Dangerous Pitfalls in the Paycheck Protection Program (PPP) (Forgivable Loan)

Описание: The 6 pitfalls in PPP's "forgivable" loan. Use 33% off Coupon Code ❤️Phase4❤️Investing & Negotiating https://metkevin.com/program 🦠Life: https://metkevin.com/ladder 💰Free Stocks: https://metkevin.com/webull

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The Paycheck Protection Program (PPP) promises a forgivable loan. However, there are 6 massive pitfalls that aren't clearly visible at first. First, remember you can apply for the PPP at your local banks OR online through Chase, Veem, Quickboooks, and many other services. As long as you have a business with less than 500 employees, even if you're self employed, you could qualify. It appears the only requirement is that you've 1099's someone to help you with your business. You do not need employees. Self employed / sole proprietors can apply. The problem comes up with the terms of the forgivable loan. Payback terms, default terms, employee head counts, forgivable qualified expenses, and multiple other issues come up. For example, Chase states you can only be eligible for one PPP loan in 2020, but the loan is only good for 8 weeks. If you default on any terms, even though there is no collateral requirement, Chase has the right to sue you. The amount of your forgiveness request and the timing of your forgiveness could also push you into a nasty amortization payback schedule.

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❎I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Kevin MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Kevin's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Meet Kevin®. Any use of other media is by fair-use or license only. The Paffrath Organization is a licensed real estate brokerage doing business as Meet Kevin® in California under DRE #02032575. This is not an advertisement of property for sale. Any mention of properties listed or sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only. Only the principal portion is forgivable as well, which means you do have to pay interest.

Can self employed and individual sole proprietors apply for the PPP? Yes, you can apply for the Paycheck Protection Program. Use your taxes to help you determine your average pay (payroll). You would have had to have been in business as of February 15, 2020 and must reestablish employee head count by June 30, 2020.

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