How stimulus bill will help you ** must read**

[Deleted member 121863]

The CARES Act, formally named ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ has just been signed into law in USA on March 27, 3 days ago. What does it mean for you? There are huge benefits for small businesses, self employed, 1099 workers and gig workers (porn excluded, seriously it asks)
- Supplemental Federal Pandemic Unemployment Compensation. ALL independent personal trainers, nutritionist, etc are eligible! It is $600/week in federal unemployment money PLUS half of your states amount. You do NOT need to be W2 to get this. So far I understand you will apply through your state office (online because of virus) but these sites are not updated yet to reflect this.
Technical govt link:

https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/UC%20FAQ%20CARES%20Act.pdf

Broken down simple version of plan:

CARES Act: Pandemic Unemployment Assistance

Congress Approves Economic Relief Plan for Individuals and Businesses. Pandemic Unemployment Assistance is here! This is who qualifies and how much they get.

www.mnn.org

Small business admin (SBA) loans- ALL 50 STATES HAVE BEEN DECLARED A DISASTER ZONE, for covid19! I know first response, I don`t wanna take loans to pay bills, wait.

• Loans are up to $2M
• The term is 30 years
• Interest Rates are 3.75% for small business and (2.75% for non-profits)
• The first month’s payments are deferred a full year from the date of the promissory note.

Spend any way you wish. Advance of up to $10k, if you are denied, its yours to keep. If its spent on certain business things like payroll, its forgivable! Totally nuts this stuff. Up to 200k does NOT require personal guarantee. I`m not sure how they determine how much you can qualify for. You do have to have an existing business as of 01/01/2020.

Getting Cash For Your Small Business Through The CARES Act

Your small business need cash right now? The government has stepped up to help. I cover the main two ways your business can get cash now that the CARES Act is law. We’ll also discuss the steps you need to take to make sure you can get your money as efficiently as possible.

www.forbes.com

You wanna look for economic injury. I`m hearing you will be able to walk into banks by Friday to apply. I have already applied online.

Disaster assistance | U.S. Small Business Administration

www.sba.gov

Please no talk about the virus, your thoughts on it, your conspiracy ideas, just shut up with all your crap.

 

[maldorf]

I just hope the amount of theft/graft is low. With something this big there is bound to be some. I'm glad the Congress was able to get this together though. Did the bill have a deadline for when folks can apply? Thinking of people like you and me that don't need it now, but what happens if this drags on for many more months? Bound to be some provisions in there for that situation. I know they are already talking about another $2 trillion bill to supplement this one.

 

[maldorf]

Oh, I heard on the news that they are making it so people dont have to pay their college loan for 6 months. They said those 6 months come off the 120 months the loans are figured on, almost as if that money is forgiven. I'm not sure. If its not forgiven then they'd have to raise you payments on the remaining months. I didn't know student loans were 10 years, that's long!

 

[USMuscle9403]

Is there anything for those who's pay was significantly effected, but they don't quite qualify for unemployment?

Edit: nvm. I'm fucked

 

[weedle]

Is there anything for those who's pay was significantly effected, but they don't quite qualify for unemployment?

Edit: nvm. I'm fucked

Yes, you get 1,200 in hush money coming soon. Guess how long that will last in this day and age.

 

[thethinker48]

This will help a lot of people who are severely affected by this pandemic

This will also be abused by many people who don't deserve a dime of that money

Train runs both ways I guess

 

[sazo75]

Soooooo...
Step 1 borrow said money at a great interest rate
Step 2 invest into real estate and get a 15% ROI which is fairly easy
Step 3 Profit?

No loan fees, guarantee fees, or prepayment penalty fees.

Am I missing something here?

 

[maldorf]

Soooooo...
Step 1 borrow said money at a great interest rate
Step 2 invest into real estate and get a 15% ROI which is fairly easy
Step 3 Profit?

No loan fees, guarantee fees, or prepayment penalty fees.

Am I missing something here?

Pretty sure you must own a business to qualify for loans, not sure what kind of documentation you need to prove why you need the money.

 

[sazo75]

Pretty sure you must own a business to qualify for loans, not sure what kind of documentation you need to prove why you need the money.

I'm sure you do, I just opened an LLC up last year in April of to help out with me not getting taxed as much from my 1099 job. Hopefully it works, it only took me 5 minutes to fill out application, might as well give it a shot eh?

 

[IronLion2]

I've been thinking of using the loose money to my advantage, I dont think it's ever been a better time to be young, reckless, and with no liabilities.

 

[sazo75]

I've been thinking of using the loose money to my advantage, I dont think it's ever been a better time to be young, reckless, and with no liabilities.

Exactly, a 3.75 int rate, is crazy low. Especially when you consider all the investing opportunities that are out there right now in real estate with mortgage rates being around 3.5%, and the market taking a dive.

I feel like you would be stupid to at least not give it a shot, and use it for investing.

 

[IronLion2]

Exactly, a 3.75 int rate, is crazy low. Especially when you consider all the investing opportunities that are out there right now in real estate with mortgage rates being around 3.5%, and the market taking a dive.

I feel like you would be stupid to at least not give it a shot, and use it for investing.

Worst case scenario you pool your household stimulus check to pool into some petty cash and finance the rest out.

 

[Crazy_jay]

I work for a small construction company, only 5 of us. Apparently my employer wants to take advantage of the small business loan to help with payroll since we have had a few customers back out on projects, though wee currently still have a few projects. The kicker, he wants to take that money to pay us to remodel his house. Its a big project, he's been planning for a while and been talking to the bank to get a loan to get started. Now he wants to use this loan, to which, if used to help cover payroll, doesn't have to he paid back, to do his own personal project. Sounds shady as hell to me. He we are working on a personal project for him, it makes him a customer of the business and that technically means we have work as a company and shouldn't qualify for that loan to become a grant.

This loan program will get massively abused.

 

[sazo75]

I work for a small construction company, only 5 of us. Apparently my employer wants to take advantage of the small business loan to help with payroll since we have had a few customers back out on projects, though wee currently still have a few projects. The kicker, he wants to take that money to pay us to remodel his house. Its a big project, he's been planning for a while and been talking to the bank to get a loan to get started. Now he wants to use this loan, to which, if used to help cover payroll, doesn't have to he paid back, to do his own personal project. Sounds shady as hell to me. He we are working on a personal project for him, it makes him a customer of the business and that technically means we have work as a company and shouldn't qualify for that loan to become a grant.

This loan program will get massively abused.

Yep you're right it's 100% going to get abused, it's going to be similar to back in the early 2000's when loans were flying out left and right, didn't matter if you had no credit, low credit, or delinquencies as long as you had a name, you could get a loan.

 

[maldorf]

I work for a small construction company, only 5 of us. Apparently my employer wants to take advantage of the small business loan to help with payroll since we have had a few customers back out on projects, though wee currently still have a few projects. The kicker, he wants to take that money to pay us to remodel his house. Its a big project, he's been planning for a while and been talking to the bank to get a loan to get started. Now he wants to use this loan, to which, if used to help cover payroll, doesn't have to he paid back, to do his own personal project. Sounds shady as hell to me. He we are working on a personal project for him, it makes him a customer of the business and that technically means we have work as a company and shouldn't qualify for that loan to become a grant.

This loan program will get massively abused.

Yeah, that's not legal. Hes taking a chance there doing that shit.

 

[maldorf]

Freaking human nature sucks. I could probably qualify for disability now, or at least from time to time when ive been really messed up. I never applied because we don't need it. I don't believe dipping in is a good thing to go unless you absolutely have to.

 

[Deleted member 121863]

Soooooo...
Step 1 borrow said money at a great interest rate
Step 2 invest into real estate and get a 15% ROI which is fairly easy
Step 3 Profit?

No loan fees, guarantee fees, or prepayment penalty fees.

Am I missing something here?

Nope, govt pays loan fees to banks and guarantees your loan. It`s like every small business just got offered a VA loan. Yes, you have an LLC you qualify for loan. You get a 1099, you qualify for pandemic unemployment.

Now he wants to use this loan, to which, if used to help cover payroll, doesn't have to he paid back, to do his own personal project. Sounds shady as hell to me. He we are working on a personal project for him, it makes him a customer of the business and that technically means we have work as a company and shouldn't qualify for that loan to become a grant.

This loan program will get massively abused.

True, super shady. He should not take the loan, you should not work or get paid, because that would be the right thing to do? Learn the rules then play the game. Don`t hate on others that do it better. Even worse, complain that others have grown, and played well during this time. Your an employee, this does not apply to you, only business owners that took a shot, risked capital, gave families opportunity and jobs, then get hosed in taxes and targeted when they succeed. When they fail nobody cares.

 

[TeknoViking]

Has anyone seen a date for the $1,200 per adult?

 

[sazo75]

Freaking human nature sucks. I could probably qualify for disability now, or at least from time to time when ive been really messed up. I never applied because we don't need it. I don't believe dipping in is a good thing to go unless you absolutely have to.

I 100% agree with you, I can tell by your posts, your a stand up type of guy. There's a strong argument here though that I would make in which, this money no matter what has already gone out, $350 billion dedicated for this thing. If you don't take advantage of this some other schmuck is going to, I know with the way I invest, and my intelligence I would make better and smarter decisions than some con artist out there, using it for things that wouldn't benefit society much at all. Me investing the money, using it to create more cash flow to get more people hired for business, and to grow my real estate portfolio, which this just ends up being a snowball effect in helping the community, rather than again, having some lazy bum get it.

 

[USMuscle9403]

Freaking human nature sucks. I could probably qualify for disability now, or at least from time to time when ive been really messed up. I never applied because we don't need it. I don't believe dipping in is a good thing to go unless you absolutely have to.

It's called honor and integrity. Too rare anymore.