Jun 1, 2020
Today I wanna talk about the CARES Act, specifically the PPP loan and the IDLE loans inside the $349 Billion Cares Act that’s giving out money to business owners. This is the way that the American government is trying to keep businesses open.
Sadly, 50% of businesses that are closed for over 10 ten days won’t reopen. Over 70% of businesses closed for 30 days won’t reopen. That’s 21 million businesses that will not reopen.
Today I want to talk about how you can get 75-100% of the PPP loan forgiven.
75% must be used for payroll within
8 weeks, it will be forgiven and it’s not taxable.
Get out your pens and paper because there are specific guidelines to be able to get the debt forgiven. In this episode, I review the recent changes, and while I am not a tax professional, I review what my tax professional has recommended to me.
You can get the other 25% if you spend it on rent, or the mortgage of the building as well as utilities such as gas, water, internet. But you are going to be required to use bank statements to prove it was used.
IDLE loans are given during emergencies to help people get back on their feet.
They are loaning you based on gross revenue and IDLE loans need to be paid back. Typically over 30 years at 3.75 interest.
If you currently have an SBA loan as of April 1st, the government is making your payment for you. What I recommend, is to take whatever you were paying towards your SBA to hack away at your credit card debt.
For those of you struggling and who
are behind on your bills, I have some good news. As of Feb 16 -
July 15 banks are not legally allowed to report you late. If you
are being reported late, immediately give them a call and ask them
to remove it. If they don’t, give my office a call so that I can
put you in touch with an attorney who will file a lawsuit.
The office number is 800-475-7267
As always I hope you find value in today’s show.
RondiLambeth.comPlease rate & review us if you use iTunes or Stitcher, so we can build the show and get on top-tier guests for YOU to enjoy! Pass on the gift of financial freedom: tell a friend about the School of Wealth. And don't forget: Subscribe! It's "School of Wealth" on your podcast app, or wherever you listen. Follow @RondiLambeth on Facebook, Instagram, and Twitter. Sign up to manage all your money in one place on CreditMojo.com! Subscribe on iTunes Follow on Spotify Subscribe on Stitcher Listen on SoundCloud Subscribe and Comment on Castbox Production Credits: Produced By VINO Lead Producer: Chassney Pharr Music Credits: School of Wealth Theme Music: “Show Some Respect” (AudioJungle - Uplifting Licensed)04089 00004083 000FDCD1 000FDCD1 00007EAD 00007E8D 00028E63 000D4072