Are you looking for how to navigate your organization through this coronavirus? Well to help you navigate these difficult times today we are interviewing the former President and Chief Executive Office of SeaWorld, Joel Manby who is went to hell in back in route to saving his company which found itself on the brink of extension after a documentary film was made to falsely prove that they were systematically abusing their killer whales.
Remember Shamu? Imagine what it would be like to find out that your company can no longer offer it’s core product or service? I know many of you out there are hurting as you have discovered that your local government has ruled that your local business is not an essential service. In this weird coronavirus world that we find ourselves living in churches cannot hold services, but your can easily buy marijuana, you can’t get a haircut in most United States cities, but liquor stores are still open.
Some Americans could wait 20 weeks to receive stimulus checks, IRS tells House Democrats – https://www.cnn.com/2020/04/02/politics/stimulus-20-weeks-irs/index.html
Biography: Joel Manby is the former President and Chief Executive Officer of SeaWorld Parks & Entertainment. From 2003 to 2015, he served as the President and Chief Executive Officer of Herschend Enterprises, the largest family-owned theme park and entertainment company in the United States.
Step 1 – Watch This – SBA Announces – YOU WILL GET PAID TODAY!
Step 2 – Apply Here!
Step 3 – Round Up the Following Documents:
- 2019 – 941 quarterly payroll reports
- 2020 – 941 quarterly payroll reports for the first quarter of 2020
- Proof of lease payment
- Proof of utilities
- Signed copies of your tax returns
- Bring your personal identification
- Bring articles of organization
- Do not have to provide personal guarantees or assets
Form Of Organization
Paycheck Protection Updates – https://docs.google.com/document/d/1WWExQX5mN2XQjDWN3023F_GCyBYBFIOW2OMAH45ZnjU/edit?usp=sharing
The Paycheck Protection Program will be up and running tomorrow.
**Comments from Regent CEO, Sean Kouplen**
The borrower will receive 2.5 times their average monthly payroll as of February 15th, but for it to be 100% forgiven by the SBA, these four things must happen:
- They must have spent the loan proceeds only on payroll, interest payments on their mortgage, rent or utility payments and they must show proof of this at the end of the 8 week period.
- Their number of employees during the 8-week period after they receive the funds must be equal to or more than the company’s employee count between the period analyzed for the average; and,
- Must have the same number of employees, not necessarily the same people.
- Their current employee wages must be at least 75% of what they were in the period mentioned in #2 above; and,
- The employees must make less than $100,000. (Higher salaries can be included up to $100,000, but the amount over $100,000 will be excluded.
- If the borrower has fewer employees now than in the period mentioned in #2 above, that percentage of their loan will not be forgiven and they will have to pay it back to us over two years (with the first 6 months of no payments).
- If any layoffs have occurred – to get the loan completely forgiven by the SBA, the business must hire back up to the # of employees sometime during the eight week period after they receive the funding.
- We at Regent do not want to end up with unforgiven portions that are surprising to our clients. This is a great program but the government is not giving out free money; the criteria above must be met to achieve the loan forgiveness.
Upload Files Here – https://bankregent.0sharefile.com/share/getinfo/ra28af21addf4bc7a
After you have your documents uploaded or sent to me, you may email me back to request a call time. Cheers all, stay safe
NOTES: Thrivetime Nation on today’s show we are interviewing the former President and Chief Executive Officer of SeaWorld Parks & Entertainment. From 2003 to 2015, he served as the President and Chief Executive Officer of Herschend Enterprises, the largest family-owned theme park and entertainment company in the United States.
- Yes, yes, yes and yes! Joel Manby, welcome onto the Thrivetime Show, how are you sir?!
- What was the worst part of the crisis surrounding Blackfish
- We were trying to get a new expansion for the killer whales and we heard back from our legal team that the proposal did not pass
- We had to pivot and completely change our business model to keep the business alive
- For some business owners, the old way of business won’t work anymore
- Where did SeaWorld end up at the end of the day?
- Although we knew killer whales would have to go away over time, we had a 10 year plan that transitioned to more digital, virtual reality based experiences for our visitors.
FUN FACT – The initial report from Neil Ferguson – the director of the Abdul Latif Jameel Institute for Disease and Emergency Analytics (J-IDEA) at Imperial College (London), predicted the doomsday death of more than 500,000 Brits from the Coronavirus, now says that the “UK deaths are unlikely to exceed 20,000 deaths and could be much lower.” (He adjusted his predictions by 25X)
United States Constitution – The 1st Amendment:
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.
NOTABLE QUOTABLE – 78% of Workers Live Paycheck to Paycheck – https://www.forbes.com/sites/zackfriedman/2019/01/11/live-paycheck-to-paycheck-government-shutdown/#21c5c2ac4f10
- As a leader you have to deal with reality
NOTABLE QUOTABLE – “Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety.” Benjamin Franklin
- I know that you’ve had a ton of success at this point in your career, but I would love to start off at the bottom and the very beginning of your career. What was your life like growing up and where did you grow up?
- When did you first figure out what you wanted to do professionally?
- When did you first feel like you were truly beginning to gain traction with your career?
- What was the experience of being on Undercover Boss like?
- You have had quite a career. Before being the CEO of Seaworld, you were also the CEO of Saab Automobile USA where you increased Saab’s sales by 67 percent and their J.D. Power Quality Rating jumped from 30th to 5th in the industry. What steps did you implement to make this happen?
- Joel Manby, what inspired you to write your new book, Love Works – Seven Timeless Principles for Effective Leaders?!
- Joel Manby, I understand that you view love as a mode of thinking…what do you mean by this?
- What was the most challenging aspect of managing the largest family owned theme park on a daily basis?
- How many employees were you managing on any given day, Joel Manby?
- In your book, Love Works you break down 7 timeless principles for effective leaders…I would love if you would break down a few of the principles for our listeners
- Where most leaders get it wrong by default when they don’t know about how to implement the Seven Timeless Principles for Effective Leaders that you outline in your book Love Works.
- I know that you are a serial entrepreneur who has experienced massive success and super low points…walk us through the highest high and the lowest low of your career?
- When you were at the bottom, what did you learn most from this experience?
- Joel Manby today, I’d love for you to share with the listeners about the kinds of projects that you are up to?
- Joel Manby, come across as a very proactive person…so how do you typically organize the first four hours of your and what time do you typically wake up?
- What are a few of your daily habits that you believe have allowed you to achieve success?
- What advice would you give the younger version of yourself?
- We find that most successful entrepreneurs tend to have idiosyncrasies that are actually their super powers…what idiosyncrasy do you have?
- What message or principle that you wish you could teach everyone?
- Joel Manby, you’ve got the mic, what is one thing that you want to share with the Thrive Nation before you drop the mic?
Here are the relevant updates: https://www.collieradvisors.com/sba-issues-final-interim-rule-for-paycheck-protection-program/?inf_contact_key=6f42347ba35043de2ae2d85334794a2b16358d5485884e2f31e6019a0d26c8b0
- PPP loans will begin as soon as the banks start accepting applications and will close June 30 – or sooner if the $349B of funds are depleted and Congress does not reauthorize more. To hammer home this point, the Final Interim Rule says that PPP loans are “first-come, first-served.”
- They will have 2-year maturities and interest of 1%. The first payment will be deferred for six months, though interest accrues from day 1. The 1% was needed to entice the banks to get on board, and we understand that many (or most) are doing it grudgingly.
- The loans will be issued by the banks, not SBA, and the banks will develop their own applications and process for uploading or attaching supporting documentation. We expect this to be automated and applications are permitted to use E-signatures.
- Lenders will have no responsibility to verify the borrowers’ applications and can rely on what is submitted to them.
- To be eligible, you need 500 or fewer employees and were in business on February 15.
- Payroll records, payroll tax filings, summaries of employee benefits (health insurance and retirement, as well as vacation, family and sick, leave not otherwise covered by the FFCRA) will be submitted with the application according to the bank’s methodology.
- In determining the loan amount, it appears that we can calculate “payroll costs” either using the last 12 months (April 2019 – March 2020) or calendar year 2019. We prefer 2019 for the simplicity and the likely better results we’ll get.
- Payroll costs include compensation of employees up to $100,000 per year. In addition to this (not part of it), we can add the employee benefits of group health insurance and retirement benefits. Those terms still have not been clearly defined, and they may never be. We’ll wait to see how the bank loan applications interpret these, but we expect it to continue to be vague. Group health insurance premiums are included, but what about HRA reimbursements? As for retirement plan contributions, 401(k) “matching contributions” are likely included, but what about safe harbor and profit-sharing contributions, and cash balance contributions? Cash balance contributions, in particular, do not seem to be in keeping with the spirit of the PPP program. And, can we choose to include 2019 contributions for the 2018 plan year or 2020 contributions for the 2019 plan year? Again, some of these questions have still not been answered.
- When it’s time to request loan forgiveness at the end of the 8-week period, at least 75% of the forgivable amount has to be spent on payroll. No more than 25% can be spent on rent, utilities, or debt interest. That will ensure that the majority of the PPP program will be spent on payroll (not to mention it will limit the ability of a doctor who owns the practice and office building to raise the office rent to boost the amount of loan forgiveness).
- EIDL loans that were obtained prior to April 3 (we doubt there are many) in order to cover payroll costs must be rolled into the new PPP loan and will be eligible for loan forgiveness. We believe that all other EIDL loans (those obtained on or before April 3 to cover non-payroll costs as well as EIDLs that are obtained after April 3) will not affect our ability to also apply for PPPs. They will simply be separate loans subject to their own repayment terms (3.75%, up to 30 years, no payment for one year, etc.).
- Independent contractors can apply in their own right, but should not be included in the employer’s calculation of its loan amount or in the employer’s loan forgiveness. The contractor should apply for its own PPP loan, and will get loan forgiveness itself.