Financial Guru, Tina Garza Explain NEW Important Updates to the Paycheck Protection Program (PPP) for Fitness Studios – June 2020

By Mike Arce | June 8, 2020

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Show Notes

Watch or read below my full Q&A (Question and Answer) interview with financial guru, Tina Garza explaining the NEW important updates to the Paycheck Protection Program (PPP) for Fitness Studios. Whether you were able to take advantage of the PPP or not, you’re going to want to listen to this.

Many fitness studios have been able to survive but there’s only so much more they can take. It’s my hope that this helps every fitness business owner, general manager, and trainer out there!

Full Interview With Financial Guru, Tina Garza On The Paycheck Protection Program (PPP) For Fitness Studios:

Mike [00:04:59] Hello, everyone, welcome back to another episode of the GSD show, and today we are going to be talking with Tina Garza about how the PPP has made some changes to the rules. So you know exactly how you can stay ahead of the game, too. 

Mike [00:05:45] Ladies and gentlemen, we got Tina Garza. 

Mike & Tina [00:05:51] What are you doing? I love that that’s the intro song. 

Mike [00:05:59] So I wanted to talk with you today because of something we set up a few days back. Once we realized there were some changes, the entire idea of what I’ve been wanting to do for fitness studios throughout this, I mean all the time, but even more so during Quaratine, because they need more answers now than ever, was helping them figure out how they can get through it all. And the Paycheck Protection Program, really just money in general, was one of the topics that was a hot topic for quite a while, and it kind of died out as a hot topic. Once things kind of got their money, they didn’t. But now there’s just some updates. And you are the person I go to. So I’m going to you. So, Tina, you’re from Accounting Pros. Yes. Everybody that doesn’t know Tina manages all my books. Well, Tina’s company manages all of my books, as well as the books from many fitness studios and many entrepreneurs that I know as well. So, Tina, what do we have to know what’s going on with the PPP that we need to know about? 

Tina [00:06:57] Yes, so there are, it’s ever changing. And I feel like every other day or week we’re seeing, you know, new things pop up on the Department of Treasury website. So what I’m saying today could be different tomorrow. So I highly encourage you all to go to the Department of Treasury. That’s a big banner at the top of the screen that tells you here’s where you go to find PPP information that you can be informed. But the biggest thing that I think is going to affect small business owners is around owner employee caps. So a lot of times, you know, owners don’t pay themselves on payroll or they pay themselves very little on payroll. Or maybe they just recently started a business and they didn’t pay themselves last year. So the big thing that’s affecting our clients is the Department of Treasury and the SBA. They don’t want people to take advantage of the program in their eyes, even though it already has been taken advantage of and not give yourself as an owner a bonus or a raise compared against what you paid yourself last year. So we’re going to look at eight weeks out of last year. So I’m going to take all to 2019 payroll for you as an owner on your W-2. If you paid yourself that way or net income, if you’re a Schedule C filer, we’re going to divide that by 52, that’s 52 weeks in a year. We’re going to multiply that by eight so we can find your eight week average of what you paid last year. And then we’re gonna look at what you paid for yourself this year. And the cap still stays the same. It’s $15,384 and some change. They rounded up to $15,385. That’s one hundred thousand dollars a year, essentially over an eight week period. And they’re going to take the lesser of 2019 or 2019 is really gonna be the baseline. So if you paid yourself $10,000 at an eight week period and 2019 but you paid yourself $15,000 which is the cap, essentially you’re going to only get the ten thousand forgiven so you can still pay yourself but you just can’t. That can’t be written off. And this is unfortunate that this just came out about a week ago and people who aren’t even paying themselves on payroll are now finding that they have to either reverse payrolls or come to terms with the fact that they’re not going to be able to have that forgiven and turn it. 

Tina [00:09:03] It’ll eventually be turned into a loan. That’s a really big hit for people right now.

How Fitness Studios Are Supposed To Spend Their Paycheck Protection Program (PPP) Funds 

Mike & Tina [00:09:08] So let’s now know that you said it and you said a lot of numbers. Normally, I see with you, well, I’m going to ask you some questions to really be able to visualize it. OK. Sure. Yeah. Let’s say I mean, let’s say I got $40,000 dollars of PPP money, let’s say. OK. OK. That was what initially I got. Normally what was the rule, it was June 30th. How to spend it by June 30th. Right? 

Tina [00:09:35] Right. So you need to spend 25% and or less on non-payroll costs. And seventy-five percent or more on payroll costs. And the payroll costs include things like salary tips commissions. Vacation pay. Employee sponsored benefit programs, et cetera. 

Tina [00:09:55] And so that hasn’t changed the meeting to spend it on those two categories and then needing to make sure that you spend it before your fifty six day window is over has not changed. So the day that you get the fund disbursement when there’s now an alternative period, which you can talk about in a second. You have 56 days from that point to spend it. You have up to June 30th to get your headcounts back up. If you had lowered headcounts or if you had lowered salaries. 

Tina [00:10:20] So all that stuff, this is still the same. 

Mike [00:10:22] OK, so up. So 56. So if I got my money May 1st, I’ve got 50, 60 days from that date to Skip’s money in order for that money to be qualified for being forgiven. Correct?

Tina [00:10:36] That’s correct. Yeah. And there’s a few caveats to that. There’s a new program that’s being that’s already passed the House. It’s called the PPP Flexibility Act. And what they’re saying now is they’re looking for owners that are for businesses to be able to spend that money. Just over an eight week period, but over a 24 week period. I assume that that’s going to be shut down when it gets to the Senate. I’m hearing that it’s probably going to go to 12 weeks. So this is not law yet. So please don’t go to your banker and say I went twelve weeks until it’s actually passed. The problem with that is all of my business owners have already spent their money. We were the very first people to get the PPP. We got it like the day it was released. And so it’s kind of like too little too late for the SBA and the Department of Treasury to come back and say, now you have more time to spend it, because now at the reopening their doors, the money is gone. And there’s no, as far as I know, no more money. But for this conversation, for everything that’s currently written into law, we have eight weeks at this point to spend it. Eight. 

Will There Be A Paycheck Protection Program (PPP) Extension For Fitness Studios?

Mike [00:11:31] Eight weeks to spend it. OK. And then you’re saying that it may pass? We don’t know yet. Do we know what we know for sure if we extend 12 or 24 or whatever? 

Tina [00:11:39] Probably next week, because the way that everything goes, as you know, goes to the house and it goes to the Senate, then it goes to the President to be signed into law. It’s already passed the House. It’s in the Senate right now being reviewed. And I’m very sure that it’s going to get knocked down to the twelve weeks just based on what I’m seeing in articles online. 

Tina [00:11:56] But like I said it, I don’t know how helpful that’s going to be for people at this point who have already been paying people who are furloughed, which is totally allowed. You should be paying people who are furloughed the whole point of the programs to pay people. But, you know, when you open your doors, are you going to have nothing left? I mean, it’s totally possible. 

Mike [00:12:12] Got it. I’ve got a question here from a PopFit studio. She said, if we decided not to pursue two PPP because it wasn’t a good fit under the old rules. Is it too late to apply? 

Tina [00:12:24] I don’t know if it’s too late to apply. I know that there’s still some funding available and I’m seeing advertisements from American Express as of like yesterday offering PPP funding. And I know a lot of big companies have been returning their PPP funds because another new rule is that if you have borrowed more than $2 million dollars, you’re automatically going to get audited, which I think is an excellent, excellent idea. I’m sure that nobody on this call is a Ruth’s Chris or a Pot Belly or, you know, any Shake Shack or anything like that. But, yeah, there’s there’s still potential. So I would say keep trying for every single program under the sun until you’re told, you know. No. A thousand times. 

Mike [00:13:02] Yeah. Yeah. Now, earlier when we first started talking about the PPP on this call you were throwing a lot of numbers at me. So sure, Pete. But again, let’s just break it down a little slower so I can see it. Yeah. 

Tina [00:13:14] Yeah. So really, we’re looking at employee company, employer owner compensation. So the way that you pay everybody else is essentially the same. You know, there’s still going to qualify for the same things. They did add a few more bonuses in there for people who needed it in writing. If you had back pay, so people who are furloughed, they’re coming back. If you have bonuses or hazard pay, that’s still going to be included. The cap is still $15,385. But the number that I was really mentioning is going to be around owner/employee. 

Tina [00:13:43] So if you paid yourself, you know, $40,000 last year, you can’t pay yourself $100,000 this year. They’re going to take, you know, the average of an eight week period for $40,000 versus $100,000. And the way that you get that eight week period and let’s just do some simple math. Do you take 40,000 and then you divide it, but you divide it by 52. That gives you, you know, a weekly rate and then you multiply it by eight. And that gives you your average pay over an eight week period. And in this instance, it would be $6,153.84.

Mike [00:14:14] So that’s how much money you would be able to apply during that 56 day period for. Yeah. 

Tina [00:14:21] For your compensation. Because what they’re trying to do is discourage people from giving themselves a raise or bonuses themselves because now they have no money in the bank. 

Tina [00:14:29] And a lot of times I’ve even heard, you know, people calling me on the phone and asking this, I can’t I just fire everybody and give myself the money and like, no, that’s not the program. 

Tina [00:14:38] So, yeah. So what they’re really trying to do is make sure that you keep everybody’s pay, you know, really similar, your headcounts are up, you’re not lowering pay. Things like that. And you’re also not saying you’re being, you know, crazy and saying, OK, well, now I’ve got all the money. It’s all coming to me. So they just they recently put that into place as of like last week. 

Fitness Studios Have Until June 30th To Get Their PPP Payroll Right

Mike [00:14:57] OK. Awesome. You were saying you have until June 30th to get your payroll, right. 

Tina [00:15:01] Your headcount up and your salary reductions need to be resolved and the PPP Flexibility Act could potentially even include or make that a date. That’s further down the road. I think they’re going to change it to December 30th. But as of today is June 30th, which means that you need your full-time equivalents to be exactly as it were. So you don’t have a percentage reduction on your forgiveness and your salaries if you reduce people’s wages, anybody who earns less than one hundred thousand dollars a year, if you reduce our wages more than 25 percent, then you need to get them back to where they were. 

Tina [00:15:37] So this needs to get down. You know, you can the max is 25%. So if you went, you know, 35%, you just see to add 10 percent back to their pay. So that it’s at the end of the day, not going to reduce that from your forgiveness. 

Tina [00:15:48] And there’s different options, you know, of how you look at this example, for an example. We have two options for the forgiveness look back period. One is going to be February 15th to June 30th of last year. We’re going to take the full-time equivalent for that period. Or we can look at January of this year, and February of this year. And then we compared that to a recovered period. And we’re really just trying to find out how many full-time equivalents do I have in either those periods compared to what I have now? And let’s just for, you know, easy numbers. Let’s say that you had nine people in your covered period and then 10 people in your previous period. So before you had. You know, 10 percent more people. And you don’t change it, you don’t fix anything about that. In that case, they’re going to reduce your forgiveness by 10 percent. That’s the quotient. That’s the difference between the two. So what we’re looking at, when we’re identifying, you know, how can we do this right on the applications for our clients as we’re looking at ours? We’re making sure they know ahead of time how many people you had as a full-time equivalent in those periods so that they know, OK, I need to get my ducks in a row so that I don’t have a problem later on down the road when I’m trying to actually get the money forgiven. I don’t want to pay it back. My clients want to pay back either. 

Mike [00:17:02] And so if you have 10 people on your team and you let go two because it couldn’t even be because you couldn’t afford them, even if it’s just they’re not a good culture for you to let him go. Pandemic or no pandemic. Right. You can still bring on two other people to take their spots. It’ll be those two people. 

Tina [00:17:20] Right. So the full-time equivalent is just an equivalent. It’s not Jane Doe or John Smith. It’s equivalent to equivalent. So and full-time equivalent means somebody who works 40 hours a week on average or more. So we’re actually looking at the total hours of that person’s work and deciding someone’s equivalency. And even that they’re slightly lower. We’re not using there’s an alternative calculation that the SBA is provided. 

Tina [00:17:41] You can say all part-time people are point five. To me, that’s less beneficial for my clients because some people might be slightly under full time, but still to be considered part-time. But I want to bump that number up as high as possible. But there’s some additional language that they put in the documentation for forgiveness. I think it’s important to note. So you can pay people if you’re if they’re not working, they’re not actually performing day to day duties. You can pay them and it will help your full-time equivalent rate. This is going to be helpful for people who have employees at gyms or restaurants or, you know, anything that’s closed, that you didn’t require somebody to be in there, but you still pay them. So that’s really helpful for you guys. 

Tina [00:18:26] And then the other thing is, if you fire somebody because they weren’t doing their work, then you can hire somebody else. 

Tina [00:18:34] That’s totally fine. But as long as it’s for cause, you should be OK. And if you high if you want to rehire somebody and bring them back and you say like “Hey Jane Doe, we want to bring me back, the business is opening again.” But they’ve moved away or they’ve taken another job or they don’t feel safe coming to work. So they’re just not they’re refusing to work. That will not reduce your forgiveness at all. As long as you have everything documented. So you’ve got to make sure that you’ve got an offer in writing. So this is not verbal stuff, an offer in writing. They have to reject the offer in writing because even if they never look at this, you know, while you’re getting your forgiveness, they can look back six years later and then go back and change your status or make you repay. So there is a guideline that actually says keep all the documentation for six years.

Can Fitness Studios Extend Their PPP Loan From 2 Years To 5 Years?

Mike [00:19:19] Got it. Perfect. Perfect. Another question. Here’s somebody asked. I’m not sure what they exactly mean here, but you might. Are they talking about extending the PPP loan from two years to five years? 

Tina [00:19:31] That’s also in the PPP Flexibility Act, which has not been approved. So I don’t actually know if they’re going to make that happen. 

Tina [00:19:40] So the banks actually lobbied to have a shorter time period. It used to be the very first start of the PPP loan. They were saying it was going to be 10 years and it was going to be a different rate. And then they went to two years and they went to one year and it was and then back to two years. And so it’s just been very back and forth. But the banks are the people who really pushed the SBA and the Department of Treasury to have a shorter-term because it for them, it wasn’t advantageous to service these loans. It was going to cost them money and which I think is total B.S. But those are my own judgments. So is it likely that they’re going to have a more beneficial rate and they’re going to have a longer-term? It could happen. But if banks were able to lobby successfully before, I don’t see what’s going to keep them from lobbying successfully now. 

Tina [00:20:19] So don’t plan on these things being changed. Operate as though everything is the way it is now because they could totally scrap it. You know, when they’re in the Senate tomorrow night. 

Mike [00:20:31] Got it. You did a good job working with us. And a lot of the clients that I know you work with because you know, we know them or we refer you to them or something like that. And you’re right. I think you said that. Ninety-five percent of your clients got their money that first round. 

Mike & Tina [00:20:43] Yeah. Which. Yeah. It was like 10 million dollars. It was a lot of money. 

Mike [00:20:47] Yeah. Really, you’ve done a really good job of instructing us on how to make sure we spend that money with different bank accounts and all that. Yeah. Have the opportunity to work with you right now because, you know, you weren’t taking clients during that whole thing. Are you seeing clients right now yet or not yet? 

Tina [00:21:02] We’re taking clients. We’re not taking clients that we have had people who wanted to do like just the PPP application and that sort of thing, like consulting for us. It’s just we don’t have enough time to help everybody under the sun do just do that. We have a client base and clients we’re trying to bring on. So I’m continuing to add YouTube videos. I’m happy to give you guys ad hoc advice, but the clients that we are taking on are people who are doing, you know, long term bookkeeping or payroll engagements. And yeah, I’m happily working with people who want that type of engagement. I love talking to clients. So it’s my thing. 

How Fitness Studios Need To Deal With Their Bank Accounts And The Updated Paycheck Protection Program (PPP) Loan

Mike [00:21:36] OK, good. So how did you instruct us when it came to managing that money with bank accounts and making sure that you don’t commingle and confuse the books and all that stuff? 

Tina [00:21:46] Yeah. So there’s not a requirement that you do this. So if you cannot do this, it’s totally fine. But we asked our clients to have a checking account or savings account that was available for the PPP funds. They were very clear in saying that the PPP funds needed to be used just for the purposes of the loan. So if you had put it into your bank, your normal operating account, and potentially spent among other things, that could muddy the waters and make you less likely to get forgiveness. So we just wanted a very clear audit trail. So we had everybody move the money into their PPP checking, we remapped Gusto accounts, the payroll software that we use, or we just hire people to do a transfer from, you know, if it was a savings account into a check to a checking account, and then we’re just documenting everything along the way. So some requirements would be things like payroll journals for when we actually run the payroll. We’re keeping our reports. We’re gonna make sure that any quarterly filings that are done, we’re going to make sure those are in the file rent agreements. Any you know, anything you’re paying for. Out of the PPP funds, do we have an agreement in place? Do we have documentation that you paid? And one other thing that I wanted to note, historically, they have said you can only get mortgage interest and rent agreement payments out of the PPP. There’s a few other bonuses that they threw in as well that I think are really helpful for gym owners. One of them is you can write off lease agreements for personal property. So this is going to be things like if you have treadmill’s if you’re like an OrangeTheory and you get a bunch of treadmills and rollers and things like that, or maybe you have a bunch of weights that you have that you’re leasing for the equipment, I’m personally we lease all of our computers from a company called Rippling. So we’re going to be writing off those leases. And then they’re also allowing interest on notes for personal property as well. So if you instead of leasing the equipment, did you go and buy the equipment? In that case, we’re going to write off the interest, but we’re not going to be writing up the principal. And we also can’t prepay anything like that. 

Mike [00:23:44] OK. Yeah. Any other bonuses or is that the main one?

Tina [00:23:48] Well, the other thing would be they did they actually put in and the documentation there’s two other pieces that I think are really important. If you let’s say, we actually look for this example, it was really helpful. One second, all right. So they did actually put in their forgiveness documentation, this exact example. So pretend that you’ve got your covered period starts on June 1st and ends on July 26th. That’s 56 days. In July during your covered period, you paid May. I’m sorry. In June, you paid your May and June electricity. So you paid your May a little bit late. Your June on time. Let’s say that you paid your July electricity outside of the cover date on August 1st. So it’s been incurred, but it hasn’t been paid. You can actually include any of the electricity or other utilities from all the way up to the 26th of July. So we’re going to take everything that’s inside that period and include it in your and your forgiveness. And that’s important because, you know, people are kind of figuring out how to pay bills and, you know, making sure they stay afloat. So we’re just kind of cautiously paying things. They did say that, yes, you can do that. And then I think that’s really great. And the other thing is around the alternative period, and they gave this example. So let’s say that you get your funding on the 20th of April. So for 4/20/2020, the way that you can get the covered period calculated is 4/20 plus 56 days. So the date, the date of disbursement to the end of the covered period. But for people who have, you know, biweekly payroll, you might end up losing out if, you know, you start on that disbursement date because let’s say that you get that that disbursement data for 20. 

Tina [00:25:31] But you don’t actually pay people for, you know, two and a half weeks later. They actually said that you can choose to have your covered period start on the first day of your next pay cycle. So that’s not actually the date that you get paid. In this example, they’re saying, you know, for 20 is the date that you’re dispersed. If you’re looking at traditional biweekly payrolls, your pay period probably starts on the 26th of April. And so you don’t actually get paid until the 9th, but you can push the dates forward in order to make it more beneficial to you. And your accountant can walk you through those things. We’re actually we’re looking at pay periods and making sure that it’s right. But there is they did build in some flexibility to be bought more beneficially to see to make sure that you’re looking at things before it’s actually coming due. 

Mike [00:26:17] That’s cool. Okay. I got a question for you here. Yeah. Over the last two and a half months, a lot of fitness studios have switched over to virtual. Yeah, many of them still are because their states are not open yet. Well, can you write off your house if a part of your house, if your all of your workouts are happening from your living room? 

Tina [00:26:41] I mean, you can certainly try. I would probably say no. These are going to be things that you have, you know, commercial real estate lease agreements for in place before 2/15/2020. You probably didn’t have it. Probably didn’t start doing this until after the pandemic hit. And they do require that you have to have, you know, utilities and rent and all these things, you know, already in place by the 15th of February. So my gut says, no, you might have a banker that, you know could potentially give you some leeway. So try for everything. But expected that probably gonna be declined. 

Mike [00:27:12] What about at the end of the year for taxes if over the last three months you did spend more money on the Internet for better usage and you did use your house. Are you able to at least write them off for tax purposes since they won’t qualify for PPP? 

Tina [00:27:25] So the way that your home office expense works is it’s supposed to be something that you use for the business that no other people can access for other reasons. So it needs to be like a room with the door. Usually, it needs to have like a separate entrance. You can and you would take like a percentage of the overall square footage of that area. Yeah. So let’s say you have a 10 by 10 room would be you know, it would be that percentage based on the rest of your square footage and the whole house and the Home Office expense is probably one of the most audited expenses. But I do think that you could attempt to do that. I mean, the IRS doesn’t really have anybody auditing right now anyway. So I guess it doesn’t matter. I probably shouldn’t say that too loud, but you can certainly try for it. The other thing, too, is there is another bill, that’s currently being looked at. It’s not even in the Senate yet. I think it’s still kind of an ideas phase. It’s called a Small Business Expense Protection Act of 2020. And this would clarify that the receipt of Coronavirus assistance does not affect the tax treatment of ordinary business expenses. That’s exactly how it’s written and the way it stands right now. Since you’re taking the benefit of getting money for these, you know, salaries and utilities and things like that, it’s essentially like a bonus. They are talking about reducing that from your net income at the end of the year, which essentially makes you get tax hired, whatever that loan amount was. This is actually saying, hey, you know, where we Coronavirus is happening from no fault of our own. We really had no other way of supporting our business. So let’s just say that all necessary in ordinary business expenses are treated exactly as they normally are without any worry that it’s going to you know, we’re going to have a big tax bill at the end of the year. So that, again, that’s not even in the Senate or the House yet, but that is something that they’re thinking about because people are starting to really wonder, is this going to bite me in the butt later when it comes to end of your taxes? 

Mike [00:29:13] Right, right. You see, all this is like and I’m pretty like I’m probably one of the more savvy people of agency owners that I know. And I don’t know any of this stuff. And I can keep up. And so for me, watching, listening before we kind of go on just to make a point here, I’ve never felt so comfortable financially in an uncomfortable environment. Because of someone like Tina, you like having it, not just you, Tina, but Jim and just having a really good financial team. Yeah. And, you know, it’s always been told to me by mentors and coaches, like make sure that you invest in the right people for your finance team and the people that manage your money and all that, because it’ll cost you so much more to get someone at a discount. And I know people, family members that had they didn’t get their PPP money and they weren’t. I was asking them what they were doing and they were like, oh, I was replying to the emails Bank of America sent me. I don’t know, I emailed them. And it was like, well, because my girl was on the phone all night. 

Tina [00:30:20] Yeah, yeah. You’re right. You’re talking to our bank until like midnight and. And I know you experience this. I won’t give any dollar amounts out, but they’ve offered you a lower dollar amount on your loan. And I went back and I was like, I did the triple stuff like that, because ultimately, you know, your expenses as you get more and more successful, are naturally going to be higher. You’re bringing people in. You’re paying their wages. They were just trying to base yours on 2019, which was inaccurate. We were looking at the rolling calendar year and so we got them to fix that for you. We even went back and had people who were declined and we’re like, this is not right. And we had them approved at exactly as we wanted. And I think that probably upset every single person at every bank out of the sun. But ultimately, I don’t care. You know, this is not about them. This is about our clients being able to survive and thrive. And it breaks my heart to see that people tried to get the PPP on their own, didn’t have a partner to help them, and now are still, you know, struggling to get it to make sense or to even get the money to come in. And some people were just flat out there is not going to get it. 

Tina Garza Simplifies New Updates To The Paycheck Protection Program (PPP) For Fitness Studios and How To Contact Her For Help

Mike [00:31:21] Right, right. Yeah, no. I mean, it was great watching you work and you were texting us at like 10:30 at night. So for everyone watching. Listening. Yeah, definitely. If you don’t have Tina’s info, for one thing, what’s really good about Tine too, you work with a ton of fitness studios already, so you understand the space pretty well. We’ve had you on our podcast go over like what the average revenue per square foot should be for like a studio would add the value per employee for a studio. You understand what the metric should be? For even more stuff now. Yeah. But yeah. I mean, it’s, it’s been great to have you on. Anything else we need to know about the Paycheck Protection Program or Idol or any updates. I mean if you shared a lot with us today, which is great. 

Tina [00:32:01] Yeah. Let me just I’m going to thumb through, I have a big slide show I’m working on right now. The Idol one is important that they have reduced the overall loan amount. It used to be capped at a couple of million dollars. It was either two or ten. I don’t even remember anymore. Now they’re capping it at one hundred and fifty thousand dollars. And I mean, we got the idol. We were expecting six months of operating costs. We did not get that. We got one hundred and fifty. That was a bummer because I feel like it was advertised differently. And the PPP, you know, I’m glad that people are returning money. I think that actually helps other business owners who have been like waiting in line to get this kind of money and don’t have, you know, a giant company like Potbelly gives them a better chance. So like I said before. Yes, it sometimes seems dire when the numbers are climbing and there are reports that say there’s no more money left and there’s still a chance that there is. So keep putting your applications in. Last time when the funds ran out for the very first round, they just took whoever was currently in in the queue to get money. And they just, you know, kept bumping them up the list as a second round came out. So just keep trying. Don’t. Don’t give up. I mean, I say that if it’s a battle worth fighting. Keep fighting. 

Tina [00:33:12] Yeah. Love it. Christina, what’s the phone number? People should call if they want to learn more about working with the Accounting Pros. 

[00:33:18] Yeah. So our main line is 866-477-9708 on the weekdays. We also have our chatbot open. I’m normally the one who’s having the chat at the tap, but also me. So if you have questions, you can always go there. You can also just send an email and info at AccountingPros.com that I’ll come over to me and I’m happy to get people advice. Like I said, we are looking to our clients long term. But if you have this, a quick question about what is the PPP. Am I eligible? Am I going to be totally in trouble with this happens and happy to help you out? I have just been casually looking at documentation and giving advice. But, Mike, you’re right. Don’t. Don’t wait to hire an accountant. This is a time that your accountants really going to be helpful when you are when it’s really high, you know, high risk. Like you need to get money in the door. You want to make sure you don’t have to pay it back. You need also to be aware of other programs that are available, like other grants and loans and things like that. Your accountant should be the person who’s really getting that done for you so that you can think about bigger stuff, like actually getting the business going again. So it is it’s an investment for sure, but it’s an investment that pays dividends forever. You will not regret hiring a good accountant. 

Mike [00:34:26] So the number I got here, it’s of 866-477-9708.

Tina [00:34:32] God, I hope so. Yeah. Or my direct line is 303-928-4126, so I answer that Monday through Friday, eight to 6:00 ish, and sometimes we can talk after hours too, depending.

Mike Perfect. Well, thank you so much. I appreciate it. You dropped bombs today so we can do this. All right, guys. I learned a lot. Everyone listening. Thank you so much. We’ll see you on the next episode.