sba 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

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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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.
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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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