SBA eidl | The Kwak Brothers

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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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February 9, 2021

Can I Apply for Multiple EIDL & PPP?

Can I Apply for Multiple EIDL & PPP? In this video I will answer that question after hours and hours of research to see if I can. Since I own multiple companies, I wanted to see if I could apply for EIDL & PPP for each one! BUT there was some obstacles in the way that I breakdown here in this video! 0:00 Intro 1:00 Visual breakdown for multiple EIDL & PPP loans 2:00 Affiliate rules 5:31 General rules for multiple EIDL & PPP loans 7:54 The short answer for EIDL & PPP loan 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 Are you looking to apply for the PPP? Here is the video: https://youtu.be/Gy2O1a_sB0E
February 9, 2021

EIDL Grant Update – NEW Date for Grant Release

Hey Everyone! Here’s the latest EIDL Grant & EIDL Loan update for small business owners. We finally have a date as to when the EIDL Grant is expected to open! The EIDL Grant application will open soon but I want to address questions that you may have about the EIDL Grant program and the EIDL Loan! I’ll provide all the updates and more! SBA EIDL FAQ: https://www.sba.gov/sites/default/files/2020-09/COVID%20EIDL%20FAQ%20FINAL%20APPROVED%20Revisions%20091420-508.pdf Now, here are a couple of the questions I’ve received about the EIDL Loan and the Grant: 1. Can I apply for the EIDL Twice? If your loan application was declined, you have 6 months to be reconsidered. But do not re-apply! You’ll just need your original application number to be reconsidered. If you applied for the EIDL Grant but didn’t get the full $10,000 – you CAN be eligible to receive an additional grant. This is also true if you didn’t get the grant at all. 2. Can I get an Increase on the EIDL Loan? Yes, you CAN get an increase on the EIDL loan! You can also have multiple SBA loans for different purposes.
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!
January 4, 2021

EIDL Grant: FREE $10,000 Grant | BIG changes explained…

EIDL Grant: Will We See The Return of FREE $10,00 Grant? The EIDL loan and grant were part of the CARES Act back in March. The EIDL provided business owners with a Free $10,000 grant and loans to small businesses to help with loss wages from the pandemic. Just recently, with the new stimulus package that has been making it way through Congress, the EIDL was re-introduced providing more relief to business owners. In this video I am going to breakdown exactly what has changed and the new provisions that have been implemented into the bill. Will the FREE $10,000 Grant return? Or will it only be the loan? Stay tuned to find out… Full Text of the Bill: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf EIDL Starts At Page 2184 (Sec 331) 0:00 Intro 1:25 EIDL grant/loan overview 3:00 Where to find the EIDL information 3:16 EIDL Changes 6:00 Free $10,000 grant EIDL? 8:40 EIDL loan application tutorial Application for the EIDL Loan: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans The two new provisions within the EIDL program have added extra funding for businesses that were in lower poverty areas and if your businesses has had a 30% drop in revenue from 2019. Also on top of that, the EIDL has been more strict on who can take a loan, there was several cases of fraud during the first round of EIDL grants and the SBA does not want to make that same mistake. Also in this video I take you step by step throughout the application process so you know EXACTLY what needs to be filled out and you don’t want to exaggerate or lie on this application. Reason being, the SBA will come down hard on those who are fraudulently borrowing money from the government, and as we all know, the government will ALWAYS get their money back. This round of EIDL funding is really focused on farmers and those with an actual business entity. This time, I believe you need to prove all of these qualifications throughout the application process. Just as a reminder, if you take the EIDL loan, you must agree to several stringent terms that the SBA has set forth in order to lend to small businesses. The SBA reserves the right to audit you at any time and if there is any sort of default, the SBA will confiscate assets as collateral. As for the grant, that is yours to keep, no need to repay as it is a grant. When I applied for the EIDL last round and saw the terms of the loan, I didn’t take it for my business. Also keep in the mind the EIDL loan is geared towards expenses, and NOT purchasing new things for your business. So if you had existing debt service for inventory, rent, or many other expenses, you are allowed to use the funds for that, but if you are paying a mortgage as part of your business, you CAN NOT pay it off with the EIDL loan.