The CARES ACT Paycheck Protection Program provided by the Small Business Administration has allowed businesses like Inflow, an eCommerce marketing agency, to help not only the company and its employees but also its clients. Termed the “Pay it Forward Plan,” the company plans to help its three main stakeholders, otherwise known as the “Inflow Harmonic Triangle.” Inflow hopes that the plan will help clients and employees continue to operate despite the pandemic, allowing them to thrive once the calamity is behind them.
The “Pay It Forward Plan” entails taking freed-up cash and allocating the funds to various initiatives that help these key “Inflow Harmonic Triangle” stakeholders: employees, clients, and the company. This is made possible since the Paycheck Protection Program loan covers Inflow’s payroll expenses in April and May.
Initiatives that are included as part of Inflow’s “Pay It Forward Plan” include:
Subsidized or free services for client businesses directly impacted by the crisis
Funds to help employee families who have suffered negative financial impacts, including layoffs, furloughs, and other lost wages
Retaining Inflow’s full headcount for at least the duration of the 8-week loan forgiveness period, despite decreased services demand
Continuing to invest in initiatives that will move the company forward during and after the current economic recession
“We’ll invest one-third of the fund into our clients by way of subsidized services,” said Inflow CEO, Mike Belasco. “These will be used as an investment in our clients’ businesses. Part of the fund will be used to help retain all our employees, provide emergency family financial assistance, and finance mental health days, as well as sick leave, beyond the federally mandated 10-days.”
This initiative aligns with Inflow’s company core values, specifically “Appreciate What We Have, Give Back.” “We could sock away that money for a rainy day, but that doesn’t seem like it fits very well within our core values,” Belasco continues. “And by all accounts, it’s currently rainy! By paying it forward, we are helping other businesses generate revenue and support them in retaining their staff, while also supporting our own employees and company.” Visit Inflow for more information about the company.
The Paycheck Protection Program loan initiative has been derived from the Coronavirus Aid, Relief and Economic Security Act, otherwise known as CARES Act. The $350-billion program is meant to help American small businesses with eight weeks of assisted cashflow via federally guaranteed loans. While many businesses applied for the initial round of available funding, many did not receive funds. Inflow’s partners at Inbank, a local Colorado bank, worked diligently and furiously to get these loans on behalf of valuable customers, such as Inflow.
“We have been fortunate to be able to assist companies like Inflow secure loans through the Paycheck Protection Program (PPP) and to impact over 10,000 jobs that support local businesses in our communities,” says Tom Francis, Senior Vice President, SBA & Commercial Banker, InBank. “We applaud the efforts of Inflow to use their PPP funds to support their clients, retain employees, and invest in other initiatives to pay it forward.”
Readers can find out more about Inflow and the Inflow ‘Pay It Forward Plan” at the company’s official website: www.goinflow.com
Company Name: Inflow
Contact Person: Steph Tripp, Director of Marketing
Email: Send Email
Phone: (303) 905-1504
Address:621 Kalamath St Suite #010
State: CO 80204
Country: United States