The Five Stages of Cybersecurity Prevention 

by Member Guest Author, posted in Business Insights & Inspirations, Member Guest Blog

Cyberattacks can cost organizations millions of dollars and 2021 has seen the highest average data breach cost in the last 17 years. While it’s almost inevitable that you’ll someday deal with a cyberattack on some level, organizations who formed incident response teams and tested their incident response plans were able to reduce the cost of a breach by almost 40%.

With the broad nature of cybersecurity and a lot of ground to cover, many companies don’t even know where to begin. Luckily, a comprehensive, in-depth cybersecurity action plan can be broken down into five stages: Foundational Security, Policies and Awareness, Key Processes, Incident Preparedness and Security Monitoring. While each has their own unique benefits, a true culture of security relies on each stage working together for peak efficiency and protection.

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Email, Phone, or Text – Which Is Best for Communicating with Customers?

by Member Guest Author, posted in Business Development, Member Guest Blog

Customer Texting is in Demand

According to one study, 63% of respondents said they would switch to a company that offered text messaging to communicate. That’s not surprising when 92% say they expect to wait on hold five minutes or more before speaking to a human being.

Continue reading “Email, Phone, or Text – Which Is Best for Communicating with Customers?” →

MN Main Street Grants Program: Applications Begin September 20

by Greater Mankato Growth, posted in Business Development

The Minnesota Department of Employment and Economic Development (DEED) has announced that the Minnesota Main Street COVID Relief Grants Program applications will be accepted as of Monday, September 20, 2021. This program, approved by the Minnesota State Legislature and signed by Governor Tim Walz on June 30, will offer $64,200,000 in grants for Minnesotan-owned and operated businesses that can demonstrate a financial hardship due to the COVID-19 pandemic.

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Employee Retention Credit: 7k Quarterly Wage Subsidy per Employee for 2021

by Member Guest Author, posted in Business Development

The COVID recession isn’t over for everyone. For businesses still struggling to return to 2019 revenue levels, the tax law has a lifeline: a refundable tax credit of up to $7,000 per-employee, per-quarter.

It’s easy to see how $7,000 per quarter, per employee, can add up. For a qualifying company with 50 employees, for example, it could mean as much as $1,400,000 in benefits for 2021.

The Employer Retention Credit was first enacted early in 2020 as a tax credit of up to $5,000 per employee for 2020. It applies to taxpayers who have either:

  1. Had a full or partial suspension of business due to a government order, or
  2. Had a significant decline in gross receipts.
Continue reading “Employee Retention Credit: 7k Quarterly Wage Subsidy per Employee for 2021” →

2021 (Special) Legislative Session Recap

by Greater Mankato Growth, posted in Public Affairs

Minnesota’s 92nd legislative session ended their 2021 regular session on May 17th without a budget. The Governor and Legislative leaders instead released a budget framework with a target of $52 billion for the next biennium. Lawmakers worked for four weeks on final details largely outside of the public eye until they convened a special session on June 14th. All spending bills were passed and signed into law by June 31st.

The need for a special session was largely due to a late infusion of funding from the American Rescue Plan Act (ARPA) that was signed into law by President Biden on March 11, 2021. Roughly $8.5 billion was allocated in the bill to the State of Minnesota for various programs.

Budget

A final budget of $52 billion was signed into law on June 31, 2021. This biennial budget is an increase of approximately $1.3 billion over the previous budget – much of that one-time funding from ARPA. Included in the bill are direct tax cuts of $644 million to people who lost jobs and employers who kept people working during the pandemic.

Paycheck Protection Program

The final tax bill included full conformity to federal tax law with regards to the Paycheck Protection Program at a cost of roughly $375 million in fiscal year 2022. Businesses and organizations that received PPP loans will not be subject to either federal or state income tax on the amount of the loan received.

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Recovering from Financial Data Loss: What to Know About Forensic Data Reconstruction

by Member Guest Author, posted in Business Development

When financial data has been lost or destroyed, it’s imperative that organizations have their data reconstructed quickly and efficiently in order to move forward. Forensic data reconstruction allows organizations to recreate their accounting systems.

Here’s what you need to know about financial data loss and how forensic data reconstruction can help.

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How To Attract and Retain Employees

by Member Guest Author, posted in Business Development

Are you struggling to hire quality employees? Has the shortage of employees struck you hard? This is not going to be alleviated anytime soon. COVID-19 accelerated numerous retirements, spurred entrepreneurship, or pursuit of other opportunities while people were furloughed, and with the challenges of finding daycare, many two income homes have found a way to survive on one income, while a stay-at-home parent develops a side hustle replacing a job. And we won’t even get started on the extra unemployment income (but do you really want those employees back anyway?).

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Why Security Matters to Your Employee Benefit Plans

by Member Guest Author, posted in Business Development

Employee benefit plans are a common perk for many organizations. They are often seen as a necessary employee benefit, but they also come with a strong need for compliance. Specifically, ERISA-covered group health plans and retirement plans can be subject to HIPAA privacy and security laws, assurance and audit requirements and more.

Cybersecurity is often not a focus for many organizations’ employee benefit plans. After all, what would a cybercriminal want with an employee benefit plan?

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Greater Mankato Growth Sends Letter to Governor Walz

by Greater Mankato Growth, posted in Business Development, Public Affairs, Talent Development

Today, Greater Mankato Growth sent a letter to Governor Tim Walz providing statistics to create awareness of talent challenges facing our region.

The Department of Employment and Economic Development has taken great strides to ensure that individuals receiving unemployment insurance are aware of the job opportunities that exist across the state.

We asked that the State implement measures to supplement the work that is being done surrounding awareness of job availability by creating enforcement measures, while offering flexibility for those still impacted by COVID-19 considerations. You can read the full letter here.

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Governor Walz Announces Timeline to End all COVID Restrictions in Minnesota

by Greater Mankato Growth, posted in Business Development, Public Affairs

Governor Walz announced a three-step process that will lead to an end of COVID-19 restrictions in the May 6 address. Restrictions will be loosened at noon on May 7, 2021, all capacity restrictions will end by May 28, and the masking requirement will be removed when 70% of Minnesotans ages 16+ are vaccinated or by July 1, whichever comes first. Full text of Executive Order 21-21 can be found here.

The changes announced in the May 6 address are as follows:

STEP ONE: Noon on Friday, May 7

  • Outdoor occupancy restrictions for restaurants, bars, and other places of public accommodation offering food, beverages, or tobacco products will be completely removed.
  • Indoor capacity limit per table will increase from six to ten individuals per table.
  • The closing curfew of 11:00 pm will be completely removed.
  • Food and beverage businesses with sufficient indoor space to exceed the 250 person capacity restriction will be able to exceed that as long as they remain within 75% capacity and can follow Stay Safe Minnesota Guidance.
  • Indoor public pool capacity will be set at 50%, not to exceed 250 people; however, spaces with sufficient capacity can exceed 250 people if they can follow Stay Safe Minnesota Guidance and stay within 50% capacity guidelines. All restrictions on outdoor pool areas will be removed.
  • For fitness, recreation, indoor sports facilities, and other similar facilities, the 50% capacity guidelines will continue, but only for indoor spaces within the facility. Maximum indoor capacity of 1500 for spaces capable of following Stay Safe Minnesota guidelines will be removed. Mask restrictions for these facilities will only be required indoors.
  • Indoor social gatherings will increase from 15 to 50 people.
  • Total indoor capacity for entertainment venues will be removed if they can safely exceed 250 people while remaining under 50% capacity and follow Stay Safe Minnesota guidelines. All outdoor capacity for these spaces will be removed.

Continue reading “Governor Walz Announces Timeline to End all COVID Restrictions in Minnesota” →