Thanks for listening again, whether you’re in your car at the gym or just at your house during the Coronavirus, quarantine. I appreciate you listening. Today’s is a timely and important interview the tax professional of over 16 years. We’re going to discuss paycheck protection program and two other loans that are part of the cares act. We will cover things like which banks to use what are the rates, how important it is to document employees payments, those eight weeks after you get the money other available options

And then at the end, we’ll discuss more about pivoting in your business examples that she’s found in other clients that she has. And then how will you answer the question? What will my post COVID-19 self be like? Did you waste it? Did you use it optimally to change yourself, pivot your business to rethink things. And what did you do with your time So, kind of talk about that a little bit as well. Quick self plug me and my good friend are creating a very special coloring book. It’s more of a passion project but in a week or two, show to find that on Amazon, we’re recording this in April 2020. So by all means, check that out for a few bucks, the ache is poured to show and have your kids a cool book, potentially even be able to buy some for your office and just give them out to contact me to book order. And these are great to give to your clients. It’s a little gift, you can put your sticker logo on it. Other than that, if you go to a doctor’s perspective, dotnet slash all links, you know, you got all the links you need for all the marketing acupuncture but it

dentistry. All the series that we’ve done, the books that I’ve written with links and the top episodes for the last several years. If you like what we’re doing, please go ahead and give us a five star review. And all the Show Notes for this episode as well as the transcript will be at a doctors perspective dotnet slash 152
Disclaimer, please remember, I’m not a tax person. She’s not your tax person. We’re just giving you the information that we have. Please consult with your own people and just consider this as general information to help you to get a better understanding and to ask your own professionals and of course, the rules may change by the time you hear this.
Let’s go hashtag behind the curtain

Unknown Speaker 2:24
live from Germany in Denver, Colorado. Welcome back to another a doctor’s perspective podcast. We’re going to answer your care slash Coronavirus stimulus package questions to the best of our ability today with tax professional for over 16 years and the company elevating profits. Please welcome Amanda Kindle. Thank you, Justin. I’m glad to be here. So it’s such a confusing somewhat people getting frustrated because they’re like how do I qualify and I want the money but wait 75% or what’s the percent it has to go to the employees within what framework Should I

Justin Trosclair 3:00
Wait, if I wait, will there be any money left? I don’t want to have this big loan even at 4% or 2% interest because I didn’t know maybe I needed maybe I didn’t. Or it could be straight up. Look, we shut down and I’m about to be broke, broke, broke and I’m going to be unemployed but I don’t get unemployment or do I get unemployment? So many questions,

Unknown Speaker 3:17
so many questions.

Unknown Speaker 3:19
Where should we start?

Unknown Speaker 3:21
Let’s start with probably the most important one right now, which is the paycheck protection program that PPP. Okay,

Justin Trosclair 3:27
jump in, tell me something about that as an employee and as an employer, if you could,

Unknown Speaker 3:32
yeah, so this one as an employee, the benefit to you is it allows your employer to potentially keep you on payroll for at least eight more weeks, as an employer is where it’s really important. So this piece of it is this is the forgivable piece that everybody’s hearing about when we’re talking about the carrier’s act that there’s a forgivable portion of alone. That is what this is, it’s the paycheck Protection Program. This is the one that has those stipulations of, you get two and a half times the amount of your average. Monthly payroll you have to use 75% of what you get on payroll costs. And then the other 25% can be used for rent or commercial mortgage interest as long as those both were in existence prior to February 15. On utilities, and then other business related interest, so this can be interest on credit cards interest on other loans you have, but you can only use 25% of the amount you get for that piece of it.

Justin Trosclair 4:27
That’s sure a much. No. I mean, depending on where you are, you could have a pretty high overhead just from rent because you’re in a fancy area, and maybe shut down. So that’s Is that why some business owners are like that’s great for my employees. But that doesn’t even help me stay open for a month. What is that? What are some of the questions people are having?

Unknown Speaker 4:46
That’s one of the big questions we’re having and what I’m having to tell people is I get it. We’re all in that same situation. I mean, for the most part nationwide, all businesses are in this situation. The purpose of the paycheck Protection Program. Specifically from a government standpoint, is to keep people off unemployment, because unemployment is going to create a bigger drain on our economy, then the $2 trillion they funded for all these programs being pushed out.

Justin Trosclair 5:13
No, the employee part, are they going to be paid at 100% of the salary? Or is it a reduced amount?

Unknown Speaker 5:20
Yeah. So no, that’s one of the requirements is you can’t reduce salaries and you can’t terminate employees in order for this to be forgiven. So when you’re filling out this application, one of the questions that is on all of these that I filled out for my clients so far is how many employees Did you have on February 15, or on January 1, some dates are different there. But they’re asking you how many employees you had, how many new jobs are going to be created by receiving this stimulus, this program and then how many jobs you’re going to have at that time? So one of the requirements as an employer is that you cannot reduce salaries, you cannot terminate people through this. So the question I’m getting There is well what if someone quits because unemployment is a better option for him right now because for a lot of people unfortunately that is what that extra $600 a week they’re throwing on.

Justin Trosclair 6:09
aren’t even in week nine. I’m not coming back. Yeah Coronavirus ain’t gonna be disappeared yet. I’m not I’m not trying to catch it in nine weeks. Yeah. So they quit or you penalize.

Unknown Speaker 6:17
So if somebody quits the con, the purpose is is that you have to rehire somebody in their place. Now, you brought up a good point there. One of the questions, I’m getting a lot from restaurant owners from people that like they’re not considered an essential business right now. So they’re shut down anyways, they’re like, Well, why would I do this? Because then I’m gonna have this money to pay my employees, but none of my employees are working. I’m like, ding ding ding. But the point of this is that you continue to pay him this is free money if you use it, right. So the point of this is you get this free money and you keep your employees on payroll, even if they’re not actively working for you.

Justin Trosclair 6:56
And that’s the biggest thing too is I will point where like self preservation at another point, we’re like, Hey, you know, you have all these employees that count on you for a living, they can’t do their job. So they’re gonna lose their house, just like you’re gonna lose your house. And I get them too, because they’re like, well, I’m gonna lose my house. You know, I got to save myself before I save somebody else, you know, put your mask on first and an airplane.

Unknown Speaker 7:18
Yeah, they’re trying to create like the ripple effects from this. So like, if we give businesses two and a half times the monthly payroll, those businesses can keep their employees on payroll, those employees can now continue to pay their mortgage, their rent, whatever that looks like. And it’s really just that ripple effect that like one business can have an impact on hundreds of people by going through this

Justin Trosclair 7:39
Hmm. And does this work for the banks as well like these big massive Corporation you know, you think GM who just cares about their bottom line.

Unknown Speaker 7:47
So this program specifically is for businesses with under 500 employees, so a lot of those large household name corporations are not going to qualify for this. They did just put out I believe it came out yesterday. It’s been Main Street lending program, it’s another stimulus package put out by the government. It is specifically for businesses over 500 employees. I don’t honestly have a lot of information on that, because I don’t work with businesses in that size. So everything but there is another program for those businesses specifically so that they’re not taking our portion of these funds that’s been allocated for small businesses.

Justin Trosclair 8:22
Well, that’s good. And disclosure, not not just hating on GM, but you know, just the first company that came to mind to think about like, massive company. Yeah, and just like a bank. So what kind of rates should we expect? Or could we expect if we get one of these loans,

Unknown Speaker 8:36
so the PPP loan if it if you use it correctly, and this is what I’ve been really trying to get people to understand is if you use this correctly, 100% of this can be forgiven, whether you get $5,000 or you get the maximum of 10 million 100% of this can be forgiven if you use it correctly,

Justin Trosclair 8:54
which means you got to do math.

Unknown Speaker 8:55
Yeah, it’s just really solid math. Like I’ve had a couple clients that have been like, well, this is two and a half times my payroll, I’m like, that’s great. But this calculation doesn’t work out because that extra point 5%, that you’re that extra point five on that calculation not always accounts for two months of your rent and your utilities that other interest, you may end up with some extra. And so you may have to ask for a smaller loan than what that two and a half times is, so that you can get these numbers to all match up. Yeah. So on that, though, to answer your question, any portion of this that is not forgiven is on a two year term at a 1% interest rate. So if you get a small loan, like if you end up repaying $10,000 back, that’s Unforgiven, that’s not horrible. But if you’re one of these businesses that gets you know, a million dollars and you end up with 500,000, that’s not forgiven. That’s a pretty hefty loan payment over two years.

Justin Trosclair 9:49
Do they do a portion like oh, you only did 60% you only have to pay back that that last 15% or the whole loan gets thrown out?

Unknown Speaker 9:57
No. So what they’re looking at As long as 75% of it is used for payroll, and the other 25% is used in those allocated categories than 100% of its forgiven, if you use 60% for payroll and 25% for the other and you just don’t use that other 15% and that other 15% is what converts over to the loan.

Justin Trosclair 10:18
Okay. All right, so at least if you did split it 5050 and we’re like, Look, I’m fine with a little bit of alone, just not all of it. Yeah, you can do that. Just knowing that you will have some of it’s like the whole thing defaults to a repaid loan, correct?

Unknown Speaker 10:30
Yeah, it can be forgiven. Okay.

Justin Trosclair 10:33
Okay. So that’s what the rates are. That’s the length of it is right now, who gives you a better chance big mega Corporation bank, local banks, credit unions, what’s what’s our shot as a doctor office have one or two Doc’s and 10 or less employees?

Unknown Speaker 10:48
I wish I had a very solid answer on that line for you. The a lot of the smaller banks, a lot of the credit unions are still trying to sort through with the SBA. What does this look like for us because You got to think about it. The banks are the ones lending these money right now. They’re 100%, backed by the SBA, but the banks not getting that money from the SBA for eight weeks. So when you’re talking a smaller credit union, and they’re looking at putting out potentially a million dollars in these loans, they want to make sure they understand, what does this look like on the back end so that we’re in compliance to make sure we’re getting the money back. And we’re just not sitting here with all this money going out. So the banks that have actually gone through this and have funded some of these right now are the bigger banks, Bank of America, First Bank, Wells Fargo, those are the only three that I’ve actually heard of that have funded right now. There’s a lot of small banks, especially here in Denver, we’ve ran into a lot of small banks that they’re just like, we’re we’re not an SBA approved lender, we’re not going to become one because this is just more than what we want to handle as a small bank.

Justin Trosclair 11:51
The reality is they might Oh, you didn’t cross this to you forgot this format. There’s no goes back. Like you just you’re stuck with this loan. I hope they do. pay you? Yeah, I mean, that could happen.

Unknown Speaker 12:02
It could. Yeah. So it’s my business is with a small credit union. I’ve been in contact with that credit union almost daily, because a lot of my clients are with that same credit union. And they’re not processing anything yet because they haven’t gotten what they need from the SBA to do. So. The problem we’re running into is because of the volume of everybody trying to get to these funds, you’ve got banks that are like, if you’re not already a business customer with us, we’re not working with you. So people are like, well, I want to go to Bank of America or first bank or Wells Fargo. And they’re like, sorry, we’re only working with our business customers right now.

Justin Trosclair 12:35
Mm hmm. Wow, boy, oh, boy. Oh boy.

Unknown Speaker 12:37
And from the numbers we’re getting it sounds like and this is the scary part. It sounds like a quarter of these funds have already been allocated.

Justin Trosclair 12:44
I was about to ask you that like, I would want to wait if I could and ride it out and they’re like art is week six. Better get some money. They will be in the left.

Unknown Speaker 12:53
Most likely not. Yeah. My my gut and my hope and my prayer is that Congress is going to see this and they’re going to see the issue that small businesses are up against, and that there’s going to be a second round of funding. And that hopefully they’re going to do something specific to the smaller small businesses. Because what’s happening right now is you’ve got some of these businesses that qualify under this small business category as being under 500 employees, that bank with Wells Fargo or these bigger banks. And that’s a priority to them because the banks are paid on tears. So loans up to 350,000, the bank gets paid 5% on up to two from 350 to 2 million they get paid 2% on and then anything over 2 million, they get 1% on? Well, yeah, the percentage is smaller, but 1% on $2 million, is still quite a bit more than 5% on 350,000. From a bank standpoint, if I owned a bank, I’d be like, yeah, I want to work with the people that are going for the two to $10 million loans on this because the bank is going to make more money from a small business standpoint when you’re looking and getting something from zero to 350,000 kind of puts us in a really bad position, because it’s like, when do we take priority? Are the banks just gonna focus on the big guys, and then by the time funds are gone, some of the small banks aren’t gonna have access to any of this, or some of the small businesses aren’t gonna have access to this.

Justin Trosclair 14:14
Right? Because we’re talking they make who knows how, like, if you have 400 employees, you can make a ton of money. Yeah. Like there’s a ton of businesses that can make a ton of money on that. And then you can have the person that has 20 and also makes a lot of money because they’re really high end things. I just met. Yeah, you’re right, because I don’t care about those I care about the doctors who probably have less than 25 people are really trying to help people at this time or wish they could help people and they can’t and like a dentist office. Yeah. How much overhead a dentist has every month. And yeah, they’re gonna have a huge loan. Yeah. And no income coming in. Like how do you supposed to do telehealth dentistry?

Unknown Speaker 14:49
Yeah, it’s, I mean, like, you’re drilling your tooth right here.

Justin Trosclair 14:53
Right? Yeah, you should have lost I told you the last. I mean, how bad Does it hurt your suppliers? No, no, you can’t do that. You’re not Ron Swanson.

Unknown Speaker 15:01
Yeah, so it’s my hope is, so I don’t even know if I should say my hope is, I think Congress when they put this out, they had some really, really great intentions behind it. I think those intentions were not necessarily worded the correct way in the cares act, Bill. And I think the interpretation of that bill at the level of implementation has been a little bit muddy.

Justin Trosclair 15:25
Did they waste a lot of money politically, with all the earmarks for everything else? Or that a conversation for another day?

Unknown Speaker 15:30
That’s a conversation for another day?

Justin Trosclair 15:33
Okay, cuz I didn’t know Is there anything else that we could qualify for his pee pee pee The only thing?

Unknown Speaker 15:39
No, PPP is just the one that I’m telling people get on this now because these funds are going to run out very, very quickly. The application process for this, I’ve been telling everybody I’m like, speed is your friend and accuracy is your ally, like you’ve got to do it quick. But you’ve got to be accurate because if you’re, if you do something inaccurate, the bank’s gonna come back and want more information and now it’s taken More time,

Justin Trosclair 16:01
how much paperwork is a couple pages.

Unknown Speaker 16:03
So the application itself is pretty simple. It’s the documentation, if your business is organized is pretty simple. They’re looking for the 940. ones for last year, the 940 payroll reports for first quarter, if you have an office that maybe you’re an S corp, and you’re the only employee and maybe you have other people that come in and work as a contract for you, then they’re just looking for your stuff, partnerships. They’re looking for what your guaranteed payments were that were subject to self employment tax. sole proprietor is they’re looking at what your net profit on the schedule C was to determine your payroll amount. There’s banks are accepting applications today or supposedly accepting applications today for sole proprietors and partnerships. There’s absolutely no guidance out there from the SBA, from Congress from any of the banks at all, as to how you calculate this payroll number for self employed individuals. I know how I interpreted it. I know how the accounting industry’s interpreted it, but that doesn’t mean that banks are going to look at it the same way and So it’s a situation of, Okay, we’ve got to get these people’s applications in. But what is the bank looking for, for us to be able to verify two and a half times the payroll number?

Justin Trosclair 17:08
Yeah, cuz you could easily be the plumber of one.

Unknown Speaker 17:10
Yeah. So you have to have your recent tax returns filed. So that’s what I’ve been getting that call a lot lately people like I haven’t filed in two years, I need to get my returns filed. So I qualify for anything.

Justin Trosclair 17:20
What’s wrong with these people? Every year? I’m looking at my account and I’m thinking Why do you always wait to the last day? My information? The the last day, sometimes I give this to you, but anyway, it’s always comes out.

Unknown Speaker 17:34
Yeah. So beyond the PPP, you’ve got the economic impact disaster loan, the EDL. Okay, was that so that’s the other one. So this is the one that when you go to the SBA website, and you can Google it, I mean, if you google SBA Coronavirus, it’s going to give you the link go in this application is literally it’s a two page, maybe three it’s like five minutes I think I did it in under 10 minutes and I had four calls interrupting me during got time, it literally asks you like what type of business do you have? It asks you to confirm that you’re not a convicted felon that you don’t have any prior SBA loan defaults, like just a few general things that they need to confirm to make sure you qualify. And then at the bottom of that application, there is a box that says check here, if you want to be considered for the up to $10,000 advance. So if you’re filling this out, you want to make sure you’re checking that box, and then you submit this. This was initially like, loads and loads of paperwork. Like when I initially printed this out to do this for a client three weeks ago. I mean, it was like 20 pieces of paper for the applications and the supporting documents that they wanted, did that on Friday for a client then get a call from my SBDC liaison on Monday morning, and he’s like, hey, the application got simple. Just go online. I’m like, Oh, so then I’m like, Well, what if we’ve already submitted this and he goes, you have to resubmit for everybody. Then today, we got an email from the SBDC saying, Hey, if you’re if your your clients submitted prior to April 1, you need to split Mitt even again, I’m like, Oh my gosh, like how many times what is this mean, because I’ve got clients who we submitted first thing Monday morning, so we’re probably pretty far up in the line on them processing. Like, you’re not going to lose your place in line, it’s based on your EIN number, they’ll be able to match. But apparently the SBA just updated their site, because when these applications were going through, they weren’t actually feeding out to any of the SBA loan agent. And so nobody was getting a callback to process fees, right. And this gives you 10,000, up to 10,000. And we just got clarification on that a couple days ago, that that is going to be based off $1,000 per employee up to 10 employees. So if you have two employees, you get $2,000. If you have five employees get 5010 is 10. If you have 20 employees, you get 10,000. That’s where it’s capped. Okay, so but that portion of it is a grant so that you do not have to repay at all, then the ideal loan. That was kind of the fallback piece that we’re relying on for all of our clients kind of like we were talking like that PPP for two and a half times, you know, if you have a large overhead that’s gonna cover your payroll and maybe just a portion of your rent. But that’s, or if you have a mortgage that’s gonna cover the interest, but not your mortgage. So whereas the rest of this money coming from

Justin Trosclair 20:12
real quick, if you’re an employee of your business, depending on how you set it up, you still get covered, right? Yes, as part of the two and a half. So if you had a nice fat salary, you can still get your nice fat salary for

Unknown Speaker 20:22
it covers up to $100,000 a year. So if you are paying yourself over 100 grand a year, then you’ve got to drop that down to figure out your average monthly payroll.

Justin Trosclair 20:31
I guess some people are lucky enough to make that per month. Yeah. Kudos to you. The rest of us, however, are well below. Yeah.

Unknown Speaker 20:46
It all was kind of our, our fallback for clients. We’re like okay, we’ll get this much on the two and a half on the PPP with the two and a half percent. We’ve got salary covered for two months, we’ve got this much of this and this much of this. So now we’ll apply for the EDL This is what we Need to get you through the next two to three months. And so this is what we look at when we talk to the loan agent we can request. Well, they just put notice out today that now there and it’s weirded very government like it says, initial disbursements which leads me to believe that this was just the first go round that they will look at doing a second go round. But they’re saying initial disbursements will be based off two months of operating expenses with a maximum of $15,000

Justin Trosclair 21:28
I do like that they’re giving they’re allowing you to have some money, and they’re not letting one company just take all of it. Now some companies are like, 15,000 What a joke but for other people, they’re like, yes, 15,000

Unknown Speaker 21:41
I was talking to somebody this morning and he goes, when you have a million dollars a year revenue that your business just completely got shut down and goes $15,000 is nothing I’m like, but $15,000 is better than nothing.

Justin Trosclair 21:53
I mean, when you look at like, you know what is survival your house, note your car, note some food on the table. You know what I mean? Like, well,

Unknown Speaker 22:01
and when you’re looking at business expenses, so this particular gentleman I was talking to this morning, he owns a small auto dealership. And so his rent is like $20,000 a month. So I’m like, yeah, it’s it’s 15,000 is not getting you anywhere. I’m like the $15,000 is $15,000 more than you have right now. While you can’t sell a single car,

Justin Trosclair 22:21
huh? Wow. Yeah, cuz it’s such a it’s a tricky thing, because we’re talking about businesses. And we’re also talking about the business owners who also have their own livelihood. Yeah. And you have double expenses and trying to make both of those work. Yeah, what

Unknown Speaker 22:33
we’re dealing with right now. This is I’ve been in the tax industry for 17 years now. I’ve never seen anything like what the government is putting out to assist businesses and individuals right now. I was talking to a colleague of mine who’s quite a bit older than I am. He goes, the last time I saw this, anything like this was in 1987. I’m like, Well, I was two years old, and I don’t remember that one. Yeah, but it’s It’s unheard of, I mean, the forgivable portion of this loan. I mean, if you think about it, normally when you have a loan you default on it and the bank forgives it becomes taxable income to you. That’s not what’s happening here. It literally is just free money if you use it correctly. So what I’ve been telling people is in business, we’ve got to manage our finances. It’s up to us as the business owner to understand our cash flow to have that capital reserves that we can fall back on in times like these. I preach this to my clients all the time. I’m like, you should have six months of operating expenses. As a cushion in your business, you just should. And my clients that have listened to that right now. They’re like, I’m okay. Yes, I need to get this money. But I’m not in dire straits to the point where I have to have this right now.

Justin Trosclair 23:38
Because nobody wants to spend that cushion. But that is exactly why it’s there.

Unknown Speaker 23:42
Yes, it is five times like this, you know, the unpredictable stuff. But for those businesses like it’s not and this is what I keep telling people, it’s not the government’s responsibility to save your business right now. It is our responsibility to save our own businesses. The government is offering some help, but you can’t be mad at them for capping these funds. There’s, yeah, there’s $2 trillion to go around. But when you look at how that’s been allocated, that’s 380 $9 billion that’s been allocated through some of these funds for businesses. When you look at how many businesses are in the US, that’s not much at all.

Justin Trosclair 24:15
And they’re the ones that have all the jobs like when you I forget what the stat was a listen to some kind of book today. And it was talking about that it was just small businesses under 10 employees is the backbone of America. So that’s a lot of businesses.

Unknown Speaker 24:27
That is the end that’s the majority of them. And that’s, unfortunately, that is the majority of the businesses right now that I wouldn’t say the banks are overlooking, but I think are not making a priority.

Justin Trosclair 24:39
But like you said to what was your personal responsibility? Did you do you have your stuff in order? Oh, you can’t find this stuff? Well, you’re a business owner, you should be more responsible. So if you’re scrambling to find all this stuff, I mean, that’s kind of on you. You know, I understand to like, if you weren’t profitable to start with, and you kind of are in that that first two Yours we just trying to survive, you may not have a cushion. And that’s things he does think like is this that’s the part. That’s where you’re at in the business cycle. And yeah, you just got to hope to get this money and make it through. Yeah. But if you’re a seasoned vet and you still don’t have the money, then you you know, you may be playing poorly, for some reason. And

Unknown Speaker 25:17
I think a lot of business owners through this are going to start to see where their weak links in their finance management is. I think it’s a wake up call for a lot of business owners and I hate I hate to jump on my high horse here with this, but this is a time for business owners to realize when they’re scrambling to find this information when they’re like, Oh man, I don’t have my books together for 2019 to even know what I made in 2019 know what any of these numbers they’re asking me for. This is a wake up call you’re in business. This is the finance piece your business is not something you play around with. It’s a very serious piece. It is the piece that can break make or break you and so unfortunately, you know I I hate that our our world but our nation Our business communities are dealing with this because it breaks my heart because there is going to be so many less businesses coming out of the other side of this and went into this. And that’s just a harsh reality of it. There’s a lot of small businesses that are not set up to weather a storm like this, no matter what they would have done. Even if they would have had six months if this last six months, they would have gone under anyways. So it’s that piece of this is heartbreaking to me. But I’m hoping that the businesses that do come out on the other side of this have that little lightbulb moment of like, okay, it’s really time for me to take this finance piece of my business seriously and get this in order. Whether that means hiring a bookkeeper hiring an accountant, a CFO, whatever that looks like, it’s time to get that piece of my business in order and make it a priority and not lean on that. I can’t afford that anymore.

Justin Trosclair 26:49
Interesting, you know, and like I said, some people probably are doing I need to file late for whatever reason, for whatever reason, they’re finally made, and now that’s gonna bite you in the butt because you were just gonna wait until the summer Now crap. I mean, we’ve seen restaurants on either a juicer in Denver, they were doing road construction. 25 years in business family owned yada yada amazing. Awesome. Gone. Gone in six months. Yep. who cared? A lot of people cared but what are you gonna do about it? Like they didn’t get any help back then? Because the real construction, it’s like, dude, that’s terrible. Yeah. And I don’t know what else they could have done to survive. But you know, people are just like, No, I’d rather just go to the box store down the street that’s on a nice corner and easy.

Unknown Speaker 27:29
I mean, I’m sure you’ve seen it. The word right now. I think everybody’s word right now is pivot. It’s like how are we pivoting? And I’ll tell you what, some of the restaurants here in Denver are doing phenomenal at this. They they’ve got Coronavirus kits where they’re like boxing up food because they’ve got all this food that they’re like we’ve got to get rid of before it goes bad. So they’re boxing up like steak dinners for date night in and it comes with two rolls of toilet paper. Here you go.

Unknown Speaker 27:54
Oh, that’s awesome.

Justin Trosclair 27:56
Yeah, my wife’s nervous to go eat out right now. She’s like, Oh, I don’t know that food. been sitting around?

Unknown Speaker 28:03
Exactly.

Unknown Speaker 28:05
There’s a lot out there for businesses, but I think it’s a matter of navigating to find out what’s the best option for you. My honest advice is apply for everything. Let the banks or the SBA tell you, you don’t qualify but go ahead and apply for it. Get in, get in the queue get it going.

Justin Trosclair 28:20
Is there anything special for the medical profession?

Unknown Speaker 28:23
Nothing specifically special towards them?

Justin Trosclair 28:26
Okay, any sage advice for any medical, I mean telehealth is something that’s popular. We got some episodes coming out with with that before you the last two or three episodes are kind of in about telehealth and things like that. But anything else that you have seen potentially with all the clients that you’ve had that the

Unknown Speaker 28:40
so I’ve got a couple chiropractors that are clients and I was actually talking with one this week and she’s like, I don’t know what I’m gonna do. She goes, I’ve got probably another three months worth of lace, we just started working together. She went from having no cushion six months ago to be like she had three months of cushion. So she’s like, I’m good for three months she goes but if this goes longer than three months, I don’t know what I’m doing. Do she goes I can’t virtually see clients and adjust them like it’s just not possible and Colorado is one of the few states that it from my understanding that chiropractors are a non essential service right now. There’s many states they are but called in Colorado, they’re not.

Justin Trosclair 29:15
So she has to do exercises and stretches and nutrition in Oregon, all the other stuff that some people don’t believe in as a cardboard. Like, I’m not gonna do all that stuff for you like, well, maybe you should now.

Unknown Speaker 29:24
Yeah. Well, so with her, we were talking the other day. And I’m like, how do we pivot? Like, we’ve been talking about you doing some functional medicine clients and like working through that. I’m like, obviously, you can’t do the blood work and all of that right now. I’m like, but you can start on the other pieces of it, like the stretching and the workouts and the diet like you can work on those pieces. I’m like, so start marketing that service. The other thing with her is she started this is her third chiropractic business. And I’m like you have three very successful or two very successful businesses in the third startup under your belt, unlike a lot of chiropractors don’t have that. So now’s your time. To take your knowledge and your skills out to other not even just chiropractors, but businesses in general, and walk them through some of those steps of tightening their belt and, you know buckling down through this, and what can they do now, to mark it on a budget or to do these other things that you’ve done twice, and almost three times already? And she’s like, Oh, my gosh, didn’t even think about that. And I’m like, yeah, it’s all just about taking your knowledge and your skills like for doctors, you may not physically be able to see patients, but you have more knowledge than just your medical knowledge. And so how do you take those skills and that knowledge and look at what you’ve done really, really well in your business, that your colleagues have it? Look at what you’ve done really, really well in your business that business owners in general don’t do? This is your pivot moment. How do you take that how do you bring that out to the community that is, there’s so much need right now. People are trying to market with no budget people are trying to sell online when they’ve never done this Before people are trying to, you know, do all these things that it’s like, oh my gosh, I never thought I’d have to do this. So as a medical professional, look at what you’ve done outside of just your medical skills in your business. That’s your pivot moment. How do you take that and start to generate revenue off of that until you can get back in your office?

Justin Trosclair 31:20
I love it. Me and my buddy, we’re doing something a passion project, if you will. Do we expect to get money from it? Not No, we do. We expect to just spend money, probably. But it’s a coloring book. We have a very niche little coloring book that we want to make. And we think we’re gonna have fun doing it. And it’s creative. And it’s a thing we can do together. It’s just kind of fun. And that’s it. I mean,

Unknown Speaker 31:42
hey, right now funds important. You know,

Justin Trosclair 31:44
some people are like doing fun things and trying to explore themselves and learn and learn a new skill and like now’s the time was, you know, one of our groups. What are you learning from this? If you just come out and you’re like, you’ve caught up on all your Netflix and Hulu while you wasted an opportunity.

Unknown Speaker 31:58
Oh, man, it’s I’ve said this several times, but it’s like, what does the COVID-19 version of you look like?

Justin Trosclair 32:06
Yeah, what’s gonna emerge when you come out? Besides five or 10 pounds? heavier?

Unknown Speaker 32:10
business owners in general never have this much time on their hands.

Justin Trosclair 32:13
Oh, much time. Like

Unknown Speaker 32:14
I’m talking to people. And they’re like, I’ve repainted the entire interior of my house. I’ve done this. I’ve done that. I’m like, great. What are you doing to grow your business? Well, I can’t work. And like, that wasn’t my question. What are you doing to grow your business? I’m like, What are you reading? What are you listening to? Who are you talking to? What marketing plans are you putting in place? What about that big pile of stuff that we all have in the corner office? It’s like, I’ll do that when I have time. Have you done that? Because you have the time.

Justin Trosclair 32:38
Do you know how many seminars are discounted live stream free for now? I mean, all of a sudden, I’ve got all this pain science stuff that I could have. No, still could have a little kid. So it’s a little difficult to actually do as much as you want to. They’re kind of a limiting factor.

Unknown Speaker 32:55
I have two kids. I totally get it.

Justin Trosclair 32:58
Yeah, yeah. Sitting around. Like, how am I doing this at all the way like, I don’t get everything done and have kids what what am I missing? Oh, yeah, daycare or school.

Unknown Speaker 33:07
Like homeschooling is now part of my job description.

Justin Trosclair 33:11
Yeah. But you know, there’s always their free help now to with it.

Unknown Speaker 33:14
Yeah. Good. There’s so many new problems to solve that I, I truly, I believe and this is my belief and some people may disagree with me and not like the fact that I’m going to say this, but I truly believe there is not a business owner out there that cannot find a new problem to solve and generate revenue right now.

Unknown Speaker 33:36
Boom. So true.

Unknown Speaker 33:38
I’m like, it’s sometimes you just got to get out of your own way. Like, sometimes as business owners, we have these blinders on and it’s like, this is what I do. This is what I do. This is what I do. It’s like, okay, yeah, that’s what you’ve done. But you can do this or this or this or this. What’s the problem that needs to be solved right now?

Justin Trosclair 33:56
No, it’s been good. This has been good. I think hopefully. One is, like I always say, listen to this, think about what’s been said and then implement something cuz there’s so much you could do right now. We don’t have to be stuck.

Unknown Speaker 34:09
Yeah. Don’t just listen and not do anything. Listen and do. I tell people that all the time I’m like, it doesn’t matter how many books you read how many podcasts you listen to how many webinars you attend, how many conferences you attend. If you leave there, and you don’t implement one thing to push you forward. It was a waste of money, waste of time and a waste of money.

Justin Trosclair 34:27
Well, Amanda, how can people reach out to you potentially pick your brain more even sign up some clients,

Unknown Speaker 34:34
so you can reach me email consulting at elevating profits comm you can reach us by phone, we’re in Denver, it’s 303-847-0836. Or you can reach out to me on LinkedIn or Facebook. I’m active on both of those areas.

Justin Trosclair 34:53
I mean, we met on LinkedIn,

Unknown Speaker 34:55
come up on Google. You can find me on Google.

Justin Trosclair 34:57
I do want to say thank you so much for coming on and dropping all this relevant timely information and letting us know that the end is not near.

There’s money out there, there’s applications that aren’t as daunting as I would have assumed that them to be to all the doctors out there, start typing and make the next hour, your hour to fill out all these forms if you can, and should you go to different banks, or if you get denied at one bank,

Unknown Speaker 35:22
you get denied from a bank, you’re done. So that’s why I’m telling my clients I’m like, the applications are easy. That piece of it is easy. Making sure they’re accurate is not as easy if you don’t have good records. But that piece is easy. It’s really the eight weeks after you get the money from the PPP that is most crucial, because those are the eight weeks that you have to be able to document where you’ve spent all that money and be able to prove that to the bank. I would say talk to your bank that you have a business relationship with first find out if they’re an SBA approved lender, find out if they’re processing applications. If they’re an SBA approved lender, but they’re not yet processing applications, you may want to look at some alternatives. The SBA website has A great list. If you just search approved lenders, they have a great list. There’s more being added every single day. There are lenders out there right now that are not being cabbage spelled with a K. It’s a high interest, not good for business really lending company. But they’re accepting applications through the PPP. I don’t believe they’re processing yet, but they are accepting Fountainhead capital, I believe they’re taking application. So there are some non bank processors that can go through this that are more capital funding companies as well. If your banks not accepting them, or your banks not processing them. It’s just a matter of sitting down and doing your research to find out who is and where you can get it through

Justin Trosclair 36:42
some of these, quote, non bank people. They’re looking at it as Hey, we qualified to make money. Yes. Oh, let’s Be the one that hands out the money so we can get it on the back end.

Unknown Speaker 36:52
Yeah. Nobody’s wanting to borrow money from them at a higher interest rate right now and they’re not really willing to lend at a high interest rate rate, but they are willing to lend and make a little bit of money off the SBA?

Justin Trosclair 37:02
Yeah, like you said, if you can get a $3 million loan all of a sudden one percents pretty Yeah,

Unknown Speaker 37:08
that couldn’t be a good month.

Justin Trosclair 37:12
who landed that?

Unknown Speaker 37:13
You get a bonus. Your commission check is gonna be good this month. That’s right.

Justin Trosclair 37:20
All right. Well, thank you so much, again,

Unknown Speaker 37:22
not a problem. Thanks, Justin.

Justin Trosclair 37:29
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