PR in the Time of Corona.
Hi, friends. How are you holding up?
We here at The Storied Group seem to have found our stride WFH and are so grateful that our business allows for a {mostly} easy transition. We've kept each other sane by encouraging daily walks, sharing funny memes, and continuning the usual celebrity gossip over a virtual watercolor in our Slack channel. We highly recommend the free Gray Malin Virtual Zoom backgrounds that will take you to far off lands without ever having to leave home.
Over the last two weeks, our main goal has been to learn as much as we can about how the media is pivoting so that we can best serve you right now. If you missed my IGTV about that, here is a link.
The biggest thing to know is point number one below—the media is still taking pitches. They may be doing interviews via Skype and publishing magazines from their living rooms, but there is still an opportunity for press.
Below are a few things we have learned these past few weeks that I think are important for you to know. Please don't hestitate to ask if you have specific questions.
We are here for you from afar,
Molly
1. The Media is Still Taking Pitches.
Even though editors, producers, and reporters are mostly working from home, it is still business as {un}usual. As of now, the long lead magazines are sticking closely to their editorial calendars since they are currently working on summer and fall issues. Talk shows and news segments are being conducted via Skype and Zoom. We have noticed that it is taking longer than usual to get answers for timely stories, but everyone is looking for feel good stories, how companies/celebrities are giving back, and how this is impacting businesses in every sector. News outlets like CNBC have started a new one-minute segment dedicated to clients and individuals doing good. Stay in communication with us if you have ideas and stories that fall into any of these categories.
2. Everyone is Streaming Live on Social Media.
Talk shows like E!'s Pop of the Morning are using this as an opportunity to broadcast their show on Instagram Live, bringing on guests and experts for at home workouts, recipes, and general chats in a Q&A format. Celebrities are getting creative, such as John Krasinski starting a series called Some Good News on YouTube—something we can all use more of right now. Mark Cuban was interviewed live yesterday on Linkedin. With more people than ever tuning into social media, this is the time for you to show up consistently.
3. Give Back {if you can}.
If you are in a position to give back, this is a great time to champion a cause and help the community. Several of our clients have already been in touch with us about specific things they are doing to help those in need, and we have secured national broadcast interviews for them to talk about their initiatives. Please get in touch with us if you want to talk to the media about how you are helping your community during this crisis.
4. Don't Forget the Importance of Internal Communication.
If you do not yet have a plan in place to communicate to your employees, we can help you with that. While these are very uncertain times and we don't recommend making promises you can't keep, clear and frequent communication is what your team needs from you right now. Offering tools of assistance, whether a reminder of health benefits or reinforcing that retirement savings is a long term investment (if you offer a 401K) is crucial to strong leadership. If you need help knowing what to say, how to say it, and when to say it, don't hestiate to ask us for help.
5. Resources that Can Help.
Economic Injury Disaster Loans (EIDL) | $10,000 Advance | Small Business Owners
In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. You may apply directly through the U.S. Small Business Administration (SBA) website.
Paycheck Protection Program (PPP) | Small Business Owners
In addition to the EIDL, the Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA (small business administration) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of .5%.
Lenders may begin processing loan applications as soon as April 3, 2020, so please contact your bank / lender. If you wish to begin preparing your application, you can download a sample form (attached) to see the information that will be requested from you. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution (bank) or federally insured credit union that is participating, so small business owners will want to contact your bank.
This newsletter is brought to you by The Storied Group.
