Stimulus and PPP Update - Live Q&A with Lawyer & CPA

You guys are going to be shocked and surprised, too. We're live on YouTube. Welcome, everybody. We're live on entrepreneur Facebook. Kohler, Facebook. I am here to answer your question. That's all I'm doing for this hour, is answering questions and trying to help get you some money. It is a crazy, crazy economic disaster out there. So sad, so nuts. And my heart goes out to so many of you. So all I'm doing is living on donuts and Mountain Dew. I got it. I've already drank two rock stars today. I don't think I can break into a third one or my brain will explode. And I've got my whiteboard here. We're going to answer questions. So we're going to get into it, people. And we're rocking. Caden. We're looking good. Sound and audio and visual. I love being with you. This is good time. Good times. Good times. I guess it's bad times. It's bad times, right, Logan? All right, all right. I'm going to jump into questions. We're going to give away some books today. Can people see my books? Is this good? We're going to give away books. Gonna do a raffle. We're gonna eat some donuts. We're gonna kill it. All right, for those who don't know me, I really am legit cpa, attorney, author, podcaster, blogger, trying to make you money in this stimulus package. Crazy time. So Lucy and I want to know where people are from. I don't know where Lucy's from. Lucy's from somewhere out there. Lucy. I. I won't say her full name because, you know, attorney client privilege. All right, Lucy says, what is the definition of employees per the EIDL application? Do I have to be a W2 or 1099 to count people? We're talking W2s. They have to be an employee as of January 31, 2020. Now, of these 10 strategies, should I throw down the 10 strategies? Should we just get them out there? Idle. Is one of them going to do this from memory? Because my life is this. I consume by this. So let's get our whiteboard in here. We looking? Okay. Can we see it? Alright. Alright. So number one is your stimulus checks. Anybody that has not received their stimulus check yet or stimulus wire transfer into your account, you may want to ask a question. We'll hit it. Number two, we could talk about unemployment. And then we've got the two big. And unemployment is crazy right now for small business owners. Some states are getting it, some aren't. What do you have to do to get it. We'll talk. Number three, we could talk about the Eidl which we thought was going to be $10,000 per business. Now it's $1,000 for every employee W2 employee you had on the books as of January 2020. As of today the SBA has turned off the website on how to get or the application for the Eidl which is really crazy too. They should turn it back on once we get more money. Congress has ran out of money on the first round of help. They're fighting over it right now. Text Nancy Pelosi if you want and say nancy, get me some more money. It's turning into a brouhaha at the Capitol. Hopefully we're going to get another 250 billion. There's thousands of you out there that have applied for the PPP which is number four. There's no money there right now. Banks are holding off. They're not taking any more applications. We can talk about it. I'd still get your application ready so that the minute Congress they're going to approve more money. Treasury Secretary Donald Trump, the Senate, they all want to get money to you. It's just they're fighting over the provisions right now. And this next round, number five, we could talk about emergency paid sick leave. Number six, we could talk about Family Medical Leave Act. I've got clients that are putting their spouse on their unemployment and I've got other clients that are saying in my small business I'm going to have my spouse claim emergency paid sick leave and the Family Medical Leave act and get the PPP and get an idle people. I've hit a six out of ten with one client got them over 200 grand. Some clients we're just getting five or ten grand. It's a little all over the board. So alright, now we could talk about accessing your retirement accounts. We could also talk about for those of you that had an SBA loan before this all started, that is an option. We could also talk about the employee. This is number nine and I've added to my eight. This is the employee retention tax credit and then there is the deferred tax payments and this is a whole other thing. So now there are 10 strategies that I'm trying to help my clients get. We can talk about any of these 10. The time is yours. Okay Aaron, this dues for you. Alright Aaron, S says I set up an S corp per your recommendation a few years ago. My fitness business pays the S Corp. Then the S corp pays me and my wife. How does the idl, IDEL and PPP loans work with my S Corp. I've already filled both out for the fitness business center. How does it work with the S Corp? Thanks. Okay, so this is a great question, Aaron. Aaron has a partnership. In accounting terms, we call it a PHP partnership. It's probably an llc and it is paying his S Corp. Now, I'm assuming, Aaron, that this LLC has its own ein. It is applying for the PPP based on the employees of the llc. You and your wife, I'm going to put husband and wife are the only employees of the S Corp. So, Aaron, now, I did this in my law firm and accounting firm. I can get a PPP in the law firm and then a PPP and my individual S Corp. They're two different businesses, so Aaron's allowed to do that. So, Aaron, you're going to get a PPP based on the salaries of you and your wife. You could also get an Eidl, which will give you two grand because you're the only two employees. So two employees, two grand under Eidl. Then we go apply for the PPP at the LLC level. We're going to add up all your employees payroll, plus health insurance, plus retirement accounts. And you said you already applied, so you're going to do this plus, plus, plus, take the total, divide it by 12, and then multiply it by 2.5. So there's that. Aaron, you're going to do the same thing over here. So you can do a PPP and an IDLE up here. You can do a PPP and an Idle down here. Just going to go through the same application. I got the application right here. Somewhere here. It's right here. Got my PPP application. It's two pages easy. Sham easy. So simple. You guys could do it. It's right here. This is the PPP application. Now you do the idle online@sba.gov they turned it off for now you do the PPP at a bank, and bankers are not accepting apps right now. I know it hurts, Don't. But you got to learn this because the money's going to come and you want to be ready in line to go when the money hits again. All right, next question. Then we're going to go to our live questions, people. We got live questions ready to go. Okay, this is Don R. I want to know where you guys are coming from. I don't know where Don's from. He says, hey, Mark, if I fill out the direct deposit on this website and me and my wife file jointly, do they figure that out and send two checks. One check or am I going to get check for me or something? Okay, Don, here's the deal for people. We're talking about stimulus checks now. Stimulus checks. And I just had a phone call with a client on the way here with my eating my donuts that got divorced last year. And so she's filing single. So she'll get $1,200 and then her husband will get $1,200 because he's going to file single. Now, if the IRS, if you don't file for 2019, they're going to go off what you filed in 2018. So, dawn, if you fill out direct deposit on the IRS website and they know that you're filing jointly, they're going to send you $2,400 to that one bank account. They're not going to send two different deposits or two different checks. If you file married, filing separate, then you could both put in different bank account info and they'll send $1,200 to each of you. But it you're going to get one check based on the facts you gave me of $2,400 to the shared bank account that you submitted. Last question, then we're going to you guys live. We have a lot of follow viewers right now. Are we cranking? I want to say all you thanks. Don't go anywhere. I'm here for you. We can talk about tax planning, but I know it's all stimulus package. All right, hold up. I'm going to come to Lisa in a minute. Alma G. Alma G. Says what to do if after inputting your information on the IRS website to track your stimulus check payment. And it says, according to information that we have on file, we cannot determine your eligibility for a payment at this time. What that means is, Alma, you probably haven't filed your 2019 tax return. If you're saying, hey, where's my stimulus check? The IRS is going, who are you? When's your last tax return? So, Alma, I'd make sure that your 2018 is filed properly and your 2019 is filed. I literally, I'm not kidding on the way over here for this client I just mentioned that's been divorced. We filed her 1040 today. She didn't have a lot of income. She went through divorce last year. There's some, you know, settlement stuff going on there. But her return was pretty simple. Filed it and we put in banking information with the irs. That way she'll get her check right away. So, Alma, if the IRS website cannot track you or they say they don't have enough information. You probably haven't filed your 19. Now, I don't know all the facts. If you say, yeah, I followed my 19, I would call the IRS and check on your 19 tax return. Now, the hold time is long right now. The IRS is train wreck, but that's okay. It's that way this time of year. Find out if your 19 return is even on the system. You should be able to log into the IRS now and see where your tax return is at as well. But I'd get filing. All right, I'm gonna eat a little chocolate donut while you tell me Lisa's question.

Lisa asked, I have not gotten my stimulus check. Some say if you owe back taxes, you won't get it. Is that true?

I was expecting a longer question. Lisa. Where's Lisa from? We don't know. All right, Lisa, this was a news coverage item on CNN last night. What Congress has asked is that if you have back taxes, student loans in arrears or even creditors that are garnishing your wages, they are trying to put a halt to all those collections and get your stimulus check to you. Now, I have to say that situation is in flux right now. That's what I'm seeing. Now, some of you watching this may have a better answer than me. I would love it if you have a link to any information on the IRS website or sba. It's going to be on the IRS website for this issue. I would love you to put a link out there. Just don't tell me what you think. Provide a little bit of documentation on the chat here below. But my current understanding is the IRS and Congress is trying to stop any collections from happening. They want that stimulus check to get out into the economy, not into the hands of creditors. And they want you to get that money so you'll go spend it and stimulate the economy. That's my current understanding and it is a little gray right now. I had a question from a client earlier today that said I have prior student loan debt. Are they going to nail that stimulus check for my student loan debt? My understanding is Congress is trying to prevent that. They want you to get the money. We'll see. If you see anything in the chat window, team, let me know.

Okay.

We got a question from William from Chicago. Thank you. We have a Chicago one on the line.

How does a no employee owner of an S Corp get assistant idle loan decline ppp.

Okay. He's a non employee owner.

No employee owner. So he doesn't have any employee and he has.

Okay, now, William and everybody listening. This is a problem. And this has happened with a lot of our clients or. Sorry. Well, people that are asking questions. I don't want my clients to have problems, but sometimes it does. We take a client. Now remember the trifecta. Let's do the trifecta. When I have a client, we generally want to make sure they have an LLC on the side over here for rental property. If they own rentals, their own home. If they own a home, it all is owned by the trust. Your trust owns all this. Then over here, you may have a day job or your spouse has a day job, and then you may have a sole proprietorship. But as you make more money, you're going to graduate into an S corp. Or you might have an LLC that we change into an S Corp. So this is very, very common for my clients. This is the operation side. This is the asset side. Any of you watching this that have seen me before, you know where I was going, okay? Now William says, I've got an S corp, I own it. All right? I'm going to assume he owns it 100%. And he says there's no employees. Now, that's no offense. That's odd because it tells me either the S Corp is making no money or Williams made some mistakes. Because when you own an S corp and it makes money, you are required to take a salary, which means you are an employee. So let me make up two or three assumptions to answer this question. We'll go on our next one. One, if the S Corp is making no money and there's no employees because you're not making money, you're not going to get much previously through this stimulus package, you're not going to get a ppp, you're not going to get an eidl. Now, moving forward, if you start making money this year, there's some other things in the stimulus package, and I brought this up a little earlier, there's this employee retention tax credit, which could be up to 5,000 once you start making money, William, you can pay yourself and get a credit for five grand up to the first 10,000 you pay yourself. That's new. That's good. You can do that later this year. But you got to make some money. So I'm going to say if William has no employees, it means he's not making money. You're going to have to wait for the employee retention tax credit later this year. You have until December, and you can get five grand for every 10,000 employee you have, which you'd be the first one. If you're making money last year and you didn't pay yourself a W2, you're going to have to create a 1099 to your own Schedule C and go apply as a sole proprietor for the PPP and the eidl. William, you need a consultation. Now, one thing I'm going to tell everybody, and this is not to be an infomercial. I want you to find a professional, someone you can trust and that's licensed to either a CPA or attorney or financial advisor that can sit down and go through the stimulus package and can break it down like this. I have five tax lawyers and three CPAs. We're doing calls in the evening and on Saturday. Very affordably to spend an hour with any client that wants it. Helps them with their strategy. Again, this is not an infomercial. Don't call us if you don't want it, but if you can't find anybody, check us out. William, you'd be a good candidate for a call because it's weird a little bit. You have an S corp, but no employees, which means you're not making money. So maybe there's no call at all. If anybody needs a consultation, this is our phone number, and you can talk to any of our schedulers. When you call the line and say, I need one of the tax lawyers, you might be out a week, but it's okay. This is going to be an ongoing deal for the next three months or so, so be patient. All right, next question. Eileen from Miami. I love it. Yep.

So she asked, I'm an independent contractor. So at 1099, what do I qualify for?

Okay, Eileen, very good question. She says, I'm an independent contractor, which means she's a sole proprietor. She can have an LLC. LLCs don't save taxes unless you tax it as an S corp. So Eileen is a sole proprietor, so she has her 1040 tax return. And there's this little schedule off to the side called the Schedule C. Schedule C. And when any of you get a 1099 driving Uber, Etsy, eBay, PayPal, Uber Eats, whatever. You're just driving. You're making money. You're a consultant, you're making 100 grand as a realtor, you're making five grand as an Uber driver or vice versa. I don't know, Eileen, if you're a 1099 employee, you can get some good stuff here. But the first thing you have to do is you have to file your 2019 tax return. Your 1099s come in everybody, when you go file for unemployment, if you are going to, as a small business owner or you're going to try to go get the PPP or the tax credit or whatever, you have to show up with your tax return because they don't know how much money you made. They don't care about your 1099.

They care about the net.

So what you're going to do is record all your income. You're going to put all your income in here from your 1099s, then you're going to write off all your expenses. And then whatever you net, that is what the PPP is based on. So if Eileen tells me, oh, mark, I netted 50, well, I'm going to do 40 grand because the math is easy for me. She says, oh, I made 40 grand last year. Okay, 40 grand divided by 12 times 2.5 is $8333. That is her PPP. I've done that math so much the last two weeks. That's her PPP. It's 8 grand. It's not bad. And there's other things we can do. But your question, this would be the first thing you do is do a ppp. That's what we want to worry about. Okay, next question.

Sonia from Maryland, if you get the PPP loan and still open for business, you will pay your staff from the PPP loan and the money you generate is basically the business money. Is that correct?

Okay. Sonya is a corporation and she. She has a PPP loan and she's still open for business. All right, so let's do the math here. But first, our special guest showed up and he is geared up for the coronavirus. Also, Matt, I brought this just for. There we go. We're in Idaho. We got Matt Source in here. I came.

I came prepared. I want to let you know that. That.

Yeah, I'm on you.

I had some, like, some symptoms, so.

No, you haven't. I shouldn't even joke about that. But you do have symptoms.

No.

All right, take that thing off so you can see that. Okay. This is Matt Sorenson. If you've been on entrepreneur.com, he is the guy that's had more articles than even me out. I don't know. He's staying up all night writing articles. You got to pull up a chair and help answer questions.

Okay?

We got a good one from Sonya down.

I just heard. That was a good one.

Yeah. Where's Sonya at again? Where's Sonya from Maryland? It's funny, Sonia, you bring that up because our own Matt Sorensen, my partner in the law firm. Not partner in life. Just that. That's not that. That's bad. You can have, you know, same sex partners, but we are just law partners. So. Yeah, just throwing that out. Just good. I say he's my partner. Can we see? Okay, we're good. We can do this when we need it. Bring it this way. Okay. All right. Our camera guys got us. All right, so Matt Sorensen went to Maryland University. Is it called University of Maryland or

Maryland University of Maryland School of Law? So, okay, yeah. What was her question?

I'm gonna bring it up. Do you want a donut? I got donuts too. We're live.

Yeah.

Okay. All right, so Sonia's question was, she's got an S corp. She has employees. Employees are EEs in kind of our world. But we'll go right here. Employees. Now she says, really? Her question is, how do I get this forgiven? I got my loan. And so we're hoping Sonya got her money. Right? That's what she's saying. I got my money. She's pretty lucky. In the last 10 days, since they opened the gates on the PPP, not a lot of people have seen their money and ran out today.

Yeah.

So Matt's kind of an expert on this forgiveness. So I'm gonna let Matt take control the way I'm gonna donut. But you just tell her. So let's say, let's just use an example. Let's say Sonya got 100 grand. She got 100 grand in her PPP loan. How, Matt, does she get that forgiven? And let's say she got the money yesterday. You have the power now.

Okay, this is awesome. Okay, so Sonya.

Uh huh.

Sonya. Okay, you've got eight weeks from yesterday. Okay, eight weeks. I like that.

It's pretty cool.

So now you want to track all of your payroll, all of your rent, any mortgage you may have in your business, that's like debt. And then also utilities. So those are the main three items. Now, most of it is going to be your payroll. And you would have qualified for $100,000 based on your payroll costs over the last year. So you should have a good amount of payroll, and that's what you're gonna do. Now. Timing is important. One thing with that, eight weeks, that's interesting, you gotta look at your payroll cycles. So when you get your PPP loan, that eight weeks starts clicking. So you've gotta track what are my payroll cycles for my employees, or even for yourself. You wanna try and squeeze in as many payrolls as you can. Into that eight week window. And it's going to be payroll.

You pay.

I had a question on that just even as I was coming over here from a client is what about the pay period was this time? But, but I don't pay it until next week. Well, it's when you pay it of when they're going to count it. So you want to track that. Those are the three items that you will track in terms of your forgiveness. Now at the end of eight weeks,

you got to put in a new application. See, there's really two phases. Well, there's kind of three phases. Phase one is getting the money and you gotta have an application for that, which we've shown them. I got it right here. Got your little PPP application right here. You got to get the money. Then number two, you got to spend it wisely. And you have to spend it as phase two. And you've got to spend it on this list here. Payroll, rent, interest on debt, utilities.

Don't spend it on anything else unless you're okay paying it back.

Yeah, yeah. And, and then what you want to do is make sure this adds up to the 100 grand. And, and the math is good. We're going to be back a lot in the next six to eight weeks. Giving you more specifics because you don't want to call us after the eight weeks and go, okay, how do I get it forgiven? You want to call us on week seven and go, okay, I've got, I've spent this much. What do I do with the last ten grand? You might even be able to put Money in your 401k and have it forgiven. There's a lot of strategies here.

Throw out some bonuses, bonuses, all sorts of things. Seriously, like if this money's gonna get forgiven, hook your employees up and yourself. Now you've got the 100,000 annual limitation. You can't get crazy for yourself or employees, so you gotta watch that.

Yep. And this phase three is you gotta get it forgiven. And we haven't even seen that application. And so banks are gonna come back to you and go, okay, here was your app, here's how much we gave you, how much you want forgiven, and then you're going to have to prove it. Now the banks want you to get it forgiven because they turn that in and the government pays them. Anything you don't get forgiven is 1% over a two year term. And the first six months are deferred payments, but you got, but the interest starts right now. The day you get the money, 1% not the end of the world. 1% per annum per year. I mean, it's like 0.00. That's whatever. Yeah.

Pretty good rates till you ever get on a loan.

That's the rate your mom or dad might give you, you know, if you're lucky. Yeah. All right, next question. What do we got?

My mom and dad gave me that rate.

I know, I know it's true. You want to donate? I got the do. I got the do.

I have Darren from Pennsylvania. Hi, guys. Any strategies for rental property owners?

Let's move on.

Oh, Darren, we got nothing but bad news for you. Well, there was the government giveth a strategy, and it was called the Eidl, the Economic Injury Disaster Loan. The government taketh that away. That happened just the last couple days. So there was a 10,000 immediate grant you used to be able to get. It would have qualified for those that had rentals.

Okay, I got one.

Okay, okay, that one's gone. Let me just say that the idol, the Eidl, is gone because they. They changed it on it because there are so many people that applied for it. The SBA had to come come back and say, we're only going to give the Eidl money. Economic Injury Disaster Loan, which include a 10,000 grant you didn't have to pay back. We're only going to do it to people that have payroll. And there's 1,000 per person on payroll up to 10.

And you should have seen it today. I got a text from a client. They shut it down. They're not even taking idle apps now. Yeah, it's crazy. Okay, now here's the strategy, though. Here's. I've got one now. Out of the 10 strategies, you have to remember, the stimulus package is to try to get people back to work. Now, it's a little crazy that they're ramping up unemployment because people are making more money on unemployment, so they're not going to want to go back to work until unemployment is over. It's crazy. Whatever. But this money is to get people back to work. They've kind of left the rental property owners out in the cold. And it's going to be a buying frenzy this fall with people that have to unload real estate that they may be stuck with. So I think we're going to see another active real estate market this fall that we haven't had in 10 years and since 07 08. Now, that's just my prediction. So I think buyers, you want to be ready to pounce on some deals maybe this fall. Now with that said, the idle Matt said the 10 grand is not there anymore. But here's another piece to it that you might like. There's an A and a B. The a is the 10 grand. It's gone. It's now 1,000 per employee and they even turned that off. But you have to apply for the A, get rejected. So once they turn on the website, you'll apply for it, but the A gets you in the front door and then you want to come over to the B. The B, you can get up to 200 grand without collateral. 2 million. It's the typical economic disaster loan you've seen out there for a hurricane or a fire in California or something like that. And you can get a loan, 3.75% interest, 30 year term and that you have to prove that you've been damaged because of the coronavirus. Now if your tenants quit paying, that sounds like damage to me. So if you feel like the rentals worth saving, you might want to go after this loan. You can't get it right now, but I think this will open up. I think it really will.

And that's a good deal. Of course now it's just straight debt, right? There's no forgiveness option on it, no grant part to it. So it is straight debt. But again if you're trying to weather the storm right now, you're financially affected, you've got equity in the property, you, you don't want to lose it. Of course, you know we're going to come back. I mean these are really good options to go get debt because we're already seeing the bank starting to tighten up on their lending themselves. Not to mention they're overwhelmed with these PPP loans that they are still processing even though the money's ran out. So this could be a really good option. And I like the 200 grand for those of you that might just need 200 grand for up to that amount at least in the short term to get you through because that requires no personal guarantee.

Now I've just got a text from a client too during this. We had a question earlier that are the stimulus checks going to be garnished by prior IRS debt, student loans? I saw an article last night on CNN that the government's trying to stop that. They don't want that to happen. But I just had a client said they got hit. You said you've seen somebody Aaron, on that?

Yeah, one of my buddies got it taken out. He had some IRS liens and they

said, sorry, you didn't get your 1200 did they give him a piece of it or they just kept the whole thing? Did they email him or what? How did he know?

He just called in because he was showing pending in the account and then went away.

Oh, okay. I'm gonna repeat that for those. Didn't hear it. He said his friend. This is Aaron Hollerman. He's gonna be here for our big. Did I say your last name wrong? I did. No, you did. Okay, good.

Oh, my gosh.

You kind of look like you say Mark. All right, Aaron. He's our marketing director and play so many different roles in our directed trust company this weekend. There's a little side note, little plug. We're starting tomorrow at noon. We're doing a day and a half live virtual stream from right here. We're going to have props for every scene. It's going to be good. We got some good stuff. And we're talking about self directing IRAs 401ks. We're going to do a full stimulus bill update on Saturday morning. It's 99 bucks. And now it's a lot of work to prepare for it and to be here for a day and a half. We're doing little Q&As like this for free. But if you can invest $99 this weekend, it's fully recorded. You get a workbook and it's going to kick butt. And if you do come out to Idaho, you can join us live and I will buy you a donut. Yeah. And maybe some diet.

Yeah. For the first 10 people because then there's no more.

Yeah. Okay, so, so. But that's this weekend. Now if you want to sign up for that webinar this weekend or virtual broadcast. It's not even. I mean, it's here. We're going to be on the whiteboard the whole time. Go to either the KQS lawyers website, the markjkohler.com website, the SDIRA handbook website. You can sign up at any of those locations and tomorrow morning we'll be sending you a zoom link and you'll be good to go. All right. Now, what Aaron said is his friend had the stimulus check, why your picture pending in his bank account and then it disappeared and they took it for an IRS lien. So not good. All right, well, next question was Roberta. Oh, do you want a rock star? It's cold. You can have it if you want. You don't have to. I do. It is cold. Okay. Roberta in Utah.

So question. If an international family, only one son is American and they work legally and pay Taxes. And they. Yeah, and they file taxes. Would they be able to receive the stimulus check?

I've got this in my article too. If you're a. Wow. Okay, so if you're. They. Are they. If they have a green card resident alien paying tax with a Social Security number, I would think they're going to get. But I'm going to pontificate. I've got to look that up. Maybe one of our people here. Aaron, while you're here, would you look that up? See if a non citizen can get the stimulus check. Depending on if they have a social non resident alien green card. Where the line is drawn. I don't know. Do you know?

I do not know.

Okay. Aaron's gonna find the answer for us, Roberta. Okay. Jose in. All right. Jose, have you been to BUC EE's? I gotta know. Okay, better point that down below. Jason over here went to Buc EE's three weeks ago. Brought me back some nuggets. What do they call them? Beaver nuggets. Oh, so good. I've got a coronavirus 10 pound gain problem. And beaver nuggets were part of that. Okay. All right. Keep going.

Quarantine 15.

Yeah, the quarantine 15. Is that what it is?

That's what it is.

I hope it's not 15. I want to quarantine 10. All right. Okay. Jose in Texas,

I make 10K as a 1099 last year and got hired part time. I am part time right now. I also registered my single member LLC last year. Have not heard back from Eidl. The bank told me PPP was not for me and I didn't receive the stimulus check. What should I do?

Not boy. Anything else, Jose? World peace. You want the cure for coronavirus too? Anything else?

That sounded like a strikeout, right?

Oh, okay. Okay. If you have a 10 grand 1099. Jose is going to file, like we've talked about earlier, a schedule C. He's going to have income of ten grand. Write off all of his expenses with ten grand. Jose, I'm going to whittle that down to zero. Because cell phone, auto, home office, travel, dining, blah, blah, blah. I'm going to wipe that out. And that's okay. That 10 grand becomes tax free. The problem is, is it's not going to make you a candidate for a ppp. You're not an employee, so you're not going to get the Eidl.

Let's say this. Let's say if you had zero expenses, you know, let's say you had 10,000 net. All right? Would you still take 10,000 net on your 2019 return. And what is that? Two and a half times payroll of

a thousand a month?

Of less than a thousand a month. You know, your, your PPP loan is going to be maybe $1,500. Well, if you did. Yeah, if you did a thousand.

Yeah, if we did a thousand, we're looking at 2,500 approximately. It's probably going to be about 2,000.

Maybe a couple thousand bucks. Yeah, let's say a couple thousand bucks. A bank is not excited to write a PPP loan for 2000 bucks. So when the bank tells you it's not for you, it's kind of not. I mean, 2000 is good, but that's assuming you had zero expense. So if you, so if you had half this, you know, your PPP would maybe been a thousand bucks.

And you're going to lose money because let's say you take the ten grand as profit. You gotta have one of these. If you take that 10 grand as profit, you gotta pay FICA on it. That's 15.3. So you're gonna have 1500 in self employment tax. Now where's Jose? In Texas. So no state tax, but he's gonna have fed. He's probably gonna be out another 10% at least. You're gonna spend 2,000 in taxes to get a PPP of 2 grand? It's not worth it. Now there are other pieces. They're good, huh? There are other. Well, there are other pieces to the stimulus package you might be able to get later in the year if you start making some good money later in the year. Stay in touch. And you know, on that note, I want to tell everybody, sign up for the weekly newsletter. Also hit the bell icon on YouTube. Whenever we go live, you'll get a ping. But if you sign up for the newsletter, Jose, every week we're giving you tips, deadlines, little videos, little clips to keep you up to date. Because if you get out there and you make 100 grand with that 1099, we could do a lot to help you even with the stimulus package. But you got to get out, make some money.

All right, well, on the stimulus check though, Jose should still get the stimulus check. Yeah, because that's one you haven't received yet. But did you file 2019 yet? Have you filed for 18? So if you're not on the IRS system, you have a file filed yet, you know, you might have a problem. Now there is. Mark's been sharing the link where you can go to put in your information to get the stimulus check. But let's presume you filed 19. The IRS has your bank account information because you've got a prior refund or you've paid tax. That way, you know, you'll be coming through. People are cycling through and getting their payments. Just because all your friends and you've seen everybody on Facebook say they got, you know, or whatever social media that they got, they're paid. Not everybody's got paid yet. So that's still cycling through.

Yeah. And on. I would say this, too. Just because you didn't get your stimulus check means you're not going to get it. They only sent out in phase one, the checks to people where they have banking information. So, Jose, if you owed last time you wrote a check to the irs, you don't have a bank account on file with the irs. You only do that if you have a refund. So you may want to file your 19 right away. And check checks are supposed to be mailed within the next two months. So I. On the article that all you have in the link there with the 10 strategies, there's a link on where you can go to the IRS and update your banking info. Maybe go there, see if you can pull it off.

You know that donut. I mean, the calories right here, three little donuts. 240 calories.

I don't count calories. Look at this. But you're making up for it because calories, 10.

I know. That's why when you offered me that, I was more interested.

So you're allowed the donut because this is only 10 calories.

That's how you fight the quarantine 15.

Joyce and Salt Lake. Right?

Right.

Okay.

My annual salary increase is deferred. Does that make us eligible to withdraw 140k from my husband's IRA account without penalty?

Whoa.

I like it. An IRA question for Mr. Sorensen. Start that over. So if I got it. You got the answer. Okay. You freaking go for it, dude. Okay. All right. I mean, I kind of didn't get it.

I got it on the first take. Okay, Joyce. So, okay. Spouse.

Put it in English for all of us.

Okay. So there's a new rule that allows you get it.

I know. If you touch too much, you gotta go there and then hit black again. Don't let your hand hit it. There you go.

I'm a rookie here.

Okay. Okay.

I got. I got some assistance.

Okay.

100,000 is the max you can take. So now this is a new distribution rule that came from the CARES act on March 27th. That said you can take up to 100,000 from an IRA.

You're good.

Okay. Do you want to be my scribe? Because IRA or 401K.

All right.

So you can take a distribution up to 100 grand. Now, there's no early withdrawal penalty of 10%. You used to have an early withdrawal penalty if you pull money out early from your retirement account. But because of all this havoc that's gone on financially for everyone, they've said you can pull out up to 100 grand, no penalty. You can pay the tax over three years and you can even put the money back in within three years and pay no tax and keep the money in your retirement account. So they gave a lot of people options really, to access money out of their Iraq IRA or 401k. Now, there is a qualification rule for this. And this got to. Was it Joyce got to her question, which was do we qualify? My husband's salary has been reduced. Okay, here's the qualification. You've been financially affected and you live in a state that has a stay at home or shelter in place order or the city you're in or you have, you have a dependent child that's, that's at home because their school's been closed. You have to care for or you've, you know, you are a spouse or dependent has unfortunately had two for at

least two of those.

But the easy one is, I mean, I think we have 43, 44 states that have shelter in place or stay at home orders, and the few that don't. Most of the big cities in those states have instituted stay at home or shelter in place. So most Americans qualify automatically. You're probably only pulling this money if you're financially affected anyways. And there's no demonstration. You have to show to your retirement account administrator that you qualify. You self certify that you're financially affected and that you need the money.

Okay, now just give you a little teaser tomorrow and Saturday when we're talking about this. We've got a Roth conversion payback strategy, or what could we call it? The backdoor Roth conversion stimulus strategy. We got to come up with something really cool. Yeah, it's going to be good. Yeah. So if you want to do some Roth converting, we're going to hit it this weekend. Okay. Is this Jennifer, my wife, saying where are you?

She also wants to know where she's from, though. Jennifer, she said that I earned over 200,000. Yeah. In 2018. So I would not qualify based on that return. I am currently working on my 2019 return. Will they consider 2019 if I get it in before July 15th?

Yes. In fact, the stimulus checks are supposed to go out throughout the year. The statute says they have the entire year to get the checks out. So theoretically, Jennifer, if you file your 19 even up until October 14th, with an extension, you have until October, actually, your income is under the threshold, and you're eligible. Then I'm looking over here at Jennifer's whiteboard instead of her. Jennifer. Jennifer, if you qualify after you file your 19 return, you can still get that stimulus check up until December 31st. How they're treating the stimulus check is an advance on your 2019? No, sorry. They're treating it as an overpayment on your 2019 return. So if you qualify, it's like they threw in two grand of tax paid in on your behalf. So if you actually owe on your tax return, the amount you owe would go down or you're going to get the stimulus check. But the main thing is, is, Jennifer, you're on it. File your freaking return. Get in there, get your 19 done. And if you qualify, sooner the better. If you don't qualify, who the heck cares? So there you go. All right. Troy in the OC

Troy asked if I take out the 100k from my 401k for a down payment on a house. Well, the tax benefits of buying a home offset the taxes from taking out out of the 401k.

You got all sorts of options, Troy. Okay, we got option one and two. Which one you want?

I'll take door number two.

Door number two. Matt's gonna take door number two, and he doesn't know what door number two is, so I'm gonna say door number one is this.

I think I just got.

You just got screwed.

Just got sharked.

Okay. I will actually be nice to Matt here and let him talk about something new. I'm gonna repeat what Matt said to Joyce just a moment ago. Troy, Option one is if you do a distribution, you're going to pay tax over three years. And you want to do the math on that. I don't know what it's going to be. Are you going to take a full hundred grand? Are you going to take 50? And then you. I don't know what tax bracket you're on. So you could get with your accountant and run the numbers, you know, find out what you think you're going to owe, divide it by three, and there's your tax bill. Then I've got to look at the other side of the equation and say, what is this? House really going to get me and write offs. You're in California. The state tax deduction sucks. Mortgage interest has now been reduced on the amount of mortgage you can have and deduct interest. So you may not be getting as much bang for you your buck as you think in buying a home. You'll get something, but we don't know yet. It depends on your bracket, how much the home is, how much your mortgage is. So a little bit of math with your accountant, within an hour or less, you should be able to find out what the savings would be versus what the cost and the tax would be. I'm going to go out on a limb and say I don't think the cost of the home and the mortgage interest deduction is going to be enough to offset the tax on this. Yeah. No way.

Yeah. Because in order to do that, you'd have to have a big home with a big mortgage. And that's been limited now as of the last tax reform that we had. Because what, a mortgage of a million bucks or more on a home, which you know is modest. House in Orange County.

Yeah. Yeah, that's a mobile home in Orange County.

So, I mean, like, maybe it's like, got some nice double wide, some nice parking.

Parking. It could be near the beach. Dana Point's got a good mobile home park right down there.

They really do.

It's nice beach access. Okay. You know, there's a third strategy here. I'll bring this one up after Matt. Store number three.

Let me give a thought though, on that. Besides the tax.

Okay.

Is it's gonna. It's turning a little bit into a buyer's market in the real estate world. And so this could be the year to buy. If you've been waiting to shop, if you've been waiting to buy, there's two great things for buyers right now. Let's say you're still in a good position financially. You've got your job, your business is doing okay. You're not getting torn apart right now like a lot of people. You could be taking advantage of the situation from a financial jerk. Rates are low.

Okay.

Rates are low.

Look at rates are low. Buyer's market pricing's down.

You're gonna get something better than you would have two months ago. That's for nature. And you can't have access to this money. If you need a little bit to maybe avoid some mortgage insurance that you might have otherwise had to pay to get some down payment. And don't worry too much about the tax. I think that's like That'll be nominal here because of the reasons Mark pointed out.

Yeah, the three year deferrals. Be nice. Now let's come to. Now since you talked about one, I get two. Now you freaking.

I added a rider.

Yeah, you ridered one. So now I get first take on two. Okay, two is.

I don't even know what two is.

I think two is better. Troy. Borrow from your 401k.

I like that. Good call.

Okay, you can borrow from the 401k up to the same freaking amount. Prime plus one or is it just

prime prime plus two?

Prime plus two.

Prime's about three and a quarter.

Yeah. And check this out. You're paying interest to yourself.

Yeah.

That interest is going back into your 401k tax free. And the interest on the 100 grand is going to be a lot cheaper than the tax on the 100 grand. Plus you're going to get that money back into your 401k over the same time period. I don't know if I could write that 401k money off. But you know what, if you use that hundred grand as the down payment, it's purchase money. It'd be interest. Well, you can only write off the first mortgage. I don't know. Do you think we could get the mortgage interest deduction on this?

On a loan from the 401k?

Yeah. I don't know. You in the good old days you could because we call it a second. Yeah, but you can't do that now. But if it's for the purchase.

Yeah.

You might be able to get that. Yeah, you might even be able to deduct the interest, let alone pay it back yourself tax free. Okay. So that's the borrow. Anything you'd want to add on that?

I think you're right. That is a better option option. And this is sacred money. Yeah, that's sacred money. Now you have to get this back in or it is considered a distribution.

Five.

But yeah, you get, you've got five years and. But there's no tax. So like an option one with the distribution, you would have had tax in next year. Here you're kicking it out for five years.

Oh, it'd be a major difference. Now you're saying, and this hundred thousand.

So the old rule was you could take half, half the balance of your 401k not to exceed 50,000. Now under the stimulus act, the CARES act, you could take 100% of the balance not to exceed 100,000. So if you only had $110,000, 401k, you could take 100 grand out right now under this loan, whereas two months ago you could take 50.

Yeah, I love this. And now this is an important side note. And I know many of you watching today, you're watching because you're in some financial pain. You need some answers. The funny part is funny. The ironic part is we've got a lot of clients that have built up some reserves and they've been waiting for this day. And I say that not to be mean or bad or unethical, but this is what Warren Buffett did in 2008. Nine, the market crashed. He bought $1 billion worth of real estate. Boom. He's like, I was waiting. You know, it's buyer's market. And so we've got a lot of strategies with the stimulus package, help the wealthy as well as those that are struggling. So it's good stuff. Okay, now number three, I'm gonna blow it up. Troy, forget buying your own house. You're in Orange County. I lived in Orange County. It was cheaper to rent and buy a rental property in the Midwest and make money on that hundred grand. You're freaking, what kind of house are you Gonna buy for 100 grand? You're looking at a jumbo loan. You're gonna have to put down 20%. Freaking. Maybe a mill. It's bare minimum. I don't know where you're going to buy. And so freaking use that 100 grand and go buy a rental property. Now, when you borrow from the 401k, that interest is a deduction to go out and buy a rental property. That's going to create cash flow. And that cash flow will pay your rent in Orange County. You see that? Buy a rental, create cash flow. Pay your rent to live in Orange county and build equity in a rental for when you leave Pen drop. Yeah, there you go.

There's a fourth option, though.

Oh, okay.

There's a fourth option. Just because we're talking about real estate now,

it's okay.

All right, okay. Option four.

Okay.

Now take the. The 401k, move it to a self directed IRA that can buy real estate as an investment. Just like your IRA can own stocks or mutual funds. You can have an ira. That's what directed IRA or company does that owns real estate directly. Now you're building up that retirement account in real estate. Now, if you're like, well, I'm looking for a home, Matt, that didn't help me. I'm just giving you an idea care of how to build your retirement account and grow it, because what can you do with that retirement account? You can come back and still borrow cash from it. You can borrow the cash out from the 401ks. You're building up your real estate assets in there. If you believe real estate's a good buy right now because of things happening in the market, that could be a way to use your available cash.

The trick is this.

Tonight.

Yeah. When you do this, you got to go up high and that'll.

I was wondering why you were looked so. I mean it does look a little.

I do look dorky, but I've screwed this up. Logan knows.

Okay now.

And on this note, this little llc. Hey, Troy. Little you know, side note, don't buy a frickin house in Orange County. I couldn't live in Orange county as a self respecting tax lawyer and pay 50% taxes and living there and the cost of living, property taxes. You know what I'm saying? Aaron? Huh? We got him into Phoenix. You're already out of California.

We still have a residence there.

What the heck? Are you living in Arizona though?

No, not yet.

You're still commuting? Yes. Oh my gosh. So yeah, Aaron. Yeah, he's trying to get out of OC too. Yeah, it's a buyer's market. Good move. Too long, bud. Okay, sorry. Okay. John. Where's John from? Texas. Another Texas Bucky visitor.

Also Jose from earlier said Buc ee's Rocks.

Oh, sweet. Jose has been to Buc ee's at Rocks. Man.

Don't encourage him.

I know barbecue at Buc EE's right now.

Anyway, so John asked.

Okay, hold. It's a Texas question. All right, Texas question. The hat goes on.

I have an escort with me and my spouse as employees. Can the ERC apply to both myself and my spouse pay as employees? Can I also.

Hello. Does the what apply to Eidl, the

ERC Employer Retention Credit.

Okay, keep going.

Apply to go. My son, My spouse. Okay. Also, can I take the Family Medical Leave act at the same time or after my wife's time is used up?

Oh my gosh, John, I love your questions and you're a perfect candidate for a consult. I'm excited about it because I love the Family Medical Leave Act. Emergency sick pay. And then you're going to try to throw the employee retention credit on top of that. Plus we could defer taxes. You got the stimulus check. There's five. Now here's the thing. You cannot do the PPP and the employee retention tax credit and the payroll deferral. So you have to choose one of the two or one or the two. So I'm going to give two examples. I think you're like this. This is a new strategy I've been brewing on. Okay, all right. Sorry, I spit all over there. I got excited. Okay, strategy number one. Now this is good, everybody. Strategy number two. Where are we at on time? Okay, we got about five or ten minutes. Okay, strategy number one. Let's say you're making 100 grand or more husband and wife s corp and we're doing payroll. I am going to say 100 to 200 grand. You're doing pretty well in your S corp. I'm not going to do the math here, but you're going to have, both of you are going to have W2s. You're going to probably have a 401k off to the side that you've been funding. And we're going to go PPP all the way and then we're going to talk about maybe unemployment for one of the spouses. We're going to talk about emergency paid sick leave. We're going to hit fmla. We're going to get idle for two grand. I mean, we're going to pop four or five strategies in on this. That's number one. Now what I'm seeing is those clients that are like, Mark, yeah, I'm, you know, I'll be good to make 80 to 100 grand and it's just me, you know, I may just be me and I've got, you know, her husband and wife even. But we're going to make 60 to 80 grand and our W2 might be 30 to 40,000. Well, at that level, your PPP is going to be $8,000 or less. It's not going to look good and I don't want to go for that. What I want to do is get the employee retention tax credit, which is going to be $5,000 per person. So I'm already at 10 grand right there. Plus you could defer the payroll taxes for up to two years and I could still go get the emergency paid sick leave for maybe one of the spouses or the fmla. So I can do. But if I do the. But you're not going to do the ppp. So what we're seeing is this line in the sand that if you're. And I don't know where the number is yet, but I'm feeling it's like 40 grand that if you're making less than 40k, skip the PPP, go over here and get this tax credit of 5 grand per employee. And you can play with that all year long. And if some of you are saying, well, I'm an LLC right now, I'm not even an employee, well, we can retroactively make that s election later in the year. So, John, this is where a little strategic planning with your advisor or one of our tax lawyers. I think we could get you 10 to 20 grand in some unique ways. And you don't even go down the PPP aisle. I like that.

That makes a lot of sense. I've been reading the this ERC stuff from Mark J. Kohler, so I'm getting up to speed on this one. This is. It's true, like in Mark's last article, he talked about how PPP was the hot topic and everyone went down on it fast to go get it, which was great. But for a lot of people that aren't going to get PPP or don't have a big payroll, it's not going to help you much. And ERC is going to be a better bet to get. There's no funding cap on it. And for those that are in that little sweet spot there, that income level, I think that's right around 40 is where it does look right from the numbers.

I think we'll see how that plays out. Okay, couple more questions. Who we got Gerald from?

I don't know.

Okay.

He says, as I understand it, the stimulus check is in advance on next year's return. Is that the case?

No, Gerald, my understand we had a conference with the AICPA at a nationwide webinar last week. That's the Associate Independent American American Institute of Certified Public Accountants, aicpa. I'm a member of it. I pay him dues. I should freaking know what it stands for anyway. Okay, okay. AICPA and all the accountants and CPAs and attorneys I'm talking with, and until I learn otherwise, it is actually being treated as an overpayment on your 2019 tax return. Now, that makes it easy for the IRS to account for it because they're just saying, hey, it's an overpayment. There's your money. Now, what you're right about, Gerald, is if anybody received it and they weren't supposed to, they're going to make up for it on the 2020 tax return. You're going to have to pay it back. And they didn't want to go back and fiddle with the 19 forms because they're already out there. So. But if you receive it and you were supposed to receive it in 19, you're done. It's not going to show up on your 2020 return at all. If you got it and you were supposed to, you're going to deal with it on 2020. All right, is this our last question, then? We're going to give away a book here. Okay.

All right, so I have two last questions. First one is from Hassan.

I think it's Hassan.

Hasan, come on.

Sorry, I pronounce it wrong. If my PPP loan is approved but not funded yet, does this mean that I'm not getting funded if the money ran out? I got approved a week ago.

Okay, that's. That may be you. Yeah.

If you got SBA approval, my understanding was the money was getting allocated at sba. And so because we've even seen some. Some money getting funded today, you know, and stuff, I've talked to clients. So if you are approved through SBA with your bank, that doesn't mean you turn in your application. There's an actual approval that the bank submits to your loan to get. Get you in the SBA system that once they get the approval, they start doing the docs. Now, a lot of the banks were hustling. They weren't worrying about funding loans, quite honestly. They knew that this thing was ticking, so they were trying as many approvals in on their applications as they could. So you're likely okay so long as your bank really did get SBA approval on your loan, not internal bank. We think your application looks good. Like they got the SBA approval.

Yeah. And I'll just try to write it with a little diagram. Here is you apply, the bank says everything's in order, we submit it to SBA and they allocate part of that 350 billion to you. So what they were reporting in the news today, they were saying the money's gone, meaning we've allocated it.

Yep.

It doesn't mean that we've sent it out yet, but everybody that's going to get. That's been approved is going to get it. Now. The thing that makes me concerned, Hasan, is if your bank says you were approved a week ago, we have. We've had a lot of clients that the bank comes back. Yeah, there was a problem. They could be full of crap. And because if they waited a week to print docs, that's a little odd, too.

Yeah. The only caveat I would say is that I think a lot of the banks got got smart, quite honestly, with just worried about this and just worried about getting the spirit approval for as many people as they can. Some that some of the businesses were Dying like, they had payroll going out the next day. Right. They were pushing for the loan to fund some businesses. Like, I just want to get my application approved. Frankly, my employees are sitting at home doing nothing right now. I don't want to bring them back. You know, let's fund this later.

So, yeah, I'm going to amend that and say there's four things. You apply, you submit, it gets approved. Yeah, yeah, we got approved by sba. That's three. Then they're gonna prep loan docs as four. Then you're gonna get the money. Now, if they say you're approved, you're at phase three. I would be bugging the bank going, when do I get my loan docs? And we're gonna find out really, Hasan, if they have their crap together, because that's what you want to sign. We had clients, and in fact, one of our PPPs, we got money within the same day of signing loan docs. So that money comes quick once you sign.

Last question is from Jonathan. Is the SDIRA summit tomorrow available to replay anytime as I sign up, but I cannot attend live. Thank you, guys.

Excellent question.

Yes.

The answer is yes. It will be recorded, so. And you can come back and watch it as many times as you want. Have access to all the materials, so. So come for even the parts you want. And it's sdirasummit.com Is it two M's? One M. Two M's.

Two M's. One T. Yep. I never know if it's two T's or two M's. I know.

I went to college. Dot com. Yeah. Dot com, mark went to college for like 10 years.

Yeah. I got dumber as I went to more dumb.

Dumber.

It was dumber. A word. Yeah.

Oh, yeah. Price. You gotta walk it in today, though. Pricing up tomorrow. So it's 99 bucks. If you buy tomorrow, it's 199.

That's a good pressure move. Okay, 99 bucks. By midnight tonight? Yeah, by midnight tonight. Then you can get in recorded, watch a part of it, watch it later. Get the workbook. Q and A stimulus update. Invite your friends and family over. Have a big party on Saturday. We'd love to see you. We'll be right here next to each other. I'm going to shower tomorrow, so it's not as bad.

I was gonna ask

everybody summit. Oh, I've also got my quarantine special that I am holding until every Stay in place. What's it called when you're living Shelter in place. Stay in place.

They call it Stay at home in Arizona.

Oh, okay.

You know our governor not shelter in place is a little too aggressive.

Yeah, if it was like 110 degrees in Arizona, it'd be like we're staying home anyway. Okay. But okay, as long as there's a shelter in place somewhere in the country. I'm doing my 90% off quarantine special after off all my education. So all my digital videos and books and audiobooks. 99 bucks. And I only do it for the cyber Monday in the fall once a year. But I'm leaving it on during this. I want you to study at home. Use this time wisely. Keep learning. And I'm shooting videos as much as I can to update those and just keep them rolling. It's a lifetime membership. You never get hit again. And subscribe on YouTube and like us on Facebook and we'll be back and every Thursday at 4 o' clock until the shelter in place is over.

Aaron, let's talk about the alien status.

Alien. Oh, Aaron got an answer for us. Who was that? What was their first name? Roberta. From where do we remember? Utah. Roberta and Utah. Okay, Aaron.

So resident alien. So you have to be either a US citizen or a resident alien. And the definition of a resident alien is the green card test or the substantial presence test. And that's both on the IRS website. The substantial presence test is the one like the 31 days. 183 days I believe if I look it up real quick.

And then you should get the stimulus pack.

And you need to have a Social Security number as part of that resident alien status. Okay. But if you're a non resident alien and not a US citizen, doesn't apply.

Okay. Yeah. Okay. And you need a Social Security number. And in my article I give some links where you can go to the irs, update your information, your banking information. The IRS doesn't want to mail checks. It is a lot cheaper for them to do a wire transfer. So they want you to go there and update your info. So. Well, my name is Mark Kohler. We're here every week trying to answer questions to live better. Live your American dream. Small business. Love it. Oh, I got to sign a book. You got me that pen? You know what we're going to do today? We are going to give away. Oh yeah, Matt Sorenson's book.

That's a great book.

And I will sign it for you.

Oh, it's usually worth 20, 20 bucks. It's now worth 15.

Okay. Matt Storns is gonna. We gotta date it. It is the 16th, 4, 1620? Yeah. Okay, you can sign it too. Did it run out of ink? Oh, sorry. Okay, so this is even worth more now on ebay. This is a self directed IR handbook, second edition, for everybody that shares this. Rosalie in the morning, looks at all the shares. She hand writes all of your names on a piece of paper, goes around the office, finds Logan, and he pulls out a name out of a hat. And you will win this book. Then she will contact you, get your mailing information, and you'll receive this free if you cannot sleep at any moment. No, I wouldn't say that. My books, though, they really keep you awake. They're really good. You can get those on Amazon. Okay, everybody. Thanks, everybody. We'll see you this weekend for the summit. Be here. See you later. Good luck.