If I were to surrender my mortgage brokerage and put it in hibernation and do a lateral transfer to a national mortgage brokerage company that is licensed in most of the 50 states, it there a deposit I would have to pay or empty credit card OR am I going to start off with a large negative balance on my P and L due to licensing transferring for my licensed loan officers, and myself. How about my hourly and salaried employee? Let’s take a hypothetical case scenario where I start with a national mortgage brokerage company ABC Mortgage Broker. I am on a P and L. Things go by smoothly where we are lucky to not run in the red and are able to pay our bills. What happens if all of a sudden a lot of loan fall through and we are having a slow month and are running short to make good on all of our bills. I will assume the basics such as electricity and other utilities will get paid or I can use my business credit card but how about the big ticket expenses like payroll for salaried and hourly employees. Will the parent company, ABC Mortgage Broker suspend payroll or will they need to wait until my P and L goes in the positive. The employees I am talking about are two mortgage processors and three loan officer assistants and are paid hourly and salary via W2. Their paychecks are issued on the first and fifteenth of the month with taxes being taken out. I know the mortgage industry has been rough the past two years and many mom and pop mortgage broker owners are struggling with not meeting expenses with incoming revenues. I am in Lake County, Illinois and I know both the Federal and State Department of Labor have strict laws, rules, and guidelines concerning making timely payroll payments. Can anyone advise? Thank you in adviance.

https://www.youtube.com/watch?v=HyrG4jolIjk