Making Treasury Great Again: Covid-19 will put cashflows into the boardroom

Corporate treasuries, which were already evolving before the coronavirus crisis struck companies around the world, are set for a quicker shake-up as the providers of goods and services realise that central visibility on cashflow and credit will be vital in a disrupted world.

For years, the treasurer role has been becoming more strategic, with company boards paying more attention to medium- and long-term funding.

However, the demand and supply shock dealt by the Covid-19 pandemic will push more operations into the orbit of the treasurer and other senior executives. Pressure will come from the C-suite and the boardroom for greater and more frequent oversight of the nuts and bolts of operational financing.

A survey conducted in March by the European Association of Corporate Treasurers (EACT), with responses dispersed either side of the full onset of the coronavirus crisis in the region, found that 55% of treasurers considered cashflow forecasting to be their top priority during the next 12 to 24 months.

Treasury, even in large corporations, can be a surprisingly antiquated affair. While digital options for secure operations, such as signing documents, have long been available, take-up of many remains patchy.

“The tracking and tracing of incoming payments becomes much more important when there is a shortage of liquidity”

– Jan Dirk van Beusekom, BNP Paribas

The first reaction at

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Intesa Sanpaolo’s UBI Banca takeover faces hurdles

Intesa Sanpaolo chief executive Carlo Messina

Will Intesa Sanpaolo’s attempt to merge with UBI Banca hasten a long-awaited wave of bank consolidation in Italy – perhaps even at the hands of UBI, if the Intesa takeover falls through?

UBI and its advisers, Credit Suisse and Goldman Sachs, are hoping that regulators and shareholders will think so, as the two banks await the outcome of a protracted inquiry by Italy’s anti-trust authority.

Intesa’s UBI merger, if it happens, would be Europe’s biggest bank takeover in a decade. It would combine Italy’s biggest bank by domestic share, Intesa, with one of the strongest lenders in the rich north of the country, UBI. But it faces a barrier in the form of opposition from UBI’s biggest shareholder pact, representing politically influential local bank foundations in Piedmont and Lombardy, and powerful entrepreneurs in Bergamo, UBI’s home town.

According to a source at Intesa, when chief executive Carlo Messina announced the deal in mid February, he anticipated opposition by UBI’s board and the shareholder pact, which represents 19% of shares. He had, however, hoped for anti-trust approval by the end of June, which now looks unlikely.

Material adverse change

This has given more time for UBI to work on alternative deals: albeit behind the scenes, as Italian takeover rules prevent more open defence actions during

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How to Apply for a Small Business ‘Payroll Protection Program’ Forgivable Loan

Update | With the anticipated passage of an interim bill by Congress and the President, new legislation is anticipated by Friday, April 24. We will update this article when the legislation is passed.

Resources | The Guide to Coronavirus Pandemic

NOTE: The Payroll Protection Program ended on April 16, 2020. For more information, see: PPP Funds Exhausted: SBA No Longer Accepting Loan Application

While not all small business owners experienced smooth sailing when they tried to apply for a Payroll Protection Program loan beginning last Friday, the program is too important for small business owners to ignore. It’s worth noting, also, that the legislation that enacted the program was overwhelmingly passed overwhelmingly just one week before the application process began.

Late in the day on Friday, treasury secretary Steven Mnuchin tweeted that $1.8 billion in loan applications had been processed, mostly all from community banks. “Big banks are taking in large amounts but have not yet submitted their numbers,” he said. In the same tweet exchange, President Trump said he would request Congress to approve more money for the program.

The information below was prepared by the SBA as an overview of the program. (Note: is not affiliated with the SBA.)

Contents you’ll find below

  • Loan Information
  • Who Can Apply
  • Loan Details and Forgiveness
  • Other Assistance
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Launching a New Site? Make Sure You Understand Digital ADA Compliance

Any business’s online presence must comply with the Americans With Disabilities Act.

5 min read

Opinions expressed by Entrepreneur contributors are their own.

As the old cliche goes, “Presentation is everything.” Having great content for your website is an important starting point, but ensuring that it is presented in an appealing way will make all the difference in whether visitors stick around. Unfortunately, far too many companies and brands ignore the needs of users with disabilities when implementing a design update or launching a brand new site. And this can prove costly, as the Americans with Disabilities Act (ADA) is increasingly being viewed as applicable to websites and mobile apps.

The result? Celebrities like Beyoncé and major corporations like Domino’s are getting sued when disabled users find themselves unable to fully use their websites. Domino’s especially has faced negative press.

Even without lawsuits, failure to make web accessibility a priority could result in significant losses for your business. The 2019 Click-Away Pound Survey found that 69 percent of individuals with disabilities “‘click away from a site with [access] barriers.” Despite this, only 8 percent contact site owners about their problems. This means a non-ADA compliant site could be losing money without your even knowing it. As such, few things are more important than making sure

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Unemployment Help From U.S. Federal Agencies (2020)

Just a month ago, the first cases of the coronavirus were reported in the United States. Just two weeks ago, the country’s economy was robust. Today, in one of America’s most historic and frightening fortnite, the country has  lost 10 million jobs. Already, congress and the President have enacted a $2 trillion unprecedented incentive — but economists say it’s not enough. If you are in need of employment help, here are some links to federal government agencies, offices, programs and other resources for those who are facing the challenges of lost jobs, including small business owners who have had to shut their doors. (Source:

(Note: This information was developed by U.S. federal sources.)

What you’ll find on this page

  • Unemployment Benefits and the Coronavirus
  • Apply for Unemployment Benefits
  • Continuation of Health Coverage: COBRA
  • Short-Term and Long-Term Disability Insurance
  • Workers’ Compensation
  • Wrongful Discharge/Termination of Employment
  • Welfare or Temporary Assistance for Needy Families (TANF)

Unemployment Benefits and the Coronavirus

The federal government is allowing states to change their laws to provide unemployment insurance benefits related to the coronavirus (COVID-19).Each state’s rules may be different. Contact your state’s unemployment insurance program to learn about and apply for unemployment insurance.

Apply for Unemployment Benefits is a good place to start. It can help with unemployment insurance benefits, job training,

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The SBA Alerts Small Business Owners: Beware of Scams, Frauds and Schemes

Today (3.31.2020), the Inspector General of the U.S. Small Business Administration started alerting the public about potential fraud schemes related to economic stimulus programs offered by the SBA in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses.

Note: admires the work of the SBA but has no relationship with the government administration. You can find information from the SBA at their website:

Fraudsters have already begun targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing.

U.S. Small Business Administration
March 31, 2020

The Scams and Fraud Schemes include Grants, Loans and Phishing


  • The SBA does not initiate contact on either 7a or Disaster loans or grants.  If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.


  • If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
  • SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional
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