Category Archives: Business

Chip and Joanna Gaines on the ‘Secret Ingredient’ Behind Their Next Venture

When it comes to building a business empire, Chip and Joanna Gaines aren’t afraid of breaking a few rules. The husband and wife renovation experts–Chip is a general contractor while Joanna’s background is in design–have never let their résumés prevent them from launching ambitious ventures in other industries.

Since rocketing to stardom with their HGTV home renovation show Fixer Upper, the couple has launched a popular retail brand, opened a bakery and restaurant, and created a slew of media properties, including the magazine The Magnolia Journal. With their newest project, Magnolia Network, a TV channel set to replace Discovery’s DIY network, the Gaineses are once again breaking with convention.

“Our secret ingredient to good television is finding people who do not want to be on television,” Chip said while speaking, with Joanna, at theFast CompanyInnovation Festival on Wednesday. He explained that working with people who are reluctant to step into the spotlight makes for better storytelling, as they bring a refreshing authenticity and passion for their work.

Following a somewhat counterintuitive business strategy is a theme across all of the Gaineses’ business ventures. While branching out into so many different professional endeavors can be chaotic, doing what feels right and “flying by the seat of our pants” keeps working for the Waco, Texas-based duo, according to Chip. Here are some more strategies the Gaineses say have helped them build their empire.

Do what feels meaningful–even when you lack experience

Neither of the Gaineses ever thought they’d be launching a TV network or running a magazine when they first started their careers, but the pair say they navigate their work lives by leaning into what they love and what feels meaningful, even if it means figuring things out later.

“One thing we learned throughout the magazine process was the thing we love most was not actually us being on the show, it was getting to highlight other people, their stories, their passions and kind of curating that,” Joanna said.

The SBA Makes It Easier to Apply for PPP Loan Forgiveness

The U.S. Small Business Administration is offering to make it even easier to apply for PPP loan forgiveness–but only for the smallest borrowers.

On Thursday, the SBA along with the U.S. Treasury Department issued a new, streamlined loan forgiveness application for businesses with Paycheck Protection Program loans of $50,000 or less. The measure, as outlined in an accompanying final interim rule, further simplifies the loan forgiveness process, following the SBA’s release of a more borrower-friendly “EZ” loan form in June. Businesses have been able to apply for forgiveness since August 10.

“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” Treasury Secretary Steven Mnuchin said in a statement. “We continue to favor additional legislation to further simplify the forgiveness process.”

In addition to requiring fewer calculations and less documentation for eligible borrowers, the new form–Form 3508S–does not require borrowers with loans of $50,000 or less to reduce their loan forgiveness calculations if they’ve cut head count or salaries.

Previously, to get full forgiveness, borrowers of any amount had to maintain head count through the covered period and at the time of forgiveness. They couldn’t cut employee pay more than 25 percent during the 24-week covered period, either. A safe harbor was granted to employers that were unable to reopen fully or at all during the pandemic, as well as to firms that tried to rehire an employee who refused to return.

While the new application is available to the approximately 3.57 million borrowers–out of 5.2 million–with loans of $50,000 or less, not all borrowers will be able to benefit.