On Friday, March 10th, 2023, Silicon Valley Bank was closed by regulators and put into receivership. This is the largest bank failure since Washington Mutual in 2008. On Sunday, March 12th, a second institution – Signature Bank – was also shut down. Many business owners are now concerned about their bank and the financial system
On September 27th, 2022, California Governor Gavin Newsom signed Senate Bill 1162 into law. This bill has a significant impact on pay disclosure requirements for small, midsize, and large businesses across the state and takes effect on January 1, 2023. Most owners that we speak with say that they are not ready and are worried
On September 27th, 2022, California Governor Gavin Newsom signed Senate Bill 1162 into law. This bill has a significant impact on pay disclosure requirements for small, midsize, and large businesses across the state and takes effect on January 1, 2023. California companies with 15 or more employees will be required to include pay scale info
Treasury Secretary Janet Yellen recently warned Congress that if the debt limit is not raised by October 18th, the U.S. government will default on its debt. Economists project that a U.S. default could have a catastrophic impact on the fragile U.S. economy. In this Executive Highlight, we explore what “default” really means, what is expected
On June 15th, almost 15 months after the first shutdown orders were issued in the Bay Area, California “fully reopened” its economy. This is an important milestone and an opportunity for us to both reflect and plan. As we look forward and discuss what the reopening means for business, at ClearPath we believe it is important to keep each new challenge in the context of the past 15 months. Just one year ago, business leaders were fighting for survival: setting up remote networks, struggling to obtain everything from PPE to laptops, adapting to constantly changing restrictions, obtaining PPP loans and other financing, and above all trying to protect the health and livelihoods of their employees. We overcame those challenges and more, both business and personal. The problems business leaders face in the second half of 2021 are small by comparison.
Paycheck Protection Program – Week One Review The Paycheck Protection Program was supposed to help small businesses retain employees. The goal was to provide both reassurance to business owners and a quick cash infusion for payroll needs. To accomplish this, the law used the private sector to issue loans instead of an SBA-issued grant. To
On March 6th, additional SBA disaster relief funding for COVID-19 was approved so that businesses in many California counties are now eligible and further appropriations are expected. At ClearPath, we’re working alongside all of our clients during this unprecedented time, and looking for every possible way to help. To that end, we have recently researched
Hiring & Retaining Talent to Remain a Concern in 2020; Expect Continued Wage Growth Bay Area unemployment continues to decline and outperform California overall. December’s 2.26% unemployment rate represents a .25% decline from a year prior.1 We expect finding talent to continue to be difficult, with top performers able to pick and choose among potential employers