Help Coaching Clients Meet Payroll During COVID-19
If you have any coaching clients in the U.S., then I’m sure you’re hearing a ton about the $2.2 Trillion stimulus package known as the CARES Act and, specifically, the Payroll Protection Program (PPP) with about $350 Billion available in mostly forgivable loans to American SMBs (plus, a second such bill that recently refilled the coffers with another $310 billion!).
A lot of what you’ve been hearing is crap (sorry!) A bunch of rubbish being published by people lacking expertise. A lot of it outdated after 24 hours, etc.
As with anything run by the U.S. government, it’s wildly complicated and constantly evolving, of course. 🙁
That said — I’m SO grateful that Chris Duzich, one of our Certified Coaches’ Coaches has taken it upon himself to study and understand the implications of this bill. (FYI — Chris started his career at PWC after completing his master’s degree in Finance and attaining his CPA license, so he’s got serious financial chops.) Chris is also one of our most accomplished coaches, billing more than $40,000/month in coaching fees and has been helping lots of his clients apply for PPP funding over the past week.
This past week, Chris and his team have helped 12 businesses apply for $2.7 Million dollars of loans through the PPP.
AND, he’s got another $600,000 in his pipeline. AND the banks are loving the files that Chris and his team are producing. Less back-and-forth with the lender means his clients are getting their money FASTER!
Less back-and-forth with the lender means his clients are getting their money FASTER!
How to Help Your Clients Benefit from PPP
Here’s what Chris has learned thus far…
- You need to get to the right bank and FAST. Many of the larger banks are completely buried and working preferentially with only their top-tier customers.
- You MUST get the application filed correctly the first time. Incomplete or inaccurate submissions will result in significant delays.
- The SBA loans are on a first-come, first-served basis. You and your clients cannot afford delays. Delays will result in their getting NOTHING because the $500+ Billion is going very quickly.
- Needless to say, if they go out of business, you lose the coaching revenue.
Calculating the Revenue Potential
Of course, you may be wondering, “How much money can my client even get from this?”
Let’s say your U.S. client’s annual payroll is $120,000, and all of their employees make less than $100,000. You multiply their average monthly payroll of $10,000 by 2.5. Their maximum loan amount is $25,000.
This money can be used by your clients to retain valuable employees and ensure that when America is back to work, your client will be back to business as usual, and you retain your coaching fees.
Chris is offering members of Coaches’ Coach and their clients complimentary consultations to help walk you through the process. So book in with him and let him help you!
We want to help YOU help your clients get 2 month’s worth of payroll covered so you can help your clients stay alive!
By the way, ongoing insights to business coaching thought leaders like Chris is included for all Coaches’ Coach members! For more great tools and timely insights, get a FREE 30-day trial of our comprehensive coaching system today.