 Tom O'Brien. Welcome back, folks. Okay, so we're gonna go over the second program that is going to be available, folks, in the next basically four or five days. So who's gonna be eligible, okay? So in any small business with fewer than 500 employees, any, let's see, any individual who operates as a sole proprietor, this is really important, a sole proprietor because we're gonna have many questions about if you don't have any employees. An individual operates as an independent contractor, okay, that's gonna be the 1099 employees, an individual who's self-employed or regularly carries on any trade or business, okay? So this is straight out everyone, okay? In addition, okay, now, what are the, basically the lenders gonna be looking for? So what happens with this program, and this is what's gonna be important that you get together, what's gonna happen, folks, is that you are gonna want your last two years of taxes together the way this program is gonna work. So remember, the first one, you didn't need anything. This program here, you're gonna need proof of what's going on, two years of taxes together. So get those together. Then what's gonna happen is that you are gonna be basically given them, so this is gonna be coming off of a lender, so the bank that you're dealing with, what's gonna happen is this. The SBA is gonna be bringing this information to the banks, which they haven't done yet, by the way, okay? It's on the way, I suspect next four or five days they'll get it. The banks are gonna wanna do this because this is a fully back deal by the SBA. They have everything to win and nothing to lose, okay? So what ends up happening is that they're gonna want the two years of taxes, they're gonna want the aspect of what was your payroll, let's say in February. So if the payroll is in February, the bottom line, we're gonna use the case of 10,000. You multiply it by 2.5, which is 25,000. You're gonna get a loan for $25,000 and the day, so we're gonna bring this forward and so what's gonna happen is this. Now the bottom line is that this program, in case we have any really large businesses out there, this program, bottom line goes up to 10,000. 10 million dollars, okay? So you are talking about a monster one, okay? Now this is how this goes as to the aspect of how you can take a loan and what's gonna stay with the $25,000 level and bring the loan into a grant. And the way that it works is this. So let's say that we're at April 1st tomorrow and let's say that by April 5th, this Friday, they come out with the actual documents. When they come out with the documents, I'm gonna do another one of these so we can go all through it and get everyone as much money as they allowed so that these businesses, all our businesses can stay in shape. So what ends up happening is this. Let's say that we apply on April 5th and let's say that we don't get the money until April 30th. We don't know yet how long it's gonna take, but I'm gonna say April 30th. So you get the money April 30th. What will happen at that particular point is this, is that the following eight weeks, you're gonna be able to take your payroll cost. Let's just read it right through so you can really see exactly how this works. You're gonna be able to take your wages, the commissions are similar compensation. You're gonna be able to take the payments if you basically, your clients get tips, okay, your employees get tips. You're gonna be able to take your vacation time, parental leave time if you're giving medical. You're gonna be able to take your retirement benefits that you're giving your employees. You're gonna be able to take your rent, electric, phone, cable, insurance, and plus payroll. And what ends up happening is this, is that from that day that you got that loan, going forward eight weeks, let's say that you, we'll just do it again, that your payroll was $10,000. If your payroll is still $10,000, going forward on that eight weeks, that's 10,000 a month, okay. Bottom line is that the first month, you have $10,000. The second month you have $10,000, your rent, let's say it's 2,500, your utilities are another 2,500, well there's your 2,500, so what has just happened is that your loan has just gone into a grant and you will not have to pay that back also. This is an amazing program folks, okay. Please take advantage of it. And the question is, who pays for it all? Well, all the citizens of the United States have paid for it all because the bottom line is that this is inside the 2.2 trillion program that is out there signed into law, okay. You want to wrap your head around this, get on this paperwork ASAP. The bottom line is that the, okay, so let's read this in the context of sole proprietors, independent contracts and self-employed individuals because we know we have a lot of those out there. The sum of the payments of any compensation to our income of a sole proprietor, our independent contractor, that is wage, commission, income, net earnings from self-employment or similar compensation and that is not to be more than 100,000 in one year as prorated for the covered period. So what that means is this folks, okay, is that they're not gonna let you write off more than 100,000 in the context of payroll. So let's say that you get six or seven employees, some of them make over 100,000, you're only gonna be able to write off the first 100,000, you're only gonna get the maximum loan of that 100,000 times 2.5%. That's how that baby works, okay. Will the loan be forgiven? The borrower is eligible for loan forgiveness equal to the amount the borrower spent the following on the following items during the eight week period beginning on the date of the origination of the loan. So here we go, we're gonna do this once again. Payroll cost, using the same definition, payroll cost used to determine loan eligibility. Interest on the mortgage obligation occurred and the ordinary, if you own your building, the bottom line is that you're gonna be able to write off the interest on the mortgage, you're gonna be able to write off your full rent or leasing agreement, you're gonna be able to write off the payments for electricity, gas, water, transportation, telephone and internet. So the transportation, that's a big one too. If you have borrower with tipped employees, additional waivers, and of course the loan forgiveness is not gonna exceed the principal. Bottom line is that it's a great program folks, okay. Wrap your head around it, you can go to the front page of TFN, bottom line, we have both links out there. And as we go back, it was a question about the first program, okay. So the first program would I want you to get your head wrapped around is this, the first program, cost of goods, you don't have to worry about putting your payroll in the first program. That's the bottom line. All is they're asking for in the first program, they're asking for the aspect of your gross revenue and your cost of goods. Now, if you're a service provider, your cost of goods are gonna be dramatic. You could be a service provider, meaning you could have income of 200,000, 300,000 a million, and you could have cost of goods, zero. Don't worry about that because that's what your cost of goods are. The bottom line, that is not gonna make a difference in the aspect of how this works, okay. The real key is the 10,000 advance is they're saying that it's gonna be in your bank account and free days after the complete application. So what you should do is this. As soon as the program's over, get over to TFNN, you're already there, okay. Hit the button, okay, for the first program, fill it out. That would say that if you fill that out tonight, your days start tomorrow, okay, so we get Wednesday, Thursday, Friday. If we take a look at the aspect of what they're saying, that is saying that money will be in your bank account on Monday morning, that you can keep your employees going, that you can keep your family going, that you can keep your business going because it's gonna be a long road, folks, okay. And I use the 10,000 and that seems like a lot of money. That's not a lot of money when you're in business. We know it's not, okay, it's not even close. It was a question, is the first program in advance of the second program? And yes it is, what ends up happening? One program, you don't have to go for the second program. What ends up happening? You'll get the first program anyway. You can get the second program too and it is part of the second program, but there's plenty of folks that basically probably won't go through the paperwork on the second program and you should, folks, okay. You get four or five days right now to get your paperwork together and it's not a lot of paperwork, okay. And don't worry, you do not have to have this year's taxes done. What you do have to do for the business, the last two years they're gonna want those taxes. And then next week what I'll do, I'm gonna go over even a larger program because both of these programs have very minimal restrictions, it just, almost every person in business should be able to get these programs, okay. The next program will be a full blown out SBA program that will go through and it's not that much more difficult but that program, the third program would be actually a loan that you get to make sure that you can pay back a loan, okay. This is two different areas. The first two programs that we're talking about, the 10,000 is not paid back. If this is done correctly and what the government wants on the second program is this, the government's gonna be paying people either way. They're either paying them through a program like this and they're paying us as small business owners or they're gonna be paying through unemployment and everything else, okay. So the bottom line is that that's why this program is out here, it's important basically to understand, okay, how it works. And we'll take it step by step but it's a great way to get people to stay in a positive cash flow or at least stay in a cash flow. And I urge everyone out there, okay. Please tell your friends about this program. This can save, I don't care if I save one small business, the bottom line is that this is a really cool deal, okay, that you can really help people. And guess what? We're all paying for it folks, okay. The reason that it's such a great country would pay our taxes, you do the right thing, you're up in the morning, you're working. It's what makes the United States, you won't stay in the gutter, you get up and say, man, let's go, let's get this thing done, okay. So now it's up to each and every one of us to basically make sure that the programs are out there, get them to your friends so that they can stay in business also. The next thing that we're going to do after this, as soon as the information comes out about the $1,200 for every individual, okay, we're gonna make sure that you have that information, okay, we're gonna stay on top of this at the whole time so that every community can get as much as they should be able to get out of the emergency assistance that has basically come across, okay. So we appreciate your growling problem with us out here. Remember, everything's on the front page of TFNN. What we are doing is this, okay. The producers are staying here, we're gonna archive the show, we're gonna get it on YouTube, we're gonna have it on the front of TFNN so that you can just send it so these people tonight can basically stop making this thing out, get this baby going so that we all can make it through this time because it's a wild one, folks. And it seems like it could be a lot longer than we'd like and it's important to have cash. I said to Tommy in the show this morning, man, if this ever happened when I was just starting out, a pizza place, the bottom line, you shut down, forget it, we were lucky we were paying electric bills then, man, do you know what I mean? So the bottom line is plenty of people that are starting out, there's plenty of people that are in business that you start turning around two or three weeks without income, it's a bad deal, okay? This is a way to get people income very quickly, just do a little work, please get on the phone, get on the email, send it to your friends. We all know people that are in business, folks, okay? This is like so unique. It's like, great, you just send them the link and just tell them, don't do it, don't do anything else, don't go have a cup of coffee, don't have a beer, don't do anything, okay? Get that thing done. You're talking about what, 72 hours, they're saying that that's gonna be in your bank account, okay, let's do it. And always remember, folks, whatever you think about, you bring about, whatever your focus on grows and whatever you want in life, whatever you want in life, folks, visualize it, step into it, take ownership of the fly with it. Thanks for being here, folks, have a great night, have a safe night, make those calls, do those emails, it's a beautiful thing. Bam, look at them, folks.