PPP and Payroll Processing What’s happening with payroll and PPP Loans?
As we reported before more and more people are doing the math and having issues with their PPP Loans.
So what strategies are companies using with their payroll processors to maximize their PPP loans?
Todd Saylor of PayServe Systems joins us on the Future Done Right(TM) YouTube Channel to discuss.
Make sure you subscribe.
#ppp #payroll #loans #business #businessowner #employees #payrollprocessing #covid-19 #coronavirus
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The Our Shawn: Hey everyone, our Sean McBride with you got Todd sailor. Joining me if you didn’t see it on camera, he’s raising his glasses glasses.
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The Our Shawn: We’re going to be talking about PPP and payroll processing. So the PPP program payroll protection program has been a popular topic of late.
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The Our Shawn: But it’s causing a lot of complications and now that we’re starting to see people getting the loans and money’s in the bank account. A want to start thinking about getting the money forgiven on the back end. Alright, so if you borrow this money you want to get the money back at the end.
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The Our Shawn: That’s going to be, you know, all based on documenting what you spent. And what’s very tricky about of course we have this eight week period. So Todd sailor.
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The Our Shawn: Pay surf systems. They’re in the payroll world. They help their clients get their PayPal set up the right way.
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The Our Shawn: For reasons we’ll talk about the show, you’ll start seeing the connection. So let’s bring taught in here, always a ball of energy to wired differently guy. If you haven’t seen Todd before on the show. So God
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The Our Shawn: Say how I tell folks a little about you and payroll systems and we’ll jump into this fun topic.
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Todd Saylor: Thanks, Sean McBride are showing cry. I say, it’s my Sean McBride.
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The Our Shawn: Why, yes, I belong to the world.
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Todd Saylor: I don’t like sharing you
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Todd Saylor: Non
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Todd Saylor: Territorial that way. Right. Yeah. So everybody this is my show on McBride. But listen, thanks for the entry, you know, kind of like bipolar thing going on right now. I got paid service in the background.
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Todd Saylor: Yes, workforce thrive, which is our nationwide HCM that’s really what we’re nationwide HCM I’m a CEO of pay serve systems.
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Todd Saylor: If you watch this before you realize some of these things about we’ve been doing it for over 20 years payroll has been my
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Todd Saylor: Life. It was the first company ever built. And we went on to build as many as 12 other entities operating under this umbrella called wired differently enterprises, but pacer and payroll. Is my baby. That’s, that’s my heartbeat. And that’s, that’s what I do for a living. That’s my core engine.
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Todd Saylor: Yeah. Yeah, that’s good, as well. I gotta, you gotta. One thing I would tell anybody that get one thing right first be great at one thing, right, you’d be
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Todd Saylor: Great at one thing
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Todd Saylor: And then the world right becomes open to you because you’re great at one thing. And now you can spread your tentacles out
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Todd Saylor: Take whatever was great about that one thing, share it with these other entities, and that’s why we’ve done what we’ve done with the
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Todd Saylor: 2012 organizations, but we’re talking about payroll, we’re talking about PPP we’re talking about the whole process of what’s going on. So if you said why are you and form top. Why, why, why should we even listen to you. I’ll tell you why.
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Todd Saylor: Because I’ve been doing it for literally almost 30 years yeah and I represent both sides, Sean.
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Todd Saylor: Of what’s going on here, which is just overwhelming. They call the cares act right and within the cares actors. One thing we’re going to talk about predominate today is the PPP
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Todd Saylor: But the cares act is the government’s blanket or shroud, if you will, how they’re going to help not only the employees, but the employers and
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Todd Saylor: prop up the economy. The make it do the things that needs to do to entice the employers of this world. The past the money on to the employees, keeping them off of, of what we would call on unemployment, keeping them away from
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Todd Saylor: Not staying active and doing these things. And I think there’s some collisions happening right now because of what they wanted to do what they wanted to happen and that’s where cares X happens and it collide with one of their products called PPP, I said, yeah, brother.
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The Our Shawn: You know the right man. And I think, you know, I think folks need to note, it’s, you know, is rushed legislation, right. So this stuff.
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The Our Shawn: coronavirus kind of took off too cold, new us and they had a rush to get the legislation out there and they
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The Our Shawn: Did a couple different things all at the same time and everything came together and that’s exactly I think collision is a good word. These laws collided, and they didn’t quite line up perfectly with each other right but
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Todd Saylor: We just said there was remarkably well stated it did come together, yo. Shawn Right.
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The Our Shawn: Yeah, they got to pass through Congress and it
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The Our Shawn: Happened. But we’re having some interesting enter place for me, for instance, one thing with the payroll protection program is, you know, they calculate everything
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The Our Shawn: And they disperse your loan and then suddenly you have this magic eight week period right and you know for some people.
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The Our Shawn: You know, of course, depending on when that date of funding is eight weeks may or may not pick up two months. It’s not going to pick up to four months.
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The Our Shawn: And so for some employers that puts them in an awkward position either for the payroll side because
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The Our Shawn: Depending on your payroll dates you may or may not have your full set of two months at payroll in an eight week period.
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The Our Shawn: And then there’s also some stuff on rent and mortgage coverage and depending on the data funding. Again, you may not pick up to full beginnings of a month right if you if you’re unfortunate to get funding on the wrong date.
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The Our Shawn: You don’t have the right money falling an eight week period so
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The Our Shawn: We’ve been talking to a lot of folks about building spreadsheets planning because Todd and I think you can tell us a little more about this because you’ve been on inside of it.
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The Our Shawn: You got to start about payroll is eight week period. And then there’s also a headcount requirements. So you got both of these things happening. And you gotta you everything crammed in within that period right
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Todd Saylor: Yeah, I think you’re you’re right on top of it so impressed with how much you know
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Todd Saylor: Not only about
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Todd Saylor: This. But you do know a lot of stuff. I don’t know. Maybe you got a chance go I you know I got tired of Netflix bingeing in the evening. So I, I didn’t are Sean McBride binge last night and my gosh I got lost in YouTube.
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Todd Saylor: wormhole with Sean
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Todd Saylor: Get out there if you really feel tired of Netflix go see some shot me private
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Todd Saylor: My shamanic breath. But anyway, so here’s what you’re saying that’s really, really intuitive and your regards is that you’re you know you’re in it with all your clients and everything, but you’re not really having to experience.
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Todd Saylor: Converting 100 employees and going through all this. And so I find that your intuition. It’s just remarkable. The things that
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Todd Saylor: You’re able to deal with and share with people and actually grasp without having to be in everything. So I just want to give a shout out for that.
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Todd Saylor: But listen, so here’s the problem with the PPP, so I want to tell you why I’m so super unique is that I am in charge for the HCM human capital management perspective, the payroll world on helping people facilitate
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Todd Saylor: Entrepreneurs and owners and business people, the tax consequences of all things are going on creating software to manage, you know, the 21 days off and
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Todd Saylor: Pay It Forward and all the benefits that they’re going to be able to claim if they get sick and they
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Todd Saylor: Were managing all the tax movements, even the things that some of these people couldn’t elect the PPP, but they’re taking the tax credits. And so we’re we’re manipulating all the large business IN THE SMALL BUSINESSES, TAX understandings from a payroll providers perspective right shot.
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The Our Shawn: Yes.
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The Our Shawn: Right, so
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The Our Shawn: I think that’s important, right, you need to. And we’ve been saying this in our other shows you know McBride attorneys law show YouTube channel future done right YouTube channel. We’ve covered in both but
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The Our Shawn: You need to plan for this period. Right. And it sounds like you’re helping people with it from the payroll side, not the Bruce
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The Our Shawn: You have to give these reports to your bank, you’re gonna have to make sure you have the right head count. You’ve got the weird overlap with the paid sick leave requirements. So you really got to know where you’re going to be and don’t wait till the end of the eight weeks to get there.
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Todd Saylor: Yeah, and I would I would strongly advise anybody that doesn’t have a payroll service Bureau or HCM provider or anything of that nature.
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Todd Saylor: You know, if you don’t have one. This is a good time for you to understand why you should use one or you should research needy one because
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Todd Saylor: A lot of these liabilities that are incumbent on you, not only payroll taxes now. But some of these other orchestrations that the government
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Todd Saylor: Is throwing out there. It takes the pressure off of you. Now the payroll providers are not going to be will take all that liability, but it does give you a plausible deniability. It does it
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Todd Saylor: Gives you a reason to take a break and say well we did or didn’t have one of these that we’re implementing one of these payroll providers. We have acumen of mindset. So we’re going through these things together.
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Todd Saylor: And we can actually I know from pacers perfection perspective, we can actually help you to develop these players and help you show how our tools are our software to help you manage these things. So that’s the only real quick. So that’s the the
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Todd Saylor: The payroll business provider side of bringing for the unique side is that not only do I bring that but I have as many as 12 companies, not all of them are
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Todd Saylor: I didn’t apply all of them for the PPP I did apply for three of them, and one of them. I decided not to apply for but two of them. I did apply for. So now I’m not only in depth in actually processing these things for other people. I learned them and how to
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Todd Saylor: Manage what the government has given us to leverage the opportunities for our organization at the best capable moment so so as a CEO, you have to say, okay,
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Todd Saylor: How do we leverage what the government’s doing side and understand what the government was doing. And then I had to go get what we could get. And then, then go from there. So that’s where I think we’re going to really have a unique conversation, your lead sharp
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The Our Shawn: Yeah, definitely. Um, I think it’s a fantastic topic for the business owner. So, so you’ve gotta
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The Our Shawn: I mean, that’s what you want to do is leverage this you want to keep people employed do the right thing. That’s a, that’s a big motivation behind the PPP system was the government said, hey,
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The Our Shawn: Let’s keep people working, you know, and we understand some businesses are going to be slower because of the shutdown.
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The Our Shawn: And if your business is slower because of shutdowns come get some PPP money. Keep the payroll run and keep the employees there.
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The Our Shawn: But from an executive standpoint, you’ve got a bottom line and manage you got you do have to pay the people. Right. That’s the whole point of the payroll protection.
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The Our Shawn: Right, you have to get the money going out to the employees through your payroll service. And I know Todd, they’re still they’ve been taking on new clients in this as people have dealt with the paperwork, maybe not happy with their current system. They’ve been inviting people to
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The Our Shawn: Come in.
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The Our Shawn: And work with them going forward.
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The Our Shawn: So Todd let’s let’s talk some, you know, from the executive side right so you know what should an executive be thinking about as they’re running a company and now they’ve accepted some PPP money guy, the positive or cow what what what’s next.
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Todd Saylor: I think the first thing that the CEO or the President or the leadership or ownership of the company to say, hey,
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Todd Saylor: What is out there. What are the venues that are available. I’m going to give you some terms here. So once you figure out what’s available out there and for under 500 you the first things you need to understand
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Todd Saylor: Yeah, the care Zacks going to take care of people get sick. But right now, how do we go out and get money.
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Todd Saylor: And so the first thing we need to figure out is if we’re under 500 employees should we go out and ask for this PPP money.
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Todd Saylor: Unfortunately, that time has passed on the first tranche in the time has passed on the second trumped so if you haven’t done that.
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Todd Saylor: And you feel like you’re going to need it. I like get ready for a third challenge and I don’t understand whether they’re going to do that or not, but I think that you should be ready, just in case they do.
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Todd Saylor: Secondly, if you don’t get the PPP money there’s what’s called an tax credit component that will allow you to I BELIEVE, I BELIEVE TO CLAIM as much as $10,000 in tax credits per employee, if you don’t take the PPP so you’re not completely out of some advantages.
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Todd Saylor: To the cares act in regards to the employer or this is this decision portal that we’re talking about for for the employers and then there’s a disaster recovery piece where you could go out and you could file for as much as $10,000 not
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Todd Saylor: To be repaid while you assess the rest of the damages.
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Todd Saylor: Available for you out there. If the 10 doesn’t cover it. So those are the three big things that you need to actually do right away. So that’s one of the things that we did, we apply for all three in every company that we felt was suited for best in those three options, Sean.
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The Our Shawn: Yeah, so you you did an analysis company by company situation by situation which is packages would be the most right
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Todd Saylor: So one of my main companies. We just didn’t feel that qualified morally for the PPP, um, it just wasn’t set up exactly right. We could have probably leverage it yeah well
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Todd Saylor: The end of the day you know one thing I’m going to tell you about our government, I think, you know, they’re awesome in many regards. But the only thing certain, I can tell you about our government, especially in this this PPP situation is
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Todd Saylor: It’s going to change tomorrow.
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Todd Saylor: We have a
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Todd Saylor: Multitude of changes. So when I apply for the PPP in the first tranche
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Todd Saylor: Things have changed dramatically. It was, you’re going to have to pay it back. If you did 75% of the employees and then it was not just 75% of boys. You can only use it on a boys and then we could add utilities and read
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Todd Saylor: And then if you just a certain percentage that you can take a loan at one point and then turned into three points and all this kind of stuff in the heat maneuvering around and now they came back after we’ve all got our chances of money.
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Todd Saylor: And said, You know what, now we’re going to go in and audit.
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Todd Saylor: Anybody that took PPP money of 2 million or more Shawn
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The Our Shawn: Right, yeah. So I a large ones they’ve already said on basically automatic on it, right, you’re gonna you’re getting audited.
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The Our Shawn: Even before the money even for the forgiveness kicks it right, it’s not going to audit you after the fact. We’re not even going to give you forgiveness until we tear through your paperwork.
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Todd Saylor: Yeah, I think they, you know, back into it in and change that. Now, I would recommend and I were kind of move it around and want to turn stay organized. But on that report, I would go back to the contract to sign with your body.
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Todd Saylor: Even if you’re not over 2 million, I would go back and I would look at that contract every bank has a little bit different nuance of underwriting and I would just bone up on that because I’m telling you.
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Todd Saylor: I strongly believe that they’re going to change more. Now the other thing they just changed to Sean Is Mr. Trump told us this was not going to be taxable income. This is perfect.
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Todd Saylor: Right, this is perfect Washington bullshit. You’re going to hear right now. So here’s what happens. Trump says no tax on the loans, right, you got me, Sean.
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The Our Shawn: Yeah.
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Todd Saylor: But then they come back and say, Okay, we’re not going to attach you on those loans, but we’re not going to allow you to deep duck.
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The Our Shawn: Yes.
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Todd Saylor: The utilities. The duck, the red or the duck, the payroll that we’ve told you to use her wait
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Todd Saylor: Wait, that taxable.
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Todd Saylor: Yes, I’m not looking to gift horse in the mouth. I’m not complaining. I’m just saying that’s this
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Todd Saylor: That’s the goalpost that just kind of keeps moving and if you understand things. You can see it’s moving
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Todd Saylor: Is squeezing us further and further and they’re trying to get more right and I give them credit for that. But at some point, you know, we’ve all made decisions, certainly in the first trauma based on certain things.
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Todd Saylor: But here’s the thing. And I think that you’re going to ask a question. Next is regarding how do we spend this money, I’m gonna let you go. And I’m gonna make sure I’m going where you want me to go
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The Our Shawn: Yeah, you go there, Todd. I mean, so you’re the business owner. Wait, where are you going to spend this money.
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Todd Saylor: Well, so the reason I’m telling of these pitfalls in the squeezing mentality is I’m not complaining.
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Todd Saylor: They did a heck of a job. And I mean, listen, Republicans, Democrats for some, you know, they just say, Hey, I would say they don’t like each other. But it’s clear that, Hey, Joe.
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Todd Saylor: It’s clear.
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Todd Saylor: It’s clear to bad word, I hope, any of you out there don’t hate anymore. It’s not prosperous
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Todd Saylor: It’s not prospers.
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The Our Shawn: I agree. I agree. It’s bad energy to hate people
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Todd Saylor: They
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The Our Shawn: Focus on the positive side, you and I both agree on that.
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Todd Saylor: Yeah yeah
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Todd Saylor: It’s not prosper. So here’s the thing to be prosperous. We need to be aware, and so we need to be aware that they don’t like each other and they’re going to continue to move this thing.
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Todd Saylor: The Republicans didn’t one way dumb, Chris. Another way they all can agree if there’s a lot of money flying. I will tell you, personally, we have have 123 tranches of money come our way from the government to have them completely unexpected.
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Todd Saylor: Yeah, from a state that we worked in or it’s just amazing how much money’s flowing around out there. Now, my, my job is to spend that appropriately, but the conflict is how do we do it.
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Todd Saylor: And maximize what they’ve given us, given the fact that they’re squeezing the requirements.
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The Our Shawn: And what do you recommend their time.
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Todd Saylor: Well,
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Todd Saylor: I will tell you, I can only tell you how I’ve done it. And I will tell you that I would challenge all of you to burn it all you burn it off.
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Todd Saylor: And the way you burn it all in. The reason I’m telling you burn it all is because that’s what it was put there. Yeah, they’re not telling us how to burn it.
00:18:05.550 –> 00:18:14.940
Todd Saylor: They’re just telling us the burden. When I say burden. I mean, spend, you know, spend furniture like that up. I mean, given don’t if you’re a business owner, you’re sitting back thinking
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Todd Saylor: How can I gave this, how can I, how can I possibly this and do a quick now like now. Let’s make it a trust factor. Right. How can I turn this thing around and put some
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Todd Saylor: Change in the old bottom line. I deserve it. Well, the only way you ever prosper in that regards one not to not to think about how you’re always going to gain from you got to figure out how
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Todd Saylor: To do things for other people. And this is a perfect example. Okay, so here’s what we do. The problem we’re running into at least one of my companies both my companies, but one more predominated. The other is that we’ve got to trust you have let’s say $100,000
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Todd Saylor: That’s a payroll of $50,000 a month in this one entity and are a little less than 50,000 times two and a half times and I got eight weeks to spend that two and a half times
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Todd Saylor: So the first thing. Yeah. So the first thing I want you to do is take that money that you get from the bank. Okay, and you decide when you want to sign those loan documents to align it with your payroll.
00:19:20.130 –> 00:19:26.940
Todd Saylor: Yes. Okay. You get to choose when you started to loan docs, Sean. When the trick here the eight weeks. Does that make sense.
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The Our Shawn: Yes. What’s the funding day right so it’s eight weeks for funding. So yes, but
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The Our Shawn: Some control there with your bank have a conversation
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Todd Saylor: Right. And so one of the things you said earlier was, you know, sometimes things don’t line up, but I think you can take. I know we took charge of that and we we dictated where we want the funding date to land.
00:19:44.820 –> 00:19:52.320
Todd Saylor: And we were able to do that with our bank. So that’s one thing I’d like to tell you. And then I’d like to tell you this, when that funding does come, Sean.
00:19:52.710 –> 00:19:56.910
Todd Saylor: Yeah, put it in a separate newly formed bank account.
00:19:57.150 –> 00:20:07.650
Todd Saylor: In their article LLC or your sole prop or whatever, whatever you’ve got lined up, legally, make sure it’s a legal entity and you put in a separate bank account. Okay.
00:20:08.280 –> 00:20:08.580
00:20:09.690 –> 00:20:19.890
Todd Saylor: And then the next thing I want you to do is when that first payroll runs and once you take exactly the net mount out to the payroll taxes, payroll taxes are part of
00:20:20.280 –> 00:20:32.520
Todd Saylor: The employer payroll tax or part. I just want you to pull the gross amount that goes to the employees out and wants you to put it into your bank account and fund the payroll exactly that way for eight weeks.
00:20:32.670 –> 00:20:41.460
Todd Saylor: Okay. Alright, so now I’m showed a trail when they come back to audit don’t think they may audit you plan on them auditing will
00:20:41.460 –> 00:20:42.120
The Our Shawn: On it. Yes.
00:20:42.750 –> 00:20:58.710
Todd Saylor: Okay. And I want you to be able to show a perfect trail from the SBA into an account and a perfect trail for eight weeks in a row for payroll 123478 right
00:20:59.190 –> 00:21:10.470
Todd Saylor: All right. And then when you read comes up, you take the money out of there and you pay rent one rent to utility one utility to. You got me.
00:21:10.590 –> 00:21:15.120
Todd Saylor: Feeling me right so now we’ve got a perfect audible trail.
00:21:15.330 –> 00:21:21.420
Todd Saylor: To say we directed the money right from where it was coming in to where it was supposed to go.
00:21:21.660 –> 00:21:24.690
The Our Shawn: No question right clean, clear.
00:21:24.930 –> 00:21:34.740
Todd Saylor: Now our responsibility is to have as many as 75% of the employees back on payroll. By the end of eight weeks.
00:21:34.980 –> 00:21:42.630
Todd Saylor: Yes. All right, now I think that’s changed a little bit. So I think what’s going on now from what I’m reading and understanding is
00:21:43.140 –> 00:21:55.590
Todd Saylor: As much as we want 75% back into the game. By the end, which means they can all come in and by the seventh week. Right. Yeah. More importantly, they want you to spend all the month.
00:21:57.660 –> 00:22:01.230
Todd Saylor: So even if you got all 75% in the game. Right.
00:22:01.590 –> 00:22:01.980
The Our Shawn: Yes.
00:22:02.430 –> 00:22:04.140
Todd Saylor: You could still have money left over.
00:22:04.500 –> 00:22:17.970
Todd Saylor: Right. So this is where you need to be planning before you take the PPP money on. So you’re not walking into this eight weeks, and the clock is ticking and you’re not spending money on the front end, but you’re not gonna be able to burn at the back end.
00:22:18.660 –> 00:22:29.130
Todd Saylor: Right. Alright, so some of the ideas is going to happen is one we know right away. The middle folder fret money out rebuild folder utility right now so we pull that out. So if you got 100,000 coming in.
00:22:29.400 –> 00:22:35.310
Todd Saylor: And 10,000 is rent, utilities, pull that out. I got 90,000 to spend over eight weeks. You still with me.
00:22:35.580 –> 00:22:36.420
The Our Shawn: Yeah, so with it.
00:22:37.530 –> 00:22:42.960
Todd Saylor: I want you to have that eight week plan already laid out in a master plan. If you don’t, you can still do this.
00:22:44.070 –> 00:22:49.620
Todd Saylor: All right, now I want you to understand too that you have employees that have been with you a long time.
00:22:51.030 –> 00:23:00.540
Todd Saylor: They’re not going to count because you didn’t lay them off or anything torture 70 count towards your 75% do not going to be able to regain them. I want you to understand when you lay this plan out, Sean.
00:23:01.590 –> 00:23:03.300
Todd Saylor: They’re working from home. Right.
00:23:03.540 –> 00:23:10.110
Todd Saylor: They’re dealing with children. They’re dealing with, you know, the little things that you’re not getting their hair cut. They’re dealing with
00:23:10.320 –> 00:23:19.500
Todd Saylor: Not getting manicures they’re dealing with no housekeepers and cleaning people. I mean, they’re dealing with everyday things that they they’re having to do their job.
00:23:20.670 –> 00:23:22.500
The Our Shawn: And they’re having to do things all
00:23:22.620 –> 00:23:30.570
Todd Saylor: I there is some reputation rep representation there of if you don’t call it hazard pay, but more difficult pay, right.
00:23:30.720 –> 00:23:33.240
Todd Saylor: Right bonuses are okay.
00:23:35.340 –> 00:23:41.040
Todd Saylor: A tranche of a bonus is warranted in this type of environment. Okay.
00:23:42.510 –> 00:23:54.180
Todd Saylor: So a bonus helps move that up and you’re sharing with the people that are sucking it up and toughing it out for you. You’re keeping them moving. You can’t burn the whole thing and bonuses. But that’s one way to spend some money.
00:23:55.410 –> 00:23:56.040
Todd Saylor: Follow me.
00:23:56.580 –> 00:23:57.360
The Our Shawn: Yep, following
00:23:57.870 –> 00:24:00.360
Todd Saylor: You keep it in in the family and they need it.
00:24:00.870 –> 00:24:05.970
Todd Saylor: Right, right. The second thing I’d like to encourage you to do is think about
00:24:06.420 –> 00:24:21.180
Todd Saylor: Because here’s the problem. Some of us. Let’s if it’s 100,000 or down to 90,000 we don’t even have the revenue or the more important. We don’t have the work if you have hourly employees and you’re under restaurant. What are you going to pay people to just
00:24:22.770 –> 00:24:25.080
Todd Saylor: stand around in a shutdown building
00:24:25.200 –> 00:24:27.390
The Our Shawn: Or I mean that’s a real issue for some employers right
00:24:28.710 –> 00:24:28.950
Todd Saylor: Yeah.
00:24:29.280 –> 00:24:32.940
Todd Saylor: And there’s a problem with the fact that
00:24:34.440 –> 00:24:39.360
Todd Saylor: They’re making more money and unemployment and a lot of these are only people are making, making their own
00:24:39.690 –> 00:24:41.460
The Our Shawn: Yes, many employers are reported this issue.
00:24:42.000 –> 00:24:47.010
Todd Saylor: Right. So here’s the thing I want you to understand that those people that don’t want to come back sharp
00:24:47.580 –> 00:24:52.620
Todd Saylor: Yeah, once they’re invited to come back to something they lose their unemployment.
00:24:52.920 –> 00:24:53.400
The Our Shawn: Yes.
00:24:53.730 –> 00:25:09.690
Todd Saylor: That’s right. That’s your own plan your own. Well, that’s how you got to deal with it. But I also want to understand that just because the person you have working for you is not working. The core competency of the restaurant you follow me doesn’t mean they can’t be paid in the PPP
00:25:10.260 –> 00:25:10.590
The Our Shawn: Right.
00:25:11.010 –> 00:25:16.440
Todd Saylor: But let’s say you got a restaurant and you need some wallpaper into, you know,
00:25:16.950 –> 00:25:30.420
Todd Saylor: The painting done, you need the kitchen, clean, you need a new roof. I mean, you can put these people on your payroll that need work as a W two to get in there and get this critical things done.
00:25:30.690 –> 00:25:46.710
Todd Saylor: That you would have had to pay out of your pocket in a different way. And you could have these people working into it now. They may not be your, your, your go to waiters in your but hey, I know I have one situation where my number one fryer. That makes doughnuts.
00:25:47.100 –> 00:25:47.520
Todd Saylor: And have a
00:25:48.600 –> 00:25:57.720
Todd Saylor: Good contractor. Right. So I pulled him out of the donut. And I said, Let’s go out and let’s make some changes on the building, let’s spend, spend the next eight weeks doing construction work.
00:25:57.960 –> 00:26:12.870
Todd Saylor: Yeah, it’s just, yeah. So I’m just telling you how to I’m not manipulated, but I wanted to tell you how to move through this and maximises a better word maximize with the governor government has given us and help you and the people all at the same
00:26:13.320 –> 00:26:15.390
The Our Shawn: May as well. Build an asset right and
00:26:15.750 –> 00:26:26.730
The Our Shawn: Yeah, just speaking of YouTube. I did a video on the great sales leaders YouTube channels. And if you can’t get your people back you know go hire some sales people right total marketing strategy and also
00:26:27.000 –> 00:26:27.690
Todd Saylor: For people
00:26:27.810 –> 00:26:35.490
The Our Shawn: As well. Yeah. If you can’t, especially. I mean, I think the idea was, although it’s not coated in the laws. You were supposed to keep the same people, but
00:26:35.790 –> 00:26:40.140
The Our Shawn: If you need to change your team off if they won’t come back if they’re tied up on other things, whatever.
00:26:40.680 –> 00:26:48.450
The Our Shawn: Think about what you can build with your business and then use the payroll protection money for that, right, whether it’s, you know, doing the outside of your business like you’ve talked about
00:26:49.260 –> 00:27:02.310
The Our Shawn: Whether it’s wallpaper in the interior to get ready for reopening if it’s changing things around, because I think a lot of restaurants are going to have to change their physical layout, at least temporarily maybe long term, right. You can’t get as many people in the restaurant.
00:27:04.980 –> 00:27:06.330
The Our Shawn: PPP money right with
00:27:06.660 –> 00:27:16.080
Todd Saylor: You said something that was really a as always. But you said it maybe not been the idea for that when the law was real. But here’s the problem with that.
00:27:16.170 –> 00:27:19.650
Todd Saylor: I don’t think they had an idea, Sean, I think they were very
00:27:20.550 –> 00:27:21.240
The Our Shawn: Good, yeah.
00:27:21.990 –> 00:27:28.710
Todd Saylor: Yeah. And here’s the thing, if that was the idea, then why are we paying more to stay home then to come back and do things.
00:27:29.220 –> 00:27:33.930
The Our Shawn: Well that’s, that’s where the laws are discordant right so we have a disc coordination with the unemployment.
00:27:35.130 –> 00:27:41.610
The Our Shawn: The colliding. We have this word nation with the unemployment benefits because now, like you say, some people hourly type people
00:27:42.030 –> 00:27:50.190
The Our Shawn: Are making more on our unemployment, they were before we got that. The other thing that’s sitting out there too. And I think people need to pay attention to it, just in case is
00:27:50.700 –> 00:27:57.720
The Our Shawn: The paid sick leave and the PPP money right so if you’re one of these employers who qualifies for the paid sick leave.
00:27:58.590 –> 00:28:07.980
The Our Shawn: You could be in a situation where an employee goes out for a covert 19 illness or to help a family member, a covert 19. Now, the government is essentially paying their
00:28:08.430 –> 00:28:22.500
The Our Shawn: Income under one law, you’re not paying them under PPP because the government’s paying. I’m so now you’ve just created, kind of a, a weird situation for getting test 75% threshold with the PPP low because
00:28:23.580 –> 00:28:34.470
The Our Shawn: Other dollars came into this unexpectedly. So that’s something I think a lot of employers are going to have to monitor if they get employees that are coming in with sickly under the under the cares act.
00:28:34.800 –> 00:28:38.310
The Our Shawn: Right. They could potentially mess up their PPP calculation.
00:28:39.390 –> 00:28:53.730
Todd Saylor: Yeah, and I think, you know, I will tell you, I know I struggled with it but i i do think that it’s important that a leader and CEO or president, it’s looking at all the strategy, I think, is job number one to capture as much of these
00:28:54.390 –> 00:29:05.490
Todd Saylor: Tools that have been afforded by the government as possible. But I also think there’s a moral obligation to expedite the wishes of the government. More importantly for the employees, obviously.
00:29:05.790 –> 00:29:16.680
Todd Saylor: Then Ford completely. The bottom line of the organization. But we as See we as owners and business leaders need to understand that our number one.
00:29:17.010 –> 00:29:22.620
Todd Saylor: Mission is to go the distance. And so we’re going to do what we have to do.
00:29:23.370 –> 00:29:41.910
Todd Saylor: To create the distance in our organization. Now you know you’ve heard my speeches and stuff. But this is a critical component critical teaching component a critical time for us to understand. We are just wired to go that distance for our organization, right, Sean. And so
00:29:43.770 –> 00:29:45.690
The Our Shawn: Far part of our job as a business owner, right.
00:29:45.690 –> 00:29:49.110
Todd Saylor: And average what they’re giving us but I
00:29:49.200 –> 00:29:51.060
Todd Saylor: Also want to challenge you.
00:29:51.720 –> 00:30:06.570
Todd Saylor: Let’s leverage it in the right way. And let’s be for fourth site full enough to actually have this thing spreadsheet and do it on the right way from the beginning. So we’re not looking over our shoulder for the next eight weeks.
00:30:06.960 –> 00:30:09.510
The Our Shawn: Yeah yeah good steward of the money right so you
00:30:09.510 –> 00:30:10.290
Todd Saylor: Buy this
00:30:10.320 –> 00:30:11.580
The Our Shawn: Money by the government.
00:30:13.170 –> 00:30:22.410
The Our Shawn: Now you should use it the right way. Right. So I think there’s a lesson. I think that’s underlying ethics. I’m glad to be flagged it for a second. I mean, you know, that’s something we is true, that is
00:30:23.400 –> 00:30:31.080
The Our Shawn: Not only should you be burning all this money paying our people, which is a good thing but make our organization stronger for the future. They all work together.
00:30:31.650 –> 00:30:40.650
Todd Saylor: And I think that the employer needs to understand, too, is that the inherent gain. So if you had 10 employees and you were down to five.
00:30:41.460 –> 00:30:54.330
Todd Saylor: You’re still there counting the five that you’re they’re paying you for the five that you would have already paid or whatever your sales would have supported. Does that make sense. Sure. Yeah, so that’s a bottom line drip inch
00:30:55.440 –> 00:30:55.740
The Our Shawn: Yeah.
00:30:58.140 –> 00:31:07.680
Todd Saylor: It’s a, it’s a, it’s a settlement that had find stuff that’s falling through fell through it as an inherent secondary gain
00:31:09.810 –> 00:31:16.200
Todd Saylor: That comes to the business owner secondary gain meaning as difficult, but there is a secondary gain for the employer.
00:31:16.440 –> 00:31:29.460
Todd Saylor: Do everything you’re supposed to do in those few employees that were afforded under the revenue that you still do have that payroll will fall through. And that will be that will be residing on your bottom line to some degree.
00:31:30.120 –> 00:31:38.220
The Our Shawn: Yeah i think i think i think worse. We really don’t know the intensive is all rushed through so fast. There wasn’t a lot of discussion about it but
00:31:38.790 –> 00:31:51.300
The Our Shawn: I think that was one of the ideas was to to use this money so business could get ready to go forward. So if you’re a smart steward of the money you show we should have more than just a week’s worth of money out of this potentially right, you may be able to
00:31:52.950 –> 00:31:59.550
The Our Shawn: Do the right thing. Keep your people paid and if you make some money during that eight weeks. You can use that money to keep the business rolling
00:31:59.820 –> 00:32:03.300
Todd Saylor: Yeah, if there’s there’s some, there’s some fall through money. Yeah.
00:32:03.690 –> 00:32:09.720
Todd Saylor: They’re not. They’re not upset about it, they do what they were doing. That’s good to hear people need to hear you say that. Sean Europe.
00:32:10.740 –> 00:32:18.330
Todd Saylor: You know, listen. People Sean McBride is not just another pretty face and goofy suit. I mean, he
00:32:21.450 –> 00:32:23.790
The Our Shawn: I hear that all the time. I’m a pretty face like goofy see
00:32:25.350 –> 00:32:35.460
Todd Saylor: Really you hear this goofy suit or the pretty face or really well. So here’s the thing. I’m going to get you in a wired differently shirt and I have to pay you. I’ll pay you.
00:32:35.760 –> 00:32:40.170
The Our Shawn: I’ve been waiting for my wire differently shirt to show up for a long time I supposed to get a sweatshirt or something.
00:32:40.800 –> 00:32:41.100
00:32:42.360 –> 00:32:43.800
Todd Saylor: On me this.
00:32:43.830 –> 00:32:44.670
Todd Saylor: Out of me for
00:32:44.700 –> 00:32:46.200
Todd Saylor: All of the web world.
00:32:47.250 –> 00:32:49.140
The Our Shawn: I’m waiting. I keep checking the mail. Sure, it’s just
00:32:49.320 –> 00:32:51.390
Todd Saylor: Mr. I’m working on Abby.
00:32:52.410 –> 00:32:59.670
Todd Saylor: He’s going to get your address, and is going to send you the book in the shirt and motivational desk.
00:33:03.150 –> 00:33:04.290
The Our Shawn: I need some motivation.
00:33:06.510 –> 00:33:06.840
Todd Saylor: Alright.
00:33:09.060 –> 00:33:14.280
The Our Shawn: Videos. Now, Todd. You know, people it’s popular is that you said your mother that’s been commenting on it.
00:33:14.910 –> 00:33:17.370
Todd Saylor: Yeah, I have one followers. My mother.
00:33:17.610 –> 00:33:20.340
The Our Shawn: Okay, yeah, she comments on my motivational videos too so
00:33:20.880 –> 00:33:24.960
Todd Saylor: Yeah, so, so, you know, now you have two followers, me and my mother.
00:33:25.110 –> 00:33:28.140
The Our Shawn: Exactly start, start small, start small.
00:33:28.740 –> 00:33:31.170
Todd Saylor: Hey, by the way, do you subscribe to my youtube
00:33:32.220 –> 00:33:33.210
Todd Saylor: Or wired differently.
00:33:33.480 –> 00:33:34.680
The Our Shawn: I believe I have, yes.
00:33:35.070 –> 00:33:38.280
Todd Saylor: Okay, I was just kind of a shameless plug. But go ahead.
00:33:38.550 –> 00:33:38.820
00:33:40.650 –> 00:33:47.610
The Our Shawn: So i think i but i think that i think the thing we settled upon right is move the business forward.
00:33:49.140 –> 00:33:53.580
The Our Shawn: The payroll protection money is coming, you can potentially qualify for it.
00:33:54.390 –> 00:34:08.910
The Our Shawn: But be a smart strategist. Don’t just say, Hey, this is money. That’s kind of free right I pay the payroll, I get the money and my employees use it to build the business for the future so that you have something stronger for yourself and for your team, right.
00:34:09.270 –> 00:34:11.820
Todd Saylor: And I would like I would like you to help me.
00:34:12.150 –> 00:34:22.890
Todd Saylor: Further, you know, something just that whole mission of an employer or business person, if I have your affirmation. I know goes further, but we are really called to go the distance
00:34:23.520 –> 00:34:39.300
Todd Saylor: And we’re. I mean, that’s all we’re called to do as leaders. I mean, at the end of the day, our job is to help and make the company survive and sometimes as business owners leaders entrepreneurs.
00:34:40.410 –> 00:34:49.830
Todd Saylor: CEOs presidents. We have to get dirty. I mean we have to really look at everything and roll up our sleeves and say, okay, what, how do we maximize
00:34:50.040 –> 00:35:00.330
Todd Saylor: The ability for our organization to live. And this is one of those times where you need to go to the reps you need to study the cares at you need to understand the PPP don’t just rely on what
00:35:00.780 –> 00:35:08.820
Todd Saylor: Fox News or CNN says you need to get in those codes and you need to know on and you need to learn them and you need to leverage them.
00:35:09.660 –> 00:35:17.490
Todd Saylor: You know if it works out out that something has to go back will then find figure that out, but don’t short your company, your employees. I mean,
00:35:17.640 –> 00:35:26.820
Todd Saylor: Think about it, if we wouldn’t have dug into this and figured out exactly how we could have missed the first trash could have missed a second chance we could have not been in a position to to
00:35:27.570 –> 00:35:31.410
Todd Saylor: proliferate or propagator lift up our employees with some hazard.
00:35:32.040 –> 00:35:41.310
Todd Saylor: Pay the help them get through these times. I mean, that’s our job to survive and to take the process forward. And I know I’m beating that up. But if you ever get a chance to
00:35:41.550 –> 00:35:55.560
Todd Saylor: Hear me talk or get me on YouTube. And I will tell you your number one job is to understand your mission, and that is to go the distance and this is one of those clear cut examples. It’s Sean McBride my show me proud are showing me is bringing to you. That’s why he does all this
00:35:56.760 –> 00:36:03.720
Todd Saylor: Stuff. I mean, he wants you to go the distance. I mean, this guy’s got an arsenal me a mile long to
00:36:04.020 –> 00:36:10.830
The Our Shawn: Go man. I’m gonna help business owners help business leaders live the lives and their dreams and, you know, a remarkable Sean absolutely remarkable.
00:36:10.860 –> 00:36:12.150
Todd Saylor: May be time
00:36:12.510 –> 00:36:19.320
The Our Shawn: I appreciate. I appreciate that. Todd. Yes, we make big impacts on the economy and that’s our job going forward. So, Todd.
00:36:19.800 –> 00:36:23.010
The Our Shawn: Been a fantastic. I know you’ve mentioned you’re wired differently channel.
00:36:23.280 –> 00:36:32.040
The Our Shawn: How do people come check you out, check out some of your stuff. I know you’re out there talking to people about being wired differently and building wired differently organizations, how they come see all your great stuff.
00:36:32.970 –> 00:36:41.940
Todd Saylor: Yeah, so I mean today. Listen pacer Systems Incorporated. Our nationwide HCM we deal with the thousand employers or more
00:36:42.870 –> 00:36:53.550
Todd Saylor: In a payroll HR world cloud calculating brilliant, one of the top providers in the country on a Kronos platform just privilege to do that for well over 25 years closer to 30 but
00:36:54.030 –> 00:37:02.400
Todd Saylor: From a bigger scope of all the businesses that I do is wired differently.com you can look me up at wired differently.com. You can also
00:37:02.790 –> 00:37:07.410
Todd Saylor: Go to YouTube. It’s a really great page. It’s new. I’m sorry. A great channel.
00:37:08.130 –> 00:37:24.510
Todd Saylor: Cod sailor wired differently YouTube channel. I would love subscribers. I’m begging for subscribers. It’s early right so if you could sign up twice. Man, I would appreciate that use maybe your, your, your family can help me out. I need to get to more than two subscribers.
00:37:24.720 –> 00:37:25.920
Todd Saylor: But it’s a great channel.
00:37:27.390 –> 00:37:33.090
The Our Shawn: It, you got to build it right and that’s part of building the business processes, you know, step by step, so
00:37:33.480 –> 00:37:44.550
The Our Shawn: Fantastic Todd Thanks for joining us today. Folks, drop your comments here the future done right YouTube channel subscribe to that one as well because we want to bring you more tips to make you a better business owner better business leader.
00:37:44.820 –> 00:37:51.990
The Our Shawn: So we’ll be reading through what you have to say I’m are Sean Maguire pat yourself on the back for doing the hard work. Todd Thanks for being a fantastic guest.
00:37:52.410 –> 00:37:55.350
Todd Saylor: All right, let’s go. Everybody, nice job show