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Ask The Expert: Small Business COVID-19 PPP Loans and Taxes
Coronavirus continues to impact small businesses. To help sustain small businesses, the Small Business Administration has launched a second draw of the Payment Protection Program (PPP) loans. Are you thinking about applying for the second round? Already applied? Or, do you have questions about filing your small business taxes from the first round of loans received?
Join us February 8-15, to get your questions answered by Roderick (Rod) Johnson (RoderickJ614381), SBDC Project Officer of the Small Business Administration (SBA), a lending specialist and AARP Expert, Felicia Brown (@FeeBrown). Take advantage of this special program and learn how to navigate the tax implications to help you prosper in 2021
I had 3 Zooms already on PPP. Please apply for the money: PPP, EIDL, 504, 7A, and Micro loans. Go the local chamber of commerce, SBDCs, WBCs and VBOCs to get assistance for applying for these loans. The assistance is your tax dollars at work so use them.
I want to read in the AARP magazine that because of this online chat, We had 1000s of businesses apply for the money! I would love about 1 company from each region of the country have a story in the AARP special edition on Businesses in America during the Covid-19 Pandemic.
To conclude our conversation with expert @RoderickJ614381 from the SBA we want to thank you for listening and asking your questions. I hope you found the conversation informative and inspiring to launch that business you've been thinking about or taking your current business to the next level. Please reach out to www.sba.gov to learn more about the funding programs available and visit www.smallbizrc.org to gain tools and resources for your business journey.
I have a small business that received a 1st PPP loan and a second PPP loan, both for $250,000.
We have not applied yet for forgiveness, although our W2 payroll and the other qualifying expenses will use up all the loan money. My question is if I applied for all that we are entitled to. When I did the formula for 2.5 times our average payroll, I used only the W2 employees and not any of our 1099 independent contractors that we use on a regular basis. Do these independent
contractors figure into the total amount we can apply for? And if so, can I make an additional application for these funds?
Well for all you folks out there, the money is available to start, grow and sustain your business during Covid-19. It is now up to you to do so. There is all types of free assistance to do so from AARP, SCORE, SBDCs, WBCs, VBOCs and Chambers of Commerce. Who will take me up on the challenge and get moving to take or keep the destiny of your lives in your own hands and no one else
A Happy Friday Indeed! We are approaching the end of our discussion around small business lending. We've had a robust discussion with @RoderickJ614381 our lending expert. He has nicely outlined applicable grants and deadlines. All to help you get started. Why delay! Now is a greater time than any. Let's emerge from the pandemic with a new outlook on pursuing your passion that could ultimately become profit.
Have a burning question(s) for @RoderickJ614381 ask away!
Happy Friday and Valentine's Day weekend. What a weekend to start a new business or give that special person the tools they need to start, grow and sustain their business during covid-19. How many of you have applied for PPP, EIDL, a 7A, 504, or Micro Loan this week?.
From now until tomorrow, you are going to hear me keep sounding the alarm to apply for the money. PPP ends March 31, 2021. EIDL ends 12/31/2021. The 7A, 504 and Micro loan no fees to you the borrower ends 9/30/2021. Mathew Evan at SCORE is a top notch consultant, accountant and Wharton grad. Call the D.C. Score office and request him as your consultant. Did i mention I want all women and minority owned companies to get the money.
By the way, do you have general liability, cyber security, errors and omissions insurance as well as business property and business auto insurance to ensure you are properly protected? If you get a business loan, you need to prove you have general liability insurance. Do you have Key person life insurance? What happens if you have a chronic, critical or terminal illness. You can use the life insurance policy as collateral for your loan. Things to think about as a business owner
Last evening I did a presentation on PPP, EIDL and the Debt Relief Act. All of the questions believe it or not were about EIDL and the $10K grant and the $250K EIDL grant, which many business owners did not know about. $40 billion has been set aside for women and minority owned companies who are located in low to moderate income areas. If you are in a low to moderate income areas, then go to SBA.Gov/EIDL and get all the information you need about the program. Congress has set this money aside for women and minority owned companies. I took a poll last night. Only 50% of the 60 people on the Zoom applied for PPP and EIDL. That is not high enough. By the way, the presentation was made to the minority population. We have got to get involved and get the money. You have free assistance. There money is out there. How often have you heard a Federal Government official strongly encourage you to go get the money:-)
Nonprofits, Businesses Receiving PPP Could Face “Single Audit.”
Accounting Today (2/10) reports businesses that received PPP loans “could unexpectedly find themselves confronting the ‘single audit’ requirement for the first time, even though PPP loans are supposedly exempt.” The single audit “aims to provide assurance to the federal government that a non-federal entity has the right internal controls in place, and is generally in compliance with the requirements of a federal program like the PPP.”
Second-draw PPP Funding Discussed.
In a piece for Floor Covering News (2/10), Roman Basi writes about second-draw PPP funding, noting that while some lenders are “requiring PPP borrowers to apply for forgiveness on their first-draw PPP loan before they file to seek a second-draw PPP loan,” the SBA and Treasury Dept. have said this is not a requirement. Basi also outlines the differences between the first and second-draw loans.
In a piece for Forbes (2/10, Bergman), Adam Bergman writes the PPP loan program “essentially provided eligible businesses with a tax-free loan equal to 2.5 times their average monthly payroll cost. So long as the loan was used for acceptable purposes, such as payroll, it would be 100% forgiven.” He adds, “The second PPP is expected to be a popular option for many small businesses that have been negatively impacted by Covid-19.”
Happy Thursday everyone. How many of you applied for a 7A, 504 or Micro Loan, PPP or EIDL loan yesterday to sustain or grow your business. The Federal Government is making it easy for you to borrow money for your business. You have all sorts of free support out there to get these loans and grants. Get off of the sidelines and make things. happen! I want to hear from you today!
Thanks for kicking us off @RoderickJ614381 . The conversation over the past few days has been informative. I know many of you listening to the conversation are probably aspiring, new or experienced small business owners. From what I've heard is many small businesses don't take advantage of available funding. Well, we don't want that to be you.
We really do want to hear from you. What's your burning question if you are just getting started?
In my over 30 years in commercial lending, most small businesses do not have good paperwork so they miss out on opportunities like EIDL, PPP and the ability to get bank loans. That is why in one of my earlier posts, I mentioned business and personal tax returns, a personal financial statement, accounts receivable and accounts payable aging reports. In short, small business owners need to have a good team (CPA, Business Banker, Lawyer and Insurance guy/girl). Those 4 people breed success. Now I have to run and do an hour long presentation with the Greater Washington Hispanic Chamber of Commerce on how to price your wares to make a profit. Go to their website now and register and log in for my 5:00 P.M. today and get good information.
The commercial janitorial service company, retro fit office space windows as now office building want the ability to open windows and allow fresh air in instead of recycled air. Financial planners are in demand, psychologists are in demand who can work virtually or from home. Online personal trainers.
Did you know most businesses start during recessions? Well now is your chance to be a business owner and work with all of the free resources to ensure you will be successful. For those of you in business, sit down with your CPA, Lawyer and Insurance broker to map out your plan and then approach your banker.
@RoderickJ614381 our Brand Ambassador Daymond John concurs with you...now is a great time to consider starting a business. With many of us still working in a virtual space, launching a home based business is quite ideal. AARP and the Public Private Strategies just launched a Small Business Resource Center for the 50+ which you can find at www.smallbizrc.org