Monthly Archives: May 2020

Another View of PPP

 

 

#GrowYourLife  #BuildYourBusiness

Life Area: Professional
Topic: Paycheck Protection Program

 

Another View of PPP

 

This blog post is for my clients and audience member businesses, sole proprietors, and independent contractors that received or will receive Paycheck Protection Program (PPP) funds.

 

If you were lucky enough to be allocated some of the PPP money, congratulations, many applied but few were selected. The money from the first tranche of the program dried up in just 13 days, the second tranche was gone in less than 24 hours!

 

So, I know what you are thinking based on my interaction with clients: “I must spend all this money so I can get it all forgiven.” My advice is to: Get that thought out of your head!

 

The new Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Emergency Injury Disaster Loan (EIDL) and the Families First Coronavirus Response Act (FFCRA Act) initiated various loan programs, tax credit programs, and deferral programs that all intermingle with one another. If you opt for one program, it may preclude you from using another one of the programs.

 


Your goal should not be to spend all the proceeds so that everything is forgiven. If that happens, great, but that should not be your goal.


 

PPP is a two-step process

 

The Paycheck Protection Program is a two-step process:

  1. Get the Money – you did that!
  2. Spend the Money – this is what this blog post is about, and the calculations are a little tricky when it comes to what is forgivable or not!

 

Your goal should not be to spend all the proceeds so that everything is forgiven. If that happens, great, but that should not be your goal. You received this money to pay for expenses in the normal course of business over a designated eight-week period. You should spend the money as you would in the normal course of business based on your cash forecasting. The driver for spending the funds should be made on an economic basis, not based on making an expense forgivable.

 

The forgivable expenses are pretty straight forward. If you have to ask yourself “Does this expense qualify to be forgiven?” – it probably doesn’t. I have listed the qualifying expenses below. Simply put, qualifying expenses are payroll and related (at least 75% of the PPP funds) and certain business expenses including mortgage/lease payments and utilities (can not exceed 25%).

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Tom and the Success Series Team Remember and Honor

 

#GrowYourLife #BuildYourBusiness

Life Area: Personal

Topic: Memorial Day

 

Tom and the Success Series Team Remember and Honor

 

Each year on Memorial Day, Americans take a pause from their busy schedules to remember those who gave their lives to protect the freedoms people enjoy daily.

 

Occurring on the last Monday in May, Memorial Day is celebrated today, May 25, 2020. While most people are aware the holiday honors America’s military, at times, the significance of Memorial Day and Veteran’s Day are combined into one.

 

Veteran’s Day is commemorated in November and honors all those who have served their country, including those who have passed away. However, it’s primarily focused on thanking those who have served who are still alive.

 

Memorial Day, on the other hand, is designed to honor those service members who passed away, especially those who gave their lives in the line of duty.

 

 


Memorial Day honors more than one million men and women who have died in military service since the Civil War


 

In 1868, then-Commander in Chief John A. Logan of the Grand Army of the Republic proclaimed May 30 to be Decoration Day, becoming Memorial Day in 1968. At first, people honored only Union and Confederate soldiers. However, it was expanded after World War I to include all service members who perished in all wars. As of two years ago, the United States Census Bureau reported Memorial Day honors more than one million men and women who have died in military service since the Civil War.

 

The Civil War was the deadliest of all America’s confrontations with over 500,000 people dying. Since the Civil War, America has participated in seven other wars, with casualties identified as:

  • Spanish-American War: 2,446
  • World War I: 116,516
  • World War II: 405,339
  • Korean War: 54,246
  • Vietnam War: 90,220
  • Desert Shield/Desert Storm: 1,948
  • Afghanistan and Iraq: 6,951

 

Please join Tom and the Success Series Team in honoring our fallen heroes.

 

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Living A Regret-free Life

 

 

#GrowYourLife  #BuildYourBusiness

Life Area: Personal  
Topic: Living Life to the Full

 

Living A Regret-free Life

 

Regret is a terrible thing.

Don’t wait to do the things you love. Because you never know when your time will be up.

Create that project

 

Whatever project you want to create, create it now.

The part of you that wants to create it right now will not be around forever.

The book you write at 25 will be very different than the book you write at 30, and 35, and 40, and so on.

As we change, our perspectives and feelings change as well.

Create what you want to create right now, and capture this moment in time.

 


You never know where that love will take you —

who knows, maybe you will end up together after all.


 

Love that person

 

Do you connect with someone? Do you like someone?

Even if you know you won’t marry this person, or spend the rest of your life with this person, let yourself love them.

Ride that wave together.

You never know where that love will take you — who knows, maybe you will end up together after all.

But trust how you feel right now, because that feeling won’t last forever, and the opportunity will be gone as fast as it presented itself.

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Talk with Tom: Episode #77 | TwT Motivational Minute: Lean Into It

 

Episode 70 finds Tom talking about the importance of leaning into the opportunities given to us, even if we’re not sure we can handle the position. Taking the first step faithfully is possibly the most important key to one’s success.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.

Talk with Tom: Episode #76 | TwT Motivational Minute: What Do You Want?

 

In this episode of the Talk with Tom Motivational Minute, Tom asks, “What do you want?”. Most people aren’t able to answer this simple question. Here’s some actions and practices to help you focus in on knowing what you want.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.