Archive for category: In the News

By Ilana Kowarski
May 21, 2020

The ability to manage money is a skill that can be applied in nearly any industry, experts say.

PEOPLE WHO ENJOY working with numbers, excel at math and take pride in their ability to manage money wisely should consider pursuing a finance degree.

Find B-Schools That Lead to Good Jobs

“Is the field you want to enter associated with quantitative and logical thinking? If so, a finance degree might be a good challenge for you to consider,” Ahmed Mir, who earned a master of science degree in finance and investment from the University of Nottingham in the United Kingdom, suggested in an email.

Mir – the founder of Nature & Bloom, a London-based firm that sells CBD supplements – notes that a finance degree can pave the way for a career as an entrepreneur. “If you intend to own your own business, the ability to manage and understand your own finances is crucial to long term success and as a result, a degree in the field would set you up well to manage cashflow.”

Furthermore, individuals who prefer to work for an established company rather than for themselves can expect to qualify for a variety of jobs with a finance degree. Though it is common for finance professionals to work at banks, they can find employment elsewhere, experts say.

Mir, for example, entered the tech sector after obtaining his finance degree and spent more than six years working for Amazon. His personal experience aligns with the observation of recruiters who say that finance credentials are highly marketable in many industries.

“A finance degree qualifies you for careers as a financial analyst, financial advisor, accountant, or financial manager for businesses of all sizes and industries,” Matt Erhard, a managing partner with Canadian recruiting firm Summit Search Group, wrote in an email. “This is one of the reasons these degrees are so valuable and versatile. Every company needs people who are knowledgeable about finances and accounting in order to run and grow effectively.”

What You Can Expect to Learn in a Finance Program

The field of finance focuses on the many strategic considerations involved in monetary decisions, including choices about borrowing, lending, saving, spending and investing, according to finance academics and practitioners.

Finance students are typically taught the art and science of financial analysis and financial modeling, including lessons on how to interpret complex data and create solid forecasts.

Knowledge of this academic discipline can help someone determine where to allocate limited financial resources when drafting a budget, and it can also inform financial predictions and facilitate financial planning. A sophisticated understanding of finance can clarify which business opportunities have the greatest profit potential as opposed to ventures that are unlikely to be successful, experts note, adding that such insight is essential for investment careers.

[ SEE: Best Graduate Finance Programs. ]

Finance training is also valuable when calculating how much an asset or company is worth and determining what price a company should charge for its product or service.

“Finance and the understanding of how money flows is the foundation of every business,” Adam Sanders, who has a bachelor’s degree and an MBA in finance, explained in an email. Sanders says the wide range of job options for finance grads is a significant advantage of pursuing a finance degree. “Any type of general business or money-related career is an option with a finance degree.”

Risk management is a career path where a finance degree often comes in handy, notes Sanders, an alumnus of Northwestern University’s Kellogg School of Management and director of Successful Release, an organization that helps former felons reenter the workforce. “It prepares you to better understand, evaluate and address the many risks that companies face. Risk management ultimately comes down to how much it will cost if things go wrong and how much it will cost to prevent it which is where finance professionals shine!”

[ READ: What You Need to Know About Becoming a Finance and Financial Management Services Major. ]

Finance degrees cultivate problem-solving skills that are attractive to employers, resulting in numerous career opportunities, according to experts. Degrees in finance-related fields such as economics, accounting and actuarial science can yield similar job prospects and serve as viable alternatives to finance degrees, experts say.

Additionally, industry-recognized certifications in finance such as Chartered Financial Analyst, or CFA, and Certified Financial Planner, or CFP, are extremely marketable and allow finance grads to differentiate themselves from their peers when competing for jobs.

Experts say the following positions are the sorts of jobs where finance training is especially helpful:

• Financial analyst
• Financial associate
• Financial planner
• Investment analyst
• Budget analyst
• Corporate planner
• Portfolio manager
• Wealth manager
• Financial manager
• High net worth money manager
• Product manager
• Head of product
• Head of planning and analysis
• Comptroller
• Chief financial officer
• Chief executive officer

Finance careers can be highly lucrative, especially for individuals who become managers in the field. According to the U.S. Bureau of Labor Statistics, the median annual salary among U.S. financial managers in 2019 was $129,890.

However, experts caution against pursuing a finance degree simply because of a desire to become rich, warning that it’s important for prospective finance students to think about whether they would actually enjoy a finance job and perform well in it.

[ READ: How to Choose Among the Many Types of Business Programs. ]

Andrew Temte, who has a Ph.D. in finance and a CFA certification, says liking money isn’t a good enough reason alone to enroll in a finance program, noting that he has witnessed many students make that mistake.

Temte, CEO of Kaplan Professional, which provides licensing exam preparation and continuing education, cautions that entry-level finance jobs aren’t necessarily glamorous. He encourages prospective finance students to arrange informational interviews with practicing finance professionals to get a sense of whether a finance career is a good fit.

Finance jobs require creativity and people skills in addition to hard skills, Temte notes. A finance professional must be able to make sense of numbers and explain those numbers, he emphasizes.

James Cassel, co-founder and chairman of the Miami-based investment bank Cassel Salpeter & Co., acknowledges that it is possible to work in a finance job without a finance degree. Cassel notes that he hires some individuals who have that credential and others who lack it.

Experts emphasize, however, that the technical skills gained via a finance degree can be very useful.

Steve Shreve, a mathematical sciences professor and co-founder of the master of science in computational finance program at Carnegie Mellon University, notes that quantitative finance programs are ideal for mathematically gifted students who are looking for practical ways to apply their numerical abilities.

The enormous amount of financial data available nowadays signals a growing need for data analysis, Shreve says.

Richard Bryant, the program’s executive director, says students who obtain more general, less math-focused finance degrees can follow a wide range of career paths ranging from mergers and acquisitions analysis to private equity investing.

Finance programs ultimately teach students how to use money optimally and increase wealth, a valuable skill no matter which sector they enter, experts say.

Searching for a business school? Get our complete rankings of Best Business Schools.

Top Finance MBA Programs

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By Nandini Marwah
April 28, 2020

A start-up is like a baby. You give birth to it; you take care of it and then you watch it go.

“What if equity value has nothing to do with current or future profits and instead is derived from a company’s ability to be disruptive, to provide social change, or to advance new beneficial technologies, even when doing so results in current and future economic loss but a lot of gain in the future?” Hedge fund billionaire David Einhorn, founder of Greenlight Capital

India is struggling to become the third-largest startup ecosystem in the whole world but it is actually going towards unemployment since more and more startups are getting shut down. A report was given by IBM Institute for Business Value and Oxford Economics where they found that 90% of the startups in India fail in the initial 5 years because of lack of innovation or too much innovation. Here are the few issues which lead to startup failure:

1. Often it is told that if you make a different and out of the box product, your company will touch the sky. So then this saying is followed and a very unique product is trailed. Amidst this whole scenario, one very essential component is lost, the need for the product. Startups come up with such a unique product but forget that those products aren’t needed and aren’t right for the market.
2. Lack of solving the market problem is another issue. Startups in India have a lot amount of data, technology, great advisors and a good reputation because of thorough marketing. But one issue that prevails is that of market understanding. They do not solve the market issue at large.
3. India is the second-most populous country in the world and a major economy; however, most startups only cater to a section of the society and not a large chunk of it. The population in the rural areas remain untouched by this. In India, there are less than twenty retailers to serve the market chunk. but there exist way too many online retailers for the customers. likewise, there exist too many startups in a concentrated environment. The increasingly crowded startup ecosystem means there aren’t enough funds to go around for every startup. This is a major challenge that hampers the growth of a startup even when it has all things in its favour.
4. Another major issue for the fall of startups has been lack of talent/ dedication and shortage of funds. Startups hire the wrong employees and go into the vicious circle of bad human personnel for the whole period. Startups were initially not able to gather a competent workforce due to the limited resources available and the inability to pay high salaries. There was simply the right talent shortage. In the second case, the founders wasted good two years with the wrong staff and paid them from the limited capital they had with negligible returns.

Why Are Startups Bought By Big Giants?

• The big companies end up buying the startups because of the major reason, cost. Rather than acquiring services from them, they end up purchasing the startup so that in the long run, a very profitable alliance is formed. The entire setup, talent and technologies are purchased. The benefit of two service firms is way more than hiring the service.

• One of the major reasons of merger and acquisition is that acquiring the startup, the sales of the startup merge with the parent company’s sales. The bigger organization has a win-win situation. The major example here can be of Kiva and Amazon. When the firm, Kiva built robots, Amazon uses that in their warehouses for all the in-house operations.

• N Ganapathy Subramaniam made a statement that, “We continue to remain open and hungry for acquisitions. We have one of the best track records in terms of acquiring companies and integrating them… the approach is that clearly, we are in the market looking for the right asset which will add a certain amount of intellectual property, market reach or client addition.”

• Another major reason is the research and development. Research takes up many years. People who start their own ventures have done their share of research. So when a big company acquires a startup, it ends up buying all the things associated with it in a package along with the killer and apt research ideologies.

Why Investors Invest In Loss Making Startups?

• Going for profitability too early often means limiting growth. An extensive customer base needs to be developed and research needs to be done. Profit in the early stage means something isn’t right.

• If a venture capitalist firm specializes in technology, they would try to dominate the tech sector by buying as many companies as possible. This way their competitors won’t have much choice but to buy the remaining less appealing firms. This unique strategy can create a favourable jump in their portfolios and often the word investment is deemed to be more attractive than the concept of profit.

• Investors can still make money from unprofitable companies. VCs frequently sell their stake and often go ahead with the mergers and acquisitions.

• There is also another very exquisite reason, the brand value. So uber isn’t making profits right now but if a VC invests in uber, he can benefit from it because of the popular name of the brand. The startups market themselves in unique ways and often become more popular than the conventional companies.

Competent examples which show that losses MIGHT lead to REVENUES

For about 20 years, Amazon was dependent on investors to grow and stay in business.

“One of the main reasons for Amazon’s success was their ability to raise capital and have a story where people believed they would be profitable,” said James Cassel, Founder, and Chairman of investment banking firm Cassel Salpeter & Co. This bond ultimately paid off. In the first quarter of 2019 the e-commerce giant reported about $60 billion in net sales, and it seems like they will maintain these types of massive profits for the foreseeable future because they are one of the biggest companies right now.

Comparing amazon and uber. Amazon took two decades to reach the profitability stage, maybe uber will too. “Until and unless Uber can find ways to overcome the numerous weaknesses in its business model, the company will never be profitable.” Said a great economist.

Each startup has its own strategy to achieve a certain level of dominance in their category, and their own timeline for a path to profitability. The reason why Indian startups end up being acquired is because of the lack of funding and a promise for a better future!

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By Mark Henricks
April 08, 2020

Learning about cash basis accounting, one of the most common business accounting methods around, can help your company’s cash flow.

The two most common methods of business accounting are cash basis accounting and accrual accounting.

While each has different characteristics and advantages, the basic difference between them comes down to timing.

Cash Basis Accounting: Examples

“Cash basis accounting captures transactions when there is cash involved,” explains Lisa Koonce, an accounting professor at the University of Texas at Austin. “For example, when buying office supplies, the company typically pays cash for them. Under cash basis accounting, the company then has a business expense and a reduction in their cash balance.”

For an example of how cash basis accounting would work with revenues, consider a small business that sells to other businesses. Its customers pay its invoices in 30 days. The business would record revenues from sales when the payment actually arrives, 30 days or so after the invoice is sent.

With expenses such as payroll, a similar small business would record the expense of paying workers on payday. In other words, cash basis accounting calls for recording payments to workers when paychecks are actually distributed, rather than when the workers earned the pay.

Cash basis accounting adequately reflects many small firms’ financial situations, says James Cassel, chairman and co-founder of Miami investment banking firm Cassel Salpeter. Restaurants, for instance, are often well-suited to cash accounting because there’s little difference in the timing of when they receive money and pay bills.

“With most restaurants if they’re paying bills on time, everything is within 30 days. They’re getting paid when the customer comes in with cash or a credit card, then receiving the credit card payments in a couple of days,” Cassel says. “It doesn’t make a lot of difference in how they manage the business whether they use cash or accrual.”

Accrual Basis Accounting: Examples

“In contrast, accrual basis accounting captures transactions when an economic event occurs, which may or may not involve cash,” Koonce elaborates. “So, for example, when a company uses electricity, they would under accrual accounting recognize electricity expense at that time. They would do so even if the payment for that month’s electricity bill occurs later on, like the next month once the bill arrives.”

Payroll provides another important example of how accrual basis accounting treats expenses. A business using accrual basis accounting would record the costs of paying its workers as they do the work, rather than when the paychecks are distributed.

Revenue works similarly. A business using accrual basis accounting records income when the company has earned the revenue. So a consultant would record revenue as billable hours are completed. A building contractor would record revenue when a remodeling job is finished. A manufacturer would record revenue when product has shipped.

In these cases, actual payment may not arrive for weeks or even months, but the revenue is recorded when it is earned.

Which to Use? Cash vs. Accrual Basis Accounting

Since cash basis accounting is focused on cash transactions, it highlights other differences between the two accounting methods. For instance, cash accounting doesn’t recognize accounts payable or accounts receivable, which are important parts of accrual accounting.

The cash accounting method is more popular among smaller businesses. Sole proprietors, especially those who don’t have inventory, are particularly likely to use cash basis accounting rather than accrual accounting.

“Cash basis accounting is much simpler than accrual basis accounting, so for small businesses it is a more cost effective way in which to keep track of transactions affecting the company,” Koonce says.

Although it’s simpler, cash basis accounting does have some limitations.

“The biggest disadvantage of cash basis accounting is that it doesn’t capture economic transactions in the right time period,” Koonce notes. (For instance, a business incurs expense for electricity when the business uses the electricity, not when it pays the bill the following month.)

Looking at cash flow seems more straightforward and less complicated for a business that uses cash basis accounting, Cassel notes.

“If you have more money in the bank at the end of the month than in the beginning of the month, and you have paid all your bills, it’s a good month,” he observes.

But accrual basis accounting can give a more accurate financial picture of business’ financial status, especially if there’s a time gap between having to make and receive payments. Accrual accounting is often more useful for long- term planning, Cassel says. This is part of the reason why larger companies are more likely to use accrual accounting.

Another key reason for using accrual accounting is when it is required by a third party. If a business is looking for a bank loan or preparing for sale, the lender or buyer might require accrual based accounting, Cassel says. In addition, public companies always use accrual based accounting.

Lenders, investors and private equity buyers often want a business to have audited books, he explains. And an audit performed under Generally Accepted Accounting Principles (GAAP) requires accrual accounting.

The Internal Revenue Service also has rules about using cash basis accounting. The IRS will accept either approach, including a hybrid of the two, with some exceptions. One is if a company that is not an S corporation has more than $25 million in annual sales. In that case, the IRS requires accrual accounting.

If accrual accounting is not required by some third party, companies are free to use either method. Some use a combination of the two, employing accrual method for sales and purchases of inventory and cash for other income and expenses. Companies may also use one method for managing the business and the other when it comes to filing taxes, Koonce says.

Companies can switch from cash basis accounting to accrual accounting for tax purposes by filing Form 3115 with the IRS. Switching often occurs as a company gets larger and long-range cash flow planning and dealing with investors and lenders becomes important, Cassel says.

But switching accounting methods isn’t common, and it usually means going from cash to accrual.

“From the IRS standpoint you can pick a method, but once you pick it you have to stick with it. You really can’t go back and forth,” Cassel says. “And generally, you see people change from cash to accrual. It’s rare you see someone go from accrual to cash.”

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The worldwide coronavirus outbreak threatens to disrupt operations for companies large and small for the foreseeable future. In fact, 82% of business leaders recently surveyed by the Young President’s Organization anticipate revenue declines over the next six months. To help stem losses, 95% of chief executives polled are taking action, including canceling major events (64%), nixing business travel (53%), cutting costs (39%), and allowing employees to telecommute (28%).

There’s much you can’t control during uncertain times like these, but you can take steps to protect your enterprise from being financially crippled by COVID-19. While we recognize that there is no one-size-fits-all solution, following are three expert-recommended strategies to consider in helping your business survive the pandemic.

“Create a 13-week cash flow forecast, which should be stress-tested to explore likely scenarios, including worst-case scenarios.” James Cassel, co-founder and chairman, Cassel Salpeter & Co.

Forecast cash flow and boost liquidity

James Cassel, co-founder and chairman of investment banking firm Cassel Salpeter & Co., said your company’s survival depends on addressing financial/liquidity issues during this crisis.

“Create a 13-week cash flow forecast, which should be stress-tested to explore likely scenarios, including worst-case scenarios,” he said. “Here, you must consider your cash needs looking ahead after thoroughly reviewing fixed and variable expenses.”

Concurrently, seize every opportunity to maximize cash inflow by offering cash reductions to customers and clients who pay more quickly.

“You also want to make what you have last longer. To help, reschedule where you can toward a longer payment period for outstanding expenses. And head to the negotiation table with your vendors, keeping in mind that many of them are facing the same issues you are,” added Cassel.

Lastly, amplify liquidity via extended credit, a second mortgage or a business loan. Small business owners impacted by COVID-19 in many states are now eligible to apply for a U.S. Small Business Administration (SBA) low-interest loan.

Coronavirus Guide for Small Businesses

CO— is working to bring you the best resources and information to help you navigate this challenging time. Read on for our complete coronavirus coverage. Coronavirus Small Business Guide

Log your liabilities

Risk management consultant Frank Russo, founder/principal of Procor Solutions, preaches the significance of proper documentation in the weeks and months ahead.

“As costs begin to pile up and losses are evaluated, small businesses must act now to document all impacts and losses related to the coronavirus in a clear and comprehensible manner,” he says.

Effective record-keeping can, for example, improve your chances of getting reimbursed punctually for business insurance claims and receiving assistance from the federal government or your local small business administration.

Russo specifically advises two key steps. First, establish a separate account number or charge code in your cost accounting system under which all COVID-19-associated costs/losses will be captured; this will be the tracking mechanism used to evaluate all such costs across your business. Second, calculate your company’s operating “baseline”—which means conducting a two- to three-year review to compare your business’ performance before and during the pandemic.

“Sound financial supporting documentation and memorializing and updating the story of your interruption is key,” said Russo. For help with these tasks and expert guidance, “it’s also important to reach out to experts who deal with business interruption events, including attorneys, insurance brokers, risk management professionals and CPAs.”

 

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By David Lyons And Ron Hurtibise
Mar 17, 2020

The plea to Washington couldn’t have been more direct: Silver Airways, the Fort Lauderdale-based regional airline that serves Florida and the Caribbean, needs financial aid to survive.

In a statement, CEO Steve Rossum asked local, state and federal governments Monday “to provide critical and immediate financial aid required in order for the airline to survive the most direct crisis the industry has ever faced.”

The company, which employs 1,000 people and maintains a significant presence at Fort Lauderdale-Hollywood International Airport, did not say whether it is about to furlough people or eliminate jobs. But the implication was clear: Time is of the essence or drastic measures may be next.

“We are in dire need of any assistance you can provide that will allow us to continue flying and providing the safe, reliable air transportation that is critical to the Southeastern U.S., Bahamas and the Caribbean,” Rossum said in a letter addressed to several high ranking officials including the secretaries of Treasury and Transportation, and members of Florida’s congressional delegation. “We hope and trust you can be in a position to support this need.”

The plea was probably among the most profound from a transportation industry that says it is unable to cope with the effects of the fast-moving coronavirus. As Silver publicized its letter, pilots unions were cutting modified labor deals with American Airlines and Delta Air Lines after both announced severe service cutbacks.

The moves are symptomatic of the cracks that are appearing elsewhere in South Florida’s consumer service-heavy economy, where billions of dollars change hands annually among tourists, full- and part-time residents, business operators and investors.

Companies seeking help

Within the last week, companies large and small have resorted to self-help, meaning some have laid off employees, temporarily suspended service or borrowed more money. But many seemed to be stopping short of sizable layoffs to preserve their businesses. On Monday, Florida reported record low unemployment for January at 2.8 percent, a reminder that the labor supply in many industries such as lodging, construction and technology remains tight. As much as owners want to save money, many want to retain top talent.

Still, dark clouds continued to gather over South Florida’s most important industries Monday as Silver released its call for help and Carnival Corp. announced it expects to lose money this year and intends to borrow $3 billion over the next six months to meet general spending needs. The move came after Royal Caribbean said last week it would cut several hundred contract employees and borrow another $550 million.

Lesser known businesses are following similar strategies, though the companies with access to millions to borrow are few and far between. Among small businesses, the defensive measures are not confined to bars, restaurants and entertainment venues.

Basic Fun, a toy maker based in Boca Raton, recently laid off 18 people, or 10 percent of its work force, due to reduced demand and disruption of supplies from China, where the coronavirus exploded, said its CEO, Jay Foreman.

“We’re going to need support for small and medium-sized businesses by the government,” Foreman told CNBC. “They’re going to have to backstop the banks so the banks can backstop small business.”

Warby Parker, the national eyeglass retailer, temporarily shut the doors of all of its stores around the country through March 27, including those on Las Olas Boulevard in Fort Lauderdale and at the Boca Town Center.

“COVID-19 is impacting all of us — as individuals and as communities — in unprecedented ways,” the company said on its website. “Given the rapidly changing environment, we have decided to temporarily close all of our stores… for the safety of our customers, our employees, and the general public.”

Management said its retail employees will still be paid “as if they were working in stores during this time.”

Long-term damage

Not everyone was hedging their payroll bets. Humana said it is looking for 100 new workers to staff a call center in Miramar.

But South Florida financial experts who help companies fix their financial problems are doubtful the adverse economic impact of the virus will be short- lived.

Bankruptcy lawyer Paul Singerman of Berger Singerman worries about the staying power of vendors and other companies that support the hospitality, cruise line and aviation industries.

“These are going to be the front line of casualties,” he said. “As you know, it’s small business that employs the majority of employees in this country.”

He recalled the financial damage suffered by raw material suppliers and skilled workers in the construction industry after the housing collapse of 2007. “The ripple effect in the cruise, hospitality and aviation are bigger and that concerns me,” Singerman said.

Investment banker James Cassel of the Miami firm Cassel Salpeter sees the potential for a spike in jobless rates if the virus problem is prolonged.

“This is not going to be something that is over within two weeks, this is going to go on,” he said. “We’re going to see a huge increase in unemployment.”

And those unemployed workers are going to need financial help. Federal and state lawmakers, along with community-level nonprofits, are working on assistance packages meant to keep businesses and their employees afloat through the crisis.

Federal assistance

Help for employees who experience layoffs or severe pay cuts passed the U.S. House over the weekend but must still be approved by the Senate, which is under pressure to pass it as soon as possible. It’s part of a comprehensive package of economic stimulus measures projected to be worth as much as$800 billion.

As House and Senate leaders began negotiations Monday, disagreements remained over the scope of the assistance and which workers would be eligible.

For example, the House bill provides two weeks’ paid sick leave and up to three months of paid family and medical leave equal to at least two-thirds of their pay. But those benefits would be available only to employees of companies that employ fewer than 500 people, and only if they get sick, quarantined, must care for a family member or are affected by school closings.

Employees of large companies would not be eligible, under the House proposal. One senator, Tom Cotton, R-Arkansas, said on Fox & Friends Monday that the bill “doesn’t go far enough and it doesn’t go fast enough.”

The multibillion-dollar bill would provide $1 billion for food aid, to be distributed through food banks, school lunch programs and the federal Supplemental Nutrition Assistance Program, or SNAP. It would also suspend work and work training requirements for SNAP recipients.

In Florida, Gov. DeSantis has asked all businesses to complete a Business Damage Assessment survey, managed by the Florida Department of Economic Opportunity, to help the state figure out how to most efficiently distribute the coming federal assistance, including economic injury disaster loans to made available through the federal Small Business Administration.

United Way chapters in Broward and Palm Beach counties are soliciting donations through their websites to help residents experiencing hardships because of the coronavirus.

Kathleen Cannon, president and CEO of the United Way of Broward County, said on a conference call of Broward business leaders Monday that the donations will help displaced workers make rent, mortgage and utility payments. “We want to prevent people from falling into poverty,” Cannon said.

Donations can be made at unitedwaybroward.org and unitedwaypbc.org. Miami-Dade County’s United Way chapter plans to roll out its own program soon, the chapter’s executive director said Monday.

While federal relief programs remain under negotiation, workers who have already been laid off or had their hours cut are encouraged to begin applying for assistance through existing programs, such as Florida’s unemployment insurance benefits, as most new aid will be distributed through those channels.

Where to find help

Links to information about many types of federal and state benefits are compiled at the site benefits.gov.

Unemployment assistance: Available for workers who lost their jobs  through no fault of their own. In Florida, a maximum of $275 a week is currently available for a maximum of 26 weeks, though the federal assistance package will likely extend that eligibility. All claims must be completed online at floridajobs.org.

Food assistance: The Florida Food Assistance Program administers the Supplemental Nutrition Assistance Program, known as SNAP. To apply, go to myflorida.com/accessflorida and click the link “Apply for Benefits.”

Feeding South Florida, a regional food bank serving about 300 nonprofit agencies, is distributing ready-to-eat food. To determine eligibility for food and other benefits, go to feedingsouthflorida.org or call 954-518-1857.

Homelessness prevention assistance, including the Emergency Solutions Grant Program:

• • Broward Homeless Initiative Partnership — bhpi.org — 954-563-4357
  • Palm Beach County Human & Veteran Services — http://discover.pbcgov.org/communityservices/humanservices/Pages/Veteran-Services.aspx — 561-355-4778 or 561-904-7900
  • Miami-Dade Homeless Trust — homelesstrust.org — 877-994-4357

  Loans: Increased funding for low- or no-interest federal loans for small business owners will be distributed through the Small Business Administration. Find local signup centers at sba.gov/local-assistance.

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