I was busy on a call this morning so Ben helped me by doing this video so we could get this emerging information out to you as soon as possible, Watch the video for the latest from the government on what counts towards the new relief business loans and what does not. It is important to understand the difference between the PPP (Payroll
Protection Program) and the EIDL (Economic Injury Disaster Loan) so that you can apply for the best one for your business.
Just yesterday Ben and I finished putting together the first parts of our new tutorial to help you. It is called CERT, or COVID-19 Economic Relief Tutorial: An Ongoing Tutorial through the War Campaign. We have just finished the first installment of the new tutorial. The government is going to give you two
and a half month’s worth of your business operation costs. THE WORD IS GIVE. This is not a loan. It is a gift to help you bridge this economic mess caused by the coronavirus.
Technically the Paycheck Protection Program is a loan at up to 4% interest and payable over 10 years, according to the law. BUT, if you do everything right, the loan will be forgiven, and you won’t have to pay anything back. The key words there are “do everything right.” The government calls it qualifying. Getting you qualified is what CERT will do for
you. We are in the middle of it all, and we can see people are getting messed up already.
How much are you entitled to get? How do you apply? The government has made the application simple. (Well simple by most government standards.) But, my office is being slammed with questions, because it isn’t totally straight forward.
The prize is definitely going to go to the quick in this case. You have to try. Your CPA will be flattered to help you. The SBA law says a professional can charge $2,500 with no strings attached, so that’s kind of the minimum. Most accountants will charge more, they simply have to inform you that they are charging above the minimum set by the
law.
We will have to make ongoing updates and more tutorial videos. The first video is just a little over an hour and overviews the three laws passed in March to give the nation an economic boost and hopefully bridge the economic gap the coronavirus shutdown is causing. We already know of edits that will need to be made based on what the SBA came out with last
night. It overviews the laws, talks about what you should apply for and why, and it shows you the information/paperwork you need to collect to apply for the Paycheck Protection Program.
The application will be filled out online, and it will likely be done only on your bank’s website. Some banks may be doing it differently. Ben is putting together an Excel worksheet for you to plug your numbers into so you can know exactly how much to apply for.
When you invest in CERT, you will join in an ongoing conversation with top advisors. We are going to hold nearly daily Q&A sessions. “We” means me, the attorney, and Ben Rucker the former senior special auditor for the IRS. We will record each of these sessions and make sure you have continued access to each of them to refer back to.
The price of the CERT is $999, but because the timing is so tight and so many people need this desperately, we are discounting it to $499 for you at https://legalees.com/product/cert-covid-19-economic-relief-tutorial/. You will get access to all the updated information we roll out in coming days and months. We will show you what you can do to get economic relief during the coronavirus shutdown and beyond. This whole program is evolving
by the hour.
We have put in long hours reading the law and going through the application, so you can sail through everything and get your foot in the door. Believe it or not, $349 billion is going to go fast. They are already talking about a phase 4 law. We will dissect that for you when it comes. In the next week or so we will be going through the Economic Injury
Disaster Loans (EIDL) under SBA 7(a).
The immediate focus is on the Paycheck Protection Program (PPP). The banks should have everything together by Monday at the latest. So you really need to start now getting the information together that you need in order to apply. It took my assistant over a day to collect everything I asked for.
CERT will walk you through step by step what you need to do to apply. You have nothing to lose – so at least try. This COVID-19 Economic Relief Tutorial has a total money back guarantee for 7 days after you get it.
NOTE: If you don’t have employees, you can’t get a PPP. It is based on paychecks, thus the name Paycheck Protection Program. If your company only holds real estate and doesn’t have a payroll, your only shot is the EIDL program.
I had a small business person tell me they weren’t interested in the PPP, because the government had never helped them in the past. I agree, the government has never helped me either, but this time is different. Just get going.
Lee Phillips, JD
