflation numbers increased 4.9% over the last year. The core inflation metric doesn’t include food or energy prices in its derivation reflecting a more basic understanding of overall pricing increases. Also, inflation in certain parts of Europe is now over 10%.
This leaves everyone expecting even more actions from the Fed. The problem is that nothing they’ve done so far seems to have made a dent in our current predicament.
I’ve said it before and I’ll say it again; if this isn’t a recession, I don’t know what is.
The Labor Market remains strong for the moment, but I believe that a lot of that is just Entrepreneurs being afraid to let people go. We seem to be hovering at a precipice.
It’s always difficult to find good people, especially now. But once we go over the side, Entrepreneurs will have no chance but to let many people go. Larger companies have already announced major layoffs.
You need to get ready for the road ahead. It isn’t going to be pretty.
Getting through a recession means a bunch of minor adjustments.
Watch your numbers like a hawk. Your monthly financial statements have never been more important. You’ll need to make adjustments to maintain your profits and lifestyle.
Don’t be afraid to raise your prices. If you don’t you’ll be the first of your competitors to file a bankruptcy.
Be careful with your inventory. I realize that we have nothing but supply chain problems, but having too much money sitting on a shelf is no way to get through a recession.
Watch your labor. If it can be trimmed, do it now. Any money you can save is necessary.
Make sure to take care of yourself first. These recessions are a nightmare for all. If you don’t take care of yourself, you won’t be able to care of your employees or your customers.
And know that we’re always here to help. You aren’t in this alone. If you need to talk, you have my number.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, M&A Due Diligence, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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