Today’s Update: Rounding Out the Week

Advocacy

Congressional vote on Paycheck Protection Program (PPP) modifications: There are two separate bipartisan bills in the Senate and the House that would make key modifications to the Paycheck Protection Program (PPP). Senator Marco Rubio (R-FL) introduced a bill in the Senate to extend the eight-week time period to use PPP funds to 16 weeks. Representatives Dean Phillips (D-MN) and Chip Roy (R-TX) introduced a bill in the House that would extend the eight-week period, eliminate the 75/25 rule, extend the time period for paying back unforgiven portions of the loan, and ensure access to payroll tax deferment for businesses that take PPP funds. The House is scheduled to vote on the bill next week.
CDC guidelines for business reopenings: As more stores open their doors, with limited in-store capacity or curbside pickup, it is important to take the time to review the CDC’s guidelines. Read the CDC’s general guidance for businesses here. Read the CDC’s specific guidance for small businesses here.

Publisher Updates and Bookseller Feedback

We’ve heard from a couple of stores who reported that because their stores are still closed, in some cases publishers have modified their amortization plans. We strongly recommend that you communicate with your credit reps about your circumstances and what you need. Also, share with them what other publishers are offering! (Publishers may be in a position to match competitors’ offerings.)

Digital Marketing Meetup

New customers have discovered your stores during the crisis. How do you retain them for the future? Join us on Thursday, June 4, at 1:00 p.m. ET for a Marketing Meetup on “How to Make Friends and Influence Purchases: Digital Marketing’s Self-Help Guide to Customer Retention.” Jordan Brannon and Cass Cross of Coalition Technologies will discuss how to maximize the value of each new visitor to your site through social media marketing, retargeting, paid advertising, and more. Registration is required.

Annual Meeting

We look forward to seeing you on June 11 at the virtual ABA Annual Meeting (2:00 pm ET) and Town Hall (3:00 pm ET). You can submit Town Hall questions or comments ahead of time at [email protected], or questions can be introduced during the meeting via the meeting’s Q&A interface. A Zoom link and further details will be provided in the next week.
Due to capacity limitations, publishers will receive a separate link, announced next week as well.
The Publishers Weekly 2020 Bookstore of the Year Award ceremony for Porter Square Books will occur immediately following the town hall meeting!

Virtual Ci8

Trends

We’re watching consumer and retail trends closely right now and figuring out what to do with new information. Both MSN and Chain Store Age reported trends/projections pertinent to bookstores.