ppp | 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

EIDL Grant Update – Bad News… and some good news!

Hey everyone, here’s the latest EIDL Grant Update (Feb 6th, 2021). Now, my update is little bit late to the party but I still want to share my perspective on the latest EIDL Grant update. I do have some bad news but also some good news to share about the EIDL Grant. (Targeted EIDL Advance) Apply For your 1st PPP Draw Loan: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen Low Income Community Check: https://www.arcgis.com/home/item.html?id=92e085b0953348a2857d3d3dac930337 So… here’s the latest update with the EIDL Grant (Targeted EIDL Grant). The SBA has announced last week that they will not open the portal to new EIDL grant applications. But instead, they are going to work with existing applicants who applied for the EIDL last year prior to December 27th 2021. Bottom line, you cannot apply for the SBA EIDL Grant any longer. So there are two groups of people that the SBA will invite as far as the SBA EIDL Grant. 1. EIDL Applicants who applied before December 27th 2020 but did not receive the EIDL Grant. 2. EIDL Applicants who received partial grants and did not get the full qualified amount of up to $10,000. The SBA has already started emailing qualified and eligible applicants since February 1st 2021. However, you can still apply for the 1st round of PPP (Paycheck Protectio Program) which is a forgivable loan as long as you use it for the correct purpose and within guidelines of expenses. You can apply for your 1st round of PPP here: https://www.womply.com/kwakbrothers?utm_source=kwakbrothers&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen
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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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