I am trying to combine the =MIN formula with the IF function.

I am using =MIN(A1, B1)*1.4 to have the cell show the result of the lowest
of two cells multiplied by 1.4. Right now, if one cell is empty, the
function still chooses the number in the occupied cell.
I would like to add in an IF function that if BOTH cells are empty, then the
cell should display "0.01". This saves me from going back and editing those
cells by hand.

Any ideas?