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[Music] good morning everyone my name is somali hogan with the massachusetts small business development center i am joined today by emil fargo from common capital and jesse curley from the small business development center as well we're so happy you're here with us today for our first monthly small business resources forum this forum was designed was designed to help you get the information that you need relevant information that you need in regards to what's going on with small business whether it's small business assistance used to covet the pandemic or educational programming that's coming down the road i have we have a short um initial presentation that we want to share with you um and uh just please note that this this meeting in this forum is being brought to you by collaboration of technical assistance providers throughout the region including the score the center for women enterprise master of capital corporation valley community development common capital franklin county ccdc and the small business development center offices located all throughout the state including a clark university salem state university and umass amherst and we also want to thank our funders who make this webinar possible uh to you because they uh they fund our program the small business administration the state of massachusetts and umass asmr school of management before we start because this this forum is meant to be very informative and helpful to you we want to make sure that you are aware of all of the organizations that are available to help you right now with those grant requests funding the stuff from mass growth capital corporation or ppp funding coming down the line or e-i-d-l any of those kind of um funds uh requests or uh that are available right now these folks can help you with and so i'm showing you here the western mass means business is dope wmassmeansbusiness.com we've created a website where you can see all of the organizations that are putting together this this programming and that you can click on any of these links and go to them and i'm just going to play a quick short two minute video so you can learn a little bit more about them hi i'm sean miller with the center for women in enterprise or cwe we serve the state of massachusetts and approach business from a feminist perspective with free workshops and consultations we're here to help you launch grow and certify your business we look forward to working with you hi my name is emily forgio i'm the business assistant coordinator at common capital common capital is a sba micro lender and a community development financial institution we make loans to small businesses in western mass in a range of one thousand to three hundred thousand and we provide a free business assistant to our borrowers i'm amy shapiro business development director with the franklin county community development corporation serving western mass businesses to start stabilize growth through counseling business lending and home to the shared use western mass food processing center we help you evaluate assumptions to minimize risk with counseling capital and connections hi my name is somali hogan and i work for the massachusetts small business development center network our mission is to help assistant business owners and new entrepreneurs achieve their goals of owning profitable and sustainable businesses we can assist you with cash flow analysis personnel and organizational issues as well as business planning marketing international trade and government procurement assistance score is a 50 year old non-profit volunteer organization we provide free one-on-one mentoring to small business entrepreneurs to help them start sustain grow and exit their businesses our 53 experienced volunteers have helped our clients to start thousands of businesses and add many thousands of jobs all over western massachusetts hi my name is dee dice with valley community development and we're a one-stop resource for all things for small business we offer one-to-one assistance workshops training and we have access to a huge amount of resources all for free so no matter what your business stages know that we've been there and we can be there for you [Music] great thank you for allowing us to share that with you and without further ado we're going to start our our webinar today our forum um now that you met a lot of the partners and we're going to move on to the to the uh here's the contacts for all of our partners um after this webinar for all of you who have registered on eventbrite and we have your email address we will be sending you a copy of this powerpoint presentation so if you don't have time to write this down don't worry we're going to send them over to you here's just a listing of all of the offices throughout the state for the small business development center network we also have an export center that helps businesses with exporting in a procurement technical assistance center that help businesses with government contracting if you do want assistance from the msbdc we have a very specific process that we use you do have to request counseling through our website with a very simple form then you'll get a phone call and an email to set up your appointment and there you go so i'm going to hand it over to my colleague here emil and mill go ahead and give us an update on the mgcc mgcc grant thank you so much good morning everyone uh i hope everyone is doing well in this nice sunny morning uh so mgcc mass growth capital corporation it is a state organization in partner in partnering with the state there's a fund last month to small businesses to help small businesses and i hope many of you apply to this grant so if there was a over 10 000 applicants applied to this grant 10 only 10 percent of those people applied get awarded and the focus was on minority owned business women people of color and disabled and veterans and as well as for low-income people some of them get applied and get awarded congratulations for them the other people stayed in the waiting list and they will be reconsidered for the second round and many of them already received the notification that they need to they get awarded that they need to complete some paperwork uh right now there's people still in the waiting list but still need some paperwork they need to complete which is uh they get enough notification that they there's some paperwork they they need to add or to submit and this deadline is coming very soon january 12th so today is seven so you have only five days if you are one of those five days to complete the uh the requirement so return back to your whole application and see what is going on and what you need some people they need to submit their uh good stand certificate of good standing or their business certificate or they might miss some uh paperwork they need to complete and there is help to those people and i will share the contact information for those people and there is uh many people still innovating this and they might be considered again so this is round one and it is a mixed one a mix of uh round two fund for the people who didn't apply there's another chance for them to reapply again can we go to the slide okay so the second round it is open right now and the deadline till uh january 15th who should apply any business in massachusetts people uh need to be in business before june 2019 i will go over some and this this time the focus will be on some other categories restaurants uh bars and food trucks indoors recreation entertainment uh gyms and fitness centers uh personal service neil salon barbar independent pharmacist event support companies like uh photography studios videography studios independent retail business with brick and mort mortar location that collect remit sales tax and so if you are with this category you can apply and if you are any business in massachusetts just apply and we can share with you the link to this application uh who should apply you should be [Music] losing you you need to show that you have lost of income affected by the pandemic and the you need to have your tax return 2019 and your personal and your business tax return this is very important 2019 tax return for business and for personal the application the business can be any kind of business solar partnership or corporation llc uh [Music] as well as i mentioned the document to lose of income equal to greater requested assistance due to cover 19. and i mentioned it should be open before june 30 2019 the ineligible businesses real estate retail business owner personal under age of 18 versus businesses that are chains liquor stores lobbyists uh chemistrials related business so this is not eligible the amount of funding this time it is up to 75 000 cup and it is cupped to three months of operating expense evidence in 2019 federal tax of them so they will check your taxes of 2019 and they will see your expense up to three months and this is how they will uh count the amount of the grants and everything they will see from march 10 to 2020 which is after the pandemic till the date of your application approve upfront they will check your application and go over all the requirements i mentioned the requirement should be tax return business and personal in addition to other [Music] document which is uh if you are in a corporation you need to provide a certificate of good standing and for the sole party you need to have a business certificate and if you have a license and required to have a license you need to provide your business license and any license that need to operate in the state of massachusetts how to use this fund do you this one need to be used for payroll rent utilities and it is not can be used for any great purchase equipment purchase or major equipment purchase or real priority construction activities business expense lobbying as well so also grant must be prevent from duplication of benefits so that means if you up if you receive ppp or if you receive idle uh in the past and you used ppp and idle loan for payroll you cannot use this grant to pay for the same thing so you need just to make sure that you don't duplicate the use of funding that your federal or state funding that you received before and it's in the same purpose so this is very important and so and you will go over the application and see the required document and it is not uh it's easy going you need to have your taxes you need to have your numbers and this is what we always focus on with uh w2 as well there's ability to you need to provide okay so next slide is if you want to if you are applied for the first round and you are in the waiting list and you need to request some deck or you need to uh and they ask you to provide some documents and you need help this the first join help session or request one-on-one assistant this link if you can uh copy it of just put in the maybe you can put it somewhere in the chat box uh this is can help or we can help as well contact one of us we can help in this if you need help and submit your application for the second round which is close in the 15 of the month you can use this link or as well contact one of our coalition in the western business if you have any question i'm ready to answer but i'm done right now summary yes i was answering um a question in the chat about eligibility and just to reiterate what you said is that um so the question was if you have an eidl or a ppp loan are you still eligible right and the answer is yes you're still eligible to apply what they ask you to do though is if you already if you have enough video and ppp money to cover all of your expenses since march then don't apply because we don't want you to duplicate you know double dip so to speak but if you've already spent all your ppp money which most of you have already and you you already spent all of your eid and money and you're still in need of more money uh to cover you're still behind in rent you're still behind on payroll you know uh you still need uh monies to buy uh ppe uh personal protection equipment or cleaning supplies um you know pay interest on that interest on your mortgage etc etc then yes you you should definitely apply for this grant and um if you already applied on the round one you do not need to reapply but just to radiate what you said too everybody that um was found to have an incomplete application or documentation that was uh put in the wrong place say for example someone put in their personal tax return instead of and not their business tax federal tax return you're gonna get an email and it's gonna say that we need you to um we need you to review your application go into submittable and review all of the uploads all of the files you uploaded to make sure that you enter the correct file in the correct place that nothing is missing because you're very much at that point when you get that email you're pretty much awarded a grant but you have to go in and you have to make sure that you did enter double check all of the con all of the documents that you submitted because they won't tell you they have so many applications to go to over 10 000 applications to go through they won't tell you exactly which is the document um uh that that was incomplete or or not uploaded you have to kind of go through your uploads and double check everything and if you have any questions you can actually contact them that's at questions and mass gcc.com i'm sorry that's yeah that is questions at masjcc.com that is correct um and so i hope that answers that i don't see any other questions in the chat i'm going to move on to the next update because then we want to take most of the time that we have today for open questions so that everybody can get um a chance to ask the questions so um just wanted to give a quick eidl update economic injury disaster loan update for those of you who are interested in that topic um we promise we will cover that today and i apologize for the for this slide i hate doing slide that it's like has like a thousand words in it but listen there's no way to get around that one on this one and i'll be sending you a copy of these slides um after the after the webinar um so uh you know you know it you you knew about this sba grant a long time ago that's no longer available that was the aeidl loan events um i kind of you know had a little typo there but for those of you who are hoping to get another grant from the sba that's not longer available just so you know it could change tomorrow who knows but right now it's not available um sba is currently accepting economic and your disaster loan applications for all small businesses and including agricultural businesses they're eligible to apply um there's some information there 500 for your employees for agricultural businesses are eligible as a result of the new of new law it was granted by congress and then those agricultural businesses include uh food production uh production of food and fiber ranching raising of livestock aquaculture and all other farming and agriculture related business industries so you can look up uh information if you're in that in that industry and you are making a food product or you're involved in that area you may you know you may be eligible unless you're very applied and the process for those of you who already have an eid alone you can request an increase on that loan okay i'm going to repeat that you can request an increase on that loan amount you found yourself short and you need to send an email to that to that email address pdc.reconsideration.sba.gov to request for an increase in your eid alone from the sba i apologize this is a little blurry um it was a screenshot that was sent to me this morning around 7am from one of our sba colleagues and i didn't have time to ask him for the original but i'll do my best to uh you know go through this with you um so uh the purpose for requesting that additional eidl fund needs to be to provide six months of working capital okay um so that's really um uh the the intention for this additional ideal uh monies and in your request you should include the following documentation you know a short letter you know in your email um uh you can you can attach it or you can put it right in the email explaining why you need more funding you should attach your pr fit and loss statement for 2020 2019 along with your 2020 year to date actuals which would that actually be january through december of 2020 because we we we're now in the new year a copy of your previous tax return this will be 2019 tax returns of course because the 2020 hasn't you haven't done those already they're not doing too much uh you completed sba form 3502 you can actually google that one um there's a link in here um that link doesn't work in this in this particular form so you might have to look that one up completed and signed copy of irs form um 4506 and if you know that your credit history your score may be an issue you know for yeah listen we we're human beings we we have so much pressure right now we we um our business staff in our livelihood we've been impacted really bad um in the past uh year so we understand we caught we get into the situations that where um we are able unable to pay our debts so if your credit is an issue and it has been taken a toll in the last year just submit a uh a letter evidencing like why you have you know showing that you have repaid or being trying to pay and what your situation is um in in your in your financial situation so that they can take that into consideration so um there's additional information here i'm just gonna send this over to you as i said i'm gonna try to get a cleaner picture of this but i don't want to spend a whole lot of time on this because we want to get to your questions um ppp update a lot of people asking about the ppp uh they call it ppp 3.0 because it's the third round of ppp um it's a small business uh 300 employees or less um that's that that's what the um the direct the sba is saying that's going to be their part of the regulations of course they're still in the process of creating that policy so it could change but that's what they're saying so far right now you need to show at least a 25 reduction in revenues from 2019 versus 2020. so this is a this is a very important critical thing that you need to know and next week on friday we're having a understanding your business financials with rob morton which is a cpa that will be posted later today or tomorrow on on our website on the western mass means business website um that we have that that webinar next week and he's going to show you how to calculate this you know uh this 25 reduction in revenues uh so you can demonstrate that if you're looking to um apply for uh ppp now or to ask for an additional uh monies to your existing ppp loan which you can do through your lender must be you must have been in business prior to february 15 2020 and the maximum loan size now is two million dollars um and and again the the amount of the ppp loan is going to be calculated now at three and a half times your average monthly payroll okay so this is from uh you know from the 2019 uh tax returns they're gonna look at three and a half times your average monthly payroll and that's how they're going to calculate the amount that you can borrow same uh this didn't change 60 percent payroll 40 other eligible expenses that's sort of like the rules if you want to um uh be able to get it most of it forgiven um later on and in other eligible expenses those include you know rent operations software um uh interest or mortgage etc etc um eight weeks or 24 week cover period coverage period you can still pick from one of those doesn't change again you can work with your bank and your lender to apply for this uh for the new ppp a disclaimer at the bottom sba is still writing policy on the next round of ppp so still not yet available um so but you can get ready for it by gathering all of your financial information and making sure you have it all at your fingertips to be able to do so um new this time around which is going to make a lot of people happy uh religious and 501c6 organizations are now eligible that includes chambers of commerce which were not originally eligible to apply and so they found themselves in some pretty economic um uh dire situation but now they are eligible to apply for ppp and can remain open if they if they're able to do so set asides for 10 employees or less second time borrowers with 10 employees or less and first-time borrowers what this means is that out of the new pot of money they're setting aside a chunk specifically for businesses with 10 employees or less and which is great because they're trying to guarantee that folks like you like me who only have one or two or five or six employees are able to get a chance at this money as opposed to having bigger bigger businesses corporations like jump the gun on us so uh set asides for businesses with 50 and fewer employees as well so there's throwing the same part of money they're just kind of splitting it up and saying this phone is for this and this for that and um and hopefully it'll be uh sufficient to help many of you um and um safe harbor positions are still in standing um you can look those up um you know it talks about you know when you can if you're unable to re-hire people because they don't they don't want to come back to work they had their own unemployment uh what have you there's still some say hardware provisions that allow you to still um you know uh get your ppp loan forgiven even though you were unable to hire everybody back because the ppp the paycheck protection program the primary reason for it is to help keep people employed and so if your employees are going on unemployment they're obviously not employed by you and so it's kind of it's kind of tricky um we want you to use this money to rehire folks and bring them back to work which i know it was tricky for a while there for many of you who couldn't open your businesses or are unable to open fully at this time that's why they have those safe hardware provisions because they understand the state is having certain limits on how long you can open et cetera and that limits your uh that your your a um your ability to keep your employees hired and working so uh no longer reducing the ppp loan forgiveness by the eid lo advances so this is really good news for many of you who had the eid alone advance and say you had 10 employees and you got a 10 000 eid alone advance um before they were saying well on you when your forgiveness calculation for the ppp we're gonna take that out and you're gonna have to pay that as a loan they're no longer doing that and for those people who they actually got that loan um banks are going back and letting them know that that amount is now forgiven so that's really great news for uh businesses uh everywhere who got that eid alone events um in businesses uh expenses that were paid for by ppp funds can now be deducted in taxes as usual this was a big question that was a big issue that many small business owners had because they said like whoa wait a minute if i use this to pay my rent now i can't deduct my rent in my taxes how does that work then i'm gonna end up having to pay more taxes well guess what that problem goes away now so that's really good news for small businesses everywhere and that is the end of my presentation and let's open it up to questions jessie all right so let's take the questions that came in the chat first um so if you haven't seen the chat i i put a couple of the links that emil and salad we're referring to so those are there too so the first question this goes back to the idol sam um from cecilia is it possible to get the idol loan forgiven she received ten thousand dollars i am she's a tiny daycare okay yeah so for the idol loan um as far as we don't know there's no forgiveness um uh right now for the idol loan what there is is that extension you know you don't get payments for a whole year and it's a very very low interest loan and um you know if at the point in time where you have to start repaying you still have issues that you're unable to make payments when you have to start you can con contact the sba and request a review of your loan and work with them on that but right now um forgiveness uh is only available for like the ppp loans um celia did that answer your question if you're still on did you need to unmute and ask anything additional she said yes she's good okay i'm fine yeah okay thank you i apologize i pronounced your name wrong um nate asked the question average payroll from what time period i'm assuming this is the ppp average payroll from what time period okay so so three and a half times your average payroll if this is from the 2019 uh tax returns so so in 2019 where things were happy and everything was good and hopefully your business was going well and everything like that um they're gonna look at your payroll their uh monthly average monthly payroll all right and they're gonna multiply that times 3.5 and that's going to be the maximum loan amount they're going to approve you for the ppp loan so nate did that answer your question or would you like to unmute and follow up with anything um yes that answered my question i did have another question if i can ask quick sure um so we were a full-service restaurant since the pandemic we have not offered indoor dining and henceforth have not been able to bring back a lot of employees because a lot of those employees were servers um how does that affect forgiveness in the ppp loan in terms of they were part of payroll in 2019 obviously um but has been there's no possibility of bringing them back at this point because i don't i'm not open for a full service i'm i've not really gotten a clear answer on that and i was wondering if there is an answer on that right that that comes nate that comes into the safe harbor provisions okay and you need um you can work with your um there is a calculation a spreadsheet that you can work out with your lender in the forgiveness application um where you can calculate um how much basically the the worst case scenario is that it reduces the amount that's forgiven from the ppp by the number of employees that you couldn't hi like you did not hire but if you can prove that you couldn't hire them because you know reduction in hours because of restrictions from the state you know you can't be open or you actually try to hire the employee back and you have an email or a letter or whatever and they just didn't want to come back then you don't you know you don't get that reduction on your forgiveness from the ppp loan but there's an actual calculation um there's some math involved in there um in your in the application where you can calculate exactly how much like one employee will cost you in regards to um the forgiveness amount from the ppp thank you you're welcome okay i'm just gonna keep going here sam so this is from jesse is the criteria for figuring out the amount that a business is available for ppp still only an eight-week payroll plus three and a half times this is for restaurants and then what is the 24 week timeline yeah you know i'm always confused by that one too um my understanding is you can you can choose to use the ppp loan amount the amount that you get you know the amount calculated for the maximum ppp loan you can get won't change but then you decide if you want to use it within that eight week or that 24 week period and i'm always a little bit confused by that too because i'm like well you know it's really three and a half months and then so that's not really either eight weeks 24 weeks so i'm like ah but like where did i come up with that but the important thing is that the amount of the ppp loan gets calculated the same way for everybody it's how much time you have to use it and you have kind of like that flexibility and what i would say is that definitely work with your accountant um and and discuss it with your lender um as well you know to decide which period makes more sense for you for your business and um if you still need assistance reach out to one of the advisors in this in this call or you know the folks that i put in the contact and we'll get the answer for you and i know jesse you had a couple questions so i just want to offer you two if you want to unmute and add anything else or are you satisfied i'm i'm yeah i have one more question about the specific question about the mgcc but i'm happy to let other people ask their questions before i get back to this one if sure maybe i didn't ask you a question oh okay go ahead um it's it's specifically around the um the 20 what is it 24 uh so the the money that that we get um is can be used for prior expenses but they say that for any future expenses you have to show documentation within a certain amount of days and i feel like it's 24 days 25 days something around there 45 45 days so did you get did you apply for five or fewer or fifty or if you were fifty or fewer fifty or fewer so uh okay complete your question sorry okay basically the um we are hoping that the funds will allow us to get into um the late spring so any expenditures that we make after mid-march um one is that allowable and two like how are they how do we approximate that or is are they just not saying that we can use any of that money after 45 days of uh receiving the funds so my question to you when you applied you put in this table what the what how you will use the money let's say you request your request of money and you told them how you will use this money and i hope they approve you for the mon for the amount that you requested that's correct that's correct so and they approved you you they gave you the money and you can use this money the way that you explain it okay because the 50 and under the 50 or fewer they don't you can they there is not in the application that you can use it for future spending you can use it only for something that you already spend and you get reimbursed the five hour or fewer that's something that you can use for a future spending so and it is let's say it is not clear yesterday i asked this question they told me as long as an applicant for this amount and explain to them how this person will use this the money that would be fine my advice to you keep record of everything that use how you will use the money and he proceeds because i don't think they ask you to submit any paperwork to show them that how you will because this is for something because your grant is for something that you already spent right yeah we were we were um expecting it to cover uh expenses that have already been paid out such as payroll for the last six months um from when the ppp ended so but that money has already been paid out so we don't have anything to like we don't have to show any anything for that it can just go into our bank account as repayment okay so my question did you use this money from a ppp or idle or just use it from your income from your personal this would this would be after the ppp funds ran out so it's like post ppp to now yeah just pay yourself or just keep it in your business account and then because you already spend this money and you request this money to pay yourself for the money that you already spent exactly okay that's okay yeah okay thank you it's all it's always fine to pay um as emil said for prior expenses as long as you didn't already paid for them with like ppp or idea money if your ppp any ideal money ran out then from that point forward absolutely use the mgcc grant funds to cover those great perfect thank you and i just wanted to insert a piece of information to differentiate and please say i'm an email correct me yeah i'm ready to make this clarification i know because because there's two rounds there's two in this different rules the five or fewer and the 50 or fewer grant applications for mgcc have passed everybody who applied for that um you follow those rules you are in that pool that's fine the new round for people who have not applied to mgcc at all has come like not completely new rules but it doesn't have all of these nuances to it it has some of them but it is um it doesn't have the five or fewer it doesn't have the income eligibility requirement you know it's up to 75 000 instead of having two different amounts um and so on and the other thing that's important to note is that in terms of getting your paperwork or your you know your numbers organized the mgcc that the new application period closes on january 15th and there's really no benefit to getting it in sooner and so take our time you know get that all good and organized but sam i wanted to double check i thought we heard yesterday that the ppp once they open that that's different right that's a first come first serve the ppp 3.0 uh well for the folks who already have a ppp loan they can ask for an extension for like like no extension like increasing their loan and for those folks that um don't have a pee pee peel on their applying for the first time um it is kind of a first come first serve but to be honest again it's it's good to i mean get ready now to be able that's right that's what dee was saying yesterday was like get ready because you don't really know and you want to once it opens that's right that's what the financials in this webinar will have next week with rob morton he's going to show like with your financials looking at your profit and loss your balance sheets etc etc especially for offering loss that's really what you're looking at um to compare 2019 to 2020 profit and loss statements um to to show that 25 reduction in in in income to be eligible to apply for this new round of ppp okay so i just want to do a time check i know we're closing in and a lot of great new questions are coming so um let's just take a couple of these but sam let's just remind folks again you know go to the western mass means business site to see all the folks in the collaboration you've got our site we can connect you with business advisors to work with you one-on-one for more individual questions if we don't get to everyone's and we'll run this again monthly so keep that in mind too all right so sam there's a couple more i want to put to use so regarding the mask covid grant will recipients need to pay taxes and i'm assuming mass coveted grant you're talking about the mgcc grant that's what they the mgcc grant yeah that's the reciprocation um i know about the uh the ppp stuff but i'm not actually sure emil have you heard that you haven't heard or they don't have to pay taxes on that i don't know i didn't i don't have any information well i have to put a pin on that one jesse why don't you write that one down because um we need to have a an accountant somewhere or uh from mgcc answer that question for us i did want to say um and i didn't show this earlier and i apologize um i didn't show the information about the regional grants which i was supposed to cover today too and i totally forgot i apologize for that it's the first forum so please uh forgive us for this but i did want to make sure everybody was aware for those who are in there's like 15 cities and towns throughout the valley who are eligible to apply for regional cov19 grants um these are being managed by valid community development and so you go to valleycdc.com i just if you could put this link out there for those of you who are either in amherst or there's um i'm going to look it up right here uh and located in aguam eastern granby hadley hatfield south hatley southampton southwest or west hampton you can get you can apply for up to ten thousand dollar grant and it's through the valley community development and this is where you would go and look at the eligibility criteria closely because they do have this is for um the business owner must be income eligible so you look at the uh family size and your total household income and you can figure out this is a first check if you're eligible for this type of grant it does tell you what you can use it for working capital technology safety equipment et cetera et cetera and again here's listed information for the folks that you can reach out to including us to help you with the application and very important to look at the application application materials and links as well um because there's a template here that can help you calculate uh actually the impact of covet and they're going to look at that in order to see how much you can actually apply for so it's up to ten thousand dollars that doesn't mean that you get the full ten thousand you have to apply submit your financial information and then it determines how much you can get actually immigrants so let's just review the the business start date requirements so someone has a question if they open their business in july 2020 would they be able to apply for any of the things we're discussing all right are you sure okay let's see if i get this right okay um pppeidl is february 12 2020. um for the valley community development the original grants and the amherst grant i just mentioned i think it's january 1st 2020. did i get that one right i'm gonna double check okay and then i'm pretty sure that is but um and then for the mgcc grant is june is it june 30th okay 2019 20 2019 sorry 19 2019 2019 okay yeah okay 2019 correct so i'm just double checking so let's write this down on the chat because so um ppp uh to february in 2020 and then um mgcc was june june 30th 2019 yes 19. june 30th 2019. and then valley is january 1st 2019 2018 valley um community development is january 1st 2019 okay those are just three dates so um you started you must have started your business prior to that date for you to be eligible how do you prove that right people ask me this all the time you either have a certificate a business certificate from your city or town or you have your um your your llc documents or corporation documents from the secretary of state that showed the date that you started um if you're a sole proprietor and you didn't have a business certificate at that point in time even though you had started you have profit and loss statements that show your income and expenses prior to that date um and you also have tax returns for that year um disagreement lease agreements yeah these agreements if you start your lease say um you know january uh 2019 but you didn't really have like a lot of sales and things like that but you kind of you started your business you can show your lease and say oh yes i did start you know that that month and you know because your expenses started even though your your income may not have kicked in right away and so let's let's wrap up with this last question which uh has to do with the ppp and it's a sole proprietor who had a lot of business expenses in 2019 net profit on schedule c was very low is the ppp still just based on net profit on the schedule c for a sole proprietor yes yeah for a sole proprietor because you don't have payroll technically you do owner's draw and so that's they take the the amount that you quote made your profit for that year as is the amount that you technically paid yourself and so that's what they use so for sole proprietors if you are a llc and you have you know payroll and you have all this stuff and that's different okay so i i think we managed to somehow get through all the questions in the chat and so uh sam i'll turn it back to you for closing and i'm so glad everyone was here today yes well thanks again everyone for joining us today i just wanted to quickly flash again on the screen um this this webinar and future webinars will all um we're looking to do uh next month the first thursday of the month be sure you sign up for it on eventbrite so you get the link and we'll make sure that next time that won't be as uh as nafu with the link uh next time and that will all be on time start on time we want to thank you for joining us today and feel free to reach out to any of us for assistance with your applications we wish you luck and a great be 2021 [Music] everyone