How To Sign Indiana Banking RFP

How to industry sign banking indiana rfp

[Music] so [Music] so [Music] hello hello hello welcome friends how are you how are you give me a little wave in my window so i can see you're there welcome in wacky wednesday how about that we're making it we're halfway through guys we are hitting our stride and we are ready to roll on into this programming thank you so much for being here you know what i just gotta yeah good to see you i want to give a shout out to the mbac team we have the jazziest opening for our programs ever right sharon is a wonder and i just love my team and working with kim you guys should have as much fun as we have when you go to work every day so without further ado we want to talk about what we came here to talk about today we came here to talk about capitalization strategies for your business with the overlay of how does this factor into government contracting when you go into government contracting listen you should have capacity to handle the workload that you said you can handle a lot of times going into capacity means that you've got the financial resources you've got the insurance and the bonding levels that you need not only to compete but to keep that bid and this dovetails so perfectly into where we're going towards the end of the week when we talk about subcontracting and joint ventures really its program is just coming together brilliantly so i thank all of our partners for participating and i think all of our support people that are paying attention to what we're saying and making sure that we're uh holding to the facts and giving you the right information so enough about what i have to say this morning again thank you for being here we have some of our panelists that are in the room that are ready for us miss sandra moody gresham which is here and she's going to talk to us about bonding and insurance and those important elements she's going to give us a few slides then we're going to roll into our representation from mr andre connor state of ohio das and he's going to talk to us about those programs offered at the state level and how that fits with your certification and i see mr johnson has just popped in so happy to see you he is from ecdi and he's going to talk to us about some of the loan and programs that they have available and the services that they offer so without further ado i've taken up five minutes and i need to give that time back i'm going to roll right into our programming and open with ms sandra moody gresham we're going to give her hosting ability oh and guys put your questions in the chat for me i will keep track of them and then we'll do a q a at the end of the program all right thumbs up that you're in agreement with what we're going to do today yeah yeah yeah i see you i see you i love you thank you sandra are you ready sis yes all right take it away good morning everybody and thank you kim sharon janet jeanette for inviting me over this morning to talk about what i think is always insurance exciting insurance and bonding most people think insurance is kind of boring which it is after 30 years i could say that but the reality is everybody got to have it so that's what makes it exciting because i market a product everybody needs so i'm in a talk you know in the being concerned and mindful of time i'm going to kind of stay focused on our objective to really give you guys some information on key fundamentals of insurance and bonding that you need as a business owner and certainly if you're um going after municipal or government contracts can everybody see my slide okay you guys can see the slides yeah okay great so just quick background on myself um i own the honey enterprises insurance and financial services we're just right on the east side near main street and parsons avenue so we're in an all lines insurance agency um so we do business insurance not only property and casualty that we'll talk about today but also employee benefits and surety and contract bonds and then we do personal lines of insurance as well but more than that like many of you i am a certified minority business mbe i'm a edge certified and also um wbe certified so we've gone after many of these um state contracts we've been fortunate to do work with the city of columbus the state the airport so i've kind of sat in your shoes and kind of understand some of the challenges pursuing that but you really got to be mindful first is this a market you want to play in right so do they buy the products or services that you sell and then if so if i'm really going to play in this space make sure that i've got the fundamentals i understand their their systems and process so that it's a profitable venture for you so one of those things is around insurance so the slide that you're looking at here is these are the primary coverages um that are asked for and mostly any business needs really for you to protect yourself your company and your customers that's what insurance is designed to do so obviously we don't have time to drill down in each of these but just to kind of give you a broad overview of what each of them provides the general liability and umbrella when you whenever you hear the word liability it means like lawsuit coverage right so this pays for your customers primarily if your customer is harmed or somebody's property is damaged in the course of you carrying out your business a million dollars on general liability is baseline and an umbrella sits in excess of that so you may have a 2 million 3 million you know we're seeing um contract owners ask for 5 million so depending on who you're working with they're going to determine those limits of liability that you need professional liability is for those it's more it's also called errors in omissions malpractice these are coverages for those who are provide design console engineers consultants required insurance professionals like myself that's that space if you if you're doing more design and consultative work employer liability or employer coverages if you have employees these coverages are necessary um as ohio our workers comp is managed by the state of ohio so you should secure that through the ohio bureau of workers compensation but if you have employees who work in michigan who live in michigan or indiana then you have to purchase workers comp through your insurance company in ohio also because we have a state-run work comp program you would pick up what's called employers liability or ohio stop gap which protects you from any lawsuits relevant to workers comp um the first time the first one i do want to mention employment practice liability this protects employers from any employment related losses or suits the sexual harassment ageism sexism wrongful termination the your contract owner is not going to require you to have that but it's advisable you have it to protect you your business um property insurance obviously anything um physical property the real estate as well as the the personal property which is furniture or anything that's movable or transferable so think about if you take your products your inventory your equipment to a job site you want to make sure that your insurance extends wherever that property is and the last one there you have is cyber data breach coverage almost every business needs it now because we're working more remotely there's been an increase in um cyber liability claims so carriers are getting a little cautious so they're requiring a little bit more require more um protection and divide security that you may have in place to attain that coverage but you have to start looking at it as a staple coverage that you want to pick up so minimally you know having general liability getting your umbrella coverage that ohio stop gap is a common coverage we see required and the other one what i don't have on here that fits on the property is um the higher not on auto that is a view if your business your employees or yourself use your personal vehicle in business use that could be simply your employers dropping a package off at a customers or to the post office or you're going to the bank so then your business insurance now extends on top of your personal auto policy that's a common coverage that's required when you're doing larger contracts and municipal work and i know i'm going kind of fast but i want to be respectful of the time bonding so what is bonding it is different than insurance um but what it is is a three-part relationship between um the organization the entity to owns the contract so they're the obligee you as the business owner who's seeking the contract and then the surety company or which is the same as an insurance company so the bond really assures that you will complete the contract in all the terms of the contract that means paying suppliers paying subcontractors finish it on time based on those requirements and specifications of the contract if you fail to do that the contract owner can call your bond and essentially it's a default on the bond and the surety company steps in to complete that work finds another contractor you know it gives the money to the the obligee to get that job completed you as a principal have to indemnify the insurance company in other words you have to pay them or reimburse them for any cost they put out because of your failure to complete the contract so you know it's the kind of thing where that's why the underwriting process is a little more challenging like you can't just call up and say i need a a a bid bond a performance bond without providing an application and some details to get that secured so the best analogy is kind of like a co-signer is really what you're doing where the surety company kind of co-signs your work and they want to verify that you had a capacity um you have the cash flow and the wherewithal to get that job and contract completed so there are a lot of different kinds of bonds contract bonds are the primary type of bonds that when you're going after mental work um the big bond is usually ten percent of the project amount so if you're going after a million dollar job the bin bond required maybe ten maybe a hundred thousand or ten percent and that just says it's kind of like earnest money that says if you win this you're going to provide um the other required bonds and fulfill that contract in the performance payment sublime maintenance bonds just says you're going to perform it you're going to pay all of the subcontractors and suppliers relevant to that job and then a maintenance bond is after completion there may be a warranty on that work going forward so the bond stays on the project it's project specific and it stays on that project until completion or after the warranty so so the owner or a subcontractor that you fail to pay a year later can still call and on your bond um if you haven't taken care of them appropriately then there's other bonds if you're a contractor and every municipality around franklin county has a license or permit bond these don't require as much underwriting or scrutin scrutiny they're using a couple hundred dollars a year um and it just guarantees if you take a residence money and you don't do the work they can file claim against that ten thousand twenty thousand dollar bond you have with that municipality so again there's a variety of bonds depending on what the work that you're doing and what you're seeking there's some some bond programs that for small contractors is just based on credit right so there's um a couple sureties we represent a lot of different surety companies and so what we try to do is when you reach out for a bond we try to submit your information to multiple surety companies to see how they will evaluate it so our goal is to get you the maximum bond capacity so the goal is to get you what's called a bond line similarly to a credit line if you're going to be doing bonded projects often so we have a couple small bond programs where anything under four hundred thousand dollar projects is just based on your credit um and and again you can do up to eight hundred thousand on that pro pro um when that carriers program and then who people who want bonds just sporadically there are other bond programs that'll go up to 250 000 and again it's just it's based on credit and couple page application however when you want to go past you know 400 000 and half a million higher limits you have to submit a complete application and you can see um the information that's needed there if you don't have a line of credit we would encourage you to get one established and that is a something that is often and favorably looked at by the surety companies you don't have to have accounted prepared financial statements for the projects under 400 000 so you can use in-house financials for those but again the larger the projects you do and the larger the bond size you want then you need more data the last bullet i think is important to explain the general indemnity agreement this is where you pledge your personal and corporate assets to back that bond if you're married spouses also have to sign the indemnity agreement now there's often challenge around that where spouses are like well i'm not associated with the business i have nothing to do with the business i don't want to sign the indemnity agreement um the bond cannot be issued without that spouse's signature if you are married and that's because there's likely joint assets and because you you have to reimburse the surety company if there's a default any assets that you have by signing that indemnity agreement you're saying you're pledging those assets to back that bond if there's a problem so we've seen some some situations where that spouse is they're not signing it um and the bond could not be released and that's not unique to our surety companies that's just pretty much a standard in the industry so quickly these are some of the red flags that could hamper you from securing a bond and i would encourage you if you know you're going to play in this space to do your homework take a look at your credit report you know see what's on there if you've got some outstanding debt that can be addressed you know start working and positioning your business and your personal uh financial situation so that you can secure these opportunities and move forward so tax liens is always a problem and certainly any past bond defaults is a problem so we are as i said the high enterprises we do um all lines of insurance as stated there my contact information is there and so we're here to help and answer any questions we can so wish you guys success and thank you for inviting me to share sandra you're so awesome and you dropped a lot of information in a short period of time i know there's questions for you but we're going to ask that those questions are held to the end and now we're going to roll into the presentation from das mr andre connor you now have co-hosting abilities so take it away sir uh good morning everyone thank you first of all thank you guys for having me uh my name is andre connor um just want to give you a quick background about myself i want to be cautious of the time i am the business solutions manager here for the minority division at dsa i've been in this position full time for about two months i've been with the state for six years and before that i was in banking uh for about 21 years and most of my experience is in underwriting business banking commercial agriculture and sba loans so that's my background today i wanted to talk to you about some programs that we have over at dsa two of the main programs that i want to talk to you about let me see how i can share my how do i share my um share my material here let's see uh trying to see how can i share my you should have a share screen button at the bottom hun and i've made you a co-host okay if you scroll towards the bottom you see a little green flag in the middle oh there we go there we go let me get my can everyone see looks good okay great great great okay um uh what i wanted to talk to you about two two of our main programs that i wanted to talk to you about today was our minority business bonding program in our minority direct loan program our um business bonding program is uh these these are guaranteed and performance bonds that we have for certified um minority business customers who are looking for getting g tting those contract opportunities with private local state and federal um entities um our bonding lines can go up to um a million dollars we can go out for one year with the possibility of renewal i like the fact that there's just a two percent uh premium on each bond request on approval line there is no application fee that's one thing that i really do like to tell customers that there's no application fee and there's no job retention there's no job retention um there is a line of credit that is required uh for all of our bond requests and most of our bond requests um they take about 60 to 45 days for um approval i normally prepare a bond application and i have a list of other materials that are needed so i can get the underwriting process started um those and of course everything is subject to approval they go through our minority minority development finance advisory board every month and also they have to go through our state controlling for for that final approval our bonding opportunities is pretty much for our you know general and primary contractors um the great thing about these you can bid on more than one project at a time i have i know right now i got a current customer he has a bond for 750 000 and he has about it and at least five or six bid requests out there so that's good i like to see him taking full advantage uh of of that bonds just been on multiple projects um and and also after 12 months you have the opportunity again like i said to renew and also there are opportunities to increase that line of credit and like i said before the maximum that we will go is up to one million dollars on those bonds um i think right now in our current portfolio we have about 10 million dollars set aside for bonding customers and we gots and there is and there are funds out there available there are definitely funds out there available so if you guys have some customers who need some of those opportunities the money is sitting there waiting to be used so definitely give me a call um and i can walk you guys through your program and i can walk any customer or anybody through that program uh some of our ideal customers um construction manufacturing uh you know providers of goods and services they want you to have at least one year of experience competitive i mean uh completing contracts um access to working capitals uh planning on big contracts within 60 to 90 days so there's no need to wait to the last minute if you know way ahead of time that someone's going to need a bond out there up to at least three months give me a call let's get the process started uh right away and like i said tax returns and financials need to be current um when i send out those financial packages to come back to me this and our next program that i want to talk to you about was our minority business direct program um this program is more like a traditional loan program that you would see at a bank purchasing land building renovations um machinery and equipment we will finance up to 75 percent uh of projects normal customers well we we are in a joint collaboration normally with a with another financial institute and normal equity injection the minimum agreement injection has to be a minimum of 10 percent from our customers we'll do a minimum loan of 45 000 and we'll do a maximum loan up to 1.5 million dollars we have a really good interest rate which is sitting there at three percent three percent interest rate and that's that's that's pretty good compared to what we have out there from a lot of banks um our terms one thing i like as far as on equipment and machinery we can go out to 10 years typical most banks will only let you go out to five to seven years so that extra that extra five to three years that we can go out that really does that really can't help a customer as far as having cash on hand and um helping them with their cash flow coverage and on real estate we can go up to 15 years um we normally when we do involve real estate we're normally in a shared first uh when we collaborate with the bank or we're in a second um a second mortgage position um there is some job retention as it relates to the minority direct program and also there is a 300 application fee and there is a commitment fee of 1.5 of the actual loan amount and again this same as the minority bonding program this loan is subject to approval uh we have to go through state controlling and it has to go through our minority um financial advisory board again these are some of the highlights that i went over as far as the interest rate uh and the terms as it relates to um property uh all property that uh any customers looking to purchase of course that has to be owner-occupied property they're not gonna do any type of investment um at this time uh ideal customers uh construction manufacturing goods and services uh like again once again purchasing property for owner occupied uh use and equipment um and of course on highlight again repayment is based on historical and projections as far as cash flow um with those two programs i just wanted to go over those two programs real quick just to give some other speakers some time to talk and have a nice q and a session but if anyone has any questions or anything i want to go back up to the very front this is my contact information uh there's my email address and my phone number please give me a call at any time and we can just have a one-on-one and uh i'm here to help thank you very much for your time andre that was awesome and i know again we're going through a lot of information very quickly but what's important here is that now if you didn't know there's a point person that you can go to for some of this information and i am looking forward to a very healthy and vigorous q a towards the bottom of our program so thank you so much mr johnson how are you are you there ecdi are you there can you unmute for me i am here i'm sorry yes how are you guys oh good good good so happy to have you here i'm gonna let you introduce yourself you now have co-hosting abilities so if you have slides to share feel free to do so if uh not well then just talk to us about what you guys have to offer okay hey good morning everyone my name is kenneth johnson i'm with ecdi economic community development institute um pretty much what ecdi is is a community development financial institution what we do is small business business loans within the state of ohio we've been around for about 15 years if i'm not mistaken i've been here for about seven i've been in the industry probably about 18 or so um our loans range from anywhere from about 500 to a max loan of about 350. i'm to go over some of our long programs um if you guys do have any questions feel free to contact me via email that's at k johnson ecdi.org i'm actually going to type that in here that's my contact information feel free to contact me if you have any questions outside of the call today okay now i've never shared my screen before so bear with me can you see that not oh there you go yep good deal okay so we're going to start talking about some of the loan programs that we have here at ucdi um the first program i'm going to talk about is what we call as a rebound loan okay it's for ex some current ecbi acdi clients and some new client so this loan is pretty much for working capital it's normally to bridge the gap during this pandemic that we're going through it's a 66 month term okay um it's six percent interest on the loan 66 months is five and a half years too by the way uh so you'll get about there's no interest only on this loan and it's it's located only in central ohio right now so franklin county in the city of columbus so new clients can get up to twenty thousand existing clients can get up to fifty thousand our next loan will be called our community advantage loan this is pretty much an sba backed loan um this loan can go from anywhere from 50 000 to 250 000 it could be used for pretty much anything working capital equipment these whole improvements you know uh pretty much anything that you're going to need for the the business the length of the term is a a 10-year term if the interest rate is prime plus six and the packaging fees are listed here at about 2500 is the most now i do want you to know on all of our closing costs and fees all our loans are net funded so depending on what you're asking for as far as the loan amount we pretty much bridge or pretty much add that into the loan amount that way you'll be net funded for what you asked for so the closing costs are not funded you really don't bring anything to the table to close along with ecdi anymore okay then we have our micro loan programs they go up to about 350 000 the max term on that is about 66 months also we start on the micro loans anywhere from 500 as low as 500 but they go up to about 350 and those also are net funded interest rate on those do vary between seven and a half to twelve and a half but it is a fixed interest rate okay and then we have our score loans pretty much which is up to 20 000 same term 66 months in some of the eligibility requirements you will see that we asked for a 590 credit score i will tell you that is not the end all be all the program i have done loans and done many loans for clients under 590. so uh that do not hesitate to apply and if you have any questions about that feel free to give me a call and the last loan that we offer is pretty much for anybody you know uh mbe minority business and certified women women business enterprise we pretty much have a loan which is called a capitalization loan it's up to 350 000 the term on that is a contract term so it's based on the contract that you may have and pretty much it's it's a five percent fee on that loan which is also net funded and that's pretty much it on our loan programs if you guys have any questions that ask us i stated please feel free to give me a call or shoot me an email that's it for me i love it you said i'ma be brief be bright and get out the way that's awesome okay now this is the time for our audience to start posing questions to our panelists so you can unmute yourself i invite you to do so let's uh be respectful of the time so we don't want um to gobble up all the time on one question if there are things that are very specific to your business your personal life feel free to reach out to the subject matter experts so you can get a deeper dive into your particular situation um but if we've got some general business questions let's get them in front of ken andre and sandra how about we get a thumb up or a wave if you want to go first hey yes desiree was that you waving at me yeah yeah i'm driving but i'm hands-free so um i wanted to i guess i'm gonna dig a little bit deeper um the third gentleman that spoke um about the loans um i don't like i just want a small loan to start out because one thing i was discussing with my friends and business partners is um in order to run a business we have to get our we gotta we have to have our uh our credit together so that way we can have access to funds and that's where i'm running into because i got denied the eidl loan um i don't necessarily want a loan but a small one he said what 500 like as low as 500 or is he saying 500 000 to i don't know the figures that he's talking about as well as 500 up to 350 000 yes i'm sorry desiree uh great question again our loans range is low on the micro loan side our loans range as low as 500 and we can go up to 350 with the term in length up to 66 months which is five and a half years okay yeah i was looking for something small to start off with to build credibility and build my credit and business credit too so i have some things you've set up so that way you know i can get the good scores and have access to fun okay that great i tell you what you can do desiree don't hesitate to feel free to i have my information shared in the chat feel free to give me an email or give me a call and i'll get back to you uh probably in about 72 hours okay thank you that works thank you all right awesome somebody else give me a thumbs up on a question to pose to our panelists who wants to go next don't be shy this is not the time to walk away and say i wish i could i wish i had hey kim this is mike hi hi a quick question right so the guy before kenneth that spoke right um andre yeah okay andre hey i had a question for you so um do you guys i know you talk about one of the loans and i was wondering does it if i'm doing a franchise right i just purchased a franchise uh right now and i'm looking at a real estate building that i'm gonna convert it into right will you guys be able to come in uh with it okay so so you're looking to purchase uh a piece of property for your franchise yes yes absolutely yes yes yes that's something that we would definitely look at okay that's definitely something we would look at like i said before we have a minimum loan uh up to 45 000 and a maximum up to 1.5 million dollars so if you're looking to purchase real estate and it's going to be uh owner occupied yes that's something that we would definitely take a look at okay definitely i'll connect with you absolutely thank you looking forward to hearing from you great question shannon i see you unmuted go ahead and pose your question um so it's just to actually figure back off of the gentleman's question so um is that only in the columbus ohio area that's for the entire state of ohio nice okay thank you you're welcome all right i see wheels are turning any other questions andrew guy janae emmanuel any questions sure i got a question for sandra with uh dehan insurance i got a policy that's going to be lapsing um and i just wanted to see if it's easy to switch over uh professional liability insurance and um general liability or it's through hanover yeah so you kind of fade it out there on the end i did hear professional liability so yeah i mean there there would be an application um for those kind of risks but what kind of work do you do engineering professional engineering yes so yeah we represent several carriers who can do professional liability i didn't hear the second coverage type you mentioned though it was uh general liability i have a con through it's through hanover but i was thinking about you know switching to a local to a local broker right now i've got a company on chicago sure i mean we can help so we'd love to take a look at it sure okay i'll be in all right thank you i i wanted to ask a question um and maybe elaborate for um andre and kenneth when the business owners are doing the lending what insurance requirements do you expect them to provide or do you provide require any insurance um of course basically if they're going to be purchaser real estate of course you're going to need you're going to need title insurance um and that's what i would say right now um as far as our real estate purchases definitely you're going to need title insurance um on those on those particular loans i'm sorry kenneth i didn't mean to cut you off actually andre you did i'm sorry i was actually thinking of the insurances that we require we require uh to answer your question we require uh business liability insurance for any business because we're asking that we be listed as lost payee on that business liability insurance and then you know there are some insurances that we may require for um if the client runs a restaurant we also want to be on the fire the uh whatever other liability insurances they may carry that they may need uh normally you would get that if the loan is approved at the time of uh the letter of intent to finance will spell out what insurances we need to be listed on as lost paid and the insurances that are required to close the loan yeah we've we've worked with some of your customers at ecdi because one of the other insurance i think you guys may have asked is around key person and we didn't talk about that but key man or key person insurance just pays if you if you die um while you're operating a business so that's dollars that could be used to pay off that loan as well as protect your family you know if you're not there that is so true that is normally required when we're doing a community advantage loan um through the sba they do require that i guess i'm going to call it per personal or individual insurance just in cas a key broker in the company or key individual in the business you know passes away and it's just life insurance is what it is that's the fancy terms for it key person good catch on that i think andrew had a question did you have something for us andrew no you're good oh he got shy emmanuel you light it up there for a second did you have a question for the panelists yes hi um real quick question one miss sandra um i do videography and i'm looking to actually have some type of insurance for contracts in and out of state what type of insurance would i need to do that to secure me and the contracted or the person i'm doing the work for and i have a question also with sba um if i want to secure funding with a low credit score for a specific contract i believe you had a contract type loan would that be based off of the contract i have with the individual company or would that be based off of me having a contract with you okay so i understand the first part of the question in terms of what type of insurance you may need as a videographer or photographer right so the general liability but also i think because you probably transport your equipment to different locations you also have you need property insurance or what's called inland marine which really just says the insurance follows your equipment wherever it is um so those would be the two basic kind of coverages i would think it would be important for your industry but i didn't understand the last question so i don't know if it was for me or one of the lenders for the third lender but i do got one more question for you why i have you here um being that i'm switching over from being just a personal videographer to a video production business how would the uh the bond contracts actually come into play if i want to do corporate for government entities okay okay so the the the corporation or the municipality who you're doing work for they will let you know if a bond is required yes ma'am so you know i would suggest not securing the bonds unless they are you're required to to get them so they will provide you all the requirements and the limits that you need to carry um if you if they require that to do business with them thank you you're welcome my next question for the sd contract loans uh specific uh individuals now it's for the last lender if it's a contract i have with somebody uh that has whatever business i'd like to have a loan specifically to cover that contract how is that obtained so it uh i think you were referencing the capital for construction loan and um so you're saying you're you would have a contract to do photography videography with this individual with this company company yes sir so what will happen is that we could we would probably if we would normally what we would do is set it up to whatever that contract is we can give you up to a certain amount normally about 50 to get the project started so we when you are paid that contractor that you are working with they will pay you and us simultaneously to pay off the loan within 12 months thank you thank you for that clarification i appreciate it okay and thank everybody too for coming in because i'm learning i'm learning to do this right thank you all you are so very welcome great questions everyone all right uh any other questions anything on your mind that we want to talk about while we've got the people in the room here's a question for andre andre if i want to take advantage of the state direct loan program what's the process call me just call me call me let's do it let's do it um also my my work sale was not on the um on the beginning of the uh of my um screen and i can go ahead and give that to everyone right now this is my work cell it's area code six one four six two three zero zero one four again six 614-623-0014 and let's have a conversation awesome i love it it's all about access right now we've got names and numbers and emails for the people that can help us you know get some of these financial and obligatory things under control and in order so that we look really good on paper while we're doing our best work to service our clients phenomenal phenomenal all right also one other thing i'm sorry you can also go on to the ohio development services web page and there is a section for grants and loans and you can look right there in the minority division uh just to maybe check and see if you're eligible but if you don't want to go that route you can definitely just give me a call either one is great fantastic and if for some reason you don't have any of this information you can't remember it you can always reach out to in back we will make sure that we can connect you to the party that you're looking for hey sandra i see you want to talk a little bit about open enrollment so let's give you some time and talk about health care yeah so you folks may know that healthcare open enrollment began november 1st and it goes until december 15th and what that means that's an opportunity for for you to get health insurance if you do not have it so it's obamacare the marketplace under age 65. this window is important because if you don't get coverage during that window you may not be able to get coverage until 2022 okay so it's huge um and the unfortunate thing is that there's not a lot of marketing or advertisement going on you've you've probably heard that the affordable care act law is currently um being litigated in the supreme court it looks like the justices are kind of favoring not to get rid of it or abolish it but even if that were to happen it wouldn't happen until 2022 so you still have an opportunity to enroll uh now to have coverage that will begin january 1st the other important thing is a lot of people work for employers and you as a small business owner may have employees who and you currently don't offer health and group health insurance we can work with your employees through zoom we used to do that physically but through zoom to help them get enrolled with coverage and there are some programs where you as the employer can help do reimbursement but from a group standpoint if you want to offer group health insurance you only need two people two employees on payroll that could be yourself as the owner and someone else but as long as you're doing payroll and have payroll taxes you'd be eligible to do a group health insurance plan and new hires can come on to that plan so we again we can't assist you in that but i think it's just important to share the information because somebody you know does not have health insurance and we are in a pandemic and people need health insurance in a pandemic and rates are low depending on that your income you can get coverage i mean we're writing people for 17 a month or under a hundred dollars a month to get health insurance so i just want to encourage people to to share that message um because this is the window we've got you know roughly three more weeks to help people get it covered hey awesome go ahead hey sandra this is mike i'm happy of what you just spoke about now uh if i'm hiring uh part-time workers right and i'm doing full-time do i have to give this part-time work as a medical insurance and if i have to where do i have to go so the affordable care act law says if you have 50 full-time equivalent employees that could be 100 part-timers or 50 full-timers who work 30 hours or more then you have to offer coverage they don't have to buy it but you got to offer it so if you have less than 50 employees you're not subject to that requirement to offer health insurance um but if you if you got a lot of part-timers or you have um full-timers where you don't offer coverage i mean they can call our office we can work with them getting coverage through the marketplace okay all right thank you listen my time is up and i thank you for yours this has been a phenomenal workshop know that we are coming back to you on tomorrow we're going to be talking about subcontracting and joint venturing so i thank you to my panelists you are phenomenal thank you for my attendees and listen i get to see everybody tomorrow thank you so much have a great afternoon bye-bye now you