Ever since the enactment of the CARES Act, everyone’s attention has been focused on the direct payments to individuals ($1,200 payment per individual, releasing the week of April 13) and the Paycheck Protection Program (PPP) whose funds are scheduled to end the same week. The law is actually 880 pages long and has a lot more benefits and programs that are not getting as much attention. In this post I’ll break down the other important areas of the CARES Act.
Lately, much of the attention has been on the government stimulus from the CARES act, direct payments to individuals, and the Payroll Protection Plan (PPP) loans, but there are other programs that will become more important as time goes on. Yes, the direct payments are nice and the PPP loans will help companies stay afloat over the next couple of months, but the new COVID-19 FMLA and sick policy will have an impact throughout 2020. Due to the enhanced unemployment benefits and the PPP loans, not many employees have taken advantage of the program. Let's dive in and learn the criteria, as well as ways your business can pay for it for your employees.
Ekos Brewmaster, craft beer focused business management software, has come a long way from my first initial meeting with them after the Portland Craft Brewers Conference in 2015. Josh and Greg were new on the scene and were full of big ideas. After reviewing the product, I told them that they needed to add functionality before I could fully get behind it. It took a while, but I’m beginning to see where they are going and it’s very exciting.
Congrats, you've been handed the best job in the world–the CFO of a brewery! Now how can you be successful in craft brewing? I’ve often told people that my job was the intersection of power, emotion and money. Since I wish that someone had sat me down and explained this industry and how it works, I'm sharing my experience in a regional craft brewery in ten distinct words of wisdom.
In early November I was surprised at the amount of Christmas decorations everywhere. I even saw a mall Christmas tree one week before Halloween! Despite the hectic feel and busyness of the season, it is still one of my favorite times of year. Most everyone is in a good mood and Christmas day is such a peaceful day. That got me thinking about breweries and how they can best navigate through the holiday season sanely and profitably.
Whenever you sit down to review your financials a thought often comes to mind…how are we doing compared to other breweries? Are we as efficient as everyone else? Is anyone else making any money? Those answers are tough to come by….most craft breweries are privately owned, so we can not go to the stock market to see how our industry is doing. There is the BA benchmark study (more on that in a later post). So we need to rely on any benchmarking data that we can get our hands on.