ppp loan forgiveness | The Kwak Brothers

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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February 9, 2021

PPP: Everything you need to know & How to apply

PPP (The Paycheck Protection Program) has re-opened for most banks and lenders. This includes both the first round (1st Round) and the second round (2nd Round) Draws. In this video, I’m going to explain EVERYTHING you need to know about the PPP (paycheck protection program), what documents to prepare, and how to apply for the PPP. Enjoy! Thanks to Womply for working with us to provide amazing HELP when applying for the PPP! You can apply for the PPP with Womply here: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen Sign up For Gusto: https://gusto.com/d/samuel4386 Are you looking for the EIDL Explanation? Here is the video: https://www.youtube.com/watch?v=2qdtqjysmuw The PPP is a forgivable loan for small business owners, gig-workers, side-hustles, and independent contractors. The loan is ONLY forgivable if used for specific expenses outlined by the SBA. Those expenses could be: 1.) Payroll Cost (must be 60% of the expenses as part of the PPP forgiveness rules) 2.) Rent/Mortgage interest 3.) Utilities 4.) PPE (Personal Protection Equipment) 5.) Property Damage due to Civil Unrest in 2020 6.) Operating Expenditures 7.) Supplier Costs. In order to apply, you must simply fill out an application with a qualified Lender. I personally recommend Womply to help you apply for your next PPP loan: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen Documents you’ll need: 1.) Your Payroll Reports & Statements (12 months) 2.) 2 years of tax returns 3.) Quarterly Filing Reports 4.) Profit & Loss reports (2019 & 2020 ) -For 2nd Draws 5.) If you have an LLC or a Corporation, you’ll need; a. Articles of Incorporation OR Article of Organization b. EIN letter from the IRS c. Operating Agreement or the ByLaw for Corps. I’m also going to give you the full instruction & breakdown of the PPP application tutorial in this video!
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February 9, 2021

PPP Loan: BIG changes with the Loan Forgiveness

With the passing of the New COVID and Stimulus Package, the PPP underwent some major changes to the forgiveness rules, qualified expenses, and other qualification rules when applying! If you own a business with or without employees, the PPP (Paycheck Protection Program) can be a great lifeline to keep your struggling business open! **Disclaimer** I am not a representative or an employee of the Small Business Administration (SBA) or a lending institution. This video is only my opinion and interpretation of the recent updates made to the Paycheck Protection Program. EIDL Grant: Will We See The Return of FREE $10,00 Grant? https://www.youtube.com/watch?v=2qdtqjysmuw&feature=youtu.be Now right away, the package says that the SBA has 10 days to start making these changes and implementing them for any new PPP loan applicants or second-time draws. First, which business qualifies for the PPP loan. Now, if you applied for the PPP in the past, can you apply for it again? The answer is YES! PPP Loan recipients must show that they lost 30% of gross revenue during the same quarter in 2019. The borrower must not have more than 300 employees $2 million dollars is the cap. Now in regards to the term of the PPP loan, – According to the SBA, the PPP loans have an interest rate of 1%, a maturity term of 5 years, no collateral or personal guarantees are required, and no fees to apply. The second thing I want to hit is that the PPP now includes Additional Expenses that are qualified for the rule of forgiveness (SEC. 304. ADDITIONAL ELIGIBLE EXPENSES.) covered operations expenditures Covered property damage costs, covered supplier costs, and covered worker protection expenditures, Second, Covered Property Damage costs… This is any cost related to property damage, looting, vandalism due to civil unrest during 2020 that were not covered by insurance or other compensation., Third, covered supplier costs… This is any expenses related to a supplier of goods. This can be perishable goods (like food), any contracts made before the pandemic, and any supplies essential to the operation of the business. This could also mean raw materials if you create any physical goods. Fourth, the covered worker protection expenditure means any new equipment or repairs to drive through window facility, air ventilation system, physical barriers, masks, on-site health screening, expansion of indoor, outdoor, or combined space, and even air filter systems. All of these are basically protection for the virus and keeping workers safe. Now, that leads to another concern that was brought up many months ago and that has to do with the tax deduction question on these expenses. A few months ago, the IRS released a memo saying that any expenses used for loan forgiveness could not be used for a tax deduction… That meant that the business owners could receive loan forgiveness but may need to pay more taxes. Clearly, this was concerning. So bottom line, to receive the forgiveness, you’ll need to contact your PPP lender for the forgiveness application process. In respect to how much of the expenses can be used for the forgiveness of the loan, The covered Period for forgiveness on expenses is beginning on the 8th week after origination and ending on the 24th week after the origination.
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September 10, 2020

Second Stimulus Check Update | NEW Stimulus Details Released (unemployment)

Second Stimulus Check Update | NEW Stimulus Details Released (unemployment) Welcome back to your second stimulus check update for September 9, 2020. 0:00 Intro 0:20 Senate Republican Skinny Bill 0:46 Unemployment Benefit Update 2:00 Paycheck Protection Program Round 2 3:22 Liability Protection Update 4:39 Mortgage forbearance update Safe to Work Act has just been proposed by Senate Republicans which totals $300 Billion. The unemployment benefit of $300/week will be increased ON TOP of the FEMA funded unemployment signed by President Trump. Now, if this unemployment benefit is passed, it will backdate payments going back to the expiration of the cares act unemployment. So that means that the unemployment payments will be back paid from August until the end of the year in addition to the FEMA unemployment benefit. So for 5-6 weeks, the unemployment benefit will be back at $600/week once the FEMA unemployment expires, it will be $300/week until the end of the year. Paycheck Protection Program Round 2 The PPP loan was made for businesses that lost a big amount of revenue, and potentially the ppp loan forgiveness could be applied. In this second stimulus check update, the ppp loan has been extended for businesses that have lost because of rioting. And the ppp loan will cover the expenses for sanitization for your place of business. ALSO the ppp loan forgiveness will be streamlined in order to make the ppp loan forgiveness easier. Liability Protection Update: New updates if you want to sue your employer if you contracted COVID-19 at your place of work. You must know every location and know each person you interacted with, in 14 days of onset symptoms. Second Stimulus Check Update: There is no indication in this bill for a second stimulus check. My speculation is that it will be within the larger stimulus package that the senate will be voting on before the end of the session. Congress and President Trump agree that there needs to be a second stimulus check for the American people. Many reports recently point towards how the stimulus check has increased revenue during the pandemic. So a second stimulus check will be very helpful to American families that may be in dire need of a second stimulus check. But we will have to see if Congress & President Trump can come to an agreement for a second stimulus check. This has been your second stimulus check update! Thanks for watching 0-75 Units In One Year: https://0to75units.com/book-order1587970091604
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