 Welcome to our webinar about applying for PPP and other COVID-19 relief funding. We know that this is a critical time for your business and for accessing the capital you need. And we wanna make sure that you get the information you need today, especially about PPP. My name is Katie Johnson and I represent Next Street, which is a mission-driven advisory firm revolutionizing how companies and organizations provide capital, customers and services to small businesses and entrepreneurs to drive a more inclusive U.S. economy. Next Street also works with small business owners like you directly, guiding you towards greater small business success. Our main facilitator for today, Ricardo Devalon, is an expert in providing this assistance to businesses as the leader of our Lower Manhattan Service Center. I'm also joined by my colleagues, Jocelyn Walters and Samantha Berg, who are leaders within our consulting practice and have run small businesses themselves. Joining us are members from the GoDaddy team, including Rachel Powell and Ryan Bossett, who are leading GoDaddy's Open We Stand efforts to ensure small businesses have the resources they need. And Ryan is here to tell you about the opportunities available to you through Open We Stand. Thank you so much, Katie, and thank you all for joining today. We realized this is a difficult time for everybody, but in particular, small businesses. GoDaddy launched an initiative called Open We Stand. You can learn more at OpenWeStand.org, which is a coalition of 40 plus brands coming together, including GoDaddy, American Express, Salesforce, Slack, et cetera, to provide small businesses access to resources, content, special offers on their platforms to save money, benefits, pledges of support, a community for folks like yourselves to connect with one another and provide helpful tips and inspiration. Another participant is Next Street. They are a participating partner of Open We Stand, and they were gracious enough to help us out today, help you out today, learn how to navigate the world of PPP, the Paycheck Protection Program funding. And we're very excited to bring this to you, and hopefully it's helpful. Katie, on that note, I'll send it back to you. Thank you. Great. So let's talk about our objectives for today. I'm afraid if you could move us to the next slide, that'd be great. Thank you so much. So today, our team will be walking you through evaluating if PPP is a good fit for you, application tips and best practices, sources for PPP and other alternative funding. And then we'll also have plenty of time at the end for Q&A. So Jocelyn, my colleague, will be monitoring questions coming in during Q&A, and Ricardo and others will help answer them. If you have questions throughout the presentation about the content we're sharing, please enter them into the Q&A field and we'll be happy to respond. And with that, I'll turn it over to Ricardo to take us through the bulk of today's training. You know, our goal for the training is really to make sure that you have the resources you need regardless of those different stages. So Ricardo will take us to that training now. So here's the agenda for today, for today's session. The first part of the agenda is helping all participants understand what is the payment protection plan or PPP as we're calling it today. We're gonna help you understand how to prepare it to apply, how to actually go through the process of the application. We're gonna share some alternatives to the PPP program. Now we're gonna make sure it's at least some time for questions. I know there are a lot of questions around the application process, questions around how to actually identify the best lender for this request. And we're also gonna talk about one of the pieces of the PPP, which is the loan forgiveness portion. And so we'll quickly touch on that as well as we go through this presentation. So the Paycheck Protection Program is an emergency lending facility. It's administered by the SBA 7A program. And the purpose of this product is to provide loans with favorable terms to small business bars who are impacted by COVID-19. A big piece of the PPP loan program is designed around allowing employers to keep employees in place. And so today we're gonna talk about what that specifically means for you as an employer and how you can ensure that as you take advantage of the PPP program you can understand the forgiveness portion and how to just ensure that you can manage the program as best as possible. The PPP is designed to provide small business loans on favorable terms to bars impacted by COVID-19 through a streamlined application process. Congress intends the PPP to accomplish two fundamental goals. The first is to help small businesses to cover their near-term operating expenses during the worst of the COVID-19 crisis. And the second is to provide incentives for employers to retain employees. We wanna talk about how does a small business ensure that they are eligible for the PPP loan program? So let's run through the list of eligibility criterias. The first thing that you wanna ensure is that you're either a for-profit business or a nonprofit business with employees less than 500. So you wanna make sure that your business has less than 500 employees in order for you to qualify for this program. In addition, if you are a sole provider, independent contractor, if you have a partnership, you are also eligible for the PPP loan program. Nonprofits that receive Medicaid reimbursements are excluded from applying for this program. Another key criteria for this product is that organizations must be in operation as of 2, 15, 2020. And so the owners will be on you as a small business owner to prove to your lender that your business was in operation as of February 15, 2020. Recipients are required to have a good faith certification in place that demonstrates that they have been affected by COVID-19. Businesses in certain industries with more than one physical location and with no more than 500 employees per location may also be eligible. The PPP program allows small businesses to acquire up to $10 million in financing. There is a calculation of 2.5 times your payroll, which we're gonna quickly walk through. I know that's been a confusing part for a lot of small businesses. And so today we're gonna use this time to quickly walk, not quickly, but we're gonna actually go into the weeds with what that means, the 2.5 times your payroll. Wanna make sure everybody understands that the PPP program has a 1% interest rate and a two-year repayment rate. Also wanna make sure that everybody understands that through the PPP program, payments will be deferred for the first six months. So what that means is if you are approved for the PPP loan program, you are not required to make payments for the first six months. However, interest will still accrue during that time. The total payback period for this entire loan is two years. You should expect zero fees, either referral, broker fees, application fees for this PPP program. There is opportunity for small businesses to receive forgiveness for the entire loan. We're gonna take some time to walk through what that means as well. One of the premier points of emphasis for the PPP program is that this loan should be used specifically for salary expenses. And so today during this slide deck, we're gonna talk about what that means for employers. And we're also gonna talk about what that means for self-employed, sole-propped, based businesses. For employers with employees, PPP will calculate salaries for 2019. And so example, or payroll costs for 2019. And so examples of payroll costs include salaries, commissions, payments of cash tips up to 100,000 annually, which we'll talk about in a few. It also covers income or net earnings from self-employment. There's additional benefits that are considered payroll costs. Those benefits include employee group healthcare benefits. It includes retirement contributions. Any costs associated to vacation, parental leave, family, medical or sick leave are also included in payroll costs. Payments to state or local tax assessed on compensation would also be considered payroll costs. The PPP program also allows for small business to cover, small businesses to cover additional expenses. And those expenses include any commercial mortgage interest obligations incurred before 2015-20. The PPP program also allows for rent under lease agreements in place before February 15, 2020 to be covered. Any business utility expenses that have been in service prior to 2015-20 can also be covered here. So next piece here is preparing to apply for a PPP. And so we wanna make sure that you understand as a small business owner how to calculate the amount that your business can apply for under the PPP program, right? The breakdown that we should be using to understand how much I can apply for under the PPP program is to take my total payroll over a course of 12 months for a majority of small business owners what they're doing is they're taking their total payroll for 2019. I'm going to be removing any taxes that I paid out during that year. And this is a big point here. Any employees that I may have a have in place that makes more than $100,000 or made more than $100,000 in 2019. I'm gonna just example. We wanna ensure that we're capping their salary at 100,000. And so an example is if I have three employees and I'm looking to make my calculation if one of those employees make 150,000, for instance, I wanna make sure that I am capping their salary at 100,000. I also wanna make sure that I am removing any compensation for any employees who has a principal residence outside of the US. However, qualified, sick leave or qualified family leave wages may be qualified, may actually be part or maybe added as part of your calculation under the PPP program. Once you're able to identify 12 months of payroll expenses, you wanna be able to divide that number by 12 to get your average monthly expense and then multiply this by 2.5%. There are some additional considerations for small businesses who pursued the IDO program, which we'll talk about during the end of this presentation. For the sake of digesting this piece, I'm gonna use a real-life scenario. And as we have questions around this calculation, I'm gonna open up the floor for Q&A and so we can talk about that more specifically. The example that I like to use to help small businesses wrap their heads around this calculation is if I'm a small business and my annual salary for 2019 and my annual salary expense was $12,000, what I wanna do is take that $12,000. I wanna be able to take a look to make sure that none of my employees have a principal residence outside of the US. And of course in this scenario, none of my employees make more than $100,000 and so there is no need for me to cap my salary that individual salary, right? And so there's $12,000 at the end of the year in terms of salary expense. I wanna be able to divide that $12,000 by 12 to get my average monthly expense that works out to about $1,000 per month. And then I wanna multiply that number by 2.5, which means that my total eligible amount under the PPP program is 2,500. Again, I know this is somewhat confusing and so we're gonna leave some time at the end of this presentation to walk through that piece once more. If you are a self-employed individual, you still qualify for the PPP program. And so let's speak about 1099 businesses, individuals who report 1099s or report on a schedule C, how do they go through or how do they make sure that they understand how much they qualify under the PPP program? For employers who hire 1099 employees, you wanna make sure that you are not included or including 1099 employees in your calculation. In the eyes of the federal government, 1099 employees are seen as business owners themselves and so it is advised that these individuals or employees pursue the PPP funding on their own. And so again, if you hire individuals on a 1099 basis, you wanna make sure that you're not including them in your calculation. The federal government sees these individuals as small business owners themselves and they are eligible for applying for the PPP loan program and it's advisable that they do. If you are a sole proprietor or if you're paid through 1099, you just mentioned that you are eligible for the PPP program. Here's how you would do your calculation. You're gonna pull up your 2019 personal tax returns. You're going to identify your schedule C which lists out your business income and expenses. You wanna ensure that at the end of the year, there's actual income. Whatever the income is at the end of the year, you wanna be able to divide that income by 12 and then multiply by 2.5. So going back to my initial example and applying it to the sole proprietors, if I take a look at my schedule C and I noticed that my income after all expenses is 12,000, that's the number I'm gonna be using in order for me to calculate how much I qualify for for the in regards to the PPP program. I'm gonna take that 12,000, divide it by 12, works out to $1,000 a month and then multiply it by 2.5. That's how you as a small business or a sole proprietor would identify how much you qualify under the PPP program. One of the interesting features of the PPP loan program is the forgiveness portion of this program. And in order to help participants wrap their heads around the forgivable portion or forgivable sort of nuance to the PPP program, the example I like to use is the 75-25 rule. I'm really about using real-life examples and so let's use a real-life example to help everybody on this phone understand what I mean by the 75-25 rule. If I am a small business owner and I am approved for a loan of $10,000, in order for me to be eligible for forgiveness under the PPP program, I need to ensure that 75% of my loan goes towards covering payroll expenses for a period of eight weeks. I must also ensure that 25% of the loan that I have this loan goes specifically to three things or one of three things. That 25% can go towards covering commercial rent expense. It can go towards covering commercial mortgage interest expense. It can also go to cover utility expenses as well. And so under my real-life example, if I were to acquire a loan of $10,000 through the PPP program, as a business owner, I need to ensure that 7,500 of that 10,000 is set aside to cover payroll expenses over the course of eight weeks. I also must ensure that the remaining 25% goes towards specifically utility, business utility expenses, commercial lease expenses, or mortgage lease expenses. That's how you would qualify for forgiveness. I think a key point that I want to get across is that the onus is on you as a small business owner to connect with your primary bank, the bank who's provided or lender, to ask for the forgiveness. A big idea here is that lenders will not proactively reach out to you to ask you if you want loan forgiveness at the end of eight weeks. The onus is on you to not only keep records of how you are spending the funds, the onus is on you to also connect with your lender at the end of eight weeks and request forgiveness for your loan. Once you formally request forgiveness for your loan, the lender has 60 days to make a determination as to whether or not you qualify. Again, once you formally request forgiveness for your loan, the lender has 60 days to review your documentation, and decide whether or not your business qualifies for this product. If for any reason your loan is not forgivable or it's not completely forgivable, I want to be able to confirm that you understand that the business is required to pay back the loan over a course of two years. The interest rate that you'll pay for this loan is 1%. The first six months includes deferment, which means that you won't have to make any payments within the first six months. I want to make sure everybody understands that interest will still accrue within those six months. However, payment is not required. That leads you with 18 full months to make complete payment of your loan. There are online calculators available to help you understand what that means in terms of monthly expense. I encourage everybody on the phone who is interested in this program to hop on and pull up a loan calculator and just get a sense of how much your monthly obligation will be for this PPP program. Let's talk about applying for PPP. The poll that we launched mentioned that a lot of small businesses are trying to figure out how to best apply for this program. Here's the directive that we've been provided by the SBA. We've been told that if you are interested in applying for the PPP loan program, the first point of contact you should be making is with your current bank. The majority of commercial banks are giving their clients an opportunity to apply for the PPP loan program through their processes. And so the first point of emphasis is to identify your primary bank institution, SBA bank institution and apply there. With that being said, we understand that it's not, it hasn't been the easiest to connect with commercial banks regarding this PPP program. Quite honestly, it sounds like a lot of small, a lot of these banks are underwater with applications. And so the question comes up, what are my alternative options? If for some reason or another, I can't get in touch with my primary bank or if I have not yet fully processed my application and we're gonna talk about what that means in a minute. If for some reason you do not have a banking relationship or you're having issues connecting to your primary bank, the SBA has a link that you can click on to identify SBA eligible lending institutions in your media community. I would encourage you to click on that link, put in your zip code and address and you'll be able to identify SBA lenders in your community that you can reach out to to apply for the PPP program. OpenWestand partners also provide PPP loan products. We specifically ask you to reach out if you have this relationship to reach out to cabbage or PayPal to learn more about how you can potentially process an application through these lenders. There's been a lot of questions that come up around. I've tried to connect with my commercial bank. I've completed an initial intake form, but I'm getting zero guidance on next steps. Can I apply for an alternative lender or can I go somewhere else to apply for the PPP program? Here's the advice that we're being given. If you've applied for a primary, if you're a part of the PPP program under a primary bank and they have not been able to confirm that your application is fully processed, then you have the ability to go to an alternative lender or alternative source for funding. My advice to you as a small business is if you've already submitted an application and you're not sure whether or not your primary lender has processed your application. And by the way, if I'm pausing, this is me just going through the chat and I want to make sure I walk through those questions if needed. If for some reason your application, you have no clarity on your application or unsure if it's fully processed, you should be reaching out to your primary lender and asking if an e-tran number, E as in Edward, C as in Tom, R as in Robert, E as in Apple, and as Nancy. If an e-tran number has already been registered with the SBA, if the answer to that is no, that means your application has not been fully processed and you can explore alternative options. If your e-tran number is already registered, what that means is your loan is already at the SBA and is currently being processed. If you decided to go to an alternative lender to process the PPP loan with an e-tran registered, that secondary application will be kicked out by the SBA because the primary application's already in place. Hope that's clear. The PPP application, if you want to take a look at what that looks like, we have the application available on the SBA site. Again, in order for you to apply for a PPP loan product, you must go to an SBA lender. The word of advice is to go to your primary, excuse me, your primary bank. If not, I encourage you to take advantage of the link on the SBA site that helps you identify SBA lenders in your media community. So another point, another broad stroke sort of piece I want to get out is every lender has or may have different qualifiers or document requirements to process applications. So again, every lender may have different document requirements in order to process a PPP loan. Our OpenWeStand partners, Cabbage, has specific requirements around documentation that you should expect to be asked for once you apply for the PPP program through this lender. The first requirement is a copy, a color copy of a government issue ID. You want to be able to identify your organizational documents. So these are documents that when you first created your business, you should have received either a black book or a red book that would include your organizational documents. You should be able to provide your 2019 IRS Form W3 and also your 2019 IRS Form 940. If your business is seasonal, you can provide payroll statements for a set period of time in order for you to be able to determine the maximum amount you qualify for under the PPP program. A big idea that I want everybody to take away is that for employees, all your employees must be, if they must be W2, if you're looking to take advantage of the PPP loan program, especially as we consider forgiveness. And if you have any employees that live, that are outside of the US, you want to make sure that they are W2 employees. We talked about employees making over 100,000. I want to just stress this point. If your business has an employee that makes more than 100,000, when you're doing your calculation to determine how much you're eligible for under this program, you want to make sure that you're capping that individual's salary at 100,000. For those businesses who are familiar with the IDO program and who have already received a loan through the IDO program, you want to make sure to also include your recent statement from your Outstanding Economic Injury Disaster Loan Program. Ricardo, I wanted to just break in. We're getting a few questions about what if we haven't submitted our 2019 taxes? What do we do in that case? Yeah, and so I mentioned that every commercial or lender, SBA lender has different requirements. You should expect that there will be some lenders that insist on you providing 2019 tax returns. And so I'd work with your accountant to get that in as soon as possible. And there may also be some lenders who may not have that as a requirement. Unfortunately, the onus is on you as a small business lender to identify these lenders who would be able to process these PPP applications without the 2019 tax returns or to work with your accountant to ensure that you have your 2019 tax returns made available as soon as you can. Here are some additional considerations around documentation that you can expect. Small businesses to have to provide for cabbage. This is specifically for its sole proprietors, independent contractors, self-employed individuals, or single member LLCs. I know we have a handful of sole proprietors on this call. And so again, you want to be able to provide your color copy of your government issued ID. You should have a 2019-1040 Schedule C. You should provide your 2019 Form W3. 2019 IRS Form 940. If there are W2 employees, you want to be able to provide that information. And there's going to be a request to ensure your business was in operation as of 215-20. And so this is if you are a sole proprietor, independent contractor, self-employed, or single member LLC that has employees. Again, if you have employees, you want to be able to provide, again, your government issued ID, your personal Schedule C, W3, 940, W2s for those employees, and a payroll statement covering 215-2020. If you do not have employees, you still want to be able to provide your government issued ID. You want to be able to provide your 2019 Schedule C. You want to be able to have your 1099 miscellaneous, and so that should be included for independent contractors. If there are any invoices in 2020, any bank statements or proof of records that your business was established as of 215-2020, you want to be able to provide that information. And so if there's invoices dated for that date and time, that would work completely fine. You just want to make sure that you have some proof that demonstrates that your business was in operation as a sole proprietor as of 215-2020. Riccardo, this is great. I have a number of questions on the chat about part-time employees and how they factor into this and a really great question about how quickly do you have to use the PPP money to bring back employees? If you are, in fact, still in quarantine shutdown mode, you have some bandwidth to wait until we resume business? Yeah, so that's a good question, Josh. Two good questions. So the rule of thumb in terms of employees is in order for you to qualify for forgiveness under the PPP loan program, you must ensure that they are W2 employees. And so there really isn't a distinguishment made between those who are full-time or part-time. You just want to make sure that these are W2 employees when you're making your calculation. And so if you have employees who are 1099, again, I know this sounds a little repetitive, but I want to make sure I drill this point. And if you have 1099 employees, they need to go out and pursue them, or it is advisable that they go out and pursue the PPP loan product themselves because the federal government sees them as small businesses. If you have W2 employees part-time or full-time, you are eligible for the PPP loan program. The federal government gives you eight weeks in order for you to cover 75% of that loan in a form of apparel expenses, which means that once you receive the loan, you have eight weeks to hire. If you had to let staff go, or for some reason had to reduce salary levels, you have eight weeks to essentially bring those salary levels to the 2019 average monthly salary expense rate. And then at the end of eight weeks, you would reach out to your commercial or primary lender for the forgiveness piece. And so the big idea there is that once you receive the loan, you have eight weeks to meet that 75-25 rule. And again, for those who are unfamiliar, the 75-25 rule is 75% of your loan must go towards payroll expenses, 25% of your loan must go towards specifically utility, business utility expenses, commercial rent expenses, or commercial mortgage interest expenses. Let me go ahead. There was a question about, could you use all 100% on your payroll or does it have to be 75% of your payroll expenses? Does it have to be 75-25? Yeah, and so we're gonna talk about, is the PPP for everybody? Here's what I will stress for those who are concerned about payroll expenses. You can use the PPP loan program solely towards payroll. That just means that your entire loan will be eligible for forgiveness. And so if you are a business that is concerned primarily with just keeping staff members on hand, you can decide to say, hey, I'm gonna use 100% of the loan towards payroll expenses. The 75-25 rule I gave you is a minimum criteria, which means that at minimum, you wanna ensure that 75% of the loan goes towards payroll, but that can extend up to 100%. The remaining 25 allows for some flexibility, but the flexibility only relates to those three pieces that I mentioned. Utility expenses for the business, mortgage interest expenses for the business, and commercial lease expenses for the business. Soap proprietors, Stingerman LLCs and self-employed may have a little confusion regarding those three expenses. And so let me try to provide some clarity. For soap proprietors, I can easily hear questions around, hey, my personal residence is my office. My personal utilities are my business utilities. How do I ensure that those expenses are also eligible? My answer to you is the onus is on you and the lender that you're working with to ensure that those expenses are tracked and considered. And so for those businesses who use online banking to pay your bills, you may wanna strongly consider, at least for the next eight weeks, moving back to regular paychecks and writing in the memo status somewhere that this is a business expense. So that at the end of the eight weeks, you can go to your primary lender and say, hey, look, this paycheck shows that I'm actually making this rent payment as part of my commercial lease expense. And Ricardo, to add on to that, we have some questions around people who are using personal bank accounts and they've gotten feedback from the bank that they needed to have a bank, a business bank account. Does that fall in the same lane as what you're talking about now? Yeah, and so for sole proprietors, and this is, in my opinion, a rule of thumb going forward for sole proprietors who have not done this as of yet. Even if you are a sole proprietor, you wanna make sure that you don't, you try not to co-mingle funds. And what I mean by that is, best practices in these times or even in general times is even if you are a sole proprietor and work for yourself, you wanna make sure that you have a separate bank account specifically for your business. I know some businesses or some sole proprietors at the moment, they just don't have that at this point in time. And so here's the advice I would give you. If you are approved for the PPP program, and I know this may sound silly, my recommendation to you is even if you just have one personal account, you wanna be able to use a physical check and maybe walk into your bank. And if you're paying yourself, you wanna be able to pay yourself, make that check payable to cash. And in the mental status, you wanna be able to identify that as owner salary or payment to owner or something that ties that withdrawal to you paying yourself. The reason why that's important is because at the end of eight weeks, you need to provide proof that the deductions that are being made from your personal account are in fact expenses related primarily to payroll or if not payroll related to lease expenses, utility expenses or mortgage interest expenses for your business. Let's talk about some of the alternatives to PPP. Now, I think it's actually really, really important for us to talk about the Ido program. I know we're spending a lot of time regarding the PPP loan program, but I think the Economic Injury Disaster Loan Program can be equally important for small businesses who are making their way through these recovery efforts. In order for small businesses to be eligible for the SBA Ido program as we're calling it, it has to be a small business, nonprofit organization or cooperative that has less than 500 employees, independent contractors, self-employed individuals and sole proprietors also qualify for this program. The program allows you to pursue up to $2 million in funding. A really great feature for the Ido program is that the loan program actually has a grant component attached to it. And so what that means is if you apply for the Ido program and you're approved, you have the opportunity to get up to $10,000 in the form of a grant that will not require a payback. Here's how the federal government calculates how much you qualify for. If you're approved for the Ido program, the federal government will calculate the number of employees that you have and they will assign $1,000 per employee in the form of a grant up to $10,000. Again, if you're approved for the Ido program, the federal government will calculate the number of employees that your company currently has and they will assign $1,000 per employee in the form of a grant up to $10,000. That money is made available in three days. In addition, the Ido loan program has an interest rate of 3.75%. Again, it's not as appealing as the PPP, the PPP's 1% interest rate, but truth be told, 3.75 is still a really great rate in this market. I think it's the best rate outside of the PPP loan program. And so it's a little bit higher. However, it's still a really good rate even in this current climate. Non-profits qualify for an interest rate of 2.75. Here's a point that I really wanna stress in terms of this PPP program. I wanna make Charlie some time for questions. The Ido program can stretch out over in terms of repayment 30 years. The PPP program requires a payback of two years. And so if you don't get forgiveness, you should expect that your monthly payments will be a little bit higher than a conventional loan would be. Ido program allows you to stretch those payments out over a course of 30 years potentially. Another really interesting feature of the Ido program is that it allows for a 12 month payment deferral, which means that you are not required to make any payments within the first 12 months. However, interest will still accrue under this piece. Here's where the Ido program really shines. If you are a small business that does not have payroll as a top expense, or for some reason or another have employees who will not be working through the next eight weeks, then the Ido program can come in and take ownership of your general operating expenses. And so as you think about any existing debt that your business may have, the Ido is a really great program because it can help potentially refinance those existing debts. Any sort of account payables that you may have. So if you have to pay vendors, you can utilize the Ido payments to make those expenses. If you have any general bills that you have to cover on a monthly basis, you wanna be able to use this Ido program as well. There's a piece here that states that you can use the Ido program for payroll. I want to stress that if you have payroll as a top concern, I strongly recommend that you pursue the PPP loan program instead of the Ido. And the reason being is the PPP allows for forgiveness. The Ido does not. Okay, can I jump back in because we have a few questions about that as well. Sure. If folks apply for PPP, can they also apply for Ido? And then I just wanna reiterate something I think I heard you say for people that have, they don't have traditional employees but all of their employees are 1099. So they are contractors themselves. Is this the right option for them? Yeah, so to talk about your first point, the SBA allows you to apply for both the Ido program and the PPP program. However, you are not allowed to use both programs for the same purpose. So you are not allowed to take your Ido program or Ido loan and cover payroll and then take your PPP program and cover payroll as well. That will not be allowed under the SBA guidelines. You wanna make sure that if you apply for the PPP and the Ido program, you should only be using your PPP to cover payroll expenses, commercial lease expenses, commercial mortgage interest expenses or commercial utility expenses. And what I would advise is anything outside of that, I'd use it for, I'd use the Ido program for. In regards to individuals who hire only 1099, I would strongly consider pursuing the Ido program as opposed to the PPP program. The PPP program does have a really attractive rate of 1%. However, if you have 1099 employees, it does not seem as if you'll qualify for forgiveness. And my concern is that the two-year repayment period may be a little bit too aggressive. I'd feel more comfortable with you pursuing the Ido program that allows up to 30 years for payback. In addition to that, it will provide a grant upfront of up to $10,000 to help with some of the more immediate needs that your company has. Can I have a more general question? Could, that I think a lot of people could benefit from. Renee asks, what does it mean to be adversely effective? Yeah, so adversely effective is the primary purpose of the PPP program is to maintain your workforce. If for some reason within the first eight weeks or within those eight week period, you decide to not maintain your workforce or to reduce your headcount or salaries, the amount that you're eligible for forgiveness may reduce or may evaporate altogether. All right, and so when we think about the PPP loan program, you wanna ensure that if you are seeking forgiveness that within that eight week period, you ensure that you maintain salary levels in order to ensure that you can take full advantage of the forgiveness force as well. Great, and I know that you talked about nonprofits earlier, but I just in case some new folks have joined, can you just quickly recap what's available for nonprofits, what's not available for nonprofits? Yeah, sure. Nonprofits are eligible for both the PPP loan program and the IDOL loan program. The only requirement is that that nonprofit does not have more than 500 employees on payroll. And so very similar to for-profit businesses, nonprofits can pursue both the PPP and the IDOL program. The big piece here though is that must ensure that's less than 500 employees. And the question I see the most on the chat is the definition of payroll. A lot of the sole proprietors and entrepreneurs, their question is I don't have payroll, but I think what you're explaining is that paying yourself is a form of payroll. So if you could just explain that as well, that would be wonderful. Sure, so as a sole proprietor, you may not have individuals on payroll. That's completely fine. Here's what you would need to do. You would need to pull up your 20, you need to identify your 2019 personal tax returns. Identify the Schedule C portion of your tax returns, which lists out your business income and expenses. And identify what is your end of year income for your sole proprietorship, right? And so at the end of the year, in order for you to qualify for the PPP program, you must have reported some form of income. The income that you have reported is what will be used to help you identify the total amount of PPP funding you are individually available for. And so again, if I am a sole proprietor, here's what I should be doing. I should be going to my Schedule C and if I were to pull up my Schedule C, let's say I identify that in 2019, after all my expenses, I made $25,000 in pure in-income, or in pure in-net income piece. What I need to do is take that 25,000, divide it by 12 to get my average monthly income. And then I'm gonna multiply that number by 2.5 to get an idea of the total amount that I qualify for as a sole proprietor. Once I am approved for funding as a sole proprietor, what I need to ensure is that over the span of eight weeks, I can demonstrate that a minimum of 75% of my loan is going towards my personal income. And we talked about this the best way to prove that it's to have some record that shows that you are paying yourself, whether it's a paycheck, which is what I advise, or some sort of tracking memo that shows a transfer from a business to a personal as a payment to owner. You wanna make sure that you have records because again, the onus will be on you as a small business. At the end of the eight week period, to reach out to your bank to ask for forgiveness, the onus will also be on you to provide the proof of how you spent your money. Once you provide that information, the lender has 60 days to make a determination as to whether or not you qualify for this PPP loan. Here's a really quick breakdown. If you're confused as to whether a PPP or Ida works best for you, this is a really quick breakdown on how, on the features of both the PPP and Ida program. I know this might be a lot to take in. And so the rule of thumb I'd provide is if you have W2 employees or if you are a self-employed individual who's concerned about your personal income over the next eight weeks, then a PPP might be the best product for you. If you have general operating expenses, I might recommend the Ida program. It has a grant component upfront and allows your stretch payments across max from 30 years. So just so that we can share a little bit more content, please feel free to enter any more questions in the Q&A. We will do our best to follow up later this week with any questions we didn't touch upon. So keep them coming. And I'm gonna hand it back over to Ricardo to go through a little bit more content. Sure. I know there's some businesses that have asked, what are some of the options, right? I mean, we're talking about PPP. We're talking about Ida. However, either already applied or I need additional funding, where can I go? You're gonna have to do some legwork here. There are definitely different organizations and companies that are offering grant loan and other opportunities. Here's some examples that we've listed in terms of private loans that you can consider for your business, some grant opportunities that might be worth pursuing and some other expense related relief that also would make sense. Here's what I would also advise in terms of best practices. If you currently have lenders that you're paying back, meaning if you have existing loans, I think it makes a lot of sense to reach out to those lenders to see if they're willing to provide any sort of relief. I've had a lot of small businesses who I've engaged with over the last week, two weeks, three weeks, and we've talked about reaching out to commercial lenders and asking for loan forgiveness and they reporting back that their lenders were willing to provide that either some sort of forgiveness relief or deferment of payment. And so if you have not yet done so, please identify your current lenders and make sure to reach out to them for questions. Some really quick pieces to consider as you look at alternative options, the PPP Loan Program and the Ida Loan Program, they're both very specific. If you're looking at alternative options, you should expect that they're gonna take traditional underlying models. And so that's gonna mean you're providing tax returns, profit and loss statements, business documentation. You'll probably be asked to provide some personal documents like your last two year tax returns. And in some instances, you may be asked to supply some employee documentation as well. And so just keep that in mind as you start to look outside of the PPP or the Ida SVA loan products. We have a couple of minutes left and so I'm gonna just put some time aside for questions. I have a really specific question from Carolyn. We have an Airbnb business that's been shut down because of COVID-19. And we apply. And then I also had a question similar from a person who runs a food truck. Can they apply? So one of the restrictions to applying for this program is, quote unquote, passive businesses. And so in the eyes of the SBA, Airbnb income may be considered passive income or passive business. And so you may not qualify in this program. If you run a food truck, you may still qualify. If you're a SOPA prider, just follow the SOPA Prider guidelines. Identify your schedule C, identify the income at the end of the year and use that to determine your qualification. Great. Let's go ahead and show some of our final resources. And just to reiterate, we'll be releasing we'll be releasing an FAQ later on this week. And just know, I know everyone has really specific instances and situations that they're in. And so one of the things we wanna direct you to on this list of key resources is individualized support through local small business development center, SBDCs. And so we've provided a link there. You can also Google local SBDC and be able to find the link. And they'll be able to offer you really personalized support around not just PPP, but general business planning. And that's important because we can only address so much in such a large group format with thousands of people here. So we wanna make sure that you're getting that advice personalized as well. We also have on this list, the list of SBA lenders. Again, just that same link that Ricardo mentioned earlier regarding the SBA find your local lender link. They're also on the OpenWeStand website. You can get links to Cabbage or PayPal or you can go there directly. And then also OpenWeStand has other partner discounts and resources. So if you go to openwestand.org, you can access those there. We'd also encourage you to follow us on LinkedIn to get articles or other news updates there. And just finally, we'll be sharing a survey, a survey following this, as well as a recording of the webinar over email to ensure you have access to these resources and can share your feedback. So as experts in small business needs and advocates on your behalf, my colleagues and I at Xtree just wanna know, want you to know that we're continuing to dedicate our energy and efforts towards small business resiliency every day. And we really thank you and hope this was helpful to you. Thank you for your time and all the best to you from around the country.