By Joe Marconi
If you received an SBA PPP loan, you need to contact your bank/lender to find out specific information regarding loan forgiveness. Because banks and lending institutions handled the PPP loan, a specific bank may require different information.
I just viewed an hour and half video from my bank about the PPP Loan forgiveness applications, and it was a little overwhelming. For me, I will seek outside help with this.
Just perform your due diligence.
Any feedback from anyone would be appreciated.
By Mark Johnson
Shop owners, if you are having problems with cash flow due to the Coronavirus or even if you are not feeling the effects yet. It is always a good idea to make preparations to have enough cash on hand.
With that said, the government has allocated 8 Billion to assist business owners affected by COVID-19 by offering SBA disaster loans and I am helping shop owners with filing their applications. Please see my article for more info.
By Mark Johnson
To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business.
The key to making sure any deduction holds up in an audit is DOCUMENTATION.
For meals specifically, there are five items you need on a receipt:
1. The name of the restaurant
2. The date of the meal
3. The amount you paid
4. Who you met with and their business relationship
5. What business items you discussed
The first three items are already on the receipt so you’re covered there.
The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it!
Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited!
Please take the proper steps to document your meals guys.
To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at
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Our experience with ADAS has been a truly amazing learning journey. Our learning journey is making us wonder what the direction of the industry is with ADAS and more importantly... how service center goals for growth and profit align with maintaining customer satisfaction while performing precise services with a skilled workforce that is in decline. If you're thinking about ADAS... you should read this first.
Another acronym being thrown around is ADAS, short for Advanced Driver Assist Systems. I think everyone is stuck staring at those four letters without understanding the liability that those 4 letters represent for the future of the automotive industry, regardless of how much safer they make vehicles on the road. As one of the first facilities in NJ to purchase and utilize the ADAS calibration system from Autel, we have some really unique experience with it and want to pass on some information you should be aware of when considering whether or not you want to jump in.
Facility Is Too Small - Size matters, A LOT with ADAS calibrations and if you have less than 2500 sf of space with a booming business... chances are you don't have the room to perform calibrations. Your exact business configuration will help determine this, but you ideally need a location where you can pick up 10 feet of open space all around a vehicle for most calibrations, but some calibrations may require 20 feet or more. Floor Isn't Level - If your floor is uneven, you can't perform ADAS calibrations, period. Can't Program? - If you are not experienced with programming modules or updating vehicle modules, you will not be able to perform a fair amount ADAS calibrations. Can't Diagnose? - If you don't have a team that can efficiently and accurately troubleshoot the vehicles already coming into your shop, ADAS isn't going to be any easier, it's going to be significantly harder. Who Needs OE Information, I have "X"! - Replace X with All Data or Mitchell or even the instructions in your scan tool. What happens when the manufacturer updated the information on the procedures yesterday and they didn't share that information with anyone yet? We've already encountered steps missing from the Autel scan tool... Minimum Insurance Policy Is More Than Enough - We have more than double the minimum and we are worried it's not enough. With lawsuits that settle into the tens of millions of dollars, we're not sure what enough is anymore. Don't Document Your Process? - This is where a lot of people will scoff. Who has the time? Save pictures and files, where am I supposed to do that? Who's gonna pay for this? We've figured this out and more importantly... we get paid for documenting. Do you? Mobile Calibrations? - Besides the fact that you're trying to transport $20,000 of equipment needed for calibrations in a van, this one is so serious... we couldn't give you a 2 sentence paragraph, read below. How are mobile glass services, like Safelite, performing calibrations on the go? We don't know, but we have A LOT of questions surrounding this. A recent calibration of a 2019 Toyota C-HR, after a windshield replacement, has some really interesting requirements. Requirements which we are used to, but we want to know... how is a mobile tech handling this? These are the requirements that must be met prior to starting a calibration:
It is our experience that once a windshield has been replaced, the vehicle should not be moved for a period of at least 2 hours (weather dependent) in order to allow the glue to harden properly. So, what's going on? Is the mobile glass tech filling up the vehicle prior to replacing the windshield? How many of you had a windshield replaced and a vehicle calibrated with a fuel tank that was not full? We don't know how many corners are being cut and where they are being cut... but what we do know is that the above requirements have been there in every vehicle we have calibrated at this facility thus far. Lastly, pay particular attention to this requirement in this photo...
*Calibration should be performed in a window-less environment with no bright lights or reflective materials. Ensure no other black and white patterns similar to the calibration pattern should be behind the calibration pattern. In a world where reducing liability is at the forefront of most public discussions, there are sure a lot of companies undermining their insurance policy in the field.
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By Joe Marconi
A ride to the Mall with my wife today (yes, I went to the Mall, got a problem?) gave me assurance that things are really getting back to normal. The stores were full, the roads were packed and expect for the masks people are wearing, you would think it's just another ordinary summer weekend!
By Joe Marconi
Whatever your normal advertising and marketing strategy is, now is the time to tone down call to action advertising and promotions and communicate your brand to your community. In times of crisis, it’s crucial that your customers and community know what you stand for and there to help if at all possible.
Contact your customers by phone, email, text, etc. Not to sell them anything, but to ask if they are ok. Let them know that you are thinking about them. Connect with them emotionally, like a friend or family member would.
For many shops across this great nation, there will be significant sales drops. With the new financial package, there will be help on the way. Contact your accountant, payroll company, financial advisor, bank rep and find out about the help that is coming your way.
We will get through this together.
By Elite Worldwide Inc.
With business slowing down for most, we feel that there's never been a better time for shops to take advantage of online training. We know that everyone in our great industry is in this together, and want to help shop owners in any and every way that we can, so have decided to team up with Jasper Engines & Transmissions to make our Online High Impact Customer Care Sales Course available to the industry at no charge.
The recordings for this 4-part online sales training course are usually sold for $179, but the below link will provide you with complimentary access. You'll see that the page also provides access to an Action Plan that you can follow to help you navigate through the coronavirus pandemic.
As you take on this challenge, please don't forget that you're not alone, and that this pandemic will pass. If there's anything else that Elite may be able to do to help you, please feel free to Contact Us, or give us a call at 800-204-3548.
Click Here for complimentary access to our Online High Impact Course and COVID-19 Shop Owner Action Plan
Wishing you the best,
Your Friends at Elite
By Joe Marconi
New York Governor announced yesterday that the stay-home order will remain in effect until May 15th. With so many consumers not driving and so many businesses closed; sales will be a struggle for the next 4 weeks or more. Many Auto Shops across the country will be in the same boat.
Ok, that's the bad news. The good news is that you are a shop owner, and no stranger to making tough decisions and finding solutions to the most complex problems. I know this is different, but truth is we are all learning together, and we will beat this.
With that said, you will be called upon to remove the emotions from the situation and make the decisions that are best for your employees, family and for the business. You will need to look at your average sales and projected near-future sales and adjust your payroll accordingly. I hesitated for a few weeks, but then made the tough decision to cut staff to get my payroll in line with current sales. It had to be done.
You will also need to look at each line on your Profit/Loss statement and see where you can shave any expenses. Even a few percentage points can end up saving a lot of money at the end of the month.
Lastly, have daily meetings and let your remaining staff know what you are doing. Let them know that the number 1 goal is the health and welfare of everyone. Number 2: Ensure the business thrives, not just survives.
You are tough....now go make those tough decisions!
By Joe Marconi
By now, the dust is settling a bit with regard to the COVID-19 crisis, and we are well into making the adjustments needed to save our shops. There are many shops around the country that have not been affected, and there are many that have been devasted economically. Being from New York, I can tell you that the last 8 weeks have been tough. With sales down more than 50%, I had to make a lot of tough decisions.
The good news (so far), my family and myself are all healthy, and none of my employees have contracted the dreaded coronavirus. I pray each night that it stays this way.
Now, I look beyond the virus. I need to rethink my goals, my financial expectations and feel confident in the fact that we will beat this, and believe that we will be better and stronger when this is all over.
I know many of you are seeking help from the SBA, negotiated terms with your vendors, have worked our deferments with mortgages, loans and insurance payments. And I know that many of you have made the needed adjustments to payroll and staffing. All these things are essential, but the most important factor for you to survive and thrive will be how you handle yourself and your leadership in the coming weeks and months.
You must believe in yourself. Trust you gut and move forward. Remain positive. Shop owners are the most resilient business owners on this planet. Don’t forget that. Move forward starting today and look beyond the virus!