Former CEO of Starbucks, Howard Schultz, plans to help small businesses recover from the pandemic by funding a free online learning platform. The platform, BackTo.Biz, contains more than 400 resources created by and for entrepreneurs including articles, video lessons, and tools.
What Topics Are Covered?
The curriculum on BackTo.Biz covers topics such as finding ideal customers, hiring talent, pivoting business models, brand building, e-commerce, creating new revenue streams, and managing stress. Furthermore, highly-successful entrepreneurs and business leaders have contributed to the platform.
BackTo.Biz is the latest initiative to come from The Emes Project, founded by Shultz and his wife to,
“…bring an entrepreneurial lens to public-private partnerships to incubate and support initiatives that create opportunity and accessibility for all.”
Shultz elaborated on the humble beginnings of Starbucks in a BackTo.Biz letter and stated, “’If COVID had struck us back then,’ I thought to myself, ‘there would be no Starbucks today.’”
This Is Not Shultz’s First Time Lending a Helping Hand
In April 2020, Shultz helped more than 15,800 restaurant workers via The Pate Fund. Workers were given emergency relief grants of $500 within 48 hours. In August, Schults sent a letter to Congress, which was signed by more than 100 former and current CEOs and urged Congress to increase the economic relief directed towards small businesses.
Schultz says that even though many businesses were saved through government assistance, many more still face uncertainty. He says that consumer behavior has changed amidst the pandemic and many businesses have now undertaken a great amount of debt. Therefore, Schultz plans to support other initiatives that will help more entrepreneurs in the future.
Some other benefits for small businesses to consider as they navigate unknown economic territory include PPP Loans through the SBA and the tax exemptions saved exclusively for small businesses under Section 1202 of the Internal Revenue Code.
Section 1202 defines the requirements for eligibility as well as the benefits for Qualified Small Business which can equal up to $10 million or 10X their adjusted basis, whichever is greater, in tax-free capital gains on qualified stock. While the SBA and moguls like Shultz offer immediate assistance to small businesses in crisis, QSBS is a long-term benefit for eligible entities that is too valuable to disregard.
Learn more about the qualifications and benefits of QSBS today.
This article does not constitute legal or tax advice. Please consult with your legal or tax advisor with respect to your particular circumstance.
