Super job explaining a rather complex topic. I, also am a CFP/business owner and I greatly appreciate the time and effort you made to create the video. Hopefully it helps your business. Thx Tom Lane
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
could you get teh 10k advance from the disaster loan program and not accept the loan portion and then apply for the loan portion through the paycheck protection loan through the bank? or would simply applying for the disaster loan one preclude you from the paycheck protection loan program
I have good a good question. im a cook at a restaurant. i get paid by the hour i was laid off a month ago. i have not gotten any money from my boss. i am on unemployment. my boss has gotten an sba loan and is talking about bringing people back to work???!!! Even though there is not enough business. we have a stay at home order in our county. the restaurant has remained open doing to go orders only. three people there were on salary and have been working. hes talking about having people scattered about the restaurant doing cleaning organization etc(things he hasnt done in ten plus years)....can he force me to come back to work during a pandemic? after i was clearly deemed non essential when i was laid off a month ago? i thought the purpose was to basically put people on paid furlough? until bussiness picks up again
No one can be forced to come back to work but putting you back on payroll after the business received the SBA loan is completely up to the company (Comment is for education. Not advice)
@@greenbushfinancialgroup admittedly I ask them not to until the stay at home order is lifted. I help take care of my mother and need to stay healthy to go around her. She's 60.
NY banks refuse applications if you don't have a business account as of February. Most don't answer the phone. The SBA doesn't either. Lots of sole proprietors are being left out in the cold.
We are a small Organic farm. Set up as an LLC and we were JUST starting to have 4 employees. But had to stop because our sales at the grocery stores died and so we couldn't keep them. But we have all these beds of greens that are starting to grow and we would LOVE to hire them back under this loan. Would we be able to since we didn't have payroll last year?
Thank you for good info. If only the Payroll is the calculation for the loan, how do you get them to add the Rent, utilities, health care, insurance, workers comp costs?
The payroll is the only thing used in the loan calc but the money can be spent on other things besides payroll such as the rent, utilities, and health insurance and still qualify for forgiveness (Comment is for education. Not advice)
Excellent question. I'm not sure. Since these loans do not require a personal guarantee, I'm not sure if it would show up on a credit report or now. Can anyone else weigh in on this? (Comment is for education. Not advice)
Can you discuss 1. "The amount of loan forgiveness calculated above is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees (Forgiveness is reduced porpotional to the number of employee reduced). and 2. A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan: Rent or commercial lease on premise, Utilities: Electric Phone Internet." - Source U.S. Chamber of Commerce.
We are small business owners. To be preemptive we laid everyone off as of March 25th. Even though all of our staff is on, "Standby Mode" with the ESD, does this dis-qualify us from receiving the SBA Paycheck loan? We laid our staff off as was a desperate measure knowing that if payroll was added to our current expenses we may not make it through this crisis . We want a business for our valued employees to come back to. In listening to your video (which is much appreciated) you state that a business must maintain the same number of employees between February 15th and June 30th that it did in the same time period for 2019. I would love your opinion.
As soon as your receive the PPP loan you can hire your employees back. They compare your employee headcount between either Feb 2019 - June 2019 or Jan 2020 - Feb 2020 and compare that to your headcount during the 8 wks following when you received the PPP loan.
Why do we have to complete SBA Form 413D if there no personal guarantee by business owner? This form says that anyone owning more than 20% must complete this form which says to list your assets and liabilities of you, your spouse and minor children. It says they are looking at assets and liabilities to see if you can payback. Just makes me wonder if the fine print isn't having me pledge my personal assets for this loan. Thanks for your video and reply
Not sure on this one. We are watiing to get confirmation on everything that will be required to apply for these loans from the banks. As of today, most of the banks are waiting for this info as well (Comment is for education. Not advice)
Thanks for the info! Can you cover the disaster loan? I'm a sole proprietor with no employees. I stared paying some private contractors though it wasn't enough to need 1099's.
As of yesterday, they just change the max duration of these loans from 10 year to 2 years. So after 2 years if they loan was not forgiven it would have to be paid in full. If the loan defaults, it could hurt the business's credit score (Comment is for education. Not advice)
@@greenbushfinancialgroup Even if we repay in 2 years, wouldnt the credit score for the business and owner be impacted? Wouldnt the PPPL be looked upon by the bank as a negative thing for future loans for other investments?
It shouldn't as long as the loan is either forgiven or is paid back in full within the 2 year amortization schedule. I guess if you were trying to obtain other loans while the PPP loan is still outstanding, , that existing loan may be taken into consideration. (Comment is for education. Not advice)
Great video! One follow-up question . . . if we haven't paid our lease amounts for February, March and April (normally due the 1st of each month), and our business is approved for a PPP loan on 4/15/2020, and then pay the 3 months of lease amounts within the following 8-week process, are all three months considered a qualified expense? In another words, does the SBA look at qualified expenses on a cash or accrual basis? Or do the expense amounts need to be prorated, i.e. only 50% of April's lease amount would be considered a qualified expense if our PPP loan was approved on 4/15/2020?
That's a great question. We will have to conduct some research on this one. Please send me an email mruger@greenbushfinancial.com (Comment is for education. Not advice)
I lease Uber vehicles....all the vehicles are not paid for ... does me paying the car note go towards forgiveness ?? I have no employees just an S corp with several vehicles??
People are now saying according to the SBA that the only way you'll get the 10 grand forgiven is if you continue to pay employees during the crisis So does that mean that it doesn't really go to people who don't even have employees and basically doesn't affect most of us
If you spend the loan, the first $10k is forgivable. For example, if you drive for UberCheats, Lyft, DoorDash, and/or the likes, you can buy a car, and/or things for your car, and such expense$ will be covered under the stipulations that are in place. 🚁🚁🚁🚁🚁💰💰💰💰💰
I've read that for the SBA Debt Relief program, the government will pay 6 months of principal and interest for eligible 7(a) loans. I have an active 7(a) express loan. Is this a separate application, or will it automatically take effect next month?
U don't have to pay back the 10k ?? I wish someone could help me with this lol it's so overwhelming I just put in my application so let's see what happens
The EIDL program is the one with the up front grant. You can be granted up to $10K but they may issued you less than that. The EIDL grant is a forgivable amount. If you also apply for the PPP program, that amount issued to you through the EIDL program will count against the forgivable amount on the PPP side. Feel free to call me with questions. (Comment is for education. Not advice)
What if an employee was let go on Dec 31 2019 or Jan 15 2020 and is re-hired now after Feb 15 ? What impact does it have on claim amounts as well as forgiveness eligibility ?
If they are rehired after 2/15, for at least 75% of their previous wage, it should not count against the forgivness amount. Their wages that they earned in 2019 should could toward the average monthly payroll amount unsed in the 2.5 cacl. (Comment is for education. Not advice)
The calculation results in 2.5 months of payroll but the costs are are allocated over a 2 month (8 week) period. There might not be enough to cover all of those itmes but there may be enough to cover costs beyond just payrol during that time period and qualify toward the forgiveness amount,. (Comment is for education. Not advice)
My business is safety consulting OSHA training. Prior to Covid shutdown I conducted training for my clients in their conference rooms for their staff. As clients have started up again they want me to resume training services but instead of in person they want it remote on Zoom with power point, videos etc. not being a tech type person I require hiring a consulting firm to assist in creating my on line training modules so I can remain in business fir my customers needs. Can I use the EIDL Loan to pay the consultants fees for assisting me in creating these Covid era necessary training on line modules?
Is the loan amount calculated on payroll for full-time annual employees? And is the forgiveness based on keeping only those employees hired through June 30? I have a lot of temporary, part-time employees who are no longer working because the programs they work on are canceled, but the core full-time staff is still working.
I want to utilize the paycheck Protection Program, but what if my employees have already applied for NY State unemployment benefits. I assume that those benefits would need to stop. Any comments or thoughts?
You would have to hire those employee back and pay them at least 75% of their previous wages to be eligible for the full forgiveness aspect of this program. There is both the wage and the headcount requirements outlined in the video to be eligible for the full forgiveness of the PPP loan amount. (Comment is for education. Not advice)
Thank you very much for the video. Extremely well done. I have a few questions. 1- Who do I go to for rent, utilities and mortgages? I see this is only for the Paycheck protection one. If the rent, utilities and mortgages one is different: A- is it a forgivable loan? B- would it prevent me from applying for the paycheck protection one?
The Paycheck protection Loan is the one that covered the mortgage, rent, utilities with forgiveness. But only payroll amounts factor into the loan calculation (Comment is for education. Not advice)
I am a S corp with only myself as an employee. I do not do a normal payroll, I just write myself checks each month (and not on a weekly or biweekly basis). I have received the loan but my bank based the amount on my 1099 from 2019. The 1099 amount was over $100,000. So does that mean any amount over the two and a half month's pay that is over $100,000 will not be forgiven? Or should I use the amount over that $100,000 to pay mortgage payments? I am so confused and do not want to make any mistakes. Thank you so much.
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
What about business owners of LLC's who are not on the payroll? We can pass through this income to our employees, but what about us? There is no provision to pay anyone except W2 or 1099 employees; we are neither, we received K1s.
We are not sure yet how the comp for partners that don't take guaranteed payments are going to factor into the 2.5 payroll calc. We are waiting for guidance (Comment is for education. Not advice)
I'm not certain on this one but I think the qualified expenses have to happen within that 8 week window after the PPP loan is awards to be eligible for forgiveness. (Comment is for education. Not advice)
If you are sole prop, the bank uses your 2019 earning to determine your "salary" for purposes of the PPP calculation. We will be coming out with a video this week that will specifically address how expenses are forgiven under the PPP program (Comment is for education. Not advice)
One employee went on workmans comp in Ct. He is now getting paid 50 percent more than he was earning. What do I do with the money he could get under ppp?
That's a tough one since workers comp is different that unemployment benefits. If they are on Unemployment benefits and you offer them their job back and they do not accept it, you just need to have something in writing that you offered them their job back, and you will not be penalized under the PPP forgiveness calculation. But if you have a small company it may be difficult to reach the 75% of payroll spend if that employee is not able to come back (Comment is for education. Not advice)
Can you have some employees on job attached Unemployment and others under this program? The reason I ask is our tow truck drivers get paid on commission and we have recently asked them to go thru work attached unemployment ( they are still working just not as many calls coming in) before this PPP came down the pipeline. The owner and 3 other employees are salary/hourly. We are struggling with mortgage, rent, utilities etc. Can employees be split up?
I'm not sure on this one. I would ask the bank when you submit the application for the PPP. Sorry I could not offer guidance on this question. (Comment is for education. Not advice)
Thanks for this great summary of the PPP. You mention that we have to demonstrate that our business what economically impacted by Covid 19. How is that defined?
That is one of the big question marks right now. As of right now the definition is very broad. Hoping for guidance soon. (Comment is for education. Not advice)
That is correct. They are two separate loan programs. Here is our video on the SBA Disaster Loan: ruclips.net/video/t7aKLAWtMAc/видео.html (Comment is for education. Not advice)
The SBA Disaster Recovery Program (Economic Injury Disaster Loan "EIDL) is directly through the SBA. The Paycheck Protection Program (with loan forgiveness) can only be accessed through a bank or credit union that is participating in this SBA program (Comment is for education. Not advice)
You can but you have to be careful about doing this. The expenses that you are paying with the Disaster Loan can not be same expenses that you are paying with the Payroll Protection Loan otherwise you jepordize the forgiveness of the Payroll Protection Loan. (Comment is for education. Not advice)
My guess is most commercial lending departments will be working with clients through virtual means. Uploading the necessary documents in a secure email setting (Comment is for education. Not advice)
My parents' business is a dry cleaner that switched to a c-corporation in July 1, 2019, with a total of 5 employees, do they qualify for the PPP? And a follow-up question is, if so where can I go to help them apply for this loan?
As long as the business can attest that it has been economically impacted by COVID-19, it would eligible to apply for the PPP. They would need to contact a bank to apply for the loan (Comment is for education. Not advice)
Hi Travis, my company is an online business set as a Partnership with my wife (not sole-proprietor) with no employees. What option do I have to choose, business with no more than 500 employees or individuals under sole proprietorship?
The issue that partnerships get into is if there are no "guaranteed payments" that were made to the partners, then there may not be "comp" to count toward the PPP loan amount. But this is worth asking the banks about. (Comment is for education. Not advice)
I do not believe so. Only the loans issued through the PPP are eliible for forgiveness. If you aquired the $10K grant through the EIDL, then that would count against the forgiveness amount that is awarded through the PPP. So technically that could be considered a forgivable amount as well. (Comment is for education. Not advice)
My partner and I have an S Corp but it is only the two owners right now, 50/50. We have not filed taxes for 2019 yet. What documentation will we need to gather? Which loan would you recommend to apply for?
As for the documentation, we are waiting for this information from the banks.....stay tuned. As for which program is right for you, that would be a questions for your accountant based on your companies individual situation. (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Sole proprietors are eligible to apply for this program but we are not sure how they are going to calculate the comp for sole props in the 2.5 formula. Waiting for guidance (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
I'm sorry I don't. I usually recommend calling the banks in your area and asking if they intend to participate in the "SBA Paycheck Proteciton Loan Program". (Comment is for education. Not advice)
If your company has payroll of over $100K per month, we have a team in the office that will be assisting companies with the application process. There is no fee to the borrower. The bank pays them out of the fee that they receive from the government (Comment is for education. Not advice)
I have a small S corporate business with one employee. I am the employee. I was planning to apply for SBA forgiveness loan & also for unemployment since I am not making any money & I still have to pay the bills. Should I not apply for unemployment if I am supplying for forgiveness program or is there one I can apply for forgiveness loan program & unemployment?
When you receive the PPP loan, you would not be able to collect unemployment and pay yourself from the PPP loan at the same time. Technically you have hired yourself back at that point and are no longer unemployed. I'm not sure how it works coordinating unemployment between now and when the PPP get approved and you "hire yourself back". (Comment is for education. Not advice)
As of right now it seems like only expenses that were incurred after you receive the money in your bank account for the PPP loan will count toward the forgiveness calculation but we are waiting on important guidance from the SBA/IRS on this. Hopefully we will hear something this week. We will be putting out a video on the Forgiveness Calc as soon as we get the guidance (Comment is for education. Not advice)
Very nice video! Thank you for making this! It answered a lot of my questions except for one. Does the forgiveness program differ for private contractors?
We do not have a universal list. It's recommended that you call banks in your area and ask if they are going to be participating in the Paycheck Protection Program (Comment is for education. Not advice)
I would recommend having your accountant run the payroll analysis to see if the PPP program makes sense based on the amount that would be forgiven. I wish I could offer a better answer but when it comes to running the numbers it's a case by case basis whether or not this program makes sense. (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
It's a loan, so if it not forgiven, then the loan is required to be paid back over the 10 year amortization schedule. If you default it could hurt your credit score. (Comment is for education. Not advice)
Im a sole proprietor. I applied on line For Corona emergency Disaster loan. With the intent to obtain 10k Grant. This was on March 21ist. I got an email back asking if I wanted emergency money deposited in my account. I said yes . But it never happened. Six weeks later I was notified I was approved to 30K. I accepted 10 K instead. (assumming it would be forgiven) But I did sign loan papers @3.75% for 30 years commencing 12 months from now. But I didnt want a loan. I wanted a grant. I dont want to use borrowed to money to pay my other borrowed money. Do I need to give this money back or can I expect clarification fornthe 10K grant further in time.
I have s-corp(IT Consulting ) and have my wife and daughter as employees. I run payroll for them along with me. Am I eligible ? So I should count 3 people's payroll ? Thank you so much for your help
You would be eligible to apply to the PPP program. If your wife and daughter are on payroll that would count toward the max loan amount and the forgiveness amount (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
The PPP and EIDL are both SBA loan but they are not the same. The PPP are the forgivable loans, the EIDL are the SBA loans that had the grant but are actual loans subject to normal payback. (Comment is for education. Not advice)
With credit cards and mortgages running up to a total of 87k starting a business was far from my capacity regardless I decided to give tony a trial and under 2weeks of working with him They all got paid off completely. Just a text away reach him on +1 310-986-2321
Business had to have been in existence as of 2/15/20. If the owners are not getting any salary then there is nothing to include in the 2.5 calculation. (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Hi! thanks for the info. Our businesses are LLC's - with my wife and I as members. Would we file under the "Business" option or the "sole proprietor"? Thanks in advance!
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
One more scenario pls: How is this going to work for a self employed person who got a little bit of W2 from one or more employer ( or own biz ) . lets say 10K from one and 20K from another and a 1099 from a third biz. :) Happens in case of independent consultants working multiple jobs in a year and are now hit bad on all fronts.
Only your self employment income will count if you personally plan to apply for the PPP. If you had W2's from companies other than your own, that would not count toward the calc for your own business. Technically you we an employee of their company. (Comment is for education. Not advice)
You have to go ta bank for these Paycheck Protection Loans. The SBA online application is for the SBA Disaster Program which is a completely seperate program without loan forgiveness. Here is our video on those Disaster Recovery Loans: ruclips.net/video/t7aKLAWtMAc/видео.html (Comment is for education. Not advice)
The SBA disaster loan and SBA Paycheck Protection loans are two separate programs. This video is about the Paycheck Protection loan that has forgiveness and you have to apply through a bank. The SBA disaster loan you apply direct to the SBA online. (Comment is for education. Not advice)
There are a lot of unanswered questions surrounding the forgiveness of these loans that the Treasury and SBA have yet to answer. As soon as they issue guidance, we will post a video specific to the forgiveness calculation (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
As an Uber driver you are technically a sole proprietor which would make you eligible to apply but we are not sure how they are going to calculate wages for sole prop entities with no payroll. We need clarification as to how the loan calc will work for these situations. Stay tuned.... (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Yes, you can. But see my reply above above the double dipping issues that could jeopardize the forgiveness of the PPP loan. We need more guidance about having both loan simultaneously (Comment is for education. Not advice)
Thanks for putting out a video. Out of all the videos I’ve watched. You guys sound profesional and legitimate. Keep on doing what you’re doing! This helps people. We have been approved for a loan by the SBA. But the terms are a little different than what you mentioned in the video. Have you seen an actual loan agreement for this? I can send you ours so you can evaluate it. What type of paperwork do we need to have or steps does a business need to take in order to have parts of this loan forgiven? Thanks!
Thank you for the kind words!! The terms did change since we made the video. It’s now a 2 year loan with a 1% interest rate. They continue to issue update guidance almost daily. On the forgiveness side, we will be posting another video soon. Treasury is expected to come out with additional guidance on forgiveness this Friday. (Comment is for education. Not advice)
The regulators issued guidance yesterday that at least 75% of the PPP loan has to be used for payroll in order to be considered for forgiveness (Comment is for education. Not advice)
I'm a Board President of Non-Profit organization. I've received 1,000$ from Small Business Loan. What am I going to do with it? How to make them forgive the money? Do I have to provide any documentation for them? Who? How does it work?
Most banks will be accepting applications beginning April 3rd for small businesses. On April 10th, independent contractors and self-employed individuals can apply (Comment is for education. Not advice)
@Armando Sanchez This video: ruclips.net/video/dwuUAGpWtlo/видео.html is saying that 10k of the Disaster loan from the SBA is forgivable? Do you know if that is true? Or is the 10k you speak of forgiven from the PPP? I just spent all day on applying for the disaster relief loan in hopes for the 10k.
Andrew Cerone I was on that RUclips channel as well. I’m running this past my accountant as we speak. When I showed her that other video she said it was a phishing scam. I don’t know how that could be because I followed along with him on the SBA website. I didn’t finish filling it out because I wanted to make sure with my accountant first so here I am wasting time. I’m so confused.
@@Beowulf-wt3kb Just fill it out! This is all new so your accountant may not know. check out ruclips.net/video/dwuUAGpWtlo/видео.html he also shows you how to fill the application out on the gov website
Yes you are eligible to apply but we are not sure yet how they are going to assess what the “payroll” amount is for sole proprietors. We will hopefully be able to offer clarification soon (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Great video! Thank you so much for this content. My partners and I own 16 duplexes in an LLC in Huntsville, Alabama and I think we are going to need some help paying our contractors and paying the mortgage. Two questions; 1) Our mortgage is actually through the previous owner (owner financing). Is this a "qualified expense"? 2. Should we go to a bank in Alabama for the loan (my partners and I actually live in different States from the properties)? Thanks.
As long as there is a legit promissory note for the mortgage, I don't see what that would not be considered a legit mortgage payment. But you should ask the bank that you are taking the loan through becuase they will have to process the fiorgiveness of the loan. Since these loans require no collateral, it should not matter where the bank is located. You really should go to bank where you have the strongest banking relationship to get the loan processed faster. (Comment is for education. Not advice)
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Super job explaining a rather complex topic. I, also am a CFP/business owner and I greatly appreciate the time and effort you made to create the video. Hopefully it helps your business. Thx Tom Lane
Great information! Thanks for being ahead of the curve and sharing the details as we know them today. Much appreciated!
Thanks so much for putting this together with clarity and easy to understand!
No bank I called is doing it. And the bank I usually bank with is wellsfargo. And they’re terrible. WELLS FARGO IS A TERRIBLE BANK
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
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Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
@Olivia Grey They helped me out as well .
could you get teh 10k advance from the disaster loan program and not accept the loan portion and then apply for the loan portion through the paycheck protection loan through the bank? or would simply applying for the disaster loan one preclude you from the paycheck protection loan program
That is a really good question. I will do some research and get back to you with an answer...... (Comment is for education. Not advice)
@@greenbushfinancialgroup thank you i would really appreciate that
I have good a good question. im a cook at a restaurant. i get paid by the hour i was laid off a month ago. i have not gotten any money from my boss. i am on unemployment. my boss has gotten an sba loan and is talking about bringing people back to work???!!! Even though there is not enough business. we have a stay at home order in our county. the restaurant has remained open doing to go orders only. three people there were on salary and have been working. hes talking about having people scattered about the restaurant doing cleaning organization etc(things he hasnt done in ten plus years)....can he force me to come back to work during a pandemic? after i was clearly deemed non essential when i was laid off a month ago? i thought the purpose was to basically put people on paid furlough? until bussiness picks up again
No one can be forced to come back to work but putting you back on payroll after the business received the SBA loan is completely up to the company (Comment is for education. Not advice)
@@greenbushfinancialgroup admittedly I ask them not to until the stay at home order is lifted. I help take care of my mother and need to stay healthy to go around her. She's 60.
Hold on...all the banks in our area are closed. Only the drive throughs are open
We are assuming that the underwriting process will be completed via virtual mediums (Comment is for education. Not advice)
NY banks refuse applications if you don't have a business account as of February. Most don't answer the phone. The SBA doesn't either. Lots of sole proprietors are being left out in the cold.
We have heard that as well that a lot of banks are only accepting PPP applications from their existing business clients. It’s a bummer!!
We are a small Organic farm. Set up as an LLC and we were JUST starting to have 4 employees. But had to stop because our sales at the grocery stores died and so we couldn't keep them. But we have all these beds of greens that are starting to grow and we would LOVE to hire them back under this loan. Would we be able to since we didn't have payroll last year?
Thank you for good info. If only the Payroll is the calculation for the loan, how do you get them to add the Rent, utilities, health care, insurance, workers comp costs?
The payroll is the only thing used in the loan calc but the money can be spent on other things besides payroll such as the rent, utilities, and health insurance and still qualify for forgiveness (Comment is for education. Not advice)
Greenbush Financial Group & Money Smart Board u r flat out wrong.
Would this loan show in your credit report?
Excellent question. I'm not sure. Since these loans do not require a personal guarantee, I'm not sure if it would show up on a credit report or now. Can anyone else weigh in on this? (Comment is for education. Not advice)
Thank you for your efforts to share this information. Great job … very much appreciated.
Can you discuss 1. "The amount of loan forgiveness calculated above is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees (Forgiveness is reduced porpotional to the number of employee reduced). and 2. A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan: Rent or commercial lease on premise, Utilities: Electric Phone Internet." - Source U.S. Chamber of Commerce.
This is a longer answer. Feel free to contact me: www.greenbushfinancial.com (Comment is for education. Not advice)
We are small business owners. To be preemptive we laid everyone off as of March 25th. Even though all of our staff is on, "Standby Mode" with the ESD, does this dis-qualify us from receiving the SBA Paycheck loan? We laid our staff off as was a desperate measure knowing that if payroll was added to our current expenses we may not make it through this crisis . We want a business for our valued employees to come back to. In listening to your video (which is much appreciated) you state that a business must maintain the same number of employees between February 15th and June 30th that it did in the same time period for 2019. I would love your opinion.
As soon as your receive the PPP loan you can hire your employees back. They compare your employee headcount between either Feb 2019 - June 2019 or Jan 2020 - Feb 2020 and compare that to your headcount during the 8 wks following when you received the PPP loan.
I tried applying recently and got declined . Any ideas on how I can get this loan
My application was denied too . I need this loan for my business
y'all need help to get the loan ? I can share a few insights on how I applied and got approved .
@@eli2abethpsy415 please share , I really need the loan . it'd go a long way to help my business . I have applied a couple of times but nothing
@@eli2abethpsy415 please share .. I will really appreciate any information that can help me get this loan
@@eli2abethpsy415 How did you get approved
Let's say your water boiler unit broke down, would using this loan money to replace the water boiler fall under "utilities?" Thanks!
I doubt it but it's worth asking the bank about this item. (Comment is for education. Not advice)
For PPP you have to spend 75% on payroll.
Why do we have to complete SBA Form 413D if there no personal guarantee by business owner? This form says that anyone owning more than 20% must complete this form which says to list your assets and liabilities of you, your spouse and minor children. It says they are looking at assets and liabilities to see if you can payback. Just makes me wonder if the fine print isn't having me pledge my personal assets for this loan. Thanks for your video and reply
Not sure on this one. We are watiing to get confirmation on everything that will be required to apply for these loans from the banks. As of today, most of the banks are waiting for this info as well (Comment is for education. Not advice)
Thanks for the info! Can you cover the disaster loan? I'm a sole proprietor with no employees. I stared paying some private contractors though it wasn't enough to need 1099's.
Here is the link to our video on the SBA Disaster Loan: ruclips.net/video/t7aKLAWtMAc/видео.html (Comment is for education. Not advice)
How would taking the Paycheck Protection Plan Loan effect the credit capability of the owner in the future(say 2 years from now)?
As of yesterday, they just change the max duration of these loans from 10 year to 2 years. So after 2 years if they loan was not forgiven it would have to be paid in full. If the loan defaults, it could hurt the business's credit score (Comment is for education. Not advice)
@@greenbushfinancialgroup Even if we repay in 2 years, wouldnt the credit score for the business and owner be impacted? Wouldnt the PPPL be looked upon by the bank as a negative thing for future loans for other investments?
It shouldn't as long as the loan is either forgiven or is paid back in full within the 2 year amortization schedule. I guess if you were trying to obtain other loans while the PPP loan is still outstanding, , that existing loan may be taken into consideration. (Comment is for education. Not advice)
Great video! One follow-up question . . . if we haven't paid our lease amounts for February, March and April (normally due the 1st of each month), and our business is approved for a PPP loan on 4/15/2020, and then pay the 3 months of lease amounts within the following 8-week process, are all three months considered a qualified expense? In another words, does the SBA look at qualified expenses on a cash or accrual basis? Or do the expense amounts need to be prorated, i.e. only 50% of April's lease amount would be considered a qualified expense if our PPP loan was approved on 4/15/2020?
That's a great question. We will have to conduct some research on this one. Please send me an email mruger@greenbushfinancial.com (Comment is for education. Not advice)
I lease Uber vehicles....all the vehicles are not paid for ... does me paying the car note go towards forgiveness ?? I have no employees just an S corp with several vehicles??
People are now saying according to the SBA that the only way you'll get the 10 grand forgiven is if you continue to pay employees during the crisis So does that mean that it doesn't really go to people who don't even have employees and basically doesn't affect most of us
To my understanding, if you don't have employees you'd be considered self employee, not small business...
If you spend the loan, the first $10k is forgivable. For example, if you drive for UberCheats, Lyft, DoorDash, and/or the likes, you can buy a car, and/or things for your car, and such expense$ will be covered under the stipulations that are in place.
🚁🚁🚁🚁🚁💰💰💰💰💰
I've read that for the SBA Debt Relief program, the government will pay 6 months of principal and interest for eligible 7(a) loans. I have an active 7(a) express loan. Is this a separate application, or will it automatically take effect next month?
U don't have to pay back the 10k ?? I wish someone could help me with this lol it's so overwhelming
I just put in my application so let's see what happens
So did i
The EIDL program is the one with the up front grant. You can be granted up to $10K but they may issued you less than that. The EIDL grant is a forgivable amount. If you also apply for the PPP program, that amount issued to you through the EIDL program will count against the forgivable amount on the PPP side. Feel free to call me with questions. (Comment is for education. Not advice)
@@greenbushfinancialgroup thank you !
@@greenbushfinancialgroup Are sole proprietorship elible for the grant?
Yes, sole props are eligible to apply (Comment is for education. Not advice)
Thanks for the excellent vid, informative and concise! Stay well and looking forward to more updates, thanks!
What if an employee was let go on Dec 31 2019 or Jan 15 2020 and is re-hired now after Feb 15 ? What impact does it have on claim amounts as well as forgiveness eligibility ?
If they are rehired after 2/15, for at least 75% of their previous wage, it should not count against the forgivness amount. Their wages that they earned in 2019 should could toward the average monthly payroll amount unsed in the 2.5 cacl. (Comment is for education. Not advice)
Are payments by a small business to 1099 independent contractors or other vendors considered part of their payroll for calculation of lending amount ?
We are waiting for guidance on this..... (Comment is for education. Not advice)
@@greenbushfinancialgroup Same question I had. Hope you can get an answer on this.
So if the total is based on just payroll, how would you have enough to cover rent, utilities, etc?
The calculation results in 2.5 months of payroll but the costs are are allocated over a 2 month (8 week) period. There might not be enough to cover all of those itmes but there may be enough to cover costs beyond just payrol during that time period and qualify toward the forgiveness amount,. (Comment is for education. Not advice)
My business is safety consulting OSHA training. Prior to Covid shutdown I conducted training for my clients in their conference rooms for their staff. As clients have started up again they want me to resume training services but instead of in person they want it remote on Zoom with power point, videos etc. not being a tech type person I require hiring a consulting firm to assist in creating my on line training modules so I can remain in business fir my customers needs. Can I use the EIDL Loan to pay the consultants fees for assisting me in creating these Covid era necessary training on line modules?
It seems like the answer would be Yes since EIDL loans allow you to use the money to fund business operations. (Comment is for education. Not advice)
Thank you, I have made several attempts calling sba to ask them this but keep getting disconnected
Is the loan amount calculated on payroll for full-time annual employees? And is the forgiveness based on keeping only those employees hired through June 30? I have a lot of temporary, part-time employees who are no longer working because the programs they work on are canceled, but the core full-time staff is still working.
Also, is the loan calculation on base wages only, or are payroll tax and benefit costs figured into the 2.5 calculation?
I want to utilize the paycheck Protection Program, but what if my employees have already applied for NY State unemployment benefits. I assume that those benefits would need to stop. Any comments or thoughts?
You would have to hire those employee back and pay them at least 75% of their previous wages to be eligible for the full forgiveness aspect of this program. There is both the wage and the headcount requirements outlined in the video to be eligible for the full forgiveness of the PPP loan amount. (Comment is for education. Not advice)
If I was approved for the Sba Loan last year for under $10,000 can it be forgiven? If so how or what form needs to be filled out?
Thank you very much for the video. Extremely well done. I have a few questions. 1- Who do I go to for rent, utilities and mortgages? I see this is only for the Paycheck protection one. If the rent, utilities and mortgages one is different: A- is it a forgivable loan? B- would it prevent me from applying for the paycheck protection one?
The Paycheck protection Loan is the one that covered the mortgage, rent, utilities with forgiveness. But only payroll amounts factor into the loan calculation (Comment is for education. Not advice)
If I was approved for the Sba Loan last year for under $10,000 can it be forgiven? If so how or what form needs to be filled out?
I am a S corp with only myself as an employee. I do not do a normal payroll, I just write myself checks each month (and not on a weekly or biweekly basis). I have received the loan but my bank based the amount on my 1099 from 2019. The 1099 amount was over $100,000. So does that mean any amount over the two and a half month's pay that is over $100,000 will not be forgiven? Or should I use the amount over that $100,000 to pay mortgage payments? I am so confused and do not want to make any mistakes. Thank you so much.
Hi Donna. I received your email. Please feel free to call me at my office and I can provide you with guidance (Comment is for education. Not advice)
Also which is the best loan for a hairstylist? Do you know? One person show at a salon suite owner?
This is a good question for your accountant. The answer varies on a case by case basis (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
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* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Excellent video, thank you
What about business owners of LLC's who are not on the payroll? We can pass through this income to our employees, but what about us? There is no provision to pay anyone except W2 or 1099 employees; we are neither, we received K1s.
We are not sure yet how the comp for partners that don't take guaranteed payments are going to factor into the 2.5 payroll calc. We are waiting for guidance (Comment is for education. Not advice)
Does the loan help cover the current payroll? Or only the payroll after receipt of the loan?
I'm not certain on this one but I think the qualified expenses have to happen within that 8 week window after the PPP loan is awards to be eligible for forgiveness. (Comment is for education. Not advice)
Do they request credit score ?
What happens to someone that has a small business and the owner is the only worker? How does he explained the expenses ?
If you are sole prop, the bank uses your 2019 earning to determine your "salary" for purposes of the PPP calculation. We will be coming out with a video this week that will specifically address how expenses are forgiven under the PPP program (Comment is for education. Not advice)
Greenbush Financial Group & Money Smart Board thank you, I’ll be waiting for it.
One employee went on workmans comp in Ct. He is now getting paid 50 percent more than he was earning. What do I do with the money he could get under ppp?
That's a tough one since workers comp is different that unemployment benefits. If they are on Unemployment benefits and you offer them their job back and they do not accept it, you just need to have something in writing that you offered them their job back, and you will not be penalized under the PPP forgiveness calculation. But if you have a small company it may be difficult to reach the 75% of payroll spend if that employee is not able to come back (Comment is for education. Not advice)
Can you have some employees on job attached Unemployment and others under this program? The reason I ask is our tow truck drivers get paid on commission and we have recently asked them to go thru work attached unemployment ( they are still working just not as many calls coming in) before this PPP came down the pipeline. The owner and 3 other employees are salary/hourly. We are struggling with mortgage, rent, utilities etc. Can employees be split up?
I'm not sure on this one. I would ask the bank when you submit the application for the PPP. Sorry I could not offer guidance on this question. (Comment is for education. Not advice)
Excellent information, very well put together thanks a lot!
Thanks for this great summary of the PPP. You mention that we have to demonstrate that our business what economically impacted by Covid 19. How is that defined?
That is one of the big question marks right now. As of right now the definition is very broad. Hoping for guidance soon. (Comment is for education. Not advice)
Great video. Thank you. So, the SBA disaster loan program is not the same as Paycheck Protection Program? Did I get that right? thank you
That is correct. They are two separate loan programs. Here is our video on the SBA Disaster Loan: ruclips.net/video/t7aKLAWtMAc/видео.html (Comment is for education. Not advice)
Is this different than the Economic Injury Disaster Loan?
Yes, the EIDL is the loan that you apply for directly from the SBA online (Comment is for education. Not advice)
I inquired about this to my bank and they told me it’s all done through the SBA so now I’m super confused
The SBA Disaster Recovery Program (Economic Injury Disaster Loan "EIDL) is directly through the SBA. The Paycheck Protection Program (with loan forgiveness) can only be accessed through a bank or credit union that is participating in this SBA program (Comment is for education. Not advice)
Is there a list of banks who are?
Thanks for the clarification. I’m a single employee (Me) LLC. Do I need to have an EIN to file for the EIDL?
An ein or social security
Can we apply for both, the payroll protection as well as the disaster loan? Thanks!
You can but you have to be careful about doing this. The expenses that you are paying with the Disaster Loan can not be same expenses that you are paying with the Payroll Protection Loan otherwise you jepordize the forgiveness of the Payroll Protection Loan. (Comment is for education. Not advice)
what do you do if banks in your area are closed except drive through
?
My guess is most commercial lending departments will be working with clients through virtual means. Uploading the necessary documents in a secure email setting (Comment is for education. Not advice)
My parents' business is a dry cleaner that switched to a c-corporation in July 1, 2019, with a total of 5 employees, do they qualify for the PPP? And a follow-up question is, if so where can I go to help them apply for this loan?
As long as the business can attest that it has been economically impacted by COVID-19, it would eligible to apply for the PPP. They would need to contact a bank to apply for the loan (Comment is for education. Not advice)
Hi Travis, my company is an online business set as a Partnership with my wife (not sole-proprietor) with no employees. What option do I have to choose, business with no more than 500 employees or individuals under sole proprietorship?
The issue that partnerships get into is if there are no "guaranteed payments" that were made to the partners, then there may not be "comp" to count toward the PPP loan amount. But this is worth asking the banks about. (Comment is for education. Not advice)
What if you already had an SBA disaster loan from a previous diaster.... would that SBA loan qualify for forgiveness? Or at least a portion of it?
I do not believe so. Only the loans issued through the PPP are eliible for forgiveness. If you aquired the $10K grant through the EIDL, then that would count against the forgiveness amount that is awarded through the PPP. So technically that could be considered a forgivable amount as well. (Comment is for education. Not advice)
if a two member LLC has been formed for the purpose of owning and managing real estate, does the rental income count as 'payroll'?
No, rental income is considered passive income (Comment is for education. Not advice)
My partner and I have an S Corp but it is only the two owners right now, 50/50. We have not filed taxes for 2019 yet. What documentation will we need to gather? Which loan would you recommend to apply for?
As for the documentation, we are waiting for this information from the banks.....stay tuned. As for which program is right for you, that would be a questions for your accountant based on your companies individual situation. (Comment is for education. Not advice)
Given the fact that marijuana is not legal on the federal level, do you know if these SBA PPP loans are available to Cannabis businesses?
Sorry.....no guidance on this one..... (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
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* Construction Loan
* Home Loans
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Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
How about salon suite owners? I had to close my Buisness and I am by myself no employees. Will I be eligible? And can it go towards my pay as well?
Sole proprietors are eligible to apply for this program but we are not sure how they are going to calculate the comp for sole props in the 2.5 formula. Waiting for guidance (Comment is for education. Not advice)
Do I have to personally guarantee the loan if its a business getting the loan?
For the PPP no personal guarantees required (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
must I apply at a bank or can I apply at the sba website via www.sba.gov/page/disaster-loan-applications ?
For the PPP, you have to apply through a bank (Comment is for education. Not advice)
Do you have a list of bank lenders for the PPP loans
I'm sorry I don't. I usually recommend calling the banks in your area and asking if they intend to participate in the "SBA Paycheck Proteciton Loan Program". (Comment is for education. Not advice)
Would your company help with the process,application and the like for a fee ??
If your company has payroll of over $100K per month, we have a team in the office that will be assisting companies with the application process. There is no fee to the borrower. The bank pays them out of the fee that they receive from the government (Comment is for education. Not advice)
I have a small S corporate business with one employee. I am the employee. I was planning to apply for SBA forgiveness loan & also for unemployment since I am not making any money & I still have to pay the bills. Should I not apply for unemployment if I am supplying for forgiveness program or is there one I can apply for forgiveness loan program & unemployment?
When you receive the PPP loan, you would not be able to collect unemployment and pay yourself from the PPP loan at the same time. Technically you have hired yourself back at that point and are no longer unemployed. I'm not sure how it works coordinating unemployment between now and when the PPP get approved and you "hire yourself back". (Comment is for education. Not advice)
Green bush Financial Group & Money Smart Business, thank you 🙏
I have an llc prior to coronavirus without any employees but I have not been generating much income am I qualified ? Thanks
If the LLC was incorporated prior to 2/15/20 you may be eligible for PPP. (Comment is for education. Not advice)
Can you tell me if I can repay myself the payroll I have paid out for 4weeks while waiting on PPP money and still have that portion forgiven?
As of right now it seems like only expenses that were incurred after you receive the money in your bank account for the PPP loan will count toward the forgiveness calculation but we are waiting on important guidance from the SBA/IRS on this. Hopefully we will hear something this week. We will be putting out a video on the Forgiveness Calc as soon as we get the guidance (Comment is for education. Not advice)
@@greenbushfinancialgroup thanks you
Very nice video! Thank you for making this! It answered a lot of my questions except for one. Does the forgiveness program differ for private contractors?
REalexpeditetools,com helped me out with a transfer of $27,000 added to my account .They are awesome.
What happened to social distancing going to the bank in large numbers
Realexpeditetools/com helped me out with a transfer of $32,000 .I am so thankful to them .
What banks are providing these loans?
We do not have a universal list. It's recommended that you call banks in your area and ask if they are going to be participating in the Paycheck Protection Program (Comment is for education. Not advice)
Hey can I apply for the loan forgiveness on my sba loan ? Not the ppp, but a sba loan
Drop your email I can help you with that
I open a day care in my apartment .and I employed one person but the business is not yet registered. Will I still get the grant money?
You need proof that the business was in existence on 2/15/20 to be eligible to apply (Comment is for education. Not advice)
@@greenbushfinancialgroup I already applied so how can I send them the prove?
I have 10 employees. 5 are being paid to stay home. 1 plans to retire next month. How should I file?
I would recommend having your accountant run the payroll analysis to see if the PPP program makes sense based on the amount that would be forgiven. I wish I could offer a better answer but when it comes to running the numbers it's a case by case basis whether or not this program makes sense. (Comment is for education. Not advice)
Thank you! Great job.
Does the business have to apply for this specific loan or will the Current Disaster Loan convert?
You have to apply for this specific loan (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Also does this effect my credit score?
It's a loan, so if it not forgiven, then the loan is required to be paid back over the 10 year amortization schedule. If you default it could hurt your credit score. (Comment is for education. Not advice)
Im a sole proprietor. I applied on line For Corona emergency Disaster loan. With the intent to obtain 10k Grant. This was on March 21ist. I got an email back asking if I wanted emergency money deposited in my account. I said yes . But it never happened. Six weeks later I was notified I was approved to 30K. I accepted 10 K instead. (assumming it would be forgiven) But I did sign loan papers @3.75% for 30 years commencing 12 months from now. But I didnt want a loan. I wanted a grant. I dont want to use borrowed to money to pay my other borrowed money. Do I need to give this money back or can I expect clarification fornthe 10K grant further in time.
Can i used sba loan for pay off my auto loan.
Not if you want the loan forgiven. That is not one of the qualified expenses that qualify for forgiveness (Comment is for education. Not advice)
I have s-corp(IT Consulting ) and have my wife and daughter as employees. I run payroll for them along with me. Am I eligible ? So I should count 3 people's payroll ? Thank you so much for your help
You would be eligible to apply to the PPP program. If your wife and daughter are on payroll that would count toward the max loan amount and the forgiveness amount (Comment is for education. Not advice)
Can AirBnB hosts apply for this?
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Great video, thanks!
There are so many names for these loans ?? I’m so confused!
PPP, EIDL, SBA...... aren’t they the same?
The PPP and EIDL are both SBA loan but they are not the same. The PPP are the forgivable loans, the EIDL are the SBA loans that had the grant but are actual loans subject to normal payback. (Comment is for education. Not advice)
With credit cards and mortgages running up to a total of 87k starting a business was far from my capacity regardless I decided to give tony a trial and under 2weeks of working with him They all got paid off completely. Just a text away reach him on
+1 310-986-2321
What if your business is relatively new and the owners are not getting any salary from it. What happens then. Can one still apply.
Business had to have been in existence as of 2/15/20. If the owners are not getting any salary then there is nothing to include in the 2.5 calculation. (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
@@samuelavalos2147 are you guys legit. Do you have a website?
@@samuelavalos2147 I need loans to grow my real estate investing. I buy land and build new construction on them. Do you loan for that?
@@JuancoPRoFlow Yes and you will get your loan with low rate at 2% contact email, capitalloan011@gmail.com
Hi! thanks for the info. Our businesses are LLC's - with my wife and I as members. Would we file under the "Business" option or the "sole proprietor"? Thanks in advance!
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
I have a small home rental business. If my tenants can't pay rent, am I eligible for this program?
No, rental income is passive income (Comment is for education. Not advice)
One more scenario pls: How is this going to work for a self employed person who got a little bit of W2 from one or more employer ( or own biz ) . lets say 10K from one and 20K from another and a 1099 from a third biz. :) Happens in case of independent consultants working multiple jobs in a year and are now hit bad on all fronts.
Only your self employment income will count if you personally plan to apply for the PPP. If you had W2's from companies other than your own, that would not count toward the calc for your own business. Technically you we an employee of their company. (Comment is for education. Not advice)
Can SB Loans Also forgives
Only the PPP loans through the SBA are eligible for forgiveness. (Comment is for education. Not advice)
So we should go through the bank and not file online through the sba website?
You have to go ta bank for these Paycheck Protection Loans. The SBA online application is for the SBA Disaster Program which is a completely seperate program without loan forgiveness. Here is our video on those Disaster Recovery Loans: ruclips.net/video/t7aKLAWtMAc/видео.html (Comment is for education. Not advice)
@@greenbushfinancialgroup Are you sure? So the forgiveable loan is not found, here? : www.sba.gov/disaster/apply-for-disaster-loan/index.html
The SBA disaster loan and SBA Paycheck Protection loans are two separate programs. This video is about the Paycheck Protection loan that has forgiveness and you have to apply through a bank. The SBA disaster loan you apply direct to the SBA online. (Comment is for education. Not advice)
What's the name of the loan
Thank you, I got SBA loan through my bank, so what is the requirement for SBA forgiveness? what steps I have to follow?
There are a lot of unanswered questions surrounding the forgiveness of these loans that the Treasury and SBA have yet to answer. As soon as they issue guidance, we will post a video specific to the forgiveness calculation (Comment is for education. Not advice)
Greenbush Financial Group & Money Smart Board what about loans filed as a single person. How can I explained he expenses?
ALl thanks to realexpeditetools,com i received a transfer of $32,000 added to my account .They are awesome.
@@kelvinstones979 I would like to know how to get forgiveness for this loan
I'm a small S-Corp with just me as the employee. Can I apply?
Yes, you are eligible to apply (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
This gets forgiven but not student debt
Do Uber drivers quilify for this?
Sole proprietors are eligblie for these loans (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
I am independent contractor Uber driver full-time job and totally lost the job so far because of the coronavirus , am I qualify for that please?
As an Uber driver you are technically a sole proprietor which would make you eligible to apply but we are not sure how they are going to calculate wages for sole prop entities with no payroll. We need clarification as to how the loan calc will work for these situations. Stay tuned.... (Comment is for education. Not advice)
Greenbush Financial Group & Money Smart Board
Thank you so much
If I have an llc and have not without any employees and have not been making money prior to coronavirus am I qualified ? Thanks
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Can I apply EDD and PPP together?
Yes, you can. But see my reply above above the double dipping issues that could jeopardize the forgiveness of the PPP loan. We need more guidance about having both loan simultaneously (Comment is for education. Not advice)
Thanks for putting out a video. Out of all the videos I’ve watched. You guys sound profesional and legitimate. Keep on doing what you’re doing! This helps people.
We have been approved for a loan by the SBA. But the terms are a little different than what you mentioned in the video. Have you seen an actual loan agreement for this?
I can send you ours so you can evaluate it.
What type of paperwork do we need to have or steps does a business need to take in order to have parts of this loan forgiven?
Thanks!
Thank you for the kind words!! The terms did change since we made the video. It’s now a 2 year loan with a 1% interest rate. They continue to issue update guidance almost daily.
On the forgiveness side, we will be posting another video soon. Treasury is expected to come out with additional guidance on forgiveness this Friday. (Comment is for education. Not advice)
As a sole proprietor why can't I get just get 50,000.00 pay my mortgage off & then sit back
The regulators issued guidance yesterday that at least 75% of the PPP loan has to be used for payroll in order to be considered for forgiveness (Comment is for education. Not advice)
I'm a Board President of Non-Profit organization. I've received 1,000$ from Small Business Loan. What am I going to do with it? How to make them forgive the money? Do I have to provide any documentation for them? Who? How does it work?
My bank told me today that they don’t even have the applications ready 🙄.
Most banks will be accepting applications beginning April 3rd for small businesses. On April 10th, independent contractors and self-employed individuals can apply (Comment is for education. Not advice)
Will child support stop me from receiving this
No (Comment is for education. Not advice)
Child support happened to garnish my stimulus of 1,200😠🤷🏿♂️
Yes they garnish your stimulus check but not the SBA loan forgiveness amount (Comment is for education. Not advice)
I'm a small business with 1 employee, me!
Me too!!! Good luck!!!
@Armando Sanchez This video: ruclips.net/video/dwuUAGpWtlo/видео.html is saying that 10k of the Disaster loan from the SBA is forgivable? Do you know if that is true? Or is the 10k you speak of forgiven from the PPP? I just spent all day on applying for the disaster relief loan in hopes for the 10k.
Can self employed apply? Like uber drivers?
Andrew Cerone I was on that RUclips channel as well. I’m running this past my accountant as we speak. When I showed her that other video she said it was a phishing scam. I don’t know how that could be because I followed along with him on the SBA website. I didn’t finish filling it out because I wanted to make sure with my accountant first so here I am wasting time. I’m so confused.
@@Beowulf-wt3kb Just fill it out! This is all new so your accountant may not know. check out ruclips.net/video/dwuUAGpWtlo/видео.html he also shows you how to fill the application out on the gov website
I am a small business from home, and I am my only employee. Can I apply for this?
Yes you are eligible to apply but we are not sure yet how they are going to assess what the “payroll” amount is for sole proprietors. We will hopefully be able to offer clarification soon (Comment is for education. Not advice)
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email: capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Great video! Thank you so much for this content. My partners and I own 16 duplexes in an LLC in Huntsville, Alabama and I think we are going to need some help paying our contractors and paying the mortgage. Two questions; 1) Our mortgage is actually through the previous owner (owner financing). Is this a "qualified expense"? 2. Should we go to a bank in Alabama for the loan (my partners and I actually live in different States from the properties)? Thanks.
As long as there is a legit promissory note for the mortgage, I don't see what that would not be considered a legit mortgage payment. But you should ask the bank that you are taking the loan through becuase they will have to process the fiorgiveness of the loan. Since these loans require no collateral, it should not matter where the bank is located. You really should go to bank where you have the strongest banking relationship to get the loan processed faster. (Comment is for education. Not advice)
Greenbush Financial Group & Money Smart Board thanks for you’re reply. Videos like yours are keeping me hopeful we can make through this.