Let's Talk with Leaha & Rhonda

Unknown Speaker 0:00
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.

Unknown Speaker 0:25
Hi, this is Leah Crawford. And I'm Rhonda Nolan. Welcome to the let's talk with Leann Rhonda show. We're here for you and we're ready to go. Let's do it. Good morning in Las Vegas. Good morning. Good

Unknown Speaker 0:38
morning. Las Vegas. What's happening? Happy Saturday.

Unknown Speaker 0:42
Happy. It's it's Halloween, Rhonda? It is Halloween? Oh my God, we are through October. Oh my god.

Unknown Speaker 0:54
I know, time is fine. When you haven't been

Unknown Speaker 0:57
flying when you have a fun in a house because of COVID-19. You know, social distancing, social distancing? We got a lot to talk about today. Right? We do. Okay, so you're gonna start? Are you Mr. Good star? Do you want me to kick us off? Alright. So we, we were talking I mean, we were having a conversation about documentation, talking about documentation, documentation documentation, because there's a few grants that are out here for a small business owners. And we're going to talk about those grants. But we want to talk about just the the documentation that you need to have have access to in order to apply for these grants, because it's disheartening that so many people aren't getting these monies, because they don't have proper documentation to simple, simple documentation. I know Randy, you were talking about the North Las Vegas grant, can you give us an update on it?

Unknown Speaker 1:52
I sure can. If you are a small business owner in North Las Vegas, and you have been hit hard by COVID-19. City of North Las Vegas has a grant for you. And basically, they have a total of $4 million. And they are giving $25,000 grants for businesses with employees from one to 20. They're giving a $35,000 business grant, with people with employees from 21 to 40 employees. And they're giving a $50,000 grant if you have 41 to 100 employees. And these grants can be used for payroll for utilities, for rent and any of those types of things. And to access the information, you go to www NL v cares.com. Again, that www.in LV cares.com And what do you have to have to qualify for this loan? Your your business has to be in North Las Vegas, and you have to have a North Las Vegas business license prior to March of 2019. So you can't go get one tomorrow? No, you can't you can't go get one tomorrow, you can get one today or tomorrow the next day, you would have had to have had your business license already in hand prior to March of 2020.

Unknown Speaker 3:15
Okay, and that's and that's huge, because you're talking about 2535 and $50,000. And it's in L V cares. That's Nourse law that's North Las Vegas. cares.com. Is a.com or.org. Is that calm? is.com. So, in L V cares.com. And you just need your North Las Vegas business license. Yes, your North Las Vegas business license. That's huge. That's huge. And, again, if you are located in North Las Vegas, this is a grant that you can apply for. And I say go get us a grant. That means you do not have to repay these funds. That is huge as a business owner, especially now because we do not know what the effects are going to be because now we are in flu season. It's cold outside. And we were told that it was gonna go away if it got hot, which didn't happen. But now that it's cold again, our cases are starting to increase. So having access to capital as a small business owner is huge, because that might be what you need in order to make it through while you are working through your business model. Okay, so that's right. Go ahead.

Unknown Speaker 4:33
That's absolutely correct. And if you're a nonprofit, in North Las Vegas, you too can apply for this grant. So it is for profit businesses and nonprofit businesses in North Las Vegas that have a North Las Vegas business life,

Unknown Speaker 4:48
North Las Vegas business license. And then we also had the joint chamber grant, correct? Yes, because we do so the joint chamber GRANT I think just opened back up as well. So that's a partnership between the The Asian chamber, the urban chamber and the Hispanic chamber. And they are also offering a grant program, I know you can go to urban chamber.org, urban urban chamber.com, and you can get the details of their grant information. Now for their grant, your business has to be located in an unincorporated Clark County. And there's a difference because there's North Las Vegas City, Las Vegas, unincorporated Clark County, and Henderson. And if you are a business owner, you understand the woes of knowing the differences between these jurisdictions, especially when you want to get your business licenses. So depending on where your address is, the urban chamber Asian chamber and Hispanic chamber are a are actually doing a joint chamber grant for businesses that are located in an unincorporated Clark County, unincorporated Clark County. Are there any other grants that you know of that are out there that are currently active, those are the

Unknown Speaker 5:59
only ones I know about that are currently active. But that leads me to what I want to share with everyone today. Listen, if you are thinking about starting a business, or if you already have a business, and you don't have your paperwork in order, now is the time to get everything in order. That is one of the services the profit Management Group offers. If you're thinking about starting a for profit business or nonprofit business, you should schedule a meeting with profit management group. So you can they can go over with you all the proper documentation you need to start your business. Because hey, you could have a business and have three different offices. You could have an office in downtown Las Vegas, you could have an office in Henderson, you can have an office in North Las Vegas. And what that means is that you have to have a business license and all three of those areas to conduct business. And now since has been COVID-19, we absolutely see how critical it is to have all of your paperwork in order. Because if you don't have your paperwork in order, you can't apply for any of these grants, which means you can't get any relief from this crazy COVID 19 pandemic.

Unknown Speaker 7:04
Right and and just talking about that, because I know that the idle money is still out there because you can still apply, you can still apply for idle. I know they are asking for in the beginning, they weren't asked for any documentation. And idle was economic injury disaster loan to the SBA. And with idle, with idle now they're asking for your file tax returns your filed tax returns, they're going to they're asking you to sign a 45 or 60. And they want your 2019 file tax returns. Because they want to see what your income was, what your income was. So that you can go ahead and so that they can go ahead and give you the disaster loan. PPP is over. And now we're getting into the forgiveness period. And with the forgiveness again, talk about documentation, documentation, documentation. Again, my name is Leah Crawford. And this is my partner, Rhonda Nolan. And what we do for business owners, is we sit down with them and we talk about, you know, people that want to start a business, we sit down, and we basically work with them to hash out their business plan. If it's something that you might be interested in, feel free, you can contact us at 70238257377023825737. What we do is we sit down and we map it out, we map it out, we take your idea, we throw it up against the wall, and we whiteboard it. And we we flush it out, because we know to be in business. Now we're learning. Not only do you need a business plan, not only do you need a budget, you need to have a marketing plan, which is something totally different from the business plan because you can have this amazing product and nobody know about it. So you're not you're not doing you're doing yourself a disservice. And we talk about the startup capital that you need in order for you to start your business. And we don't give you Oh, you know, we're not one of those naysayers. We're not gonna tell you what can happen. But we give you a real realistic, a realistic approach to you being in business. And across our management group. We do the doc prep. And what that means is like Rhonda said, we can set up your corporation and we ensure that you have all the items that you need in order to be incorporated in the state of Nevada, where we are not attorneys, we do not offer legal advice. But I am a tax practitioner, I can offer you tax advice. So I can tell you based off of what your goals are, what is the best what what's the what's the best structure tax wise for you to get to you're free to get to your goals for nonprofits, we set them up follow you through to get your 501 C three you know prior to the pandemic, we were successful and when you come into our office, you would have your nonprofit status within four weeks. Very good at it. We understand what you need to do we understand what the requirements are for you to become a 501 C three and then people say you know I own a 501 C three and You don't 501 C three is a public charity. And there are certain language that you need to have in your bylaws and your documentation in order for you to be a 501 C three, and we specialize in making sure that at least the people that we work with, have the correct lingo, the correct documents so that when you go to the bank, you can open up your account, when it comes time to apply for these grants, you had the documentation that you need in order for you to get funded. Because I can say that my current clients, hell 100%, everybody got funded. Everybody got one, because we had our documents in order, we knew exactly what went I mean, we knew exactly where to apply, we sent them the help. And then when people that we were, that weren't clients that we were helping, we were helping them to understand what they needed to do. And we were able to get, I mean, we were probably at a 70% success rate, because some just didn't have the documentation. And there was nothing that we could do, if you don't have the proper documentation.

Unknown Speaker 11:01
That is correct. And in the beginning of the idle loan, because they had so many loans, and they were so overwhelmed. There are some people that were able to get the idle loan and did not have a state of Nevada business life. But they squeaked through. However, if you fill out your application, now, you absolutely must have a state of Nevada business license, because they're checking your check checking for all the documentation.

Unknown Speaker 11:26
Well, you got to remember to when, when all this first started, it was overwhelming. It was a lot of unknowns, which created a whole bunch of insecurities. Because we didn't know you're talking about our city shut down, city shut down, businesses are closed, you learn the difference between essential and non essential. And you I mean, not knowing no told to stay in a house. So you know, they didn't know and people being you know, I guess scared, scared is the best word scared, you know, where they're applying, you know, people have multiple applications. And because they weren't getting feedback, and it was it was a lot that that went on. But now that processes are in place. And I know the SBA has a better handle on it. And hopefully the city of North Las Vegas, and the chambers have a good idea of what they're looking for so that we can get the funds on the streets. So we can make sure that our businesses can make it through this trying time. If you know someone that's interested in starting a business, tell them feel free to contact us 702-382-5737 Again, my name is Leah Crawford. And this is my, my partner, my partner, my partner, Rhonda Nolan. And we we assist people in assuring that because we want you to be a success, because of your success, and you're able to meet your goals, whatever they are, you know, we have realistic conversations, realistic conversations, you know, about what the need is and what work you've done. And you might not like all the answers, but I guarantee you they will will you will leave us with something to definitely think about.

Unknown Speaker 13:01
That's definitely true. If you're a small business that did not fill out for the SBA idle loan, you still have time, the deadline for the loan is December 15. You have until December 15. Now, if you apply for the SBA loan, and you were denied, okay, for whatever reason, if you were denied, because you know, maybe you didn't have your business license in order, maybe you didn't have your credit in order, they gave you time to get your credit together. So from six months from the date of the denial letter, you had time to get your credit together and reapply,

Unknown Speaker 13:41
reapply Oh, no. Are you reapplying? Are they doing a reconsideration?

Unknown Speaker 13:45
We're also reconsideration, you are correct, it is a reconsideration. If you had credit issues or any issues, they couldn't find the information on your business because that happened to a couple of clients in mind where they couldn't locate the information. All you had to do was provide the information for for your business. And I want to let you know again, they were overwhelmed so they might have overlooked something.

Unknown Speaker 14:06
Well I can say this though, if you're a business owner, business owners, business owners, if you are you and I've had this happen to a few people, they set their name up they set sole proprietors, biggest thing sole proprietors and you're operating under another name, you go to the county and get a DBA to operate under that name, you can also get an EIN number to operate under that name as a sole proprietor a doing business as and these are the little things that we do just to make sure that your documents are in order so that the bank account that you set up now has you as a sole proprietor doing business as this name with this EIN number so you're not using your social security number, right? And now you're doing business and you're building a profile using that EIN number. That EIN number if you stay a sole prop can also be used for payroll You don't have to use a social security number, you use the EIN number. So these are little things that we help our clients to think through, so that they have the proper documentation for the entity type that they want to establish. Because there are different entity types. You got your C corpse, your LLC, single member, multi member, and your sole props, along with your partnerships, and you know, just a different variations of all of these and we, we help you to think through to ensure that the documentation is there, you have the proper business license, you know, what, where are you operating from? You know, do you have the license in that jurisdiction to do business. And before when we used to preach it, or, you know, well, you know, you just want to, you know, you just little bit, it's a little bit too much. And now it's like, no, you have to as a business owner, dot your i's, cross your t's ensure you have the proper licensing in whatever jurisdiction you are in. So that when stuff like this comes up, because now they're asking you for a North Las Vegas business license, and it's not something that they email to you, they mail it to you. So they mailed you, your North Las Vegas business license, it should be posted somewhere in your organization on the wall. So all you have to do take it down, copy it, scan it, there's you know, phosphate has business license. Same thing with unincorporated Clark County, you had to go down to the county building, address business license, they mailed it to you, or they gave it to you right there, hung it on the wall. Just copy it. And now you have the documentation that you need, in order to to apply for these grants. The other thing is that most of these licenses are renewed annually. So every year, you have to renew this license. So if you got the license in 2016, and you didn't go back to go get another one guess what your license is no longer about, you know, so as a business owner, these are the little things like why used to tell, you know, we joke all the time, you know, you're working in the business, and then you have to work on the business. You know, and a lot of times we get caught up working in the business and the business that we're not working on the business and on a business is or do you have access to professionals? We are Who is your accountant? We're who who is your attorney? How are you marketing that's working on the business working in the business is, you know, just trying to think, you know, just working through it, you know, your day to day stuff, you know, handling clients, dealing with vendors, or customers dealing with vendors, making sure your product or service has been delivered in a professional manner that's working in the business. So as a business owner, you have to find that, that equal place where you are doing both, especially if you want to grow your business, or maintain and grow your business, because what they say is small businesses fail within the first five years, I think it is wrong to it's the first three or first first three, the first five, and the failure rate is not because you don't have a good idea and not because you're not superb in your service. You're not working on one of these. And most of the time it's working on the business, not in it. Because if nobody knows you're selling the service, if nobody knows that you are you have this product, how are you generating revenue in order to maintain or stay in business? You know, so it's huge. So again, I'm Lea Crawford, this is my partner, Rhonda Nolan. And we are small business owners. And we joke all the times like you know, hey, we were business owners. So we have to get out here every day, we have to let people know about our services, we have to provide good services. I know I've been in business in the Valley for Oh 13 years, and made it through the 2008. Decline. And now COVID-19 We are pushing through, we are still open, our doors are still open, we are still servicing clients, we are helping people to get their their IRS situations resolved helping them get their documentation in order doing tax returns and just making sure that we're having, you know, good conversations that leave you with something to think about, but also for you to start to build a plan so that we can be successful on the other side of COVID-19.

Unknown Speaker 19:11
That's right because we will get through this small business owners, we can make it we just have to put together the right plan and we have to be vigilant over the next 18 months and we will make it to the other side.

Unknown Speaker 19:25
We will make it to the outside we will make it to the outside but documentation because I know we talked about a lot of stuff. PPP forgiveness. I know because last last week me last show Rhonda we talked about bankruptcy and you know, just thank you to Attorney Cory Becker. He was he was a quarterback. He was Corey Beckham, Lynn Becker's to class and take, but Corey Beck has he was on it. And I know he gave us a bunch of information because I think the moratorium had lifted for mortgages at that time. And just wanted to get the information out there that there is a way for you to save your home, especially if you have not been working during this time. If you've been This has not been making money that there is some relief that's out there. And bankruptcy might be an option for some people might be option for some people, but I'm talking about the PPP forgiveness, the PPP forgiveness, documentation again, in order to get the loan forgiven, you had to spend it a certain way, right, Rhonda?

Unknown Speaker 20:22
That's right, you had to spend a certain way, you had to spend 60% on payroll for you and your team. And then the other 40%, you had to spend on business expenditures, I II rent, ie gas, lights, postage, whatever you whatever it takes to run your business. And it's a business expense, and you have to spend it every month, you can't use the money towards it.

Unknown Speaker 20:49
Okay. And I can also tell you this, we, with the documentation, because I know there's rumors out there that they're going to forgive everybody under 50 than it was they're going to forgive everybody under 100. Nothing's been etched in stone yet. And I know certain banks have started asking for documentation other banks have not and I can tell you, you know who you got your PPP funds through, stay in contact with that bank. With that bank, whether it is a bank in Arabic, the Bank of America, Wells, Fargo's chases, Nevada State Bank, any of those banks, or if it's the online banks, the lindows. People like that, just stay in touch with them. Look out for the emails, because I can't tell you the number of people that missed the SBA email, when they got approved for the idle loan, because they weren't watching the emails, look out for the emails, because they're going to come through talking about the loan forgiveness, because you have to go through whoever lent you the money in order to apply for the loan forgiveness, and it is the application if you don't apply, as of right now, it's not forgiven. Okay, that is correct. If you don't apply, it's not forgiven. So it's not over yet. And if you need help with the documentation, feel free to contact us at 702-382-5737. Again, 702-382-5737. And we can assist you in in in preparing this documentation for this forgiveness because you have to apply. And it sounds simple. It is simple. But we ask the hard questions, get the documentation, make sure that the numbers add up, because they have to add up in order for this loan to be forgiven. And it's not forgiven until you get a letter from the SBA, saying that the loan is forgiven. That's right.

Unknown Speaker 22:45
So that means the application for anyone who got money under $50,000 is a one page application. And within that application, they're going to ask you to have some documents available. Depending upon what bank you go through, I helped a customer who's with CCDI bank, and that bank wants them to show the the bank statement of them receiving the PPP money, and then the bank statements there after showing that that business paid themselves and paid their their bill. In addition to that they want a copy of the monthly bills you paid. So if you have, if you have a if you pay rent to a particular company or your business, all you needed to do was include your contract for your rent, and then you have a copy of the check where you paid your rent every month. They wanted to see if you paid NV energy. So they wanted to see the NV energy statement that said you know that your bill was $80 this month, and then they're going to cross reference that with the check in a checking account that you paid in the energy or if you paid them electronically online. So they wanted to see if you have a storage unit storage today or stores USA or public storage, they want to see that invoice. So they wanted to see the monthly invoices of the bills you were paying. And then they wanted to see your bank statement, see the checks that you wrote, or the electronic payments you made to pay those bills. Now if you have all that documentation, it seems like your grant will be forgiven,

Unknown Speaker 24:08
right? And then I can't say but the payroll records so with payroll records of your company, you use it for payroll expenses with payroll records is some somewhat detail because they can ask you for good records to have our timesheets, payroll check stubs, a payroll report showing the amount of the payroll that was remitted, because it was a full third quarter was part of his second quarter full third quarter, you're not 41 That that was remitted. Or, well, you're not 41 That was remitted so that you can show where the flow of the money because what they're looking for is the flow of the money. How did you spend the money that was given that was that that was given to you? Again, documentation, documentation, documentation, documentation, and it can seem like it's a lot but again, that's that's you working on your bill? Is this because if you don't have to make that payment, that money is forgiven, it then becomes a grant, it then becomes a grant. And I'll have better guidance on that probably before the end of the year on how those funds are going to be handled on your financial statement. But I have a good idea, but I haven't gotten haven't gotten any word yet. I'm waiting for the AICPA to put out some language about how the grants are going to be handled because the loans are handled like regular loans, but the grants should be handled a little bit differently if the especially if they are forgiven.

Unknown Speaker 25:32
And if you're an independent contractor, please keep in mind if you receive PPP money, you've in a you paid yourself, you still have to pay the taxes that go along with it. So in the third and fourth quarter, you still need to send your taxes for the amount of money you paid yourself into the IRS.

Unknown Speaker 25:52
And why right and we can talk about that because that that can be handled several different ways because that can be handled with the estimated payment depending on how you how you are set up, how you're set up. And we can I mean again, if you want more information, feel free to contact our office 702-382-5737 Again 702-382-5737 You know, I'm Lea Crawford This is Rhonda Nolan we are here to assist our small business owners in Las Vegas Clark County and in the area because we understand that you know when you are a small business owner your passion is your business you I mean you're passionate about it, you know what you know it but sometimes you need help you need help you know, you might need you know, you might want to aid a certification you know, we can assist you with that you want a minority certification we can assist you with that we can assist you in getting the certifications that you need so that you can work in your business and know that somebody that is going to dot their i's and cross their T's is working in a background for you for you. You know Rhonda You got any closing thoughts? For today? It's Halloween. You hold it Okay, so what your dress and

Unknown Speaker 27:06
their costume party they're going to be attending this weekend. Will you mind I think you have yours.

Unknown Speaker 27:12
I do have my but what are you gonna be watching

Unknown Speaker 27:15
I'm gonna be doing a I have a couple several virtual day parties to attend where I'm going to be dressed up at home but I'm going to be with my friends virtually on Zoom.

Unknown Speaker 27:26
Okay, but you're not telling me what you want. Okay, it's gonna be a surprise you're not gonna tell us which this is okay, so you're not gonna tell I'm not going to because I got only got one costume No, I don't have a lot of costumes I don't have a lot of costumes I don't know maybe I don't know what I thought about though. No I thought about like a something broad or like a bright and make some crazy makeup on my face but a Mr Lee in a gown or something because you know we got all those gowns that we can't wear because we can't go anywhere.

Unknown Speaker 27:59
I can Stein the bra Oh,

Unknown Speaker 28:03
you want to know what that could be other costume. That could be the other cut. I like you want to know what now I gotta go to the Halloween store. Gotta gotta go back to the Halloween store. Alright Rhonda until we talk again until we talk again. Happy Halloween everyone Happy Halloween. We will see you on the third Saturday. Peace and blessings.

Unknown Speaker 28:27
Peace and blessings goodbye Las Vegas

Unknown Speaker 28:42
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 or the Board of Regents of the Nevada System of Higher Education.

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