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Management and psychology at the Wharton School at the university of pennsylvania, adam grant. Hes a contributing opinion writer at the New York Times, and is the host of the remarkable work life podcast. Hes also the author of a trio of best sellers which lay the foundations for you to achieve success in the workplace. Chairman of etfs, businessman and investor on shark tank, my old friend kevin oleary, and the author of multiple personal finance best sellers, and host of the women in money podcast, also my great friend suze orman. She is the author of ten consecutive New York Times best sellers, the latest being the ultimate retirement guide for 50 plus. Winning strategies to make your money last a lifetime. Welcome to all three of you, thank you for being here. Youre all three guests who i could sit and talk to for an hour to discuss what this new normal looks like, but i want this to be for our viewers who have sent us so many questions. I want to get right to them, so thanks for being here and lets get started. I want to bring in the owner of a Small Business whos got a question for our experts. Joining us now from West Palm Beach florida, the founder and ceo of trendys enterprises, the head chef of the specialty Catering Service and cafe actually, were just having a technical problem getting to trendy, so were going to get to trendys gourmet in just a second. Let me start with you, adam. Im talking about now and the immediate future. We can also talk about the future way beyond, but for many people, theyre working at home for the first time in their lives. Theres so many people who wanted to work from home, but companies couldnt quite get it working. They couldnt quite figure out how to get it right. They sort of said if youre not in the workplace amongst your coworkers, its not as good. There are some people dying to get away and get back to work, but there are a lot of people who would love to skip the threehour commute every day and do things at home. What are you telling people who are at home right now trying to figure out what the future looks like . I dont think anybody knows. I think the best thing we can do is find better strategies for coping with the present. The first thing i would do is say were all struggling with time management. There arent enough hours in the day to juggle everything. One thing we can do is shift to timing management and say, okay, let me Pay Attention to my circadian rhythm and figure out what moments of the day i do certain types of work the best. Youre more creative off cycle than on cycle. If youre a morning person, you have more bold ideas in the evening. I think we need to run these kinds of personal experiments to figure those patterns out. Kevin, i got a question from a Small Business owner here for you. It reads its from jamaica stevens in california. My Small Business jamaroo kids brings weekly dance music and yoga classes into over 100 schools and community venues. Although we bank with a major bank, i do not have a personal relationship with them, and im not sure were going to receive any of the loans available. Im trying to have faith and practice gratitude, but be honest, im beyond scared, sad, stressed and depressed. I know im not alone and my heart goes out to all the Small Business owners who are in the same position im in. I have that same situation across 51 Small Businesses im an investor in in almost every state in america. This ppe loan just on a technical basis that he should understand, first of all, i have compassion towards his anxiety. We all have that. Were in this together. Its been said countless times. Regarding getting those loans, theres no reason you only apply at one Financial Institution. You can apply at multiple institutions. Its unusual to me you wouldnt have one specific account in a bank, thats your primary. But because this has been d disbursed across every Financial Institution in america many of my Companies Applied in multiple locations hoping one would advance them. And about 75 of the time they were successful. I dont think hes finished doing his work. Hes got hots lots of time on h hands. Im not talking about fraud here. Nowhere do the rules say you cant apply at multiple institutions. What about hits to your Credit Rating . Weve had a couple of questions about that, suze, you know last time you were here we got that question, right . If you apply multiple times, does it hit your Credit Rating multiple times . There are lots of americans struggling with a Credit Rating that might just be enough to get them a loan but keeps taking hits every time you apply. In normal times if you apply within a twoweek period of time for a Home Mortgage or anything else, it doesnt hit your fico score. If you do it a lot over a long period of time, it hits it. Im still going to say i really wish all the Credit Bureaus out there as well as fico would freeze all Credit Scores as to what they were before this happened to give these people a chance. Adam, i got a question from a High School Teacher in new jersey. Im a High School Teacher and Adjunct College professor. My High School Students look forward to our online questions for art history. My ceramic students are learning to throw pots on a cell phone app. This isnt classroom learning and it isnt Online Learning as know it. It is crisis learning as we try to deliver content, structure and compassion. You are a tenured professor. You are the youngest tenured professor ever at wharton. Some things do really well online. Sometimes thats not what students sign up for at university. How do we think about learning . How do we think about going back to school both for college kids and High School Kids . Well, i think given that were stuck with this situation right now, we have to try some degree of interactive learning, so one of the things ive noticed through teaching over the last couple of weeks on and off, sometimes i have richer discussions online than we did in the live class rom. The reason for that is the chat window allows students to share their initial thoughts and i can cycle through to find a bunch of diverse viewpoints. That was much harder in the classroom when i would call on somebody with their hand up. Its not to say teaching is going to get easier or better, but there are Silver Linings in this experience and we should all be looking for them. Trynette morris is the head chef of the trendys gourmet in West Palm Beach florida. Good morning, thank you for being with us. Whats your question . I think i got trynette morris. Were going to keep on trying to find her. I want to get her onto this show. Ive got a question, this is one that you have heard many, many times before, but it comes up all the time. Its from michael, im 65 years old. I just watched my retirement drop 25,000. What do people my age do to recover and continue to build retirement wealth . Well, hes probably not going to like this answer, but what you have to continue to do now is understand that you took a tremendous hit in many ways, all of us did, so therefore one of the best ways to not take such a hit is to try to find some side job when jobs come back. You know, hopefully things will open up here sooner than later, but the less you have to take out of a retirement account, the Ronald Reagan longer your retirement account will last for you. Im advising that you take out as little as you possibly can and when things open up again, you try to make money. Youre only 65. Thats young. Thats still seriously young. Try to make more money to make things stretch longer im sorry to say. Kevin, youre a market guru. A lot of people are actually a little bit puzzled at how quickly the market has staged a recovery in the last month. What do you make of that, and do you believe in it . I do believe in it, ali. Ill tell you why. The market is a forward viewing pricing mechanism. Its seeing on the other side of the mountain when we get through this. Heres some optimistic things. We have science thats 100 fold better than when sars hit, including Artificial Intelligence to try and develop these drugs. The market is assuming some therapeutic or even inoculation in the next 24 months. I dont think thats an unreasonable assumption. Heres Something Interesting about why the market continues to thrive. Its looking at a new america, america 2. 0 thats going to be more efficient than ever before. No business in america, ali, would have ever done remote the way weve done it now. Every single employee and Large Businesses and small alike to work out of their homes, and what did we discover . It works. The technology works. When we return and this is an amazing outcome law firms, accounting firms, Small Businesses will probably allow up to 20 of their employees to work at home in perpetuity. Maybe you have an aging parent, maybe youre having a child youre raising, maybe you dont want the commute anymore. Weve learned thats going to efficiently do. Thats going to save 7 to 11 of earnings on any company goes to rent. Theyre not going to need that much space in retail. Theyre not going to need that much space in an office, space at all. All of these real estate locations, theyre going to take the hit, but the businesses are going to be far more profitable, and that is what the market is seeing, a brand new more efficient incredibly Technology Driven america coming to a theater near you in about 24 months. Yeah, that future we were headed toward is now slamming up against us for better or for worse. Now, i am told that trynette morris is with us right now. Thank you, welcome to the show. Just tell us about how your business, trendys gourmet in West Palm Beach, florida, whats gone on with you since the on set of the pandemic . Well, thank you for having me on ali. Theres a lot that has gone on. We went from one location to being scheduled to open up a second location early may, and i really got thrust into opening up that location five weeks earlier than i anticipated, which was interesting. We experienced a 60, 65 reduction in our catering business. We were primarily caterers, so all of our catering business just about dried up. Its just picking back up. Thanks to corporate clients who are their staff now. Thankfully i havent had to lay off anyone, but there has been a reduction in hours, and really, its thrust me into Owner Operator mode. Where i was owner and really kind of doing more educational things in this business, in the second location im cooking again 12, 13 hours a day. Im the front desk person as well. So its changed my Business Model drastically. Trinnette, this is for kevin, tell us about your banking relationship. You have had a banking relationship for 30 years, and yet, you had difficulty getting your ppe loan done . 30 years with the same bank. Honestly, it has made me look at banking a lot differently. Im definitely going small after this. Im definitely shopping around. Im not, you know, just going to stay with a bank because thats the bank that my parents opened up my account with as a child. And really, my ppp application didnt get done through my bank. It actually got done through my payroll company, and had they not stepped in and sent information about how to streamline the process and make it easier, i dont know that i would have gotten through the process. Now, we have kevin, we are hearing this from a lot. Okay. You havent gotten it yet. Thats what were hearing from a lot of people is there has been an advantage and i suppose this is to be expected, but certainly since the recession 2008, 2009 when banking became a much more commoditized experience, that relationship with a bank manager used to mean something. Now it sort of means something if youre a big business as opposed to a Small Business. Ali, lets not lets not, you know, pull any punches here. Bankers are not your personal friends. They never will be. They are a business. Their business is making money off you as long as you play by the rules of banking. Look, im just i deal with hundreds of regional banks. Theyve given a mandate just like being pressed into service as a british sailor was in the late 1800s to distribute almost a trillion dollars. Thats their job, and unfortunately, its not, you know, a clean, easy process. Theres going to be some fraud in here. Theres going to be some challenges, and not everybodys going to get it, but it was a shrewd move that this entrepreneur made. Its true, the Payroll Companies were also given that mandate, brilliant for her to do that. I want to Say Something about her business. She sounds like a fighter to me. The strategy for those investments ive made in Food Services business is to lock off a geography, 30 to 40 mile circumference around that catering facility, and then get somebody whos web savvy to do g geo locked advertising for just that reason. Instead of using the Delivery Services which take up to a third, you hire your own driver and form direct relationships within a 30mile radius and you sell direct to them at the highest margin youve ever made. Thats how youre going to survive. She sounds like shes a fighter. Its a very simple strategy. Instead of giving up a third of your profits, develop your own direct relationship with people within that circumference. That is the new 2. 0 america in food service. Direct relationships, facebook is a good tool to do that with. It provides for that kind of advertising, as long as you have somebody on staff, probably in their 20s, that knows how to use the tool. Were going to ask trinnette to stick around. Shes got a question for adam grant about what her business is going to look like because of the way people are going to change the way they use caterers and food service. Stay with us, suze orman, adam grant, and kevin, stick around because weve got to talk Small Business when we come back. Stay with us. Whether youre facing unemployment. Have bills to pay. Or just trying to keep your family healthy. Its hard. But when it comes to your pfizer medicines, we want to make things a little simpler. We know you may have new questions. About affording your medicine. We want to help you find the right answers. If you make under 100,000 for a family of four, or 50,000 as an individual. And have prescription coverage for your pfizer medicine but cant afford your insurance copay. Or you have no prescription coverage at all, pfizer may provide your medicines for free or at a discount. Just another way were here to support you. Learn more by visiting www. Pfizerrxpathways. Com today me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. Farmers is here for you. If youre off the roads for all of us, and if youre on the roads for us, well, were here for you, too. Us middle class, we matter. We have a voice. Regardless of your age, regardless of your political beliefs, regardless of anything, we matter. We are what keeps this economy floating. All right, i want to bring back my guests and trinnette morris, the head chef of the specialty Catering Service and cafe trendys gourmet in West Palm Beach, florida. Shes got a question that i think, adam this might appeal to you. Trinnette, youre talking about the portion of your business that was corporate catering. Yes, yes. Whats your question . So being a corporate caterer primarily, although we have the two locations and kevin, thank you for that great advice. I hope my team is on it, but for catering, what do you see as the future of the catering . Our corporate clients, typically we go, we set up a buffet, we drop off the food, and they eat. Dropping off food now for a buffet setting is probably out of the question. Were catering today for a corporate client. Were doing individual packages, but what do you see as the future of catering where buffets are typically what people are accustomed to . Trinnette, i wish i had a good answer for you. Its often said that historians cant even predict the past, so i think im as in the dark as you are. I think this is the time, though, to run experiments and say, okay, what are the different ways i can try getting food out to different clients, and lets see how they respond and gather as much Customer Feedback as you can to try to learn from the different approaches you try. Trinnette, thank you for joining us. I think kevins right. Youre a fighter, youre going to get to where you need to go, but boy, this is hard for people who are trying to reinvent their businesses. Suze, i got a question for you. It says im a window clerk at the United States postal service. I was set to retire in five years. Within the last month, ive seen my tsp destroyed due to covid19. What can i do to save my retirement . Im invested in c. S. , i and g funds. Yeah, so this is obviously a federal employee, and you have to understand when you have five years until youre going to retire, i would not be that worried if i were you. I think if you continue to contribute to the diversification that you have right now and continue to dollar cost average every single month since youre still employed for the next five years, i think youre going to find that youre just perfect. However, make sure that you have at least a threeyear Emergency Fund because if you ever get caught in a situation where the markets are down and now youve retired, thats when you do not withdraw money from the markets. Thats when you go to your cash to get you by. But i think in five years from now, youll be fine. So just continue on and dont worry, and your diversification is just fine. Kevin, i got two questions back to back that are similar, so i want to ask them both. First ones from carter where he says, i was set to open a brokerage account. Then the market tanked. How will i know when to invest as this will be my Retirement Income in five years. And then kevin writes, im 74 and i was scared i was going to lose all my money in my ira, which wasnt a roth. I withdrew 9,000 and had to pay over a thousand dollars in taxes. What do i do with the 9,000 now . So theyre both marketrelated questions, and a lot of them have to do with the timing of the market, ali, which ive learned as an investor almost over 40 years is impossible to do. When we have these massive corrections and this was unprecedented the one we just went through, a 34 decline in a matter of basically 21 trading sessions. We havent seen that since the 30s, but on the other side of this and this is whats so remarkable people are perplexed, why has the market surpassed all its losses and now its in the positive again, and it did it in a handful of trading sessions. The lesson there is you cant time the market. You have to stay in it in the drawdowns and then in a matter of days, in this case it was a very few number of days, we actually had a trading day two weeks ago, the market went up 1 is 11 in one day. Had you not been invested, you wouldnt have participated in that. You have to stay the course. You consistently put aside and my strategy for everybody young and old is to take 10 of your income while youre working or if you have a side hustle, i love when suze talks about that, you take 10 to 15 of that and put it in the market every two weeks when you get paid. My mother taught me that. At the end of the day its the investing over a long period of time. The markets generally over the last 100 plus years have given anywhere between 6 and 8 a year, even though theres a tremendous amount of volatility in it. Regarding opening a brokerage account. There are so many apps you can actually use your phone for now. Theyre so much easier than having to go on a laptop computer that do the investing for you. The one that i like that im involved in designing, although there are many you can choose from in the app store is called bean stocks, beanstox, i designed it to be really simple and im trying to get people to put 15 of whatever they make into the market. The kids today know their phones, theyre not even going to be like we were. Theyre going to use the app to be investors Going Forward. Adam grant, let im doing th home. What do workers want to ask their employers about the new normal, right . As we start going back to work, what about those people who for reasons you stated want to be at home, want to avoid the commute or want to be safe at work . What are the things that we should think about about the way that the workplace is going to permanently change that we can take advantage of right now . Well, i think the first question that every worker is asking is are we going fully remote . Are we going to be partially remote, or are we all going to be back in the office . I think its exactly the time to begin having that conversation. I dont know that we should send everybody to work remotely. I think the evidence is clear that if people arent in the office at least half the week, the collaboration can suffer. We lose a lot of creativity because we dont have serendipitous conversations anymore. So im a huge fan of allowing people to work remote some of the time. We do need still some shared interactions, face time. And we specially need to create some culture and common identity where people feel like theyre working toward a common objective. And i think that conversation hasnt happened in enough workplaces yet, so id love to start that. Youre the guy to listen to on it because youve got a podcast on it and a great book on it. Adam, thank you for joining me, suze, my good friend, thank you for always being there when i call on you. I really appreciate it. Kevin, stick around, weve got some more Small Business conversations to have. Stay with us. Coming up next, congresswoman Ayanna Pressley is here, shes got a proposal to help neighborhood businesses during the pandemic. You are watching velshi the covid19 economy on msnbc. E covid19 economy on msnbc way more unique fixtures and tiles. Pairing. Nice. Way more top brands in sinks and faucets. Way more ways to rule your renovation. Nice on any budget, with free shipping. Wayfair. Way more than furniture. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. To putting your true colors on display. Around here, nobody ever does it. I didnt do it. So when i heard they added ultra oxi to the cleaning power of tide, it was just what we needed. Dad . I didnt do it. 1 stain and odor fighter, 1 trusted. Its got to be tide. Ive been involved in. 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Com try and never go to the post office again you know, trump loved to crow about the great economy he built, but when the crisis hit, it became clear who the economy was built to serve, not workers, not the middle class, not families. We have an opportunity not just to rebuild the economy but to transform it, to make our economy more resilient, whatever comes our way. Aprils historic jobs report saw losses at levels that were unmatched since the great depression. Now former Vice President joe biden is saying president trumps policies had actually been hollowing out a healthy economy long before covid19 itd among other things by forgetting the about the middle class. Many Business Owners still feel shut out of receiving federal aid. My next guest has a plan to get more money into the hands of the smallest and most vulnerable businesses. Joining me now massachusetts congresswoman Ayanna Pressley, a member of the bald is beautiful club. Great to see you again. Thank you for being with us. Good morning. Talk to me about who youre talking about because there are a lot of americans who are not Small Business people who see half a trillion dollars, and said who could possibly not be getting this money. You know whos not getting this money. Absolutely. We could have predicted this. These inequities and these Racial Disparities when it comes to access to capital for our true micro businesses, those that are simply too small to fail, most of which are minority owned, our restaurants, beauty salons, our barbershops, bodegas have not benefitted from the ppp program. What im focused on is, one, urgency, how do we address the scale, impact, and then equity. Treasury did not even provide in the previous iterations of relief bills guidance to enforce fair lending laws. So the inequities and disparities that have always persist have been further spotlighted and worsened in this moment. Thats why myself and senator harris have introduced the saving our street bill. It also has elements for working americans, but the idea being that weve treated this as an emergency, which we should have and congress has, and congress did one of the few bipartisan things its done in a long time in getting this money out there, but theres going to be this period between the end of the emergency and the beginning of the new normal, and that could be a year. It could be two years. It could be longer when individuals and businesses are suffering. How do we build that bridge to the future . Yeah, thats exactly why in our legislation saving our streets, what weve done is establish a Microbusiness Assistance Fund of 124. 5 billion to provide 255,000 grants. Thats the captio, and the reas why were focused on grants and not loans is that they dont have to be paid back. That will allow Small Business owners to not only address their immediate needs while the crisis is most acute, but ensure that they can recover it because those funds can be allocated towards payroll, maintaining health benefits, towards mortgage, towards utilities, and if you were already an essential business, then those funds can be used for ppe and hazard pay. And you are talking about an initial limit of companies that have nine employees, more than that if its in a uniquely low income neighborhood. So youre really talking about small, Small Businesses. Absolutely. And although we did see some incremental gains in the last relief bill when we were able when the democrats fought to have cdfis and mdis including, were still not meeting the scale, and were not hitting those businesses that are really too small to fail, those micro businesses. We also in our legislation require that 75 of the funding go to those businesses that have historically been underrepresented, which are overwhelmingly minority owned businesses. And then finally, were trying to deliver some love to our neighborhoods and save our streets, but i also love data, but i dont love data for the sake of the sake of collecting data. Its about ensuring that theres an equitable distribution of these funds. And so our legislation also requires a report detailing the ethnicity, the race, the geography, the demographics and gender of applicants for grants. Weve been pushing treasury on this for a while. Your reporting has been incredible, but remember the reason why we know what happened so far is because of publicly reporting companies, like ruth chris, like shake shacks, like pot belly, but we dont really know where these funds are going, and so our saving our street legislation aims to address that. Policy is my love language too, thats two things we have in congress. Massachusetts congresswoman, Ayanna Pressley, thank you for the work youre doing. Thank you for always joining us, and thank you for the proposal that you are putting forward to help americas real Small Businesses get some help. Coming up next, were going to check in with the coowner of a tattoo shop owner in georgia, she was struggling to get her Small Business loan from the payment protection plan, paychecks protection plan. Were going to see how that worked out when our virtual town hall continues right here on msnbc. Making ice. But youre not because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade. Syeah, im done aftere markets this meeting. Ce. Were just going over how people who switch to progressive can save hundreds. Hey mara yeah jamies the guy running it. Mara, youre not on mute. I once had to fake jury duty to get out of talking about his yogurt preferences. Mara, you know youre not on mute, right . Oh, theres a mute button . Yeah, thats flo the one who looks like shed smile while she sleeps. Flo i always smile. Mara thats why i said that. I know some people who do have Small Businesses who got the loans or the funding, and then i know several who did not. Seeing Big Companies get it is a little deterring. Its just its kind of upsetting when you know that theres so many small mom and pop shops who are really struggling, and some of them have been in business ten years, and now you have Something Like this happen, and theyre just completely theyre crushed. The governments Economic Relief fund was designed to help Small Businesses survive this pandemic, but one of the emergency disaster programs for smaller businesses cut their loans from 2 million to 150,000 due to high demand. Nearly all new applicants have been blocked. Thats just one of the restrictions a government watchdog has warned may hurt tens of thousands of borrowers. Now, according to the watchdog report, the Small Business administration, quote, veered from the law congress drafted to create a program when the agency set rules for how businesses could obtain loan forgiveness. Now, this came as Small Businesses that employ 47. 5 of all workers around the country are struggling to keep their heads above water. So how can Small Businesses stay afloat when so many think that the odds are against them. I want to bring in a new expert panel for this part of the show. Stu leonard is the president and ceo of the Supermarket Chain we all know in the part of the world that we live in, kem bimb wise l and my old friend kevin oleary. Good to see all of you. I want to bring in Small Business owners with their questions, first we have the coo coowner of the mystic owl tattoo in marietta, georgia. Tara, last time we spoke you were applying for a ppp loan and you werent sure if you were going to get it. Where are you . I finally received it, no thanks to my Big Bank Bank of america who took three weeks and surprisingly, i got my denial from them last night after not getting anything from them, but i was lucky enough to get funded after four days of applying from paypal. They facilitated that, so i got the money, and i have not spent any of it yet because i want to make sure that i do it correctly because i want to use the grant portion so that way i can ensure that i get 100 forgiveness. So i think youve got a question for kim about what spending it correctly looks like. What do you want to ask . Yes, my biggest question is how they are going to be looking at the expenses, whether its cash or whether its accrued am i supposed to deviate from my regular payroll cycle . Am i able to use this for the rest from last month, or is it supposed to be paid for the rent that has occurred in the two, you know, fourweek periods that is going on through this . And i know a lot of people have these questions because i dont want to, you know, pay it wrong or not pay it, you know, spread out properly, and in turn have to pay all of it back. Yeah, absolutely. These are questions that we have been getting all the time. I may need you to remind me on a few of those, but the most important thing you need to do is make sure that 75 of the funds are spent on payroll. And we do have Business Owners who are setting up a separate account for their ppp money so its Crystal Clear how theyve spent the money and where its going. Cash versus accrual is something that accountants are still waiting for guidance on on a lot of these forgiveness questions, we were supposed to have guidance 30 days after the legislation was passed. We dont have it yet. To the best of my knowledge, for other expenses such as mortgage interest or rent, youre looking at the period after you get the money, right . So if you want to pay last months rent so to speak, youre going to have a hard time getting that forgiven. So you want those expenses to be within the eightweek period after you receive the loan. I want to say, im glad that you applied to more than one place because we are finding thats how people are actually getting money. Im glad that you did get it, and im going to need you or ali to remind me on the other questions that you had. Tara, go ahead, what else do you have that you didnt get an answer to . While i understand that 75 of it has to be spent on payroll, we just are wondering when that information is also going to come out because eight weeks isnt really a long time, and were supposed to have all of that. So am i supposed to pay people right away because i want to make sure that my staff gets paid because they havent been, you know, making much because its been taking forever for the unemployment to come through. So am i able to go ahead and pay them tomorrow or do i need to make it for two week cycles or can i give somebody a lump sum for a month . And then on top of that, being a Business Owner who is also an employee of my company, i want to make sure that im paying myself correctly. And im also a commissioned employee, so i get most of my salary is made up from commissions, which wildly varies, and we want to make sure that we are giving ourself a normal average but its not going to be picked apart, and you know, scrutinized because we are a Business Owner doing it the proper way. So you can definitely pay yourself with that ppp money. When it comes to commission, youre going to be showing your bank basically like a payroll run comparing these next eight weeks after youve gotten the loan to a similar period last year, so pay is pay. You can pay yourself for what your average commission was during an eightweek period last year using the money from the ppp, right . So it doesnt matter if you previously counted it as salary or commission. If you reported it as pay, then you can use that. I would say if you havent already, obviously talk to your accountant about this. If you dont have an accountant whos been helping you look at the Service Corps of retired executives and get some advice from them. We are expecting new guidance. It sounds like youre on the right track and youre on top of things and best of luck to you. Service corps retired executives, they have chapters all over the country skpr, and are retired executives that know a lot of the details you know, kim, which very helpful to people. Stu, welcome to the show. Great to see you. Love your stores. I got a question from tammy who says i own a small Gourmet Kitchen store and Cooking School. I do not see opening my Cooking School back up until theres a vaccine for covid19. How do i weigh being a good Corporate Member of my Community Versus being brave enough to reopen my retail store, not to mention putting my staff in possible harms way. These are questions youve got to answer, too. Yeah, now, we have had 2 million customers come in since march when this whole thing started at stew leonard, so one of the things i feel is we can open our businesses safely. You just have to practice some rules. I think the first thing i would recommend to her is make sure social distancing is a priority within your Cooking School there. You know, maybe if everybody was sitting next to each other in the past, youre going to have to spread them all out six feet. I just had a friend go to a restaurant in florida that just reopened, and he said they did the same thing, everybody was at every other table. I think the second thing you want to do is you want to make sure you can communicate to your customers that its the cleanest place they can be all day when they come to your Cooking School. You have to make sure youre cleaning and not only cleaning but visibly cleaning. You know, we have somebody wiping off shopping carts for the customer right out there. Weve had plenty of handy wipes and all that, but we want the customer to see that were constantly wiping down all day at stew leonards and were doing a deep cleaning at night. You have to communicate the cleanliness part, and the third thing i think thats important, everybody wears a mask, and everybody wears gloves. You know, we have all these masks that every one of our team members now wears at stew leonards, and you know, you have to wear gloves, and so you want to show your customers that you care, and i think america can open their businesses slowly. Its not going to bounce back like a ricochet here, but practice these things, and i think we can open and still help continue decreasing that curve. Thanks, stew, i got somebody else who is joining us now. Weve got the owner of kay bella hair studio and spa in brighton, michigan. Kristen sayers. Shes also the president of the Michigan Association of beauty professionals. Kristen, thanks for being with us. Tell us what your question is. Thank you for having me. So my question and actually, my concern is i know that when i am allowed to open my business back up that my profits are not going to be anywhere where they used to be, and im probably only going to be seeing about 30 of my clientele a day that i used to see. So i really know my expenses are going to go up because i have ppe now and we have supplies that have already gone up in price. So i really need to save money somewhere, and credit card fees right now are looking at 10 to 15,000 a year for me, and people are now telling me i shouldnt accept cash. So im really concerned on what i can do to maybe get rid of merchant fees and what can i do to help in that arena . Kevin, this is great that kristens got this question, but it applies to so many businesses, right, so many service businesses, so many restaurants, by dictate or juste they have to do it this way theyre going to end up with a much smaller percentage of what theyre used to getting. Whats your advice . Shes absolutely right. The fee thats charged by Credit Card Company is a huge part of the Profit Margins particularly when youve got Health Care Costs going through the roof just to operate your business. Shes in the same boat dentists are, the same boat that chiropractors are. One on one therapies, masseuse, the same idea. Theres two aspects to it. Companies like papal and other Digital Currency companies are now starting to realize theres a huge opportunity for them to replace the credit card charge with a different platform. The way theyre going to do that is offer very aggressive programs and take less fees so the key to this is price explorations. To go out there and Start Talking to the stripes, to the papal paypa paypals. You dont want to pay those 3 , what can you do for me . And the way theyre going to introduce this is give you 12 months, 18 months at a much lower fee that you can negotiate. That is a great opportunity, they realize once they have you youve replaced the Credit Card Company. So the great thing in america is competition its about to happen. On the other side of the business to increase the number of clients youre going to have and this has been proved in countries like switzerland, theyve been testing every single taxi driver every morning and then that taxi driver gives his credentials to his passengers and if they want to take that ride they have to be tested. We dont have that in america but thats where were going, a daily test and thats about talking to your state about that as well to get support to provide those tests. If youre able to tell your clients that everybody in your business tested negative that morning youd have a lot more clients. If you dont have a Facebook Page or you havent done a good website, use the time on your hands to get working on that because im going to want to know that youre focused on this cleanliness in a big way Going Forward and you can communicate that with me on facebook or any other platform. And i think that advice about lowering fees with banks and with credit cards applies across the board whether youre a Business Owner or not. There are a lot of these companies who if you called them and said look im not getting the benefit from the card i was going to get or i cant enjoy it as much they want to keep your business for the longterm. Dont be afraid to negotiate. Good luck to you. Were going to stay in touch with you and follow up on how things are going. The owner of kay behla hair studio and spa and thanks to you on the panel, stew leonard, kimberly wisel, editor at large and kevin oleery, businessman, investor and shark on shark test and the author of personal finance best sellers. I want to leave you with final thoughts. Well do that right after this break. Well do that right after this break. 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