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School of Wealth


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.

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