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Speaker 1: Hi, This is new because of the coronavirus. I am

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Speaker 1: currently staying at home in Rome, where my wife serves

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Speaker 1: as the United States Ambassador of the Holy See. She's

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Speaker 1: leading the embassy in dealing with all the different changes

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Speaker 1: being brought about by the pandemic. To bring you this

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Speaker 1: episode this week, I'm recording from my home, so you

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Speaker 1: may notice a difference in audio quality. This is a

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Speaker 1: special edition of News World. There are so many people,

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Speaker 1: particularly small business operators and independent employees, who are really

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Speaker 1: concerned to want to know exactly what has Congress passed

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Speaker 1: and exactly what kind of help is going to be available.

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Speaker 1: I was thrilled because we were able to have a

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Speaker 1: Lane Parker from the Job Creator's Network who really knows

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Speaker 1: so much. She's the president of the Jobs Creator's Networks Foundation.

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Speaker 1: And if you have friends who are running a small business,

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Speaker 1: or people who are self employed, or who are gig workers,

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Speaker 1: you may want to tell them about this particular interview

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Speaker 1: because I think it really answers a lot of questions

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Speaker 1: in a very practical way. Elaine Parker, president of the

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Speaker 1: Job Creators Network Foundation. Let me say that I work

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Speaker 1: regularly with the Job Creators Network. They do an amazing

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Speaker 1: job of representing small business in this country and have

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Speaker 1: had a big impact on the Trump administration. Could you

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Speaker 1: talk to us a little bit of Lane about your

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Speaker 1: view on the whole coronavirus and the economy and the

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Speaker 1: way that from a small business standpoint, we're currently dealing

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Speaker 1: with it. Well, thanks for having me, Nut. The coronavirus

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Speaker 1: has just really taken a toll on the small business community.

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Speaker 1: As you know, there's thirty million small business owners out

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Speaker 1: there and they employ sixty million people. That's roughly half

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Speaker 1: our workforce. And what we're seeing is this hidden enemy

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Speaker 1: just in the last month or so, really put us

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Speaker 1: in a position where government is actually being forced to

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Speaker 1: close businesses for health safety reasons, and unfortunately that is

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Speaker 1: putting businesses at risk of having to close their doors

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Speaker 1: and lay employees off. And while small business for the

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Speaker 1: last three or four years has been on the forefront

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Speaker 1: of driving the success of this economy, they're now on

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Speaker 1: the forefront of being the most damaged by this virus

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Speaker 1: from an economic standpoint. And so we're hearing on a

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Speaker 1: daily basis from our members telling us what they need

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Speaker 1: in the way of relief and support and essentially a lifeline,

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Speaker 1: but they're also asking us for information as quickly as

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Speaker 1: we can get it. How do they find relief? Where

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Speaker 1: do they go for that relief? What is coming down

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Speaker 1: the pike? And so the Cares Act that the President

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Speaker 1: signed in to law just one week go provides a

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Speaker 1: program called the Paycheck Protection Program, which is going to

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Speaker 1: really provide a lifeline to keep businesses going and their

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Speaker 1: employees paid during this crisis. Could you lay out for

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Speaker 1: a typical small business the benefits of the Paycheck Protection Program?

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Speaker 1: So the Paycheck Protection Program, which I call a lifeline

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Speaker 1: for these employers and their employees, provides forgivable loans to

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Speaker 1: any business with five hundred employees or less. And what

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Speaker 1: they've done is provided a carve out for the restaurant

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Speaker 1: and hotel companies that actually have fewer than five hundred

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Speaker 1: employees per physical location. So if you've got like a

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Speaker 1: franchise or a hotelier that has multiple locations and their

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Speaker 1: overall workforce exceeds five hundred, as long as a physical

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Speaker 1: location doesn't exceed five hundred, those companies can also apply

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Speaker 1: for these forgivable loans. The amount of the forgivable loan

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Speaker 1: that any small business is eligible to borrow is two

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Speaker 1: hundred and fifty percent of their average monthly payroll expenses

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Speaker 1: up to ten million dollars and any compensation that's over

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Speaker 1: an annual salary of one hundred thousand dollars is excluded

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Speaker 1: in that. But these forgivable loans can be used for payroll, interest,

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Speaker 1: expenses on mortgages, rent payments, leases, and utilities, and it

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Speaker 1: can be used for an eight week period of expenses

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Speaker 1: back dated to February fifteenth through June thirtieth, any eight

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Speaker 1: weeks in that period. So let me ask you a

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Speaker 1: per second. You use the term forgivable loans, and one

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Speaker 1: way are they forgivable? They basically turn into grants. So

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Speaker 1: if we got the loan, under what circumstances to become

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Speaker 1: a grant and under what circumstances is it a loan

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Speaker 1: that has to be replated. The requirement for it to

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Speaker 1: turn into a grant is that you retain your payroll,

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Speaker 1: you retain your employees, and if you lay off any employees,

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Speaker 1: the forgiveness amount will be reduced by the percent decrea

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Speaker 1: in the number of employees. So let me give you

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Speaker 1: an example. If gain Bridge Production has, for example, ten employees,

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Speaker 1: and you lay off one person, then ninety percent of

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Speaker 1: that loan will be forgiven and ten percent will have

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Speaker 1: to be paid back. Also, if your total payroll expenses

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Speaker 1: decrease by more than twenty five percent, then loan forgiveness

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Speaker 1: will be reduced by that same amount. And if you've

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Speaker 1: already laid off any employees, you can still be forgiven

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Speaker 1: for that amount if you rehire those employees by June thirtieth.

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Speaker 1: This is really an effort to create a full employment

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Speaker 1: bridge to help people maximize the number of people who

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Speaker 1: are at work between now and the time we defeat

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Speaker 1: the virus. It's actually a perfect description. It's a bridge

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Speaker 1: to help us get back to where we were before,

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Speaker 1: and that's an excellent term for it. We really think

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Speaker 1: a job Creator's network that it's a much better investment

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Speaker 1: of taxpayer dollars to provide this bridge, this lifeline to

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Speaker 1: small businesses and their employees and keep them employed attached

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Speaker 1: to those businesses versus putting them on unemployment insurance. Because

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Speaker 1: when we are ready, when we kill this virus and

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Speaker 1: these employees are ready to go back to work and

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Speaker 1: these companies are ready to reopen, it's going to be

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Speaker 1: a much faster startup. If they're already engaged with their employers,

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Speaker 1: that's great. So we talk about small business with employees.

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Speaker 1: What if you're an independent contractor or a gig employee,

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Speaker 1: how does the Act apply to you. So the wonderful

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Speaker 1: thing about this paycheck protection program and something we were

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Speaker 1: really fighting for, because gig employees independent contractors some people

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Speaker 1: call them ten ninety nine contractors, they are included in

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Speaker 1: this Act and can apply for the program starting today.

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Speaker 1: Small businesses with employees, LLCs, s corps, anybody who has

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Speaker 1: employees can apply today through their banks. Any FDIC insured

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Speaker 1: bank that participates with an SBA seven a loan next Friday,

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Speaker 1: Gig workers ten ninety nine contractors can apply for their

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Speaker 1: loans and they're just working on the guidelines and what

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Speaker 1: kind of documentation will be necessary for that group of people.

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Speaker 1: Let's say you're a small business, but you're one person

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Speaker 1: small business. I have a friend, for example, who's a

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Speaker 1: hairdresser and he runs a shop, and he and his

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Speaker 1: wife are the shop. How do they qualify for the loan?

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Speaker 1: It is literally a one page application. If you've ever

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Speaker 1: worked with the SBA before in non crisis times, the

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Speaker 1: application can be quite cumbersome, and going through the SBA

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Speaker 1: can take a lot more time. It's just a bureaucratic process.

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Speaker 1: It's not a criticism, it's just a fact. But when

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Speaker 1: you look at this application, we really wanted to see

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Speaker 1: it streamlined and quick. When you're talking about getting three

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Speaker 1: hundred and fifty billion dollars out the door as quickly

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Speaker 1: as possible, you've got to have a short application process.

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Speaker 1: It's literally a one page front and back application to

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Speaker 1: fill out and bring to your local bank, and they're

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Speaker 1: going to have some necessary internal documentation, likely maybe your

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Speaker 1: twenty nineteen or twenty eighteen statements showing how many employees

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Speaker 1: you have, what your income is, those kinds of things.

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Speaker 1: But it's literally saying that you're going to be impacted

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Speaker 1: or you are impacted by the COVID crisis, and this

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Speaker 1: loan will go towards payroll and overhead expenses. Next, What

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Speaker 1: happens though, if I'm a swamp business owner and I've

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Speaker 1: already laid off the majority of my employees, and stay tuned.

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Speaker 1: At the end of this episode, I'll give you an

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Speaker 1: audio sneak peek of my new novel, Shakedown. What happens

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Speaker 1: though if I'm a small business owner, and I've already

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Speaker 1: panicked and furloughed everybody or laid off the majority of

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Speaker 1: my employees. If I rehire them, does that make me

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Speaker 1: reeligible for all of them? How do we meet the

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Speaker 1: employment goals if I've already laid them off. So there

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Speaker 1: are a lot of companies that I have had to

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Speaker 1: layoff employees, and we're seeing that obviously in a weekly

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Speaker 1: unemployment claims three point three million last week, over six

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Speaker 1: million this week, and today they announced over seven hundred

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Speaker 1: thousand jobs lost in the month of March, and that

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Speaker 1: doesn't even cover the full month of March. The data

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Speaker 1: actually only goes through about the twelfth of March, so

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Speaker 1: we know that that's the case that people have had

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Speaker 1: to lay off their employees. If you are a small

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Speaker 1: business and you want to apply for the paycheck Protection program,

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Speaker 1: as long as you rehire those employees buy June thirtieth,

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Speaker 1: and maintain your payroll, that loan will become forgivable and

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Speaker 1: turn into a grant, even if you expect your crisis

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Speaker 1: will be this fall. By taking the grant now and

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Speaker 1: by meeting the grant's requirements, you've really been an effect

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Speaker 1: been able to save some money that during the later

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Speaker 1: crisis you can use to survive. And is that a

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Speaker 1: fair summary. That's a great way to put it, because

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Speaker 1: there may be some industries that while they may be

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Speaker 1: feeling something now, it may take them longer to recover

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Speaker 1: than other industries. I know that. I've seen reports from

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Speaker 1: hotel owners talking about the last crisis when they went

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Speaker 1: through the two thousand and eight economic crisis, and even

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Speaker 1: after nine to eleven, the hotel industry was hurt significantly

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Speaker 1: and in some cases took as much as five years

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Speaker 1: for different areas of the country to recover. While this

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Speaker 1: provides a bridge for them now or some additional revenue

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Speaker 1: for them now, if they can maintain those employment levels,

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Speaker 1: it's forgivable and it may help them as they try

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Speaker 1: to recover and come back. The total allocation for the

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Speaker 1: small administration, I think there's about three hundred and forty

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Speaker 1: nine billion dollars. How rapidly do you think that money

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Speaker 1: will get used up? And is there a danger that

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Speaker 1: businesses who apply three or four weeks from now will

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Speaker 1: find out that there's no money left. Certainly there's a

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Speaker 1: possibility of that. I like everybody else, watch the press

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Speaker 1: conferences every day with the administration, and I know Secretary

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Speaker 1: Manution was asked exactly that question and his answer to

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Speaker 1: that was, if we run out of money, that they

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Speaker 1: will get more money in the system. The administration has

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Speaker 1: been completely supportive and laser focused on small business, and

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Speaker 1: we've been in constant contact and working with Secretary Manution

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Speaker 1: and the administration every few days in talking to them

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Speaker 1: and providing feedback from small business, I can tell you

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Speaker 1: that their focus and understanding that small business is really

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Speaker 1: going to lead the charge out of this. They definitely

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Speaker 1: understand that they understand and that when they've got the

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Speaker 1: small businesses representing half the workforce, the faster they can

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Speaker 1: get these businesses up and running, the faster this economy

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Speaker 1: will turn around and come back. And just kind of

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Speaker 1: analogize it. Think of when you put your computer in

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Speaker 1: sleep mode versus when you shut it completely down. So

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Speaker 1: if we can provide this bridge and keep their doors

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Speaker 1: open and keep the employees attached to the business in

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Speaker 1: pause mode with these forgivable loans versus shutting everything completely down.

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Speaker 1: If we come out of pause mode, just like your

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Speaker 1: computer when you wake it back up, it comes back

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Speaker 1: to life fast. When you shut everything completely down, it

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Speaker 1: takes a long time to boot back up. So we

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Speaker 1: want to stay in pause mode while we beat this virus,

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Speaker 1: and then we want to come rolling back with small

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Speaker 1: business leading the charge, thirty million of them coming back online,

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Speaker 1: with sixty million employees, and then just think about all

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Speaker 1: the people being house bound and unable to go out

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Speaker 1: to dinner and unable to shop and unable to just

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Speaker 1: live a normal life. There's a lot of people working

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Speaker 1: from home, and so they're still getting a paycheck, but

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Speaker 1: the pent up consumption is just incredible. I mean, I

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Speaker 1: know Amazon is talking about hiring one hundred thousand new

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Speaker 1: people to keep up with the delivery demands. So that's

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Speaker 1: because of that pent up consumption. And so all of

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Speaker 1: that is just going to be unleashed. We've got to

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Speaker 1: beat the virus first and get back on track there

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Speaker 1: and deal with the health crisis. If I'm as positive

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Speaker 1: as the administration is when they talk about this economy

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Speaker 1: roaring back, because just a month ago, we had record

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Speaker 1: job numbers. We had more jobs available, a million more

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Speaker 1: jobs available than people to fill them. We had record unemployment.

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Speaker 1: Every single demographic across the board, every single demographic was

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Speaker 1: in high demand and working if they wanted a job. Basically,

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Speaker 1: if you wanted a job, you had a job. What

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Speaker 1: if you've only been in business for one year and

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Speaker 1: you haven't filed the twenty nineteen taxes because you now

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Speaker 1: have an extension, how do you qualify? You know, that's

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Speaker 1: a really good question. I've been a small business owner,

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Speaker 1: so I know what some of the quarterly filings would

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Speaker 1: be and I think that'd be a great question for

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Speaker 1: your bank. But one of my suggestions would be to

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Speaker 1: provide your quarterly nine forty one showing that you've made

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Speaker 1: payroll taxes. But your bank will be your best source

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Speaker 1: on that. When we come back, What are the benefits

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Speaker 1: to individuals? And at the end of this episode, I'll

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Speaker 1: give you an audio sneak peak of chapter one of

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Speaker 1: my new novel, Shakedown, available now at gingwish three sixty

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Speaker 1: dot com slash Shakedown, And what are the benefits to individuals?

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Speaker 1: Who gets a check and how much the checks that

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Speaker 1: are going out to individuals over the next few weeks.

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Speaker 1: And I read the small they plan on generating about

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Speaker 1: five million checks a week. If you can believe that

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Speaker 1: getting that much money out the door is pretty incredible,

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Speaker 1: But for individuals it's twelve hundred dollars. For married couples

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Speaker 1: it's twenty four hundred dollars, and then five hundred dollars

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Speaker 1: per child, and that's up to about seventy five thousand

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Speaker 1: dollars per single and then ninety nine thousand per single.

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Speaker 1: It tapers off for married couples it's about one hundred

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Speaker 1: and ninety eight thousand. So those checks are going out

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Speaker 1: if you've got direct deposit information on file and you

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Speaker 1: actually have done your taxes, they've got recent direct deposit

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Speaker 1: information and they can get the money out the door.

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Speaker 1: One report I did read this morning, and I'd like

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Speaker 1: to make the point of is that they are going

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Speaker 1: to be issuing those checks in reverse order of wage earners,

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Speaker 1: so the lowest income folks are going to get the

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Speaker 1: checks first. Does that also then cover the individual unemployment

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Speaker 1: benefits because you're going to get a check, But then

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Speaker 1: there's also on punt so for folks who have been

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Speaker 1: laid off already for a load and are applying for

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Speaker 1: unemployment within their state. Every state sets their rates on

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Speaker 1: what they pay, So for example, if you're in Massachusetts,

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Speaker 1: I think it's somewhere around eight hundred dollars a week

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Speaker 1: you get for unemployment at the state level. The federal

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Speaker 1: unemployment system is going to add an additional six hundred

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Speaker 1: dollars a week across the board for every individual for unemployment.

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Speaker 1: So if you're in Massachusetts, you're going to get eight

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Speaker 1: hundred from the state plus an additional six hundred from

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Speaker 1: the federal government for unemployment benefits, and that's for a

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Speaker 1: four month period. I want to thank you every time

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Speaker 1: we have a chance to interview you. It's always so

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Speaker 1: filled with information, it's always so positive, and the world

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Speaker 1: that you and Alfredo are doing is truly remarkable and

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Speaker 1: I think makes the Job Creator's Network just a remarkably

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Speaker 1: effective organization helping small business. And I encourage everybody who

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Speaker 1: hears this to go to your website and see all

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Speaker 1: the different things you're doing. It's much more in this

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Speaker 1: with Elaine. Thank you so much for joining us. Thanks

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Speaker 1: new We're trying to put real time information on our

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Speaker 1: website Job Creators Network dot com as we get new

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Speaker 1: information from the administration and we're putting it up there

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Speaker 1: in real time. There's even it for a new application

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Speaker 1: that went up this morning. Thank you to my guest

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Speaker 1: Delaine Parker, president of the Job Creators Network Foundation. You

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Speaker 1: can read more about the Cares Act and Paycheck Protection

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Speaker 1: Program on our show page at newtsworld dot com. Newtsworld

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Speaker 1: is produced by Gingwich three sixty and iHeartMedia. Our executive

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Speaker 1: producer is Debbie Myers and our producer is Garnsey Slump.

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Speaker 1: The artwork for the show was created by Steve Penley.

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Speaker 1: Special thanks to the team at Gingwich three sixty. Please

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Speaker 1: email me with your comments at newt at newtsworld dot com.

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Speaker 1: If you've been enjoying Newtsworld, I hope you'll go to

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Speaker 1: Apple Podcast and both rate us with five stars and

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Speaker 1: give us a review so others can learn what it's

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Speaker 1: all about. I'm new English. This is Newtsworld. Thanks for

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Speaker 1: listening to Newtsworld and now a special sneak peek of

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Speaker 1: minute novel shake Down. Here is chapter one. The old

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Speaker 1: man bent down, tried but couldn't slip the envelope under

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Speaker 1: his neighbor's door, checked the empty hallway, turned and began

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Speaker 1: walking toward the floor's elevator while pulling a pistol from

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Speaker 1: under his jacket, pressed the call button and took a

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Speaker 1: deep breath. To calm his nerves. Ding, he tightened his

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Speaker 1: index finger on the handgun's trigger, anticipating the opening doors,

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Speaker 1: sucked in another calming breath. No one was inside. Tucked

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Speaker 1: his handgun between his belt and watermelon belly, stepped inside.

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Speaker 1: The building's lobby was empty. Security guard had gone home

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Speaker 1: at ten pm. The condo board didn't believe it necessary

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Speaker 1: to have him stay longer. Their Roslind, Virginia neighborhood was

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Speaker 1: relatively crime free. The man walked to a wall of

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Speaker 1: mailboxes directly across from the elevator, ran a finger along

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Speaker 1: the tenant's mailboxes, stopping at the second box on the

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Speaker 1: third column, his neighbors. He inserted the envelope into it.

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Speaker 1: From his jacket, He drew a second envelope, which he

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Speaker 1: dropped in the outgoing mail Behind him. The sound of

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Speaker 1: laughter a couple entering the building through its double glass doors.

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Speaker 1: The man at the mailboxes noticed that the woman was younger,

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Speaker 1: giggling holding her mail companion's arm. Her loud chatter and

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Speaker 1: wobbly walk suggested she was drunk a Saturday night date,

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Speaker 1: perhaps a one night stand. The condo building was across

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Speaker 1: the Potomac River from the nation's capital, an inexpensive uber

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Speaker 1: ride from popular Georgetown pickup. The approaching couple appeared harmless. Still,

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Speaker 1: the man returned to the elevator and pushed the call button,

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Speaker 1: hoping to board and depart before they reached him. The

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Speaker 1: couple quickened their pace. The old man reached inside his jacket,

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Speaker 1: resting his hand on his pistol. He noticed that she

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Speaker 1: was wearing a gray wool stocking cap and scarf. He

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Speaker 1: wore a red washed and National's baseball cap, and the

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Speaker 1: collar of his dark blue coat was turned up, difficult

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Speaker 1: to see faces. The elevator doors opened. The woman straightened,

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Speaker 1: lunged forward, grabbed the old man's left arm. At the

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Speaker 1: same moment, her mail accomplice slipped in front of him

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Speaker 1: a blade. Before the old man could draw his handgun

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Speaker 1: directly into his heart. One thrust, one twist, no time

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Speaker 1: to cry out, who would hear? The woman steadied him,

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Speaker 1: pushed the man's body forward. He hit the elevator floor

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Speaker 1: hard face first. Its door shut