Kristina Runzer, CFP® OnRoute Financial

About Kristina Runzer, CFP®

Hi, I’m Kristy – the financial planner for entrepreneurs!

I believe it’s possible to create a life and business that you love, and money is a tool that can help you get there.

You’re out there making it happen, and your business is growing! You may have even started growing your financial team with a bookkeeper and an accountant.

But something is still missing. You may avoid looking at your numbers, and you’re not using the numbers to help you make intentional and strategic decisions that align with your vision.

You can find a financial partner that can help you get your finances together, create a holistic plan for your business and personal finances, and feel confident that you’re making the right decisions.

All while feeling like you’re sitting down with a girlfriend who gets you and is holding space for you without judgment.

I would love to connect with you and hear about your journey through life, entrepreneurship, and with your finances.

Email uryyb@baebhgrsvanapvny.pbz if you have any questions, and you can schedule a free intro call to learn more.

Contact this advisor

Recently Published

You’re Not Behind

May 11, 2020

You’re embarrassed you’re still paying off that credit card, not saving as much as you want, and hustling to get the cash you want out of your business.

You should be beyond those things by now. You should be further ahead.

You feel like you’re behind, and the idea of catching up feels overwhelming.

Have you felt that way before? It’s okay to feel that way.

Those are common thoughts and feelings for human beings to have about money. You’re not alone in that.

But those feelings of “being behind” don’t serve you, and I prefer to look at it another way.

What if…

Your life is unfolding exactly as it’s meant to. You don’t need to be 5 steps ahead of where you are right now.

The place you’re at right now has gotten you from where you were before to where you are now.

The place you’re at right now is teaching you new lessons and helping you grow in ways that are needed to get to the next level.

It may feel slow, but you’re learning and growing at the exact right pace.

Have some patience as you bring your vision to life.

Trust that it’s all going to work out for you.

Be kind to yourself and enjoy the journey.

You can’t rush the process, so why not just release control and have some fun along the way.

Focus on being grateful for where you are and what you have right now.

Trust that if you keep showing up, serving, and doing the things you know you need to do, that you’re going to get to where you want to be.

Read the full post →

Coronavirus Relief – The Paycheck Protection Program (PPP) Forgivable Loan

April 14, 2020

As the economic impacts of COVID-19 continue to spread, small businesses are struggling.

A silver lining is that there are a number of economic relief options available, one of which is the Paycheck Protection Program, or PPP.

The PPP is a loan that can be forgiven if it’s used for expenses like paying yourself, rent, mortgage interest, and utilities.

The money first comes to you as a loan, but it’s eligible for forgiveness, meaning you don’t have to pay it back.

The clients I’ve been helping with this forgivable loan share some things in common:
-They want a loan that can be forgiven
-They work from home or maybe rent a coworking space.
-They pay themselves, even if it’s randomly or not a formal payroll.
-They’re either a solopreneur, have a team of all independent contractors, or maybe have a few W2 employees.
-Current economic uncertainty is affecting their business in some way. If you’ve lost clients, customers, or revenue, this could be a good fit for you.

These aren’t the only types of people or businesses that can apply for this forgivable loan, but just some examples of the types of people I’ve been helping apply.

So how much can you get?

You can apply for 2.5 times your “average monthly payroll”.

What can you use the loan for?

The loan can be used for payroll, rent, mortgage interest, and utilities.

What does forgiveness mean?

It means that as long as you meet the requirements for forgiveness, you will not have to pay that loan back. Essentially it turns into a grant.

How do you qualify for it to be forgiven?

At least 75% of the money must go towards 8 weeks of payroll.

You can use 25% of the money for rent, mortgage interest, and utilities.

If you work at home and don’t have any other qualifying expenses like rent, mortgage interest, and utilities, you would use 100% of the loan to cover payroll.

Since 8 weeks of payroll is the amount that is eligible to be forgiven, that’s 2 times your “average monthly payroll.” In this case, apply for your average monthly payroll times 2 to get 8 weeks, not the maximum amount which is 2.5 times the average monthly payroll.

Unless you need the money and would otherwise be funding things on a credit card. Any unforgiven amounts turn into a loan that has a 1% interest rate, 2 year repayment period, and you don’t owe any payments until 6 months after the date the loan begins.

If you laid off any employees, you would need to rehire them back and maintain your full-time employee headcount. Their salary can also not decrease by more than 25%.

Do you need a formal payroll set up?

No!

How do you calculate your “average monthly payroll?”

If you’re an S-Corp and have a formal payroll set up, you will use that amount. Profit above and beyond your salary, or money taken as an owner’s draw does not count.

The loan will not cover payments to independent contractors.

If you don’t have a formal payroll setup, you calculate your “average monthly payroll” by taking your net earnings from self-employment and dividing by 12.

Your net earnings from self-employment are your revenue – expenses. It can be found on your Schedule C tax return and is the “net profit” number on your Profit and Loss statement.

What do you have to do to get the loan forgiven?

You submit a request to your bank along with documentation that you used the money expenses that qualify for forgiveness – payroll, rent, mortgage interest, utilities.

This may be payroll documentation, bank statements, verification of rent or utility payments. The bank will make a decision on forgiveness within 60 days.

You must use the loan for the forgivable expenses within 8 weeks of the date that you receive the money.

As of the writing of this post, we’re still in the process of applying, waiting for approval, and maybe some people have received some funds. People haven’t started to go through the forgiveness process yet, so there are still uncertainties about the specifics of exactly what this will look like in practice, but the above guidance tells us that we’ll need to use the money within 8 weeks and provide documentation that it was used for payroll, rent, mortgage expenses, or utilities.

What documents will you need to show your payroll?

Depending on where you bank, there may be different requirements, but here are some examples…

2019 W-2
2019 IRS Quarterly 940, 941, or 944 payroll tax reports
Third-Party Payroll Processing Summary Documents
Company-Prepared Payroll Summary Documents
2019 Company-Prepared Financial Statements aka Profit & Loss Statement
2019 Business Tax Return
2019 Personal Tax Return (if the business files as a sole proprietorship, single entity LLC)
2019 IRS Schedule C
Bank Statements

Some banks may just need to see one document. Others may request a few.

How do you apply?

Through your bank where you hold your business account.

What if your bank isn’t accepting new applications?

This may be tricky, since many banks aren’t accepting new customers. I’ve heard that smaller local banks and credit unions are accepting new customers, so that’s your best bet.

If you apply, will you get the money?

I can’t say. The program is first come, first served. There’s been $305 billion allocated for this program. According to this article on entrepreneur.com the American Bankers Association reported on April 12th that $205 billion has been claimed and $145 billion is still available. There is talk in Washington about adding funding to the program, but nothing formal has been approved.

Should you apply if the money is “drying up?”

That’s up to you, but I would. Applying isn’t going to hurt you, and there’s still money available with the chance of more money being allocated to the program.

Some disclaimers

This is a broad summary of some of the information about the program to keep it short, sweet, and not overwhelming. Although if it still feels overwhelming, that’s totally normal and okay too. I’ll share some links at the end of this post if you’d like to do more research.

If you want to save time doing research and ask some questions, email me: uryyb@baebhgrsvanapvny.pbz

If you want 1:1 support to figure out what documents you need, how much to apply for, and someone to complete the application process with you, check out my PPP help service.

Some places to get more information:

SBA Website
Gusto Live Updates
Gusto Links to Resources
Treasury FAQ
Treasury Fact Sheet

Read the full post →

Give Yourself Grace

April 7, 2020

When it comes to finances, things don’t always turn out as expected. You may feel like you’re behind. You may think you’re doing a bad job or like you’ve made a lot of mistakes. We notice “flaws” and begin to beat ourselves up.

Then comes the negative self-talk. “The world is ending, I suck at life,” type of feelings.

You start doubting yourself and questioning what you’re doing – “I should know how to do this” or “I’m just someone who’s bad with money.”

Why is it that we put such high standards on ourselves to be perfect overnight?

There’s no such thing as perfect, and it takes time to develop new knowledge and skills.

You never learned this stuff in school, from your parents, and you’re not a professional financial planner.

No one has it all figured out, and you’re definitely not alone with where you are.

This is a skill and something that takes time to cultivate. It doesn’t happen overnight. You’ll learn one lesson and then a new challenge will come up, and you’ll face challenges and obstacles all over again. It’s a normal part of the journey.

I don’t expect to know how to market my business, diagnose medical conditions, or prepare a tax return without help, because it’s not my area of expertise, and there’s nothing wrong with that. 

The negative energy of beating yourself up isn’t helping either. When you’re in that headspace, it’s harder to seek solutions and take action. It’s easier to stay stuck avoiding your finances.

It’s okay not to have it all figured out. It’s okay to need help.

When you notice that you’re beating yourself up, practice giving yourself grace.

It’s a journey. It’s a process. You can 100% do it, and I don’t doubt that. It’s okay to make mistakes. It’s okay to feel like you’re behind.

Give yourself grace and be kind to yourself. You’re learning a new skill. The more you practice and show up, the better you’ll get.

Read the full post →

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