3. Tony Roberts Breaks Down PPP Loan Forgiveness cover art

3. Tony Roberts Breaks Down PPP Loan Forgiveness

3. Tony Roberts Breaks Down PPP Loan Forgiveness

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 SubscribeGoogle | Spotify | Stitcher Resources If you have questions for Tony, he can be reached at 972-409-4311For IT questions, contact Master Computing at 940-324-9400Show Notes[1:50] - Let me Introduce today’s guests. In studio we have Andrea from Master Computing and Tony from Insperity [2:45] - Tony, you reached out to me on LinkedIn and at the time I was just looking for people to connect with and I kind of asked what you did and what’d you tell me? You told me you help small businesses that want to grow. Help them run better. [3:50] - Tony’s bullet points of the main ways he helps businesses. Payroll Onboarding Recruiting Compliance Taxes Whatever it might be for someone who is great at one thing and wants to start a business in that thing and maybe they don’t have too much an idea in the other areas. When you have questions or concerns or maybe there’s something you’re not comfortable with, that’s when someone like Insperity comes in and help you make sense of some of those issues. [5:50] - Tony, tell me a little bit about a significant challenge you’ve delt with in your professional career. Tony started with Insperity March 16th of this year (the week most businesses started sending employees home and shutting their doors) I was in the office 2 full days and a half day before COVID lockdown. Significant challenge - he started a new career among the pandemic. In addition to starting a new career in pandemic he is also planning a wedding in October. [8:14] - What was your Initial reaction when you started your career 2 days prior to the lockdown? Terrified. Deeply concerned for my well being, not from a health standpoint but for a career standpoint. Because, like I mentioned, my intention for this job and being a business performance advisor was to truly be involved in the community. That’s the Insperity mission. I didn’t want to just be a stranger over the phone cold calling businesses. Hard to do that when you can't meet business owners. So, I sat there really concerned, new to any sort of undertaking like this. Before I worked tutoring children in math and running a math learning center. So my focus really was in I need to build relationships however possible. LinkedIn became a huge resource to me. [13:05] - What do you expect will be the long-term value of having to go through that for your career moving forward? Being seen right now, being here on this podcast with you. Be a resource and provide value for small businesses. Long-term, been fortunate enough to build relationships, meet people, and engage with them in a way that’s more organic and not so sales focused. [15:00] - Timeout to give Tony a shoutout: If you have any of the issues that Tony takes care – weather it’s HR, Payroll or group health Insurance - give Tony a Phone Number is 972-409-4311 Shift gears - Value we can add for our listeners – [16:10] - My question is, as you’re going out and meeting with people, whether it’s LinkedIn conversation, zoom meetings, or whatever. What do you see as the #1 fear, concern or problem that your clients or potential clients are dealing with? We have this PPP Loan, it helped a lot, it’d be great if we don’t have to pay it back. What do I need to do to make sure that it’s not the case? What do I need to have prepared? What are the steps I need to have done? There is 5.2 Million outstanding PPP Loans as of last week. This represents about 15-20% of all small businesses in America. And that’s about $520 Million dollars in loans. [26:20] - As a non-finance professional, if someone were to ask me in a state of panic, what they need to do about this PPP Loan – My advice would be: Take a breath. As Finance professionals, both of you, would you give different advice? No. Take a breath. Relax. If you’ve been documenting everything, you should be good. [28:07] - Which brings me to my next question. You hear “document everything” all the time, but to my knowledge, when we do things in QuickBooks, run payroll, etc. We are already documenting everything. Is there anything we need to be doing differently to document this stuff for the Forgiveness process? On the Payroll side, probably not. Where you may need some additional looking into, or more complex reporting is if you had to lay some people off then bring them back how does that affect your full-time equivalency. If you did have any legitimate firings, or workers who refuse to come back to workplace due to COVID. You want to make sure you have that in writing and on record because that’ll apply to the SafeHarbor which affects your full-time equivalency as well. That’s just a lot of words to say they want to make sure that what happened, during the PPP covered period reflects accurately on your reference period. [29:15] - Dig in a little more. Let's say that a company had a full-time salesperson that they hired prior to the COVID ...
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