Monday Morning Memo: Why All Business Should Apply For The Small Business Administration Economic Injury Disaster Loans
What Every Staffing and Recruiting Firm Should Know
Release Date: 08/11/2020
Recession advise if you've been in business less than 10 years
What Every Staffing and Recruiting Firm Should Know
There’s a lot of talk about the recession lately, and if you’ve only been in the business for less than a decade, it’s definitely getting a tad scary. In today’s Monday episode, Wilson shares some advice to ease your mind, so make sure to tune in. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and...
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Preferential Payments in Bankruptcy: Debt Consolidation and Settlement
What Every Staffing and Recruiting Firm Should Know
Bankruptcy may sound like the end all be all, but don’t fret. There is a legal way out. Let Wilson walk you through how debt consolidation and settlement work for today’s episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving over 3500 staffing and recruiting organizations. All we do is...
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Payment Systems and Payment Methods
What Every Staffing and Recruiting Firm Should Know
The truth about payment systems and methods, in general, is that it comes with risks. What risk exactly? Wilson discusses it all in this episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving over 3500 staffing and recruiting organizations. All we do is collect past-due debts for hiring and...
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The 3 worst Back Door Hire Excuses
What Every Staffing and Recruiting Firm Should Know
We’ve been in the business of helping recruiters, and staffing companies collect missed placement fees due to backdoor hiring. You can say we’ve heard it all—every excuses out there—but these three take the cake for the worst reasons delinquent clients may use to cover up their backdoor hiring. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector,...
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3 excuses that may be somewhat legitimate
What Every Staffing and Recruiting Firm Should Know
If you ever get into a backdoor hiring situation, you’ll hear clients draw up excuses that support why they did what they did. And sometimes, these reasons may even be legitimate. For today’s Monday Morning Memo, Wilson clues you in on what these excuses might be. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK,...
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3 reasons why you get back door hired
What Every Staffing and Recruiting Firm Should Know
At this point, you’re already familiar with backdoor hiring and how it hurts your business, right? But why did it happen? Why did you get a back door hire? Wilson and Samantha cover three loopholes you might have missed. So, watch out for these! Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more...
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3 states that you have to worry about if you're a staffing firm or recruiting firm
What Every Staffing and Recruiting Firm Should Know
Are you a staffing or recruiting firm? First, there’s something you need to know. In today’s episode, Wilson and Samantha talk about the three states you must be mindful of when operating such a business. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more than 3500 staffing and...
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3 things you should do when you have been backdoor hired
What Every Staffing and Recruiting Firm Should Know
You know one thing that’s even worse than your prospective candidate not getting selected by your client? When they get backdoor hired. What is backdoor hiring, and why does it hurt you and your business more? Let Wilson and Samantha explain in today’s episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the...
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You're still on the hook if you're using a Funding Company
What Every Staffing and Recruiting Firm Should Know
Are you using a funding company? If yes, you might want to tune in. In today’s memo, Wilson and Samantha discuss why you’re still “on the hook” if you’re using a funding company. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more than 3500 staffing and recruiting organizations. All we do...
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Calling All Recruiting And Staffing Firms. Ask your Questions!
What Every Staffing and Recruiting Firm Should Know
There’s a lot coming and going in the collections world—stories you might want to share and questions you might like to ask. So, the floor’s all yours! For today’s episode, Wilson and Samantha invite you, our dearest audience, to ask whatever burning question you might have from a collection standpoint. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and...
info_outlineDue to today's unstable economic climate, one thing you can expect is that your business may struggle. Many reasons can cause these problems, but the end is almost always the same. Either your business survives to see another day, or you don't. This is why you should take every advantage you can get. One of these is the Small Business Administration Economic Injury Disaster Loans.
What The Small Business Administration Economic Injury Disaster Loans Can Do For You
Personal Guarantees and Security Interests Have Been Waived
Personal guarantees can be a significant issue for business owners. If your business goes bankrupt and you signed a personal guarantee for a loan, you are still liable to pay for the loan despite the business no longer existing. In essence, you are a co-signer to your business in that situation. However, personal guarantees and security interests used in the Economic Injury Disaster Loan are now completely waived thanks to an act of congress.
Think about that. The government is removing the personal guarantee part of a $200,000 loan. This means that if you do go out of business, and you still haven't paid back the loan. The government can't file a lien on any of your personal belongings.
All Idle Loans Like the EIDLs Are 30 Year Payouts
One of the most significant issues with getting an SBA loan for most people is that you do not have enough time to pay it back. This can be a cause for concern if you're taking a regular SBA loan. A regular SBA loan will need you to pay within 7 to 10 years, depending on the loan. However, idle loans like the Economic Injury Disaster Loan can be paid within 30 years. That's 3 times as long as a standard loan.
It Can Go Through at Lightning Speed at a Miniscule Interest Rate
When you get a regular loan from the SBA, you typically have to go through a dozen hoops to get the loan. The interest rates for most standard SBA loans also reach up to 8%. This is not the case for the Economic Injury Disaster Loan as we've had clients who have taken this loan, and the process has gone at lightning speed. The interest rates are also more than half the standard at 3.75%
Key Takeaways
● When people think SBA loans, they think, "oh my god, it's going to be a pain, it's going to take four months, and it's death by a thousand cuts. Not true with these idle ones.
● If they weren't waiving the personal guarantees, it would still be a great deal. But the fact that they're waiving the personal guarantees is just amazing.
● Never in the history of business has small businesses been in a position to borrow those sums of money with those kinds of terms