 Hi, good afternoon everybody Tom Stewart here. I'm with Liz Trotter. Hey, Liz. Hey y'all And today is Monday June 1st. I had a meeting this morning and Troy one of our partners said happy June everybody Anybody wish me happy June before I can kind of understand why though Happy June I Was it was kind of a long long but too short the whole weekend for me, too I kind of feel like I needed today off This weekend Liz I was I had a busy weekend. How about you Tom? Were you busy this weekend? Your dog all all gone. Oh, we had a little dog time for sure But we were busy we were busy always something to be busy with you know Well, you still have kids at home. So that's that changes things a lot You know, is Kate still home right now? No, she actually She has an apartment in Greenville not Greenville and Clemson and she she took off this weekend And then she's she's gonna be hanging out there for a while Yeah, yeah, you know a very independent child and living in she's she's she's she's beyond the A visit is good, but she needs her space Yeah, I'm one of those people too. We were talking about that today in MMA group like One of our members had a had to drop someone off at the hospital. She was like it was so sad I was so felt so bad that I couldn't go in with I was like Kind of loving that right Like kind of loving like like some of this stuff is easier and the drive-through or not drive through drive-by birthday parties Yeah, I'm loving those too. I'm not really a fan of having to go I'm sad about this that I'm like this, but I don't really like to go to little kids birthday parties She's not really very fun for me, but and sometimes they're sort of expected But I have gone to three now of these drive-by birthday parties and I gotta say I hope these stay with us Whoever I love them. I just dropped the right the present off to the kids We have your birthday and kid is happy. I'm happy Yeah For me it's been kind of nice, but I know for a lot of the extroverts out there in the world They're like, oh, I'm not getting enough time with people. It's awful I'm guessing it's very similar to how I feel when I have to spend too much time with people. I Just need a break Yeah, I'm having a hard time relating to I mean, I guess I'm cut out for this whole social distancing quarantine type thing You can do this forever me too. It's not causing me any any problems at all. It's making things easier for me So the only thing that is a little bit difficult are some of our meetings. I'm an introvert. My life hasn't changed much That's that's true, Sarah, I do miss the restaurants. I know Tom doesn't even miss the restaurants He's like me, but Janice is a really good cook So that that if I had a really good cook like if Jim's moved here Care of me. Yeah, I wouldn't miss restaurants either That's not happening You never know you can dream I I don't think I would miss restaurants either if I had Janice like and and the food is Ready for you when you come home from work. That's even easier and don't have to go anywhere What you know, I've been working a lot from home. So we've been you know, she's been busy working on Phc and I spent my fair share in the kitchen. Oh, really? I I know that you cook because I know you cook breakfast and stuff and I'm not sure I've ever eaten anything Oh, yeah, maybe did you make those eggs in a hole that one time? I've never had that That's Rockin wasn't it? It was good actually. I have to say it was good and I had never heard of it or had it. So I was like, what are we eating? Eggs in a what? Even if you aren't cooking though, just getting something out of the freezer and cleaning up afterwards it's It's a lot of work Yeah, it is even if the food is already cooked like you said grabbing out the freezer microwave it and it's just That's why restaurants are nice and the food is yummy. It's different than you have at home all the time. Oh my oh, I love that I love um Sarah, I'd love to keep the booze to go at restaurant I do like that So is it just us on a call today with sarah on the facebook one? Few people here You know, it's june, you know happy june. Everybody's Doing the june thing Yeah, everybody's excited. We have good weather here today, too Well, which is really nice There's eight Eight of us Okay, it's an intimate group. We've had What's up? I had a question come up uh yesterday or friday rather And this was my homework assignment So so I have it here I think somebody did your homework for you Liz. Yes. Yes, they did and I was grateful for it I liked it. I'm trying to pull up the page on my phone So the the the the question that came up was if somebody leaves on maternity leave will that affect your PPP loan forgiveness, and I'll take this whole article here and dump it in the chat But according to this no, no it wouldn't if somebody Leaves voluntarily If somebody takes a voluntary leave of absence and they say here like for example maternity leave That How do they how do they phrase this? A loan forgiveness application creates a new exception with respect to the Formulatic reduction of forgiveness specifically if the borrower's fte's were reduced with respect to employees fired for cause which they don't define Employees who voluntarily resign or employees who volunteer request a and receive a reduction in hours And if the borrower did not replace the worker during that period Then these reductions are not to be included in the calculation of the reduction Which seems like a convoluted seems like there would have been easier way for them to have said that but It looks like it doesn't count against you Um while it's not clear it seems reasonable that someone who is taking a voluntary leave of absence Uh i.e maternity leave would be counted in this category, which means I would not be counted Um in the calculation of the reduction to Loan forgiveness So I don't know if you know There's more changes coming as we we discussed the other day, but as the law is currently written It wouldn't hurt you if somebody left for maternity leave And the senate is supposed to be back today, right? So they they are they are um Got a couple of other Articles here. This was a pretty good one that summed up Just the the benefits a little more clearly some of the questions that we had yesterday or friday rather um The 30 deadline to rehire workers all the way back to december 31st Which kind of begs some questions in my mind if you were Holding on to people Trying to get to june 30 Do you have to hold on to them all the way to december 31st or do you? Reduce your head count now and bring them back december 31st, right? We need more deeper. I don't know how we would answer that that one still still Really really sticky Not not good info there But it is good Since they don't have an answer to that that they're giving an entire another six months because My guess is and sarah's in the same boat. I am almost back to pre-covid numbers this week So i'm thinking that by the end of december. I mean depending on what happens between now and then of course I would hope that we will be able Back up to our full Full numbers are for to eat count But we're sitting at right around 90 Sounds like perry you're doing about the same you're almost back Tom you said you've just hit a big onslaught today too getting june June june's looking a lot better. We're You know 75 percent maybe a little better That's awesome And I know that we we also had a bunch of people saying to hold off until june so now They're they're Saying okay again Our situation is just a little bit different We have to apply with the state each one of our counties has to apply with the state to open up to the next way we have these different stair steps and so different counties are Opening going to the second stage and When we get to second stage, it's clearly written House cleaning It was something instead of just residential cleaners It's written more in in layman's strength. So we're thinking but we're getting that bad um top board lady again She's pretty pretty strong I'm seeing several people here sarah star star lane Yeah, we're coming by That's why it's like we'll finish with our best one ever a little too soon Yeah, I'm I'm with you sarah. We we don't really know what's going to happen And all of the dates are going to be off. We need to make sure and And track this really well because in five years we need to remember that This was craziness, right that the reason why we had Good months so late in the year. I mean, I'm sure we'll remember our bad months. No problem But I don't want to go ahead tell sarah's making the comment that july is usually her slowest month I mean she's in phoenix and I guess A lot of a lot of rational people tried to get out of phoenix and in july, but Probably people aren't traveling as much This july is is normal. So it might be a really good july Yeah, so it looks like she's saying it's going to be good doesn't have the people can't put in that normal Yeah, yeah, that's that's what I was saying too I think our numbers are just going to be skewed as far as what's What our good months are and what our bad months are this year You know, we always uh had a slowdown in the summer because of our teacher base We have a fairly decent size teacher base but I'm wondering how that's going to be impacted this year because teachers have been gone have been offered quite a while now So I don't know we'll see This article was just showing you is is is mentioning that And now this is forbs and this came out this came out yesterday came out sunday While there's optimism and washing that the new bill will reach the Reach president trump's desk for signature. There's no guarantee of when or if this may happen And until that occurs The new and harshly harsher treasury regulations issued on may 22 Will dictate how the ppp loan forgiveness process works Like it's a lot of people believe that that work form and you know fancy spreadsheet and all of that I guess I guess that is arduous stuff Because they're saying here that the biggest problem with the new regulation is that will likely need A lawyer accountant and an advanced degree of mathematics to figure out how to calculate the forgivable portion of the loan so Sounds like one of the things they're trying to do with the new regulation is make it just easier to do the calculated Everything seems to be going into direction where You know, they want to make as much of this loan forgivable as possible The banks want that it looks like the government wants that Certainly we as business owners want that Who's going to be upset if those loans are forgivable, right? They do have one thing on there that sort of went in the face of that um It was that Before if you weren't able to reach your numbers that there would be A margin in what was covered But with this new The new one if you don't spend it on 60 percent on payroll Nothing's forgiven the way that right Yeah For house cleaning businesses, I think we're safe because I'm not sure How you could spin You know more than 40 percent on stuff other than payroll Yeah, but if you don't spend it all You know, we have some people that have been closed and You know not able to spend it That that was the one I if you got 24 weeks though That's true. Yeah Now this came out this afternoon at around two o'clock. So it was updated Updated 20 minutes later. So this is hot off the press. That's uh Mitch McConnell. He's the guy that uh runs the senate and says Mitch McConnell will attempt to expedite the approval of changes of the pipeline Paycheck protection program Aimed at giving small businesses more flexibility McConnell is seeking to move the bill passed by the house last week By unanimous consent in the senate If no senators raise objections to a Notice to lawmakers according to the aides. It sounds like that This is all real positive according to mcconnell and You know a lot of the same stuff that we we've talked about before Does he say anything about uh potential changes or anything like that? Well Rubio had to concern about the 60 percent if you know if you didn't spend at least 60 percent on payroll Nothing got forgiven But the other side of the argument is The house is not in session this week. So if they make any substantive changes, then It might be longer before you pass it So for some thought that that just might take it as is just to get it just to get it passed Better to get something passed But nobody knows Well, it's not like they haven't made Changes like this one. They could do that later that this could be pushed through and then Two weeks down the line. We could get another change so Wouldn't shock me to have them for That's the only thing The only thing that's a little bit different about it this time is there are people that Are finishing up their ppp money. They're Um eight weeks are finalizing. I think as early as what was it from the fifth 37 Yeah, I think some people were eight weeks was up friday Oh friday. Okay. I didn't think it was until this week. Okay So and you got 60 days after that, right? 90 days. Yeah a good chunk of change So there's still time but the Other thing that we we did here. We talked about, you know, the letter that you could send to your congressman House of representative member senator all the above about this new law that ISSA is pushing forward and Yeah, that was my homework that someone else did for me I put your homework that somebody else did for you as a link And clean business today. So if you go all the way down here to the end you got your ISSA they clean start Back to work tax credit And this over here on the right it shows you gives you all the stuff that you need to do make it really easy to Send emails to your State representatives and so forth nice So I can do it in twitter or you can call them or all the above I think uh, and our state email was the easiest But by far actually This would be cool because this is like $25,000 per company If they had company has multiple branches, it would be up to 10 branches are captured a quarter million dollars of tax credit That they can basically get their places cleaned their offices cleaned for free if this became law Based on what we saw Friday. It's a bill It's only a bill and it's setting on Capitol Hill Only a bill And we'll have to look that out, um, excuse me schoolhouse rock flashback. Um, but you know It's it's it's in the consideration side so if you want to become a law go to go to this link and cleaning business today and use the information on the right to Tell your lawmaker that this is an election year and you would appreciate their support on this Important piece of legislation Let's see if you can hear this See if it's going to play While this is loading for me. I got a question for you somebody offline Oxide alarm I'm sorry. The question is Can you hear this? Are you playing The schoolhouse rock? Yeah, you can't hear it. I can't hear at all. No Oh, it's too bad. Tell him you're missing it. He's only a bill All right, let me talk to him Sitting on the steps of the Capitol bill then here in Washington. You remember him? He's so cute, huh? All right, so here's the question. This is a question for you carbon monoxide alarm is going off at a home and the girls have headaches and feel sick They'll she let the client know about it. The girls are outside. I guess she we should say women The women are outside right now What's the deal there? Do they air the house out for 15 minutes and go back in? Is it safe? Do they need to just leave for the day? They need to let the client know they need to pack their stuff up and they need to go All right That's good. Thanks If you're gonna if you're gonna be wrong you want to be wrong on the side of safety and caution You know, yeah, I don't know what the root cause of that might be and The reason they have alarms for such things is they are you know, carbon monoxide is very deadly That's good. They're having headaches that uh, that's not a good sign Yeah, I would also make sure that they're feeling okay and feel like You know, do they need any assistance? Do they need to Should they be driving? I don't know. There's a lot of questions that you might want to want to ask I'm responding I see a Same document everything. That's that's a good piece of advice Yeah, especially making note of the proactive measures you've taken in terms of making sure the client knows I mean Well, I guess there is no school I was thinking a kid comes home from school and just goes like I mean, there's so many The the client the client needs to know before that they go in the house. Hopefully you can can reach them and have the discussion That is really odd I mean how often I've never had it happen. No me neither I've had everything happen Or so you thought Now if you haven't had that I wonder what else, right? Yeah, I used to think I've had everything but now I I found out since then that I haven't I've never had There was something that happened on on this facebook live over the last couple of weeks That we were talking about it. It's like that has never happened to me I feel like that happens kind of fairly regularly. Well, you were mentioning skatey's you guys had had Case of skatey's like three different times I've never had skatey's Possibly but Yeah, our our company has never dealt with skatey's but at least to my knowledge Uh, but we've also never had bedbugs here And I know bedbugs is a really big deal lots of places, but we've never had to deal with that We now that's a Orocious three problems in the past so we We claimed to this one place That uh, or we wanted to clean this one place that we could not get rid of the fleece We just couldn't get rid of them And the the the tenant actually ended up moving out. She couldn't get rid of the fleece either And so yeah I mean typically people who do pest control have ways of dealing with such stuff Yeah, they did fun. They got a pest control place to come in um, it looked like the three problem was Was making better for like three days and then fleece again So she was like nope. I'm your man I don't bother. I mean you how long can you live with fleece? Especially not to that degree They're crazy like you want as soon as you walk in they're just on your feet That's scary Yeah, the life The life cycle just we is an interesting thing though and the stuff that you have to go through to completely mitigate So they don't come back It's it's kind of involved. It's it's a multi step process Maybe that's another discussion. I remember that because that's a chapter in I was just gonna say that I just saw that in the chapter Yeah, that's in phc Yeah, it was actually really interesting. It's a good little graphic to showing that I wanted to say something about the document everything Audra, I know that you were talking about and the same as tom were talking about the The problem with the person on the phone but I know somebody who started like their own personal blog about I don't mind. He's PPP money's just the coronavirus in general what's happening every single day and Her accountant told her that that was the number one best thing that she did Because her documenting like this person left this person wants to come back this person said they're they're not going to Businesses down for customers called today. Blah blah blah just keeping track of all that stuff it makes It so that there's like zero zero case against her for Because that that supposedly is one of the ways that they're going to Giving all this is free and did you really need it? Did you really need the the lungs? and so her her Doing that is really a big difference. I'm like, okay. I need to do it Okay, do you see what Amelia says tom? Yeah, he'll be able to log in I can't even imagine. Hi Put the link up here right here tom and see if she can go through your link and get in instead of I'm her going to modern cleaning and going to see if she can go directly through your link I also I had a question real quick. I was talking to somebody today um, and she said she wanted to know with the the COVID-19 training not with the phc program Uh, what is the time limit on that? Is there a time limit on it? There still is right 90 days 90 days Okay, that's what I told her 90 days Is it going to be moving over to the new platform also where there will maybe be no limit or you know There's always going to be a limit The focus right now is on phc That's where most people have Like the group purchases. Yeah, I told her to you know, probably didn't make sense to wait down the COVID-19 Probably better to go ahead and just take that training Yeah, so, um, hopefully Amelia you'll be able to go directly Through this link that tom is going to and if you can't tell us what happens when you when you go there I've been having a weird it problem. I've had three people in the last Maybe week or so tell me that my Emails that they're sending to me are bouncing back For no apparent reason Especially three and a week. I don't know what's going on with that My I'll share my screen here real quick I don't know if you can see that but the link that I sent you will take you here and if you go up in the top right Where it says log in It should let you log in So try it Amelia And let's see what happens When she hits that login button I'm wondering is it like you're using the wrong password or You know, who knows You had no idea We've created a new mailbox For support with us Help at moderncleaning.com. So If it doesn't work just send an email to help at moderncleaning.com Explain what email you want to log in with and if you have a screenshot of what it's doing When you're trying to log in that would be helpful but I can see where people are taking that class every day. So it's working for It's working for most people I'm trying to get this sent out Where people all feel sick still It sounds like the carpet cleaner what did happen was the carpet cleaner backed up to run his Yeah, and he was running his running the truck. So are there any are there any small pets? Are there any canaries in that house? Gosh, I should tell her to check for pets That's actually good, Tom Poor thing this poor gal has had a day from hack. I'll tell you These are just like that. It looks like Amelia was able to log in. Yay. Yay. Good Glad to hear that It's so weird. I wonder like Some weird stuff like that happens. How why? Good. I'm glad you're able to get in Amelia. That's awesome Anybody else get any money today? I know somebody who's PPP money dropped in today This morning What before before we hit me like this carbon monoxide thing go Whoever owns that carpet cleaning company needs to understand or manages it needs to understand what happened today Because they could kill somebody Yeah, because you're not you know, I mean that's that's part of the part of the training Especially and if you if you've got like a direct drive unit where you have to leave the engine running the whole time I mean the exhaust could be blowing, you know I'm not sure what they did. I mean they back the truck into the garage They did something really dumb Yeah, and they left the garage door open So I'm sure they're thinking that it's going to be safe. But if it's backed all the way up against I mean, you know, I know but You know, you know, the the the carpet person will kill themselves or kill somebody else or And if I were the client I would be pretty upset about this You know how laid-back I am Yeah, I told her definitely needs to talk to that carpet cleaning company before something more desperate happened I feel bad for her. She has just had the worst day y'all This would have been she had three people in that house This would have been her third fourth and fifth people going to er actually still might be if she ends up sending them So she already had to send two separate people Which is tough when you have six employees five of them are ending up at the er tough day Look at the look at the brain side the chances of sending anybody else is getting smaller Every day Oh, what do we got linda? Okay Um, one of my ladies last week could not get to session three. I logged in for her Her problem was she had not completed session two. Oh Although she thought she had today one of my ladies could not get into session four And it is telling her she did not complete session one Ah, that's good to know Karen oh got ppp two weeks ago and I don't today. Yay Hey Congrats. I'm I'm assuming you wanted the the idol Karen. I know there's a little We're going back and forth now a little bit more on people are saying whether or not they want the idol now that they Have found out that interest begins accruing when you get the money, but Assuming you wanted yay and even if you don't yay that you got it you can turn it back over You're not limbo waiting anymore. So yes, you wanted it good. I'm glad if you remember friday We explained that you could think of that interest is just like paying an insurance premium You don't You don't feel bad, you know at the end of the year because you didn't make any insurance claims it's like I paid for this insurance. I didn't wreck a car and nobody got hurt. What a waste of money Although I do know people that do complain about that time. I got to tell you I've been playing paying on my insurance for five years. Nothing's ever happened. I feel like it's a rip off A lot of people say that more times than I can count I guess it would probably be wise that they don't buy life insurance Yeah, I guess I'm really if that's been their attitude around the auto insurance Don't let them buy you I thought that might be policy for you and you're still here Yeah, I'm not thinking that's good Well, the one person that I know of that's like, no, I'm not doing that. That makes no sense to me his mind is His mindset is I don't need the money. I have enough money to To be managing any eventuality that comes along I believe So there's no reason for me to even hold on to this money and pay even the insurance of it I was like, okay. Well, I'm not in that position and I don't feel at all confident that I know it's coming I'm I'm a little encouraged that I haven't seen A big jump back or even a little bit of a bounce back like from texas who only closed for a very short time Right. They were open open open open. They closed and then they opened right back up again We're not always seeing a big change in numbers there. So I feel a little encouraged Yeah, you don't know what Worst scenario might be But if you've got like an abundance of cash and if you're not concerned about worst case scenario The other argument that I would put forth is You don't know what the final rules are going to be I mean, it looks like every other week, you know, congress is Disgusting and most of it's on the ppp But that doesn't mean they can't like make the rules more favorable on the idle as well um We were looking something over the last couple of weeks that suggested and it used the term You'd be able to they'd make it easier to use the the idle funds for things like investments Oh, wow. I I don't remember that that's all yeah, and I mean It was kind of in passing. It was some congressman or something just stuff that, you know, they're they're bouncing around I mean, you don't know Why they're going to wind up with? Yeah, that's true. So I just want to You know being the ball going so to change the rules Some way where holy cow. I can't believe they're going to allow us to use those monies to Do something we can't imagine right now. So gee, I wish I'd have had it So like you're thinking that there might be okay to buy a Ferrari then maybe Not today No, Ferrari's today y'all you heard it here first, right? No, Ferrari is Uh, yeah, so So this this again, this is a one of the success mastermind members and his his his thinking here is That yeah, it could go in a more favorable way, but We don't know what the way this is a 30 year loan right now And he is not encouraged by the amount of money that the government is just like Okay, three trillion. Here's another trillion and a half coming at you. All right At some point in time he he his thinking is They're gonna wake up and be like Wow Okay, we got to do something To fix this what the heck did we do? They're gonna sober up and it's like Yeah That's his thinking is that the government's not just gonna throw four and a half trillion dollars at us and go All right But they're gonna Yeah sober up and say We need to like reel a little bit of that money back in or we need to make a little we need to do something And he's like, I don't want to be on the other side of that at all And he does feel confident that he can afford to to manage whatever comes down the pike. So, okay good for him No, I'm happy for him Odra still very fluid. Yay good Keep it. Let's keep it that way, right? That's awesome Matt, they could be awesome if everybody is I know a lot of people are feeling Especially people that got ppt money and idle money Um and the money is starting to build up in our accounts, right paying out with ppp funds And so our money's not going anywhere. So people are feeling like wow I'm my bank accounts more bloated than I was expecting but Ah, I think a lot a lot more people are like, yeah, that's nice, but What's what's coming down the pike here? You know, what's gonna happen? Well, let's see. Let me see what my Tomorrow we're gonna have A really awesome special guest Laura being Cheney from moody's insurance is going to Be telling us what's happening at a number of different state levels We're pertaining to uh, COVID-19 and how that can affect our insurance Some of you might know Laura. I mean she's uh actively involved in rxc moody's Is one of the few insurance companies that actually goes out and looks at the cleaning industry's market that they want to to serve and So, I mean it's her job to sweep up with what's happening at a state level there's a handful of states that the state legislature is trying to force insurance companies to you honor business interruption claims against You know because of COVID and most I mean all those policies basically are written in a way where You know, if your office is blown away and that means you can't You know conduct business that knowing honor of the claim, but if your customers aren't using your service because of You know a flood or something that it doesn't cover you So typically most service related businesses see very little value in business interruption I don't carry business interruption. Those will tell you I'm sure against Everything It's it's fairly useless being in a place where a hurricane goes through every other year and we lose business and it's like Well, you know Did your business blow away and is that the main cause why you didn't you know, uh, why why you suffered a loss? Well, no and no. Well, you get nothing but If they do this that the state legislatures are successful There's a handful of states. Ohio is one of them that she can tell you the others It's really gonna has the potential of messing up the insurance markets because they don't They they never calculated that risk. They're underwriters didn't consider it So if insurance companies are having to pay out premiums for stuff that they never Collected revenue to cover the risk I don't know Laura will explain all that to us. Yeah, it's gonna be good. I'm excited to have workers pop in some states like Like california if somebody claims that they have I'm not a claim if if somebody contracts covid in in california, they can file that as a workers comp claim and it will be accepted and and Basically, no questions asked. So That's really really weird and unprecedented There you go. Um, good job high five Because typically typically, you know, I get to flu, you know, maybe I cut of the work. Maybe I caught it You know the gem who knows where I caught it That doesn't stuff like that doesn't typically equate into to workers comp so Welcome welcome to the new abnormal Yeah, um, so Amelia wants to know are Are we supposed to be reporting what we spend our idle money on? My understanding is right now, there is no report for that but that we may You want to keep those funds and that information clear because you might get audited So it's not that you're going to be reporting on it or at least right now the way things are written You're not going to be There's no report that you have to fill out But um and remember this is money you're going to have for 30 years So you wouldn't really be able to fill out a I guess you could maybe they could have a yearly report or a month of report But currently there is nothing like that um, but you do want to Keep keep that information straight in case you get audited what I would though is The loan forgiveness application gives you guidance as to what records you need to be keeping and this loan forgiveness Calculator as a spreadsheet can be helpful in keeping your numbers together so on a week by week basis, I'd be tracking like And any other expenses that you want to be given out of ppp funds You don't want to have to kind of recreate all that at the end. I'd be tracking that as I go Especially for ppp Right, but for idle, um, are you saying use the same form town for idle? No, I'm sorry. I don't idle not so much um I'd read the contract because everybody's contract was a little bit different and make sure I wasn't spending the money in ways that You know i'm not supposed to But and that's that's Amelia's next question is What what can we spend the money on? so, um Like tom said, everybody's contracts are a little bit different But for the most part what we're seeing is that there aren't a ton of Of restrictions on that money. You can't use it to invest and We don't know of anybody that has gotten an okay to for investment. What were some other things tom? Extend you can't expand right? Yeah, you're supposed to do acquisitions anything really on your your your balance sheet. You're not supposed to pay off debt Yeah, yeah But it's all This term, you know money is fungible So if you're covering Well, you got your ppp. I'm assuming first you're going to use your ppp for that But once your ppp is gone I think that you can continue to use your idle for that Is there a window when you when you can you have to stop using your idle funds or Do I have 30 years to pay payroll out of idle? Oh, well I'm not positive, but what I have heard I'm trying to remember I I know that I heard this from a credible source But I can't pluck out of thin air right now which credible source But that this is a 30-year loan that you're going to have access to these monies And you're able to spend them on any anything that is A normal working expense over the course of those 30 years Of course, it has to be paid back, right? but so You're allowed to spend the funds on The money that you're making from cleaning homes that you would normally Use to pay those bills to pay other things So here's an example because I had this in one of our mma Groups today last week So she has credit card debt She right now she pays like $2,000 a month in credit card payments Not not the the principal. That's just the payments So of course she wants to pay off some of this credit card debt So what she's doing is she's using her PPP money to pay her Her payroll and then she's taking the money that she normally would have put on payroll So she's just taking that exact same amount of money. She says she has a separate account that has her ppp money So her payroll is whatever 20,000 dollars. She's taking that same amount of money $20,000 and she's putting it from her regular um OPEX account and she's paying um credit card debt off with it so That seems like it should be okay Um, I I'm not sure how that would not be okay. What do you think tom? I don't know You've got that separate money And it's in a separate account showing that that's where It's going they're not they're not auditing all of your accounts Right. They're auditing that money that comes in Seems like it should be okay So I'll tell you what I would do if it was me Okay, if it was me, I would wait until I got through the audit before I spent any of that money on any of those other things Perk, that's what I personally do It's I still want to muddy the waters It's a Really amount of money that the SBA SBA pushed out in a unprecedentedly short amount of time Now how they're going to keep score on all of this is still an unknown. So, yeah, um The other thing is you know, look here your your cpa about You know how you're using the money you know, they would They're familiar how your All financial system is set up and how you're accounting for these funds They should be able to help you develop a strategy to to put them to work, you know Yeah, it's probably the best Best thing to do for sure is talk to the experts who know Always right Your banker is also another good person to ask this kind of question about because Your banker is the one that is deciding what gets approved or not Well I've learned if you try to talk to your banker about idol They got I know nothing about idol Yeah, no, I was talking specifically about the ppp. Okay And I was talking about so we were talking about ppp Spending it on payroll and then taking that money that you normally would have spent on payroll and paying off that debt That would be a good question for your banker Because your banker knows what they're looking for And what accounts Yeah Right, they're at least coming up with a plan You know each bank is having to come up with their own plan for how they're doing it They don't have an option there. They they are going to be doing it Real quick, we're getting tight on time, but here's an article. I'll share that's recent That kind of gets into this whole topic and you're right. I mean it's It's guaranteed by collateral if it's over 25 000. They're capping them at 150 The collateral is like tangible and intangible property like inventory Barriers can't sell lease license or transfer collateral without prior approval From the sba and that's kind of interesting Say it again They can't sell The loan is backed by collateral of the business which is Intangible property like inventory and equipment Barriers cannot sell lease license or transfer collateral without prior approval from the sba So if you have a company car that you're looking to sell And you have an idle loan technically by the contract that you signed to get that loan that card is Collateral that you need to have their permission Say a printing company wants to sell a printer and buy a new one It would need written permission from the sba to do so if the old printer is among the items collateralized in the disaster loan But we didn't list any assets. I mean i'm i don't know Yeah, i'm confused by that. So Did some of you guys list lists? assets Did you List anything? I don't know anybody that did do you talk? No, but theoretically they could ask for financial statements at some point in the Future that had all your You know assets on it Yeah Collateral also can't be used primarily for personal family or household purposes for those for example Those with company owned cars that are also used for personal reasons Could run a foul But we didn't list collateralized Yeah run a foul in what way what does that mean? We would mean that the sba felt that you Were misusing assets selling assets you didn't have the authority to I wasn't even talking about selling it. That was just talking about driving it Maybe if you're driving a company car every day that might i mean I wouldn't overreact to this but The whole the whole Essence of this article is some of the Some of the unintended consequences of of The idle funds Business owners also need approval to reorganize merge consolidate or change ownership of a business structure Wow Idle funds can also only be used as working capital related to economic injury after January 31st they can't be used As capital for physical improvements for example According to avia martinez. I partnered at the law firm For example, our restaurant hoping to use funds for an expansion or or improve into a building patios Drive through windows plexiglass between boosts of the let's say wouldn't be able to do so Anyway, we're almost out of time, but there's um Yeah, that's some pretty good information right there though tom. Yeah Maybe throw that link And uh Is it a legitimate source? Yeah cnb Yeah seems like Just curious since nobody that I know of So let's say people found an economic loss not physical loss I'm sorry. There's the essence of this is if the sba says that you Sold a piece of collateral that you weren't supposed to they could say that you breach the terms of the loan And they could call the entire loan immediately saying if you So love them 145 thousand dollars they could say we wouldn't we want all the money now Tom are they um speaking specifically to idle because care Yeah, this is exactly this is specifically eidl okay We just came out may 28th. So this was last thursday. This is relatively new Yeah I'll put it Okay, so we're um in the home stretch here real quick if you haven't Fighting business today. You guys know the drill by now. All right Yep. Yeah Go clean business today over here on the right just email first name last name Ford slash corona virus calm Everyone's excuse me forward slash corona virus dash downloads I think I've done this enough by now. We don't have to do that um modern cleaning Do you want to sign up for Phc that's or or the kovat class either one You know how those both work Dang Dang Class number four came out class number five is going to be coming out this week six already in the can seven We'll have this thing wrapped up here in a heartbeat still Looking to get uh moved over to the new platform. I think in an update today. We were shooting for for for wednesday So i'm hoping that's still at if not wednesday. It's going to be really really soon That's gonna gonna be a nice enhancement as well um I still need like Six people on our modern cleaning youtube page Oh We we didn't make it all the way there. Come on guys. We need six more people I said my moment made central I got 94 subscribers If you guys haven't subscribed to main central yet if I could we get six more subscribers We'll be able to get a user friendly URL Which would be very friendly Please please That's more I like that. It'll be very friendly tom that that user friendly email Okay Tell your friends tomorrow To come be here with us at five o'clock to hear laura being cheney. She knows insurance inside and out and There's a lot of special things that are happening in the insurance world because of coveted 19 Insurance is kind of a boring thing. I know it's not most exciting, but I can tell you Managing your insurance. Well has a profound impact on how much money you make over the long run in your business So it would be it would be time. We'll spend if you can make it We'll see you tomorrow at five You guys take good Bye y'all