What is a PEO?

PEO is short for a professional employer organization; this service offers payroll administration support, employee benefits, workers compensation insurance, and additional HR services. PEO’s offer a co-employer relationship, in which the PEO acts as the administrative employer and the client works as the onsite employer.  The most notable benefit of this relationship is that they share responsibility for risk, ensuring you are in full compliance at all times.

When you begin working with a PEO, you’ll sign an agreement to give them authority to file all of your taxes under their own EIN. This gives smaller companies access to large company benefits such as lower state unemployment tax, lower worker compensation rates, and access to employee benefits most companies could not obtain on their own. You are entirely in control of the daily activities within your business and the management of your team. When it comes to choosing the right solution for your business, you’ll want to consider the size of your business and whether you need any additional HR help. If you only have a small in-house HR team or need HR assistance, you may find a PEO to be a good option. Learn about co-employment services through MBS here.

What is an Automated Payroll Service?

On the other hand, an automated payroll service will automatically process your payroll, employee deductions, and file all payroll taxes on your behalf. They’ll be able to provide your quarterly and end-of-year tax statements for both the company and your employees. This service makes it easy to pay all of your employees, including those who only work part-time or freelancers. They aim to take the stress away from your team so you can focus on your business.

These services offer various features, including payroll processing, paying your payroll taxes, payroll reporting, and new-hire reporting. On top of this, you may find they offer PTO management, timekeeping, 401k administration, and pay by pay workers compensation. Find out more about payroll services through MBS here.

Using a PEO or automated payroll service is a good solution for any business looking to save time and money instead of processing payroll in-house. Contact us to learn more about options for payroll and co-employment for your business.

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The History of the 40-Hour Work Week

The 40-hour workweek dates back to the early 1900s when it was used as a way to attract workers who were previously used to working 12 or 16 hour days. Of course, at that time, this was an appealing concept that Henry Ford came up with, and it’s been considered the norm in most companies until the past decade. However, many companies and individuals are beginning to question whether this concept is one that’s outdated and if it still has a place in our modern lives.

Striving for Work-Life Balance

The past year has made us all consider our current way of living, and many of us have realized that more work-life balance is needed. The 40-hour workweek isn’t consistent with the expectations of the younger generations and their lifestyle. Young professionals have made it clear that work shouldn’t be their number one priority in life and that they’d instead work to live than live to work. With more businesses using team-based work and project models, the need for this set working structure is only continuing to decrease. On top of that, individuals working effectively from remote locations don’t necessarily need to log in at 9 am each day to start work.

Focusing on Results

For companies considering getting rid of the 40-hour workweek, their employees would need to be judged on results, not time in the future. In fact, many European companies have already reduced their standard working hours. Results have proved that employees accomplish just as much in a six-hour day as they would in an eight or nine-hour day. However, tracking this productivity will need to be considered to ensure it’s not detrimental to the employees.

We need to shift from keeping employees “busy” to focus on work that brings value to our businesses. Employees who are currently working within management are already judged on results as opposed to time, so it’s simply a case of filtering this down to lower-level employees. With the increase of the digital workforce, we have the opportunity to reimagine the way we are currently working and build a culture that encourages trust and purpose within their organization.

Alternatives to the 40-hour workweek

1. Flextime

Flextime allows employees to select when they begin and end their workday. However, most companies require that all employees are present when meetings and other company activities take place.

2. Compressed Work Week

A compressed workweek can be as simple as working four ten-hour shifts per week rather than five eight-hour shifts. Compressed workweeks have the added benefit of saving the employee money by reducing the cost of transportation due to the one less day a week that is worked.

3. A 9/80 Schedule

Similar to a compressed workweek, a 9/80 work schedule allows the employee to work 80 hours over two weeks. For example, the employee may work eight nine-hour days and one eight-hour day in a two-week period. This type of schedule allows the employee to gain an entire 80-hour pay period without working the standard 40-hour workweek.

4. Rotating Schedule

A rotating schedule alternates days worked and days off each week. For example, an employee may work three twelve-hour shifts one week and four twelve-hour shifts the following week. Another example of a rotating schedule is to work eight-hour shifts that alternate days worked each week.

5. Telework

Telework, also known as telecommuting, is another alternative to the traditional 40-hour workweek. Telework allows the employee to work one to five days a week from home, a satellite office, or a regional telework center.

Over the next few years, we can expect to see considerable changes to how many of the world’s top companies operate. The 40-hour workweek is undoubtedly starting to make its way out. We are excited to witness the benefits this will offer both employees and businesses moving forward.

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Create a Professional Image

If you are the host of the Zoom meeting, ensure you are setting the tone for the attendees. Stage your video properly with a clear background or have a professional office setting behind you. Avoid having distracting household objects in the background, and locate yourself in a quiet area for the meeting. When working from home, ensure you still dress the part, especially when meeting with outside clients. Nobody wants to see you in your pajamas, so ensure anything that’s seen on screen looks good.

Camera Etiquette

When it comes to your Zoom meetings, we always recommend using the camera where possible. Although some audio meetings can be productive, the attendees often feel very disconnected without video. You’ll also find your attendees are far more distracted if they don’t have to have their video on, which is why we recommend having team members use their video during Zoom calls as well. With that said, before connecting to the meeting, check your lighting. Poor lighting can make your video look grainy and dark and even keep the audience from being able to see your face, so even just adding an additional lamp can improve your appearance.

Use Mute When Appropriate

There’s nothing worse than a Zoom meeting being disrupted due to someone’s children running around in the background, a dog barking, or the phone ringing. Ensure you put yourself on mute when you aren’t speaking. If you are the host of the meeting, you can always mute anyone who isn’t presenting at the time to avoid everyone else from being distracted.

Plan Breaks Between Your Meetings

Anyone familiar with Zoom meetings knows that they can be a bit exhausting, especially when there are multiple meetings throughout the day. With numerous people on a video call, they can become lengthy, and after a certain amount of time, it’s challenging to stay focused on the topics at hand. Don’t overwhelm yourself with too many back-to-back meetings, and give yourself a 15-30 minute buffer in between sessions to recharge your battery and prepare for the next meeting.

Focus on the Meeting

Working from home often comes with a lot more distractions than an office meeting, but think about what you are doing in front of the camera.  Eating and scrolling on your phone are easily noticeable on camera, so ensure you are focusing on the meeting at all times. It can be easy to forget you’re on camera but try to avoid doing anything that will embarrass yourself. Additionally, remember just because you are not in-person does not mean you can’t show you are engaged. A great way to let everyone know you are listening and fully interested is by making eye contact. Even during long days of back-to-back Zoom meetings, do your best to focus on the task at hand and avoid having pointless conversations that will extend the meeting.

Consider Who You Invite to the Meeting

If you are the meeting host, think very carefully about who you invite to a meeting. You don’t need everyone from your team on the call if the topic of discussion is irrelevant to their current work. Try to avoid cluttering up the Zoom room with potential distractions, and instead, focus on those team members who are crucial to the day’s discussion.

Record Your Meeting

It’s easy to lose track of everything said during a meeting, and while taking notes may help with this, you can also record the session. You can then refer to it later if needed, which helps with organization and planning. Just be sure before you record, you ask permission from everyone included on the call. There are also services such as Temi that will transcribe your audio for a small fee, providing you with notes from your meeting.

By following these top Zoom tips, you’ll find you can enjoy productive meetings that can quickly and efficiently resolve any issues within your workplace. Zoom is an excellent tool for anyone working remotely, and when used effectively, will allow you to deliver outstanding results and manage your team effectively this year. 

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Who is Eligible to Apply for Employee Retention Credit?

The Employee Retention Credit is a system that we encourage any employers to look into. It offers a refundable tax credit which can be applied to some employment taxes equalling up to 50% of the qualified wages paid between March 12, 2020, and January 1, 2021. Any employers, including tax-exempt organizations, can apply for this credit if they operated during the 2020 calendar year and had either a decline of 50% or more in 2020 or 20% in 2021 in their gross receipts or fully or partially suspended their operations due to COVID-19 during any calendar quarter. The credit will apply to any qualified wages paid during this time or the period in which your operations were suspended.

What are Qualified Wages?

Qualified wages are dependent on the number of employees you have in your organization. For anyone with 100 or fewer full-time team members in 2019, qualified wages are paid to an employee during the decline in gross receipts with a limit of $5k per employee in 2020, or $14k per employee in 2021, or suspended operations. In addition, this change now allows you to claim ERC in combination with a PPP loan. For companies with over 100 full-time employees, you will only be able to count wages that an employee would have been paid for the equivalent duration of the 30 days immediately preceding the period of difficulty for your organization. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.

Applying for the Employee Retention Credit

For your company to claim the Employee Retention Credit, you will need to report the total qualified wages and health insurance costs each quarter. This will be noted on your quarterly tax returns, starting with the second quarter, which is usually completed on the Form 941. If you are applying for the ERC, you can retain employment taxes that you would otherwise have paid without penalty.

As the Employee Retention Credit was updated in 2021, more businesses will apply for this system and help retain their employees. These payments can be offset to eliminate payroll tax business owners who have been particularly hard hit during the past year. It’s one of the best assistance systems for business owners in the U.S. and offers thousands of dollars per employee in credits. Companies are receiving hundreds of thousands of dollars in credit after applying for the ERC, so you’ll want to check if this is something you are eligible for.

If your business has been impacted by the pandemic and meets all of the criteria listed above, don’t delay applying for the ERC. This will ensure you receive the credit you deserve, which can help you rebuild your business in the upcoming years. Visit the official IRS website to find out more about the Employee Retention Credit.

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1. Increase Work-life Balance

Work-life balance is a topic that has received more attention than ever before in the past year. As a result, companies are now offering employees flexible working arrangements, allowing them to work from home when needed. On top of that, consider encouraging your team to use vacation days as needed and provide childcare if possible. The more incentives you can offer your team to promote work-life balance, the healthier and happier your workforce will be.

2. Improve Your Physical Surroundings and Accessibility

A comfortable office space with proper lighting can do wonders for your team’s mental health. When you spend eight hours each day in a building, you want it to be welcoming and relaxing instead of adding more stress to your day. Offer your team access to the supplies and resources they need to get their job done efficiently and with no delays.

3. Offer Employee Benefits

Here at Merritt Business Solutions, we encourage any business to look at the benefits they are currently offering their team. For example, health, dental, and vision coverage are significant benefits many employees expect to see offered now. On top of that, consider whether childcare could be provided for parents within your team. You’ll find that benefits are even more important to many employees than a pay raise. They can help boost productivity and happiness levels in your organization too, find out how here.

4. Improve Team Communication And Planning

One of the biggest reasons for the lack of efficiency during projects today is poor communication and planning. Strive to always communicate expectations to your team and have a plan in place before asking them to start work on a project. This can help to avoid delays further down the line and reduce frustration within your team.

5. Have an Efficient HR Strategy in Place

Your team should know that support is available whenever it’s needed from your HR team. Have your policies clearly set out for your team to follow and ensure that a set procedure is followed each time an issue is brought up. Merritt Business Solutions can provide you with all of the HR tools you need to run your business effectively. Get started here.

6. Create Individual Development Plans with Employees

Put the time aside to work with each of your team members one-on-one to create development plans. This shows that you are committed to their personal development and can help to build new leaders for your organization in the future.

7. Offer Constructive Employee Feedback

Giving feedback is something that many leaders today dread, but it’s essential for the development of your team. You can help identify any concerns within their current working processes, which will unite your team and create a more efficient working environment.

8. Listen To Your Employee’s Concerns

As well as sharing your concerns with your team members, they should also be offered a safe space to discuss their issues. Without an opportunity to bring up any personal or professional issues they face, you’ll find tension builds, and productivity decreases within your workforce.

After following these eight tips, you’ll find you can easily transform any work environment into a space that’s more efficient and productive. Contact us today at Merritt Business Solutions to discuss how our team of experts can help streamline your HR and benefits processes this year.

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Here are some of the benefits you can choose from for an employee benefits program through Merritt Business Solutions:

• Medical
• Telemedicine
• Medical Bridge (GAP)
• Accident
• Critical Illness
• Life Insurance
• Short Term Disability
• Dental and Vision
• Legal And Identity Theft Coverage

Learn more about developing a custom employee benefits program here.

Promoting a Happier Workforce

There’s no question that modern life can be incredibly stressful at times, and worrying about healthcare and insurance can be highly detrimental to your employees’ quality of life. Here at Merritt Business Solutions, we can help you set up a comprehensive employee benefits program, allowing your team to select from a wide range of options. They’ll be able to choose options such as telemedicine, critical illness coverage, dental, and vision, addressing their personal needs. By taking away this stress and pressure from their life, you’ll find that they are happier and more relaxed at work each day. In addition, of course, a more satisfied workforce offers advantages for both your employees and customers, who will receive improved customer service.

Increasing Productivity

Focus and productivity work hand in hand. When your employees are stressed about health or personal finances, they will struggle to focus on the task at hand. In fact, A study by Employee Benefits revealed that 25% of people believed that their productivity at work would improve if they received perks or employee benefits. Additionally, when employees have access to healthcare through a benefits plan, they have the opportunity to get treatment for illness when that arises. This allows them to stay healthy, focused, and active in the workplace.

Attract Talented Team Members

A huge part of selecting a new position today relies on the benefits that are being offered. As we mentioned earlier, benefits often hold more weight than a pay increase for employees, and the same goes for those looking for a new job. Statistically, 4 in 5 employees prefer benefits more than a pay raise. Simply put, by offering an attractive benefits package, you can attract new talent and retain existing talent. 

Improved Attendance

If you want your productivity to increase, you need your employees to be present in the first place. Absenteeism is a widespread issue for businesses today, and companies lose substantial income each year due to this issue. When it comes to taking time off work, the most common reasons for this are health and family concerns. Providing your employees with health coverage and accommodating flexible working arrangements are two of the key benefits we encourage any business to consider adding to their current offerings. 

If major medical is not in your budget we can help your eligible employees get subsidies for individual health insurance through the American Rescue Plan. This can be combined with a fully managed benefits package for the best of both worlds. Contact us today to learn how Merritt Business Solutions can help develop your employee benefits program.

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What is OSHA?

OSHA was established in 1971 and protects employees by enforcing standards and safety regulations within workplaces across the country. It also offers employees and businesses training, education, and assistance and has cut the work-fatality rate in half since its initial introduction. On average, 15 workers die every day from work injuries (approximately 5600 workers annually.) Approximately 4 million non-fatal job injuries and illnesses are reported each year. OSHA assists private sector employers and their employees and covers a wide selection of industries. While self-employed workers are excluded, some public sector employees are covered by OSHA. You should be aware of how OSHA impacts your business to ensure you avoid potential injuries and accidents within your workplace.

What Are My Responsibilities As A Business Owner?

There are a lot of factors involved when it comes to OSHA rules for a business and understanding what you must follow vs what you are exempt from as a business owner can be quite complex. It’s definitely not something you want to take lightly, especially when the health and safety of your workers are at stake. Because OSHA can inspect your business at any time, it’s best practice to ensure you follow the health and safety standards set by OSHA. Employers should be familiar with OSHA standards, but employees should also be offered information about OSHA. Keeping your team up-to-date with OSHA standards and providing printed information on OSHA requirements can help keep your workplace stay compliant and abide by the law.

As an employer, you are the one who is responsible for providing your employees with the proper safety

equipment to carry out their job accurately. If you work in a more dangerous working environment, ensure workers have the tools and protective devices that are needed. Providing your team with the proper equipment and maintaining tools throughout their lifespan will go a long way to protecting the well-being of your employees.

What Are the Three Strategies OSHA Focuses on?

To achieve its vision, OSHA has established three interdependent and complementary strategic goals to guide the development of programs and activities for the Agency. The successful accomplishment of any one of the strategic goals will not be possible without parallel successes in the other goals. The mission of OSHA is to save lives, prevent injuries and protect the health of America’s workers.

To achieve this, federal and state governments work together with more than 100 million working men and women and eight million employers. Some of the things OSHA does to carry out its mission are:

• Developing job safety and health standards and enforcing them through worksite inspections.
• Maintaining a reporting and recordkeeping system to keep track of job-related injuries and illnesses.
• Providing training programs to increase knowledge about occupational safety and health.

OSHA also assists the States in their efforts to assure safe and healthful working conditions, through OSHA approved job safety and health programs operated by individual states. State plans are OSHA-approved job safety and health programs operated by individual states instead of federal OSHA. States with approved plans cover most private sector employees as well as state and local government workers in the state. State plan programs respond to accidents and employee complaints and conduct unannounced inspections, just like federal OSHA. And, some states have OSHA-approved plans that cover only state and local government workers.

Follow the OSHA Guidelines

If an incident occurs within your workplace, there are strict guidelines you must follow. You can read more about the guidelines to follow on the official OSHA website. Within eight hours of an accident, you must report any severe injuries in the OSHA 300 log. A minor accident or incident will need to be recorded within seven days. Ensure you are familiar with where you need to log this information to avoid any delays or panic during an emergency.
Contact Merritt Business Solutions to assist your business in following OSHA guidelines and creating a safe working environment today.

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The good news is that there is an easy way to satisfy these and other internal matters without cutting into your busy schedule. In this article, we’ll show you 3 reasons to outsource your HR and payroll services to a professional, third-party company.

1. There Will Be Fewer HR Or Payroll Mistakes

Studies over the years have shown that increased employee satisfaction leads to more productive staff. In fact, one study showed that happy employees are up to 20% more productive than unhappy employees. This can be directly impacted by HR and payroll. By outsourcing HR and payroll services to the professionals, you can trust they will deliver the highest quality of service. They have the training, the tools, and the software to ensure as few errors as possible, resulting in better production and happier employees.

Keeping within the theme of employee satisfaction, the bare minimum an employee can ask is payroll being done correctly and on time. Employees depend on receiving their paychecks. Third-party payroll companies will use professional tools to guarantee that everyone’s wages arrive on the set date and time.

2. Your Employee Records Are Recorded And Available at Any Time

For legal and tax purposes, you need to keep records of all your employees, how much you’re paying them, and what dates they take a vacation or sick leave. Merritt Business Solutions can offer resources to assist with your record-keeping needs through an online portal, so you have access to your records when you need them. Other features include:

• Customizable reporting.
• Employee data management.
• Paid time off management.
• Employee self-service portal for viewing paystubs and updating personal information.

3. You Get Access to a Professional Set of HR Tools, Resources, and Support

When you outsource your human resource needs to a professional HR provider, you’ll receive tools and resources required to manage your employees adequately. These tools will assist you with day-to-day human resource management and safeguard your business.

Some resources that you can expect to gain access to by outsourcing your HR needs to Merritt Business Solutions include:

• HR HelpDesk:  Receive phone and e-mail access to a dedicated support team of HR professionals to help you navigate any HR issues.

• Basic HR Toolkits: The toolkits can help you accurately complete everyday HR tasks such as hiring and termination with step-by-step best-practice guidelines, necessary forms and documents, and related policies.

• State and Federal Compliance Database: Get easy-to-read information and updates about ever-changing state and federal employment laws.

• HR Compliance Updates: Receive proactive email alerts when laws change that may affect your company’s policies, procedures, or compliance requirements.

• Audit & Compliance Wizard: Use an intuitive wizard to assess your company’s HR practices in seven key HR areas and resources to assist with any compliance weaknesses.

• Quick HR Answers: Search a comprehensive database of commonly asked HR questions and get on-demand best-practice answers.

• Access to EPLI coverage: Employment Practices Liability Insurance provides coverage to employers against claims made by employees alleging Discrimination, Wrongful termination, sexual harassment, and retaliation.

You can learn more about gaining access to all of the tools above and outsourcing your HR needs to MBS here.

Merritt Business Solutions Will Handle All Your HR And Payroll Needs

Now that you recognize the benefits of hiring a third party to handle your business’s HR and payroll visit our services page to learn how you can get started with Merritt Business Solutions!

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Why Raise Awareness About Mental Health?

Our mental health is just as important as our physical health, but are you aware of how many individuals are affected by mental health issues every year? As per the National Alliance on Mental Illness, 1 in 5 Americans suffer from at least one mental health issue each year. That’s 47.6 million people annually. Additionally, According to one CDC report, which surveyed adults across the U.S. in late June of 2020, 31% of respondents reported symptoms of anxiety or depression. Poor mental health can affect day-to-day tasks, the workplace environment, and employee motivation. Raising awareness about mental health can reduce the chance of your employees needing time off, as they’ll be more likely to take care of their minds and bodies instead of letting issues get on top of them.

How To Improve Mental Health Awareness In The Workplace

The first step to improving mental health awareness in your workplace is to start having more open conversations about mental health. This could be through team meetings, employee satisfaction surveys, company bulletins, and having a dedicated HR team. Mental health is still considered taboo in some parts of society today, and we need to work to shatter this stereotype and encourage people to talk about their struggles as they would with their physical health. Add mental health modules into company training programs, and ensure everyone from entry-level employees to your leaders are more aware of the subject.

To improve mental health awareness within your workplace, you also need to have a solid system for mental health concerns. Just as you would allow your employees to take sick days or visit a doctor for a physical health concern, encourage them to do the same for their mental health. You can support your employees by allowing them to take vacation time or mental health days a couple of times a year to increase productivity and promote employee satisfaction. Additionally, employers can ensure they have a clear set of guidelines for team members who report mental health concerns and know who to refer them to for additional support.

Why Mental Health Should Be A Concern For Employers

Another CDC survey found that 51% of people reported worse mental health at work since Covid-19 started. Mental health issues can cause employees to leave their job. This can present sudden problems with production, difficulty filling positions, and keeping reliable workers. Employers should encourage team leaders to look out for employees by checking in with their team members in private to ensure they are doing okay. A healthy workplace will encourage team members to stay within your company for many years, and improved well-being boosts productivity and engagement. By cultivating a pleasant working environment every day, you’ll find that your team members will become more open and communicative about issues they are facing in the future.

As mental health has become more widely understood in our county, it’s no surprise that companies realize the importance of promoting mental health awareness. By following the suggestions listed above and offering your team members the appropriate resources when they need assistance, you’ll enjoy the benefits of a healthy and happy workforce for many years to come. 
If you are looking for a team to improve mental health awareness within your organization, contact the experts at Merritt Business Solutions.

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A Professional Employer Organization (PEO) is a third party you can hire to help your business with employer duties. A co-employment provider, or PEO, will typically: run payroll, schedule and pay vacation and sick leave, coordinate health benefits, assist with HR tools to interview and hire employees and ensure the business complies with state and federal regulations.

3 Ways Hiring a PEO Can Save Your Business Money

1. It’s More Affordable Than Hiring HR Employees Directly

Outsourcing your HR and payroll services to a co-employment provider is more cost-effective than hiring a full-time HR staff. Hiring a full-time HR staff requires most employers to pay salary and benefits, which can add up quickly. In addition, this leaves employers responsible for handling their payroll, leave requests, and any internal conflicts they may have with other employees. A co-employment provider will take on all of the duties of an HR staff member without the headaches that come with a new hire.

2. It Lowers The Cost Of Employee Benefits

Co-employment providers generally have access to less expensive health and retirement plans than a business would typically qualify for. This is essential for companies with full-time employees for whom they are required to provide the full range of benefits.

3. It Prevents Costly Amateur Mistakes

Business owners who don’t know how to use payroll software are not typically aware of legal procedures concerning employee treatment and usually do not keep detailed records. This can result in missteps. When it comes to employer-related practices, an expert co-employment provider can ensure that everything on the HR side of your business runs smoothly and is free of costly mistakes.

Co-employment Also Saves You Time And Stress

In addition to saving you money, co-employment providers can save you time and stress, here’s how.

1. Saving You Time

Because a co-employment provider covers all of your HR, payroll, and other employer responsibilities, you have more time to focus on running your business. There are plenty of other areas that demand your attention: marketing your brand, maintaining and replenishing inventory, paying bills, and improving customer relations. By hiring a co-employment provider, you’re giving yourself more time to dedicate to these essential concerns.

2. Saving You From Stress

Fulfilling all the duties of an employer is hard, taxing work. You may not be an expert in every area, either. Hiring a co-employment provider to mitigate your workload allows a heavy burden to be lifted from your shoulders. You’ll also feel less stressed knowing how much money you’re saving in the process!

Merritt Business Solutions Saves You All Of The Above

Hire Merritt Business Solutions to make sure you find the best co-employment provider for your unique needs today. Contact us today so we can discuss the bright future of your business.

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MBS has rounded out this program with an employee benefits bank. Contributions made by the employer, the employee, or both can be used for voluntary benefits including dental, life, telemedicine or so much more! Of course, MBS will manage all the administration. This could be a great offering to new employees with little or no cost on the employer’s part!

With the new enrollment period open until August 15th with no need for a Qualifying Life Event, let’s take a look at how the American Rescue Plan can help save your business money and increase employee benefits this year.

Health Insurance Subsidies and Your Company’s Employee Benefits

Here at Merritt Business Solutions, we can help your eligible employees to access health insurance subsidies in the marketplace. Your employees may now be eligible for increased subsidies thanks to the changes to the Affordable Care Act with the American Rescue Plan. 

For anyone with an individual income of $12,760 to $51,040 or $26,200 to $104,800 for a family of four, we can help them to enjoy even more savings than ever before. You can then combine this with a fully managed benefits program for your employees, offering them the best of both worlds. They can use these benefits to access life insurance, critical illness coverage, telemedicine, and many other voluntary benefits that may fit their needs.

Saving Your Team Time and Money

For business owners, we know that there are never enough hours in the day. That’s why at Merritt Business Solutions, we are dedicated to helping businesses thrive during this difficult time. If you are a business owner who finds they are performing multiple roles, you’ll find our employee benefits department can support you at any time. 

You’ll enjoy the benefit of having an entire team dedicated to helping you whenever you need assistance so that you can focus your time and energy elsewhere. We know that for many small business owners, the administration surrounding benefits can be very overwhelming. We’ll save you precious time and money with our streamlined technology, which will make your Benefits and HR onboarding process much more manageable. You can rest assured knowing you are fully compliant at all times, saving your company money in the long run.

To help your company save money year after year with the ever-increasing costs of running a business, our expert team can help put together a strategy for both you and your employees. They’ll be able to take a look at every detail of your business and explore the various options available to you to help you save money moving forward for your business. 

For more information about how the American Rescue Plan can help your business save money, contact the team at Merritt Business Solutions here. 

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In this blog post, we’ll explain how the pandemic has taught small business owners to plan ahead. Specifically, we’ll cover planning ahead in terms of payroll, maintaining inventory, and paying off or consolidating debt.

1. Plan Ahead For Payroll

In 2020, 52% of small establishments in the United States told their employees not to work. Due to mandated government shutdowns, small businesses lost clientele and therefore did not have enough work or enough cash flow to make payroll.

But most small business employers care about their staff. They want to keep paying them and not deprive them of their livelihood. The pandemic has shown employers that they must prepare for situations where their company experiences a sharp decrease in business. This way, the owners, as well as the staff, can continue to get paid on a regular basis and not be forced to change jobs or file for unemployment.

2. Plan Ahead For A Decrease In Inventory

Since the beginning of the covid-19 pandemic, 36% of establishments in the United States experienced a shortage of goods, and 11% experienced difficulties sending and receiving shipments. Small business owners need to prepare for a decrease in the availability of their products and keep a limited stock on hand for hard times.

3. Plan Ahead For A Surplus Of Inventory

As a result of the pandemic, 56% of US businesses underwent a decrease in the demand for their goods or services. A decrease in demand can lead to a surplus of stock just sitting uselessly in storage. This stock, if perishable, may go bad before the demand for it rises again. Small business owners must take this into account, watch trends carefully, and make wise decisions about selling surplus inventory before it turns into a loss.

4. Plan Ahead For Paying Back Debt

Since the pandemic, 62% of establishments took out a coronavirus-related loan or grant. Those loans are coming due, and now small businesses find themselves in debt. Going forward, they need to develop realistic plans for paying back loans during and after emergencies so that they don’t stay long in the hole.

When You’re Planning Ahead, Merritt Business Solutions Will Be There For You

When you’re planning ahead for a potential emergency situation in the future, know that Merritt Business Solutions will be there for you to help you make ends meet. If you need a short-term loan to cover important expenses, like payroll, inventory, or pre-existing debt, contact us about our Client-Credit Line: an unsecured loan that requires no application and no credit checks to qualify for.

The post How The Pandemic Has Taught Small Business Owners To Plan Ahead appeared first on Merritt Business Solutions.

Merritt Business Solutions now offers a Client Credit Line specifically catered towards your business. Its goal: to ensure that the needs of both the company and its workers are met.

How Does Merritt Business Solutions Client Credit Line Work?

Merritt Business Solutions is excited to release a new service offering called the Merritt Business Solutions Client Credit Line. The Merritt Business Solutions Credit Line provides our valued clients with a unique opportunity to obtain a flexible loan whenever you need it which can be repaid immediately or over time which can be used for any business need.

Some of the reasons you may want to take the Client Credit Line out for include:

● Paying payroll
● Restarting and/or growing your business after covid-19
● Buying supplies or inventory
● Hiring additional resources
● Paying and/or consolidating debt you may have built up over the course of the
pandemic
● Purchasing new equipment

What Does It Cost?

In general, companies who apply for this unsecured loan receive anywhere from $15,000-$150,000, depending on the size of the business and the necessity of the loan. Once you acquire the credit line, you have access to it for a full year.

The Client Credit Line offers flexible term options. You can pay the loan back right away or take a week, a few weeks, or even a few months. When you’re ready, you pay back what you owe, in addition to a small amount of interest that’s based on the amount of time you need to take to repay it.

How Can You Apply?

The application process is easy. You only need to provide some financial statements
and then participate in a phone interview. That’s it! No lengthy application, no credit
checks, no money down. To prequalify, click here.

Don’t Skip Payroll: Apply For A Client Credit Line

The Merritt Business Solutions Client Credit Line provides a fast, easy, short-term solution to your business’s most desperate need, whether it’s making payroll, paying off previous debt, or stocking new inventory. If you’re struggling to get your business a success again in the post-pandemic economy, rather than let it die for lack of quick
cash flow, apply for this short-term loan, and reap the long-term benefits.

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