Personalized service made all the difference when obtaining PPP loans

Teamwork Makes the Dream Work

Gathering the right info was vital. Photo by Krisanapong Detraphiphat/Getty

It's there in their name, but how often does a human resources company actually put emphasis on the "human" part? If it's HR&P, the answer is "especially when it matters most."

Following the COVID-19 pandemic announcement, small businesses scrambled to get their Paycheck Protection Program applications and documents in order. Up for grabs was a government-funded $349 billion in forgivable loans to help pay salaries, utilities, and other necessary expenses while businesses weathered the medical and economic storm. And if a business didn't have a company like HR&P on its side, its chances at obtaining a PPP loan weren't nearly as high.

"The PPP loan process required a great deal of HR information, and the requirements seemed to keep changing," says David Gow, CEO of Gow Media (the parent company of InnovationMap). "So we reached out to HR&P a number of times with requests, questions, etc. And each time HR&P assembled a full team to help us. I eventually started calling them 'the dream team,' because the team at HR&P had all the answers."

"As soon as the banks got set up to process these loans, the funds were gone. Every second mattered," says Kris Osterman, HR&P's CFO. "The CARES act is over 800 pages long — our team divided it in sections, and quickly went through it to find the parts that mattered to our clients. We had to make sure we had what we thought the banks needed — the information coming from the treasury was vague at the start — we had to make interpretations and apply our technical knowledge to gather what was ultimately needed for each client. A rapid response was critical."

Working (often remotely) around the clock, through that first weekend, and then several others, HR&P's team was in constant communication with its clients and their SBA lenders. At the end of the day, it was the community-based companies like HR&P that shined over their larger, more bureaucratic counterparts. The blitz of ambiguous COVID-19 relief legislation was an incubator for chaos in the financial and human resource communities. Most payroll companies simply could not respond with a level of intimacy required to support a company's specific needs. HR&P had the agility to navigate these moving targets and swiftly personalize service for their clients.

"Everyone had a different interpretation of the legislation, and there were inconsistencies in what was being requested from each financial institution. Corroborating the requests and staying in constant communication with the client was imperative," says HR&P's VP of client relations, Kevin Roblyer. "They could literally get ahold of us on a Sunday, where other providers were not available or couldn't provide that localized presence."

"All the lenders and financial institutions were asking for different information," says John McKay, HR&P VP of operations. "HR&P is entirely customizable. Our development team can quickly create functionality and generate reporting capabilities for each individual client and their bank's needs."

More importantly, "being able to speak to a designated HR&P representative was very important to limit client anxiety," says Chris Fisher, HR&P's VP of sales.

Thanks to years of expertise and a deep knowledge of its clients, HR&P played a critical role in securing vital PPP funds for many small and mid-sized businesses.

"It took a lot of creativity," says Fisher. "And everything changed with the second round of funding in April. Because of our high touch service model, our clients were prepared and more equipped to succeed."

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Mark Cuban calls AI ‘the greater democratizer’ for young entrepreneurs

eyes on AI

Texas billionaire Mark Cuban—whose investment portfolio includes Houston-based Holliball, a startup that makes and sells large inflatable holiday ornaments—believes AI is leveling the playing field for budding low-income entrepreneurs.

At the recent Clover x Shark Tank Summit in Las Vegas, the Shark Tank alum called AI “the greater democratizer.”

Cuban told Axios that free and low-cost AI tools enable disadvantaged teenagers to compete with seasoned professionals.

“Right now, if you’re a 14- to 18-year-old and you’re in not-so-good circumstances, you have access to the best professors and the best consultants,” Cuban said. “It allows people who otherwise would not have access to any resources to have access to the best resources in real time. You can compete with anybody.”

While Cuban believes AI is “the great democratizer” for low-income young people, low-income workers still face hurdles in navigating the AI landscape, according to Public Works Partners, an urban planning and consulting firm. The firm says access to AI among low-income workers may be limited due to cost, insufficient digital literacy and infrastructure gaps.

“Without adequate resources and training, these workers may struggle to adapt to AI-driven workplaces or access the educational opportunities necessary to acquire new skills,” Public Works Partners said.

Texas 2036, a public policy organization focused on the state’s future, reported in January AI jobs in Texas are projected to grow 27 percent over the next decade. The number 2036 refers to the year when Texas will celebrate its bicentennial.

As for the current state of AI, Cuban said he doesn’t think the economy is witnessing an AI bubble comparable to the dot-com bubble, which lasted from 1998 to 2000.

“The difference is, the improvement in technology basically slowed to a trickle,” Cuban said of the dot-com era. “We’re nowhere near the improvement in technology slowing to a trickle in AI.”

CPRIT hires MD Anderson official as chief cancer prevention officer

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The Austin-based Cancer Prevention and Research Institute of Texas, which provides funding for cancer research across the state, has hired Ruth Rechis as its chief prevention officer. She comes to CPRIT from Houston’s University of Texas MD Anderson Cancer Center, where she led the Cancer Prevention and Control Platform.

Before joining MD Anderson, Rechis was a member of the executive leadership team at the Livestrong Foundation, an Austin-based nonprofit that supports people affected by cancer.

“Ruth has widespread connections throughout the cancer prevention community, both in Texas and across the nation,” CPRIT CEO Kristen Doyle said in a news release. “She is a long-term passionate supporter of CPRIT, and she is very familiar with our process, programs, and commitment to transparency. Ruth is a terrific addition to the team here at CPRIT.”

Rechis said that by collaborating with researchers, policymakers, public health leaders and community partners, CPRIT “can continue to drive forward proven prevention strategies that improve health outcomes, lower long-term costs, and create healthier futures for all.”

At MD Anderson, Rechis and her team worked with more than 100 organizations in Texas to bolster cancer prevention initiatives at clinics and community-based organizations.

Rechis is a longtime survivor of Hodgkin lymphoma, a type of cancer that affects the lymph nodes, which are part of a person’s immune system.