Amanda Kendall talks to Dr. Justin Trosclair DC on A Doctor's Perspective Podcast.

CARES Act, paycheck protection program and other loans that help with employee payments and business expenses. Learn what you need to do to get a forgiven loan, the EIDL and ways to pivot. Amanda Kendall clears the confusion.

Paycheck Protection Program PPP

Can the owner get "unemployment"?

Do the employees get unemployment while the doors are closed on lock-down?

Are these Paycheck Protection Program loans that a biz can get or are they forgivable? How do we know the difference?

How to apply for these programs? Who doesn't qualify?

What are the typical rates of interest and pay off lengths?

What supporting documents do you need to have for the applications?

A percent of the loan has to be for employees (75%) and the rest can go for expenses like rent and commercial mortgage interest and other expenses . However if it is less than that 75% spent on payroll, then the difference becomes a loan. Right now the amount of money you can receive is the employee salaries times 2.5.

Is it better to ride it out for 8 weeks and see what happens or should we apply because the limited funds may run out?

Also, you can’t fire people or reduce salaries. Make sure you have great records and book keeping. Also, tax filed plays a part in the application process. If they quit, what can you do so you don’t get this forgiveness turned into a two year loan with a 1% interest rate after all.

A company that has 480 employees is going to get a huge sum of money from a bank. Amanda discusses how the banks make money on this program and once again, small businesses like solo or 3 doctor practices are going to get less attention because the banks cut will be so much less.

Be Quick but Be Accurate With All the CARES Program Paperwork

Should we apply at huge banks, local banks, credit unions or any other options?

The PPP is really set up to keep people off unemployment benefits for at least 8 weeks.

Any rent deferments?

Economic Impact Disaster Loan (CARES)

What is the EIDL, who qualifies and what is it for? 2 months of operating expenses with a max of $15,000.

Plus Another Type of Loan (CARES)

Pretty much you can potentially get $1000 per employee with a max of $10,000. This is a non-payback grant.

*If you google sba coronavirus loan you will find the link.

Kind of what people would be asking if they owned a biz but couldn't see patients...so they can't pay the bills.

Inspiration and creativity from restaurants on how to pivot in business

 What will the Covid-19 version of yourself look like in 90 days?

Did you learn new skills or just binge watch Tv?

Amanda Kendall is a tax professional for 16 years and is with Elevating Profits LLC in Denver. consulting@elevatingprofits.com 303-847-0836 or linkedin and facebook*Disclaimer, please remember, I'm not a tax person. She's not your tax person. We're just giving you the information that we have. Please consult with your own people and just consider this as general information to help you to get
a better understanding and to ask your own professionals and of course, the rules may change by the time you hear this.