Let's Talk with Leaha & Rhonda

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The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K u and v Las Vegas, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Hi, this

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is Leah Crawford.

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And I'm Rhonda Nolan.

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Welcome to the let's talk with Leann Rhonda show

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we're here for you and we're ready to go. Let's do it. Good morning. Las Vegas. Hi Leah How you doing?

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Good morning Rhonda. Rhonda. I am amazing. Thank you for asking and you how are you?

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I am super fantastic. On the Saturday morning is so sunny and warm today. I'm so excited. The 60 degree weather all week has been great. Just fantastic. Okay,

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so I want to take a warm because the day is January 6, Saturday, January 16. Yesterday was our Founders Day. So I want to say Happy Founders Day to the survivors of Alpha Kappa Alpha Sorority Incorporated. Happy founders how happy late Founders Day ladies,

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happy Founders Day ladies.

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All right. So Rhonda, what's what's what's up what's going on? This week has been powerpack, PPP open back up, I know you have a bunch of information for our listeners to then know you stay on top of it. Can you tell us what is go I know it opened up on Monday, opened up on Monday.

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So it opened up on Monday for people who had already gotten the first PPP. So if you had gotten your first PPP through a lender, the lender opened it up to you on Monday, as well as opening up to new businesses that did not get PPP. So if you're a small business out there that just didn't think you needed the PPP the first time. And you're interested in doing it the second time, you too can do that. And there are several banks that you can do it with. And yeah, it's been very interesting. So basically,

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like we said last time, don't self deny, don't self in that don't self deny, go ahead and apply for the phones apply for the funds, they are grant they are will till it comes out as a loan. But if you use the funds for its intended purpose, that is 60% on payroll 40%. On other I think they said other eligible expenses, the whole loan is forgiven. And that's the key 60% on payroll 40% on eligible business expenses.

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So basically, last year, when folks with different businesses received the PPP loan, basically, the government has forgiven 1,000,003 And approximately $170 billion worth of PPP loans for the small businesses who did receive it last year. And

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and I want to also make a point to Rhonda, because we just heard $4.1 billion was distributed in Nevada. That's right, 4.1 billion. So a lot of us did apply. And I want you to know, please apply again, because our economy still has to I mean, we we still need our small businesses and our big businesses, we needed our small businesses. That's how we make our community work.

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And today, if you're in the entertainment business, if you own a venue, if you are an artist, a musician today, the SBA has a special webinar on how those businesses can receive funds. So sba.gov and you look up, it's a special loan. Actually, this whole special bill is not PPP is a whole different grant. And I'm going to tell you the name of that grant. In just one second you go

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you go ahead and look that up and I try to keep it a little bit occupied. I want to say this, my name is Leah Crawford. My my co host is Rhonda Nolan. And we are here to assist anyone that needs help and applying for these PPP funds. If you want more information 702-382-5737. Again, 702-382-5737. We assisted over 200 businesses last time to to get these to get these loans, whether it was PPP or the economic injury, disaster loan, people weren't sure they were reading different things here and different things. Just said, a lot of phone call to ask they heard that this time, PPP, you have to pay it back. No, you don't. PPP is meant for payroll and eligible business expenses. So if you spend 60% on payroll, the other 40% on eligible business expenses. The loans are forgiven, he phrases forgiven, but I want to say this, you have to keep your documentation. Gotta keep your documentation. You're now 40 ones and now for these your paycheck stubs. You have to show where you paid people. So you need to just keep documentation you got to keep the documentation because then it negates any conversation about whether or not those funds are to be repaid. Again if you need more info Meishan 70238 to 5737 Rhonda give us an update. So I see you looking at me ready to go what is it

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so basically this new grass called the shuttered venue operations grant. And this grant is for theatrical producers talent representatives, venue promoter, the venue itself, live performing arts organizations, movie houses, cultural institutions, and everyone that was affected by COVID-19 is called the shutter venue operations grant. And like I said, the SBA will be having a meeting today a webinar, giving the information on the grant and telling you how you can apply for in addition to if you if you fall under that guideline, you can only get the shutter venue operations grant which is separate from PPP, so you can't get PPP and the shattered venue grant, you can get one the other. So if you fall under that demographic, please visit sba.gov today to get the information on the webinar, you can probably catch the recap of it today. So if you go to the sba.gov and look up the shutter venue operations grant you will see a a videocast of what was spoken earlier in the week.

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Okay, so air is going to air air Thursday at three o'clock so it should be on the SBAS website to talk about the is the shirt venue operations opera okay operators grant, what I can say is, I think we we will know a lot of we do know we are going to learn that as well. So we are able to to assist those people under under those categories, because go over those categories again, so that we can talk through

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the categories our theatrical producer, talent representative, venue promoter, a live venue, life performing arts organization, movie houses, or cultural institutions that have been impacted by COVID 19 in addition to nonprofits as well,

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that's huge. That's huge, because I think that that captures that group that was having a problem getting PPP, and they were affected because with social distancing, they are not able to hold the shows at their the venues losing money, the production companies are losing money because this is what they do in entertainment. And social distancing is really not here that that doesn't work too. Well. Yeah, it

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doesn't work real well, when you have to do a performance in the theater. And you can only put 25% of the people in your theater and your theater only host 300 people

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got it, got it got a shout out to my you know, former UNLV student Avery Walker who who works in performing arts who works in performing arts and I know they they were impacted, you know, him Bernard Gaddis, you know, oh, yeah, that's, that's huge. That's huge. That's huge. Okay, well, we will be able to assist those that that client base as well, right. Okay, so if you want more information I got if we want for more information, you want help getting through this? Seven, zero to 3825737. Again, 702-382-5737. My name is Leah Crawford. And you are Rhonda? No, Rhonda Rhonda. Okay, so Rhonda PPP PPP documentation that you might actually miss, do we need this time?

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Okay. So if you're a business and you received over $150,000,

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here meet over so that means it means you had this conversation because I was like, be clear. So if I got 150, or more correct, 150 or more. So if you got 149 999, you don't you're not in this category, correct. But 150 or more go here, Rhonda.

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So if you've received 150,000, or more of PPP, when you go back in for your second draw, these are the documents you're going to need, of course, you're going to need your business name and tax ID number, as well as your personal name and social security number, your ID, you're going to need your 940s you're going to need that see, you're going to need what else do you want? Oh, you're gonna have to show your gross receipts for 2019. And your gross receipts from 2020. In addition to you have to have, you have to look at the quarters of the whole year and pick which quarter where you were down 25% in 2020. So if you're if the second quarter was a bad quarter for you, and it should have been a bad quarter for everyone, because we were closed, you would show your second quarter of 19 receipts on a p&l versus your 2020 20 p&l And as long as there's a 25% more or better deficit from 19 that is what you show to get the money that's

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if you got more than 150,000 That is correct. Okay. But if you got less than

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So depending upon who you bank with, if you got less than $150,000 You don't have to show that document when you do your application, but it will come up later on. They will ask you Did you have a deficit of 25% or less less and what quarter did it happen in? And they may ask you to show your bank statements to prove them. FYI.

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Got it. So I will say to you look at your documents because they're asking for gross receipts, gross receipts now gross receipts, if you got loan proceeds or grant proceeds during that time, that's not gross receipts from an accounting definition. gross receipts are the monies that came in the business income that came, that's the definition of gross gross receipts because if you receive grant money or if you receive loan money, that's part of your cash flow. That's money received, but that's not part of gross receipts. Correct? Correct. Got it. All right. So guys, this is very, um, again, and remember, they're getting better at this because they had a whole lot of practice last year when they started a whole whole lot of practice, and want to get the money want to get the money on the street. Wanna get the money on the street, 6.1 mil Bill, I'm sorry, 9 million billion dollars, came to Nevada 6.1 billion. I want to thank our our elected officials, our federal elected officials, they really they really put the work in and let in Nevada. And Nevada. We got we got funds, we got fun. So thank you, you know, thank you to Congressman Steve. Steven Horsford Susie Lee, Dina Titus. No, Senator, um, Catherine Cortez Masto. They really, really dug in, and we're working in our community with our community agencies, to ensure that the funds were coming to Nevada, you know, the funds, you know, that the Chamber of Commerce was working urban Chamber of Commerce, um, the Latin Chamber of Commerce is they really got out to Asian Chamber of Commerce, north, the Henderson Chamber of Commerce, everybody was out there, just trying to make sure that our businesses could stay in business and get the resources because different people were facing different issues, whether it was you know, learning how to shut your office down and work from home, having the technology know, our governments, Clark County, North Las Vegas, Henderson, city, Las Vegas, they even have funds because they wanted to make sure that we could stay in business during this time, the state of Nevada just did pet grant and gave a bunch of money to businesses to ensure that we could stay in business and stay open, you know, making Nevada great because we, you know, we needed funds to stay open to operate so that we can, you know, we can pay our people that they are weren't getting unemployment, some people you know, because my, and I'm grateful, I am blessed, I was able to pay my employee with all of this help through the whole pandemic. That's the blessing. That's a blessing. It was a blessing. We were open because our business is deemed essential throughout the pandemic, but then we're practicing social distancing. Hey, catch me on Google meats, right? Google me. And

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here's the thing, people, you probably say, Oh, we listen to them all the time. They always talk about paperwork, paperwork, paperwork? Well, there's a reason for that, because I have other business associates that did not have their paperwork in order. And when it came to that pets grant, they fill out the application didn't have their paperwork and didn't get the grant. And it was just so easy to get if you were in business, if you had your paperwork in order, and you gave them everything they asked for. And you answered all the questions

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around I remember two years ago, you looking at me when I was asking you for a bunch of documents, like really late and I'm like, you know, you need your documents, needed documents, because that's always been a requirement. When, when, when when doing business, you know, that's a business license. And that's a business license became very important when it came time to do a lot of these grants. And I'm glad that we were able to successfully with the clients that we work with, they listen, they got they had their paperwork, they had their state business license, then they had their jurisdictional business license, and those are the licenses you need it in order to apply for those grants.

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Exactly. And then most importantly, out of all of this people all you small businesses should have learned lessons you had to have your taxes done. Taxes were a key factor in all the decisions for grants for loans for everything you needed to have all of your your your taxes done. So if you are still struggling out there and you're a small business, and you need help with sorting out your taxes, you should consider having a conversation with us about that having

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a conversation with us again if you want more information. My name is Leah Crawford and that is the fabulous Rhonda Nolan 702-382-5737 And I'll go into Rhonda you bought attacks as you brought up taxes, you know, that's my favorite thing. That's I you know, I get people get excited about all different things. I get excited about taxes, I I love doing taxes, and some people are like, Okay, you're kind of weird, and I'll take it because I do I love numbers. And tax to me is like putting a puzzle together even though you have to follow different rules. And what I love about the state of Nevada is they don't have a state tax. So it's not like when I was in the DMV having to do DC, Maryland and Virginia and understanding all the different regulations for all this dates and corporations, when the bad I just have to understand federal, I need to understand what the what what the feds say, and make sure that you have your business licenses. And I understand I do see corpse I do s corpse I do LLC is multi member, single member and I do personal tax returns. I've been doing this for almost 30 years, for almost 30 years, and I enjoy doing it, I enjoy doing it. What I can say is documentation, documentation is very important. Setting up your business the right way, if you are an S corp, you know, there are certain things you need to do if you are a C Corp, there are certain things you need to do if you're a single member LLC, which is different from a multi member LLC, which is a little bit different from a partnership. And I understand the differences. And I love the like Well the people that I talk to, and I have a conversation with anyone. Just be honest with me, because if you give me half the story, I'm gonna give you half the story. But if you are honest with me and tell me what's going on, we can think through it. I also set up nonprofits, which is, you know, gotten we got we've gotten good at it. So our nonprofits, the fastest we we've gotten one back is one week, where we put in where we put into 1023 application, we actually got a response from the IRS in one week. The longest it's taken us is nine months. And that was maybe 10 years ago. But we're down to as little as one week average about six depending on how busy the IRS is. But we get it done. And what I love about our office is when you come in, we have a conversation. We are direct. We do it with love, but we are direct. And we are here to assist you in achieving what your dream is. Now we all do the work for you. Never, we never do that. You know, Rhonda and I sit down, we've sat down with a number of people. And we kind of sort of map out what they want to do how they want to do it. We talk about taxes because I look for people that aren't in compliance to help them get into compliance. And it was very important during this PPP time because most of my clients, my normal clients that came in had no problem getting PPP, all the documents were in order, it was just about point and click. They knew what the numbers were how to put the numbers in, and we and they were getting funded. When we were meeting people, there was some more work that we had to do to get them in compliance. But once they understood, I think they got it. And they understood the importance because the state business license is not expensive. It's an annual fee. But it's not expensive. Yes, it's expensive. It's a business

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license, the city of Las Vegas business licenses, the Clark County licensing, none of that stuff is is is very expensive, but it's things that you have to have in a business as part of your business expenses. Part of your business expenses is when you receive your PPP money, please pay all please keep all of your licensing up to date,

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right? Because that's what what I can tell you is the state of Nevada, if you don't pay your, your annual fees, you can pay them late. But they're gonna charge you they're gonna charge you, they're gonna charge you, they're gonna charge you it's like, like $20

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a year, you'd be in a better position of paying it on time or paying it early at once. I'm Pedro and they send you notification via email letting you know two months in advance two months in advance, do they let you know a month in advance. If you have the funds and you're able to do it, go ahead and knock it out.

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And well I can say is and then we also serve her offer management group serves as Resident Agent, not only do you get a notice, but we get a notice as well. And in our office, we contact our clients let them know that their business licenses are up for renewal. That's part of our resident agent. As a resident agent, the thing that we do, Rhonda PPP go over that again, because

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that's also important. I want to say this to folks, if you have a job, and you have a a small business on the side that you do, and if the funds from your job and the funds from your small business on the side helps you live and helps your family live. You need to make that small business legitimate because you're missing money. If you do not have your proper licensing and paperwork for that business, you're ineligible for PPP. But if you do have all the proper licensing and and bank accounts and things that you need, you are eligible for PPP, there are sole practitioner lawyers out there, there are sole practitioner doctors out there that have offices and things of that nature. If you are doctors and lawyers and you did not go for PPP the first time you should consider doing it the second time,

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consider doing it the second time, and most but let me say this most most of those offices, since they say our offices, they have most of their business licensing in order, in order is mostly the home I saw the home based businesses that basically the people that work out of their house, they're doing paparazzi jewelry, or different things like that they'd necessarily don't have the Nevada State business license, but as a sole prop I think it's $100

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Right? You can have a sole prop you can sell a sole prop like business license for the state of Nevada, for Clark County and for the city of Las Vegas. You need to get in and those licenses are less in price. You know, compared to you know, LLC s corpse and C corpse. So all you sole proprietors, you Uber drivers, you Lyft drivers, Uber drivers and Lyft drivers, they do have Nevada state licenses. And that was great, but they're required to they're required to have them. And it worked out perfectly last year for PPP round one, because that was one of the documents you had to have the last time this time, you don't have to have that document. Okay, this time, you don't have to show your business license. But what some banks are looking for articles of incorporation,

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but you only have articles of incorporation and agreements, if you have articles of incorporation are for C corpse and your Articles of organizations, bottle calls under them stuttering Articles of Organization is for LLCs. That's correct. And if you don't have that, if you're a sole prop, you don't have those documents, but you just have to know but and what, let me say this, with these loans, how they know what entity you set up, because when you go to the bank to open up the account, you have to give them all these documents. That's right, so they know what type of entity you've set up. So if you set up a sole prop, they know that because it's clicked in their system, you're a sole prop. If you're an LLC, you had to give them your Articles of Organization, when you set up the bank account, if you are a C Corp, you had to give them your articles of incorporation. When you set up if your nonprofit, you had to give them give them those document documents when you set up. So the banks know what type of organization you've set up. But not everyone is going necessarily to banks, they're going to like lendio in different in different

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places, right. And you still have to have those same documents because what those companies do is that they check with other banking sources. And they give other banking sources. There's some smaller banking sources that are also servicing these loans. They give them the opportunity to help get into the business, you know, so it's not just chase and Bank of America and Wells Fargo from those smaller organizations are also funding small businesses and so props and independent contractors as well. That's what they do.

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Alright, so let's listen. Okay, so my name is Leah Crawford. This is my co host, Rhonda Nolan, Rhonda Nolan, Rhonda, Rhonda, Rhonda, Rhonda, Rhonda, Rhonda, PPP, I want to go over that, again, I want to go over that again, because that is so important. $6.1 billion in the last round came to the state of Nevada, we are in the top, I think this is at the top 10 percentile for as far as funding per state. And that's huge. That is huge. And I hope that everyone did what they were supposed to do with their monies. So that this next round again, our businesses need to stay open because people were using their money to keep their business open. The things were happening. And luckily they had these funds, or else the businesses would have closed. That's right. In order to stay open. minded. Let's go over it again. What do you need, What documents do you need in order for the second round of PPP again,

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if you received over $150,000, from PPP money, you need your gross revenues for 19. gross revenues are 2940s along with your ID and all your business information, you also need a copy of your voided check from your business bank account. You need all of these documents, you need to have all these documents and they need to be scanned into your computer. Because every every every application is digital, even at the banks, Nevada State Bank, just open theirs up. If you are a Nevada State Bank, customer, you can go and get your PPP through that particular bank. But everything has to be in PDF form scanned in. So you can scan into the application. If you got under $150,000. At right now you do not need to show any gross receipts. But after you do your application, you're going to have to show them you have to pick one quarter from 19 and one quarter fruit out from 2020 and show them that you had a 25% decrease in revenue in order to qualify for a second draw on the PPP. Okay, people and again, you need your documents to be scanned in to your computer so that whatever application you choose to fill out, the information is at your fingertips. And if you go to a dot prep company and they help you fill out the information, you need to forward that information to them so they can fill out your application for you. Very, very important.

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Alright, so if you want more information, you want more information. Our number is 702-382-5737. Again 702-382-5737 My name is Leah Crawford. And you are

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Rhonda Nolan. And guess what people? I know you're saying they're talking a lot about PPP, but they've said nothing about idle. Well, it's music in the air, and what we're hearing is that it may be another round Yeah, there's some talk that there's another round of idle grants. And there's some talk that there may be an idle to loan. J. Yay.

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So what I can say is, is that stay safe Nevada, let's wear a mask. The inoculation I've been using big words the inoculations are, are coming to a place near you, guys stay safe, we can make it through this. And we can make it through this together. Wear your mask, be respectful of others, you know, social distancing, give people six, six feet no stay six feet apart. And most importantly, Nevada, you know, support your small businesses support just small businesses, please do. They they're doing GrubHub just different things, you know, so our money can generate we got $6.1 billion injected into our community. So our community should be able to function to operate, support each other, support each other, you know, going out to eat doing different things. But also practicing social distancing. And wearing your mask.

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Yes, and please don't forget the small restaurants. They're all now taking reservations. So if you choose to go out in public, wearing your mask, make your reservation for all the small restaurants, especially to breakfast restaurants, make your reservation go in have breakfast. Food is great help support these small businesses, because we don't want small businesses to close their doors. And what the SBA learned last year 2020 Is that they thought they had a large number of small businesses, but then they found out exactly how many businesses they had. And it was unbelievable, because, you know, I follow the SBA, and I've been following them and reading all their documentation and receiving their emails for years prior to COVID. Hitting. And so they thought, Oh, well, these are the only small businesses we have are the people this, you know, so they're just subscribing to our email service information. And that's not true. Not true. There are small businesses that do not follow the SBA and are not working with them. So they found out last year,

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how many businesses they have many businesses. I had talked to one and they said they processed more loans in one month, and they had to probably in the past 10 years exact just because they did not realize nationwide, how many small businesses are out there. And just know that our small businesses are the closest of our community. That's right. They are I mean, the big businesses do provide they, they might be a large employer. But our small businesses are small businesses together, employ 65% of our population. So guys, support to small businesses stay safe. If you want more information, seven zero to 3825737. My name is Leah Crawford. And, and I'm

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Rhonda Nolan. If you're thinking about starting a new business, and you need you know, business plans and different things of that nature, you can call us about that as well.

Unknown Speaker 27:53
All right, until next time, and I want to say it again Happy belated Founders Day to the source of Alpha Kappa Alpha Sorority Incorporated. See you next month.

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Bye bye. You have been listening to a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you heard do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas are the Board of Regents of the Nevada System of Higher Education.

Transcribed by https://otter.ai