The CARES Act and Capital for Your Business
All. Right welcome everyone to, our webinar, we're, gonna be talking all about SBA. Loans and, the. PPP, loans the. Paycheck protection, program, my. Name is Brock Blake I'm the founder, co-founder and, CEO of, Len do and we're. Live here from our office, in Lehi, Utah and we. Want to welcome all of the small business owners across the United States we have thousands, of you joining us on this. Live webinar before, we get into the details I want. To provide, a little bit of background on Len do and, and. Then we'll talk about our overview and then we'll jump right into it, Len, do is the largest marketplace in the US for small business loans we have 75, lenders on our platform, and preak, Ovid you. Would normally fill, out one application and. Get access to many lenders and then, be able to comparison, shop the, loan that's the best fit for you we, are so passionate about small, business owners we, talked about here internally, fueling. The American Dream which, means that, we. All know that you need capital to get the to fuel your dream and our, goal is to make that happen, we're. In unprecedented. Times right, now with this coronavirus. And the spread and. We. Recognize. The impact it's having on every single person in America, and especially, our. Small business owners you're the backbone of the economy so, much is dependent on you. You're the courageous few, who go, out and build and grow and hire employees and take risks and right. Now, every. Single one, of us are going through some very very difficult times and capital. Is on the forefront of our mind and. I just want to salute you we, are, passionate about helping you and we're gonna do everything we can to put. You in a position to succeed. Over. The last little while it's been a tough. Spot, to, be able to get Capital, lenders. Have paused most lenders of PA's lending in. Fact from, two weeks ago to today. We're. Probably at 20%, lending capacity across. All of our send 75 lenders, a lot of them have have stopped lending and, and. Appropriately. Appropriately. So we have to give them a little bit of break and in that it's. Hard to price risk right now it's hard to really understand, which, business owners they should approve and qualify, and which, space should decline so, a lot of them have just paused. Fortunately. There, are options, for you with this stimulus, package, the cares Act the. Paycheck protection, program and we're, going to talk all about that today. The. First thing that I want to do is I want to clarify a few things the, difference, between the. SBA loans, and, the. PPP, loans so I'm going to I'm going to refer to the the Paycheck protection, program is PPP, loans. Trump. Announced a. Couple weeks ago a 50 billion dollar allocation. To. Allow the SBA, to fund, these. Disaster. Loans they're called emergency. Economic, injury. Or. Economic. Injury disaster, loans idle, and. They're. The that was the first thing that they announced and. Literally. Millions of, small. Business owners. Were. Directed, to the SBA's, website, to, apply for a loan by. The way this disaster, loan is different, than the PPP, loan and I want to make sure I clarify, that these. Disaster, loans we've. The. The SBA had their website up millions, started, pounding on the website and unfortunately. The. Website was crashing, every single day we heard from thousands. Of our small business owners saying I'm trying to go to their website it keeps crashing. And. I, talked to a business owner that before, it even started crashing, was filling out the. Application, and it was a six hour, process. They've. Just been bombarded, completely. Overwhelmed. With. That application process. Those. Since. There, is actually there's kind of sad. But. We have to laugh in these tough times and. And they, actually took the site down and they were encouraging, business owners to download, the PDFs, fill. It out by hand. Scan. The documents. And then upload, or mail, them back, to. The SBA. So. That's not it's not a great process and you can imagine how long that's going to take to get, approved.
Fortunately. Since. Then they've got their site back up and they've, done two things, that, will help the small business owner to get the financing that you need the, first is that the site is up and, that's a win. But. The second is is they've also approved. What's. Called an emergency economic. Injury grant, this. Is really. Really important, for it I'm gonna walk through the. The. Details, of the SBA product, but. Before I get to that this is probably the most one, of the most important things you learned today is this, economic. Emergency. Injury grant, because. They realize, that the SBA is going to take a long, time, to respond, to these millions, of applications. And. The SBA, is literally processing. Every single one of those themselves. What. They are doing is they. Are offering, a ten thousand, dollar grant, to. Any business, owner that applies for the. Idle loan on their, website and they'll, pay it within three days that. $10,000. Is, it's, not alone it's a grant it's basically free money and. So the, first thing. That we would encourage business, owners to be able to do is to, go to the SBA's website look, up the economic injury, disaster, loans you can start applying for, that product and. If. When, you complete the application you. Can also complete, the. The. Grant and hopefully. Within within, three days you'll. Be able to get approved for a ten thousand dollar loan now. Let's talk about this economic. Injury disaster, loans I've got some notes here these. Loans can. Be up to two million dollars with. It's a. 3.75. Percent interest. Rate. It's a 10-year, loan. Prior. To this, week our guidance. From the SBA was that those loans, were, going. To be approved, and they were going to go through the same qualification. Criteria that, you would normally. Be. Beholden, to with. An SBA loan so they were going to be there, was a lot of documentation, and there was going to be a long process and, you. Needed to show good cash flow, collateral. Good. Credit score, they've. Softened those criteria, just a little bit and they're, not required, they need they're they're they're using a few different qualifications, to, determine, whether you're approved for a loan it could be cash flow it could, be collateral, or it could be credit score so, you don't have to have all three it, sounds, like based on the guidance we're getting is you really only need one of those be able to show you've got good cash flow that, you. Have good credit score or that you might have collateral, obviously. That you're looking at these loans because you've had a negative impact from the coronavirus. These. Loans are up to two million dollars to. Be eligible you basically, have to be a small business which means you have five hundred employees or, less. And. That includes, sole proprietorships. Independent. Contractors. Tribal. Small businesses, cooperatives. And employee, owned businesses, so. The. SBA product. $10,000. Grant it's. Going to take a while don't expect that those loans are going to happen overnight that, that is not the PPP, loan. And. But. There's a great opportunity to, be able to get. A disaster, relief fund loan, from, the SBA my. Guess is it's probably going to be 60. To 90 days before. You would get approval, and you would actually get get funded, on that loan so. That's one category. SBA. I don't. Own with, the $10,000. Grant. Reminder. Go. Fill that out ten thousand dollars basically coming from the government that, help your business get through these difficult times, okay. Now. We're gonna move and I realize there are a lot of questions. We. Have questions, streaming, in what. We're gonna do is go through the, details, of the PPP, loan then. We're gonna open it up to Q&A at the end, I've, got a few team members here, that are gonna help because, we have so many questions they're.
Gonna Help moderate the questions. Set for me we'll try and combine some of the common questions and then. And. Then respond to that accordingly, I also have a, good team member of mine Ethan, who Ethan. Anson who's our legal counsel, who knows all the technical, requirements on all these loans so if anyone, stumps us we we've. Got some backup hopefully, he can he, can live up to it okay. So. Keep putting those questions, in we'll do our best to moderate, it. Now. We're going to move to the Paycheck, protection, program. So. Fortunately. The. Government, passed the, we. The, government passed the Kerr's Act. This was long awaited, we were working. With others leaders, in the industry to, help give some guidance around this Kerr's Act I am. I'm very optimistic around. The Kerr's Act and how it will help small, businesses, the. Cares Act they're calling this the Paycheck protection, program. They've. Allocated three. Hundred, and sixty. Seven billion, dollars, of. Loans that are dedicated to small businesses, this. Will allow any, small, business in America that proves, that they are 500. Employees or, less. And. Was. In business prior. To February 15th. That's the two criteria 500. Employees are, less and, in. Business before February, 15th, of 2020, you can. Be qualified for a paycheck. The. PPP loan paycheck, protection, program it's a tongue-twister. Now. How, do you qualify it let me first of all say that. These loans are not available, yet, today, the. ESPY the SBA and Treasury, have not given guidance to, the lenders on the exact, documentation. On how to process the loan there's a lot of lenders out there saying apply, for it, that. Just means that you, know you're if you're applying you're signing up saying you're interested, and then they're going to get back to you when it's actually available but, it's not available today we're all waiting for additional guidance the. Guidance that, we have right, now is, that. These loans the the. Amount of the loan will. Be it's a formula basically. You. Take your average, monthly payroll. If. You've been been in business for a year you take your you look at the last 12 months. Take. The average monthly payroll and you times that by 2.5. And. That. Will be the loan size. Payroll. Can include, that that includes independent. Contractors. That. Includes. All. Sorts of compensation, salary wage commission, similar, compensation. And. And healthcare. Benefits insurance premiums. All. Of those things can be included. In your calculation. Of your average monthly payroll. What. Cannot be included, in, your average monthly payroll is any. Payroll. Costs, above a hundred thousand, so, this is a this, is an important, point for people to understand. Let's. Say I have 10 employees and two of them make. Over a hundred, thousand, for. Those two employees. The. Average monthly payroll I can only calculate up, to one hundred thousand. I can't, include anything over that so if their salary was a hundred and twenty normally, their monthly payroll would be divide. That by twelve that would be ten thousand dollars but. Since you can't include anything above one hundred thousand, you basically have to take a hundred thousand, divided. By twelve and you can include eight thousand, three hundred and thirty three dollars, as. As, part, of their average month payroll some, people thought if they, if they make over a hundred, thousand, we have to remove them entirely, from, the calculation, and that's not accurate, you actually can use up, to eight thousand, three hundred thirty three dollars of, their, salary, in the monthly calculation. So. That's the loan amount two and a half times your average monthly payroll that. You can qualify for. Much. Of these loans. Will. Actually, be forgiven, and how. Do you how do you determine what percentage, will be forgiven so any. Amount. Of that loan that you. Use from the day you get the loan over the next eight weeks to.
Cover, Salary. Monthly. Rent. Utilities. Mortgage. Interest, and. I. Think, that's it is that right. That's. Everything yep so, any of those things during, the eight week period after, you get the loan. Can. Be forgiven, so you won't actually have to pay that back. Now. It's not forgiven, automatically. There's. Going to be a process that the SBA is going to define where. After those eight weeks you. Can reach back out to the lender, that you worked with and apply for, the forgiveness and you'll, have to document, all. Of those expenses, over those eight weeks so. It's going to be critical once, you get this loan. You. Need to make sure you're keeping track of those expenses, and you have good record-keeping. Because. Part of the application thing, to to get reimbursed, you'll, need that documentation, so, reminder. Payroll. Monthly. Rent utilities. Mortgage. Interest, all, can be forgiven, from the time you get to the loan for, eight weeks. So. Many many people are asking well where do I get the loan the. The. SBA and the Treasury, is given guidance over the weekend, that it's. Likely almost, any lender in America, we'll actually be able to be approved, to fund the loan so. This includes banks, and credit unions and. FinTech. Lenders. And. But. Again it's, they're not funding, loans yet we. They, haven't given the guidance and they actually haven't hit the Go, button. For. For. Lenders to lend my, guess is that will start next week on Monday, so. You could prepare yourself for that. Let. Me just see if there are any other questions. Oh, yes, let's, talk about the terms of the loan so. You, know what the loan size will be it, will be two and a half times your average monthly payroll. These. The the maximum, turn on the loan the term on the loans is going to be ten years and the. Rate will be four percent. But. That those payments will be deferred for six. Months, and there's. Zero loan, fees and zero, prepayment, fee on these loans so. Essentially. What that means is once you get the loan for six months you won't actually have to pay any principal or interest some, of that left will be forgiven. After. That it will start advertising at, a four percent rate, over. Ten years until you pay off that loan. Knowing. That you're only paying the difference between. What. Was theirs, there's a portion of that can all obviously, be forgiven, which we talked about so. Four percent rate ten, years. That. That you'll pay on above. And beyond what whatever was was forgiving. That's. The overview, the. Couple. Other a couple other points on I'll make and then we'll go to questions because, I know it looks like there are about a million questions on here. This. PPP. Program, right. Now is approved. From whenever, it launches which again I think will be Monday, until. June, 30th, of 2020. So. You have three months, approximately. To. Be able to apply for and, get approved for these loans because.
Most, Lenders, in America, will be able to prove these loans the. Anticipation, will, be that. You'll be able to apply and get approved, and. Likely funded, same. Day or within 24. To 48 hours that's, that's my estimation. Some, banks might take a little bit longer in, that process so. We. Definitely know there's going to be a few, things that are needed for your, application, process, you're. Gonna be out you're gonna have to document. Your. Payroll costs. So, that's one thing like people are asking what can I do now I want the loan as soon as possible what can I do now the first thing you can do is you can you can go back and you can start documenting your payroll costs that's. Gonna be required, so, there's, there's. Tax. Documents, you can use for that hopefully. They're gonna allow for. Statements. That you can get from your payroll provider. You're. Gonna have to prove that you're in you were in business before, February, 15th so any documentation, that you can show whether it's a business license, or other, documentation. To prove that you were in business. And. Then, there will be other documentation. That we're all waiting on that, will be guided, by the SBA and we still haven't got received that guidance yet. So. Hopefully we've given you an overview I know I've thrown a lot at you we've talked about SBA loans those are different. We. Talked about the $10,000. Idol, grant that. You can get if you go apply for the SBA loan make, sure you do that it's basically free money from the government and then, we've talked about the PPP, loans PPP. Loans are not available they'll become available on Monday, all, right let's I keep. Saying Monday that's my hope it, may, not be month on Monday we're working with the federal government here. So. We're all waiting on them so. I'm gonna have, Stephanie. Who's our just. Been, monitoring. This stream of questions. And. Give. A send. Me a few, my way okay. Would. You mind going over just the quick process, of the $10,000 grant one, more time. Getting. That great so the $10,000, grant is critical. Because. From. What I understand, we, were on a call yesterday was Senator Mitt Romney, and he said that. There's a certain amount allocated, for, the $10,000. Grant and once. That. Amount. Has been distributed. They're, not going to keep giving the $10,000, grant so. There. It the time is of the essence, on that $10,000. Grant you, can go to the SBA's, website, or Google, it Google. Economic. Injury disaster. Loan go. To the website, fill. It you got to fill out the entire. Economic. Injury disaster, loan and part. Of that application, process you'll. See it talks about the ten thousand dollar grant you you want to check, to make sure that you can get, access to that from, our understanding is, once you complete that application. Within. Three days you'll. Be approved. For the ten thousand dollar grant and they will send you they'll, send you money, and. That's what we understand. Which. They just announced this on Sunday night and. We're. Still trying to get confirmation ourselves. From someone who's gone through the process and got the money but, that was the guidance we received just yesterday, from Senator Mitt, Romney, all. Right a lot of questions around. 99 employees, can. They be part of your, payroll cost, and, how you go about getting. A PPP. Great. Questions, so 1099. Independent. Contractors. Are, included. In the calculation, of the. Payroll so, two and a half times payroll. Plus 1099. Contractors is. Is. How it is calculated yes. And. Are there. Are. There stipulations, around certain entities, that can apply for these loans like, an LLC or, sole prop any. Kind of anything, around, back no. There are no restrictions, so, this includes, like. I said sole, proprietors. Independent. Contractors. Nonprofit. Organizations. All. Will.
Qualify Really. Any type of entity that we haven't. There's no restrictions, around, the type of entity just that the business, was. In business, prior to February 15. 2020. And they have less than 500 employees. So, there aren't other restrictions, that were, that, we're aware of can. You talk, about the. And just go over a little bit more about, any of the documents, that you have to have in place will they be looking, at credit score or anything like that to. Be able to turn determine, qualification, so. The the. PPP, loans there's. No credit score. You're. Not filling out bank statements, you're not looking, at tax. Returns, they're, not doing a cash flow analysis. It's. Not doing, any of those traditional, things that we, normally do when you're applying for a loan you. But. Think, about to, do the calculation. The two and a half times you. Have to be able to document payroll. So. The, and. Tax, documents. To document, payroll are probably the most legitimate, documents. That you can you can use I think it's called the. 941. It's, that correct. The. Quarterly payroll tax. Filing 941 is that correct so. If. I were you I would start preparing getting. That documentation. Needed, but that's you just have to prove that you have less than 500 please, we're in business because prior to February, when. You, have to improve your average monthly payroll so that those are the only criteria. That we are aware of, to. Actually get approved for this long, if. You've already filled out a, form, for the economic, injury disaster. Loan. Can. You still apply for the, PPP oh this. Is a great question so a lot of people are asking well right, I need money today I you know I've got visit. Anews dropped, dramatically. I'm already happen to maybe I've made payroll. Cuts. And. Furloughs. And, other things like that we we. Get it we totally understand, and the money cannot come soon enough. But. Loans. That you get, between now and the. PPP. Loans. They, will not prevent, you from getting, the PPP. Loan in fact. If you get an idle loan but, prior, to getting a PPP, loan I don't, think that'll happen but. If you do that. Amount, can be rolled into the PPP, loan, and. They'll, they'll. Consolidate. Them together. So. I don't. Be worried about you, know should, I get a loan or will it screw up you know my ability to get the PPP, loan you, you you. Can go and get capital, today and you and it won't prevent you I. Will. Say though there is let's. Talk about the there is another question that has come up a lot around the. The. Reimbursement. And the forgiveness amount. If. You. Let. Go of employees. Between. Now, and. The. Time or from. The time that the the coronavirus, hit and the. Time that you get the loan. It. Will have a negative effect, on the amount that you can be forgiven, and. There. Is a calculation, around, that I'm not going to get into the technicalities, of that calculation right now but. If that, has happened you may it may reduce the amount that you can be forgiven, if. You hire them back then the. Reduction is removed. And. And. You might have to do that just to get to, get through you know these difficult, times but. Just know that if you lay people off your. Forgiveness amount, may be reduced. How. Quickly can, people, expect to get the funds after they qualify. So. Time, the funding is going to vary depending on, the product so again that the idle SBA loan, I, would. Anticipate that, being. Sixty. To ninety days. And. That's optimistic, that the SBA is so overwhelmed, with applications. They, don't have all the lenders helping process those loans and so. They're just bombarded. So. That's. That's, that timeframe now, on the PPP, loans, I would.
Depending, On the lender and their than, their process, and their technology, savviness, I can, see the PPP, loan being funded, with same-day. All. The way up to maybe, within a week of from. Application, of funding depending. On how overwhelmed. That lender, is, so. It the PPP loans what should should. Be, processed fairly quickly, let. Me also just mention there, was a there was a question in here about can. You get to PPP. Loans that is one. Of the criteria as, well that. If you get a PPP loan you can't go and apply with, a different, lender for, a second, PPP. Loan and. So there's documentation, or around that as well you, can't no double-dipping. What. If you have two, businesses, that have been impacted could you go then, get to PPP. Loans for each of those yes, you can get a PPP loan for. The, unique, businesses, that you might own I. Have a friend that I was. That. I was talking to this morning he said I have multiple, businesses, that I run. Can. I get a PPP loan, for each of them individually if, each, of them are. You. Can prove that they were in business prior to February 15th, you have documentation, around payroll. Documentation. That they are separate entities and they are less than five hundred please you, can get PPP, loan for each individual. And any entity, that you, might home yes. What. If you are a newer. Startup, maybe that start at the beginning of the year you, don't have any employees could. You still, could. You still qualify, yeah. Great question so, if you are a sole, prop and you don't have any employees, as. Long as you were in business prior to February 15th, you, will still get approved for the loan it. Will be, they. Will look at your payroll. They'll. Look at the January. And February they'll. Take the average between the two of those months and. That. It'll take that and times it by two so whatever you paid yourself during those two months as far as payroll. Take. The average of the two and then, times it by two and a half and and, that will be you'll. Be approved for that yes well. Though will there be three separate. Applications. For the various loans that you talked about so grants. And. Then the PPP and the other one are those three separate applications, they there, are two separate applications the, grant and the. SBA economic. Disaster, loan are. The same application. I, think that's interesting because basically, the. SBA were, they were so overwhelmed. Last week that their systems shut down they. Had. Hundreds. Of thousands of business owners frustrated. And so. They said well this is how we're going to solve it we're, gonna make, sure our website works first of all and then, we're going to pay everyone $10,000, because we're so far behind. And. That's, the reality so so take, advantage of it go sign up, and. And. Fill. Out the application on, the economic, disaster, and in and that at the same time you're applying for the ten thousand dollar grant. All. Right we have a lot of questions around can, owner compensation.
Be Part of your payroll as, you, calculate. That it. Is our understanding that, owner compensation. Will. Be a part of the calculation, of payroll up to, a hundred thousand, dollars so, if you again if you make more than a hundred thousand, dollars you can only count up to a hundred thousand, which. That monthly amount is, 8333. That's. The maximum, amount you can you, can count, per, person. There. Are a lot of questions, and we will do our best to hopefully. There's specific. Questions around specific industries. Do you have any. Industry. That is. That. Is it well qualify, or anything like that that you can speak up. There's. No industry restrictions. There's. No, time and business restrictions. There. Are no I. Mean. It's it's, essentially. Those. Criteria, prove. That you've got five less than 500, employees and, you're in business before February, 15th. And. You, can get and you don't already have a PPP loan. And. You can get approved in. Our goal ndo just, so you know we're doing this webinar we want to make sure that everyone is aware of all the details but. We have a we the, same 75 lenders, that were funding loans prior to this are, also the lenders that are going to be able to prove, these PPP, loans and. What we're doing is, navigating, their. Bandwidth, on the back end and. Those. That can process the loans the fastest, and fund the loans of fastest we're, going to help our business owners navigate, to them so, that that we. Make it easy for you on that on, the application, process so yes, I know there's a lot of questions around asking, will tell, me what is Len do what's your role or you approve, lender, we're not a lender. But. We work with all the lenders, and we're gonna we help were your advocate, for the business owner we're gonna make sure you've got all the documentation, right we're. Gonna make identify, which lenders gonna process the loans the most efficiently, because all the loan sizes, are gonna be the same no matter what lender you go to and then, we're gonna make sure that we hand hold your you through that process to get, the loan that you need that PPP, loan so. We're. Waiting the guidance, from the SBA but. That's, gonna be our goal as soon as that happen and you can you can go to Lynne deals website and we'll we've, got a page that it says sign up for alerts, the. Minute that it turns, on they start funding loans we're, gonna reach. Out to every single one of those customers and say Kay its eligible, come, back let's let's work with you to make. Sure you get your people so. That's people, are asking what's, our role that's how we're. Gonna be your advocate, from the borrower and guide, you through that lender process. One more question about Len do our will when he'll be doing, other types, of lending. During, this time. Yes. There. Are lenders, that are still lending and with. The business owners getting, their PPP, loan it will add a stable, footing hopefully. To the backbone, of these small businesses and then. Lenders, will be able to lend. You, so you can, get another loan above, and beyond the PPP, loan, so that's equipment, loans or cash flow loans or real estate loans. And. So. We. Think about this, as what is your what, is what's, your entire borrower. Light, borrowing. Life cycle if you need a loan today for PPP great what, if you need a loan in three months or one, month or six, months well, let's help we're, gonna guide you through that process as, well so you can not. Only get William the PPP, loan today but, any other loan products that you need in the future great. Question one. Question, for you Brock as a small business owner yourself and all of these small business owners are going through this what type of advice would you give. Kind. Of all of the people on the webinar what, would you give what would you say to them at this moment in time. Yeah. So, I'm. Glad you asked this question I was gonna hit on this at, some point that we. Are going through this together it's, a new hurl from. Two weeks ago and all of us are, scrambling. Trying to figure out how do we solve this problem, you, know I I rev, anew is decreased, and I and I don't want to let people go but how do i how, do I manage.
That And, so. I. Just. Give you a few pieces of guidance, from my perspective, and. Take. It for what it's worth but you, know everything that you can do first of all to. Think about to be creative, and think about. The opportunity. That might come from. This so a lot, of times we're so focused on the disaster side of, everything. That's happened and how we've been negatively impacted I, do, believe, there's an opportunity for, most, businesses, to say how. Can I make the most of this or. And we're seeing creative, things restaurant, owners are getting, very creative, on takeout and home delivery, and. Packages. For stay-at-home, employees. Hotels. Are, getting. Creative, around other like, I've. Seen more, more, overseas, than here where, they they've got, quarantines. From coronavirus. Or they've got they're using hotels for shelters for individuals, or. They're. Figuring out other ways to drive revenue I've seen businesses, that, are going, to their their, best, customers and, selling. Gift cards saying I know you can't get, that product today, but. If you buy a gift card today. That, can help give me some cash to just, make it through this tough time and, then come back and use that later, so. Getting. Creative. And. Trying, to look at the positive. Preserving. Cash. Working. With your team members maybe put them on furlough, if you if you need to if you need to, going. To lenders, and asking for. Payment. Plans like, workout. Programs, loan, modification. Almost every single lender, and America, is would way rather do, a loan modification, then. Have, you going to default, going. To your landlord and asking, for relief, like, can, you give me a few months most. Landlords are, prepared, for these situations, and they know this is part of it not. Everyone but. To go and say hey can you give me some relief for a few months so I can reduce my. My. Lease or rent payment, so. Those are some things that you can do. And. Maybe. We've tried all those and we're still not making ends meet, hopefully. You, can stay and you, know stay with it long enough to, get this paid PPP, loan and, we. Can get. You back on your feet until people can get back out of their houses and get, the economy going again, okay. One last sorry I know that like I said that was the last question but quite, a few questions around what kind of fees are we going to charges Len do to be able to process. Alone, like this great question so these these. Are not. Just. Like always when we go through this experience with our customers, it's, a free experience, we get paid by the lender, same. Thing here business. Owners we're gonna come on they're gonna sign up we're. Gonna help, guide, you we're, gonna place you with a lender and the lender will pay us as. Part of their origination, fee on the back end so. We have every reason to help get you the loan and no. Reason for you not to use Linda because that's. You. Know we're and I don't want it to be a commercial, out we're trying to help you but, our, goal is to make, sure you can navigate through that process because. It's there's, a lot of questions make, sure you get all the documentation, and then submit you to the right lender so it happens as most efficiently, as possible. And, then we just. One more time where can they sign up for alerts to, be able to just have the most up-to-date information as, we get it yeah, you. Can go on to, Len. Do comm you can see on, the page it says the, the, Paycheck protection loan, program, you can sign up there and, then we'll alert you, around. The details, of you, know when this gets announced when, it gets really, the funds get released and some, of those information.
There, Was a question on here that I just saw through my screen, I have to get there he said well how do you how, do you make money on the grants for the SBA loans we don't, we. I just, want you to be able to get those grants on those SBA loans because I want you to be in business. We'll help you on all the other things but, the economic, disaster, loans that are available SBA. Loans we can help you the, economic, disaster, loans that are available the $10,000, grant there's no benefit, to Len do you just want to make sure that you get the loan that you need to stay, in business and take, care of your your team, members. There's. A lot of questions. You. Know this will be recorded, and on the Len do channel, so feel free to go. Back and view, it and. Then as you guys have more questions Len, do it's going to do its best to be able to provide, resources for you to go and and get, your questions answered yeah, so we've increased the size of our content, team we've doubled the size of our content team for this for, this period, which. Was a and. The reason why I'm trying to pop we're. Trying to push as much information to, you as we possibly, can as quickly as it comes so, stay. Close to our blog, you can sign up for alerts we'll alert you on any news and information, and. And. We'll get you that information as possible I just. I salute. Every single one of you you. Are the backbone of the economy I, there's. So. Much angst and fear and. Pain, that, you're going through we feel it, our. Goal is to take some of that off your shoulders and help you through this process so you can the, loan process is easy, and you can get back to focusing, on your business wish. You the best of luck we're, gonna keep this this. Webinar, on Len. Deals YouTube so, you can go back and go through any of the the details you. Can share with your friends that. Also have questions and then, come back and see us when. You need a loan Thanks, best. Of luck let's make this let's, let's, make it through this difficult time so. Each of us can continue, to chase our American dream thanks everyone, good, luck.