sba eidl loan | 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: $10,000 Grant Update & Status (Jan 5th 2021)

EIDL Grant & EIDL Loan… I have a little bit of an update for you guys on how to get access to the $10,000 EIDL Grant and what the SBA is doing… I’m also going to provide a little bit more clarity on who qualifies for the SBA EIDL Loan. After hours of research on this, here’s the latest update for you. The COVID Package: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf The bill starts at page 2184 of the omnibus bill. (SEC. 331.) Now, very first on the top, here are the entities (or types of businesses) that qualify for the EIDL program. (1) AGRICULTURAL ENTERPRISE. (2) COVERED ENTITY – located in a low-income community AND – suffered economic injury of at least 30% in any 8 week period AND – and employs no more than 300 employees. Definition of Low-Income Community: https://definitions.uslegal.com/l/low-income-geographic-area/ (3) Verification Process (Page 2188) – The SBA may request tax returns of the business, (c) VERIFICATION.—In carrying out this section, the Administrator shall require any information, including any tax records, from an entity submitting a request under subsection (b) that the Administrator determines to be necessary to verify that the entity is a covered entity, without regard to whether the entity has previously submitted such information to the Administrator. Once the SBA re-opens the portal/application for the SBA EIDL Grant, I will provide another update!
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August 18, 2020

EIDL Grant | SBA Investigating Frauds!!!!

EIDL Grant and EIDL Loan Applications are now being investigated for Fraud! It appears that SBA may have started investing the EIDL Grant, which is the free grant of $1k to $10k depending on your employee count, and the EIDL Loan application process for fraudulent applicants. These are the EIDL Grant and EIDL Loan application that was submitted by individuals who have no legitimate businesses and are lying on the application saying that they do have a business. An article was recently published by Washington Post about suspicious applications for the EIDL Grant and the EIDL loan and that the SBA is now beginning to take notice of this. https://www.washingtonpost.com/business/2020/07/15/sba-eidl-loan-program-coronavirus/ Interestingly enough, a large number of people living in Apartment locations have applied for the SBA EIDL Grant saying that they’re an agricultural business. 2 months ago, the SBA EIDL program was indeed closed and allowed applications only from agricultural businesses. So much so that the SBA managers have begun notifying the frontline workers to screen out for suspicious applications. Such suspicious applications apparently have just the right number of employees to qualify for the $10,000 grant, applicants calling SBA specifically about the grant while ignoring the loan terms. And while this may sound funny and dumb but some applicants even put down their apartment address as the business address claiming that they run a 10-employee barbershop and an auto-repair shop. And at the same time, I know my videos have helped potentially thousands of businesses who struggled to understand the SBA EIDL Grant and the Loan program. But it is a bit disappointing and frustrating that the information has also fed the wrong mouth. Because of all the fraudsters out there, there are fewer legitimate businesses that didn’t get the chance to save their business. Now, The SBA hasn’t commented on how they’re investing – which is a smart move. Especially since if SBA does disclose their investigative methods, the same fraudsters would try to skirt around the investigations. I do have some ideas as to how the SBA will investigate fraudulent applications but I won’t even begin to name ideas … well because of fraudsters. But here’s what I think the SBA should have done from the beginning to avoid this mess and I hope to see this implemented in the near future. As soon as the CARES Act was passed, I think the SBA should have gotten to work to build an up-front algorithm or a screening tool to match all the business Tax ID to the IRS database to see if there were any taxes or business-related filings were made. SBA could have easily screened out those applications that didn’t file a Schedule C, Form 8825, or Schedule E on the personal taxes, and Form 1020, the 1020S, or the partnership tax form of 1065. When you applied for the SBA EIDL Loan or the SBA EIDL Grant, you checked off a box saying that you agree to certain terms and conditions… One of those terms and condition reads: Not only is it illegal and immoral to lie but by you falsely applying for the SBA EIDL Loan, you might be taking away something that a legitimate business desperately needs to survive right now.
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