The Horse Race is back on – it appears.  A deal has been announced that would give $310 Billion more to the Paycheck Protection Program for small businesses.  I have helped many people get their applications in through our COVID-19 Economic Relief Tutorial (CERT) system.  Most are still in limbo. 

A couple of our CERT folks actually got money.  As Tony S. wrote me yesterday, “Thanks to your CERT class, I now have my PPP loan, $75,000.  I am looking forward to more information from you on what is forgivable expenses."

The information is in the CERT program to get you going on the loan application process, if you haven’t applied already.  The PPP spreadsheet in the CERT materials has been very helpful to a lot of people, and they are raving about it.  Don’t miss it.

We have a full tutorial video on qualifying and applying if you are a self-employed person with only a Schedule C tax filing.  Don’t forget, if you are a 1099 person, you can apply as well.

Our attention in the CERT materials is now turning to the “forgiveness” aspects of the PPP program.  You’ll need a plan to hit the ground running when you actually get the PPP money, because the clock for eight weeks starts the day you get the money.  If you don’t spend it right, you don’t get the forgiveness. You have to go back to the bank to apply for forgiveness of the loan.  I see a conflict of interest with the bank.  If they don’t forgive the loan, they get a fee for servicing the loan.  So how you handle the PPP money will be critical.  There is a lot at stake here.

The CERT program is also going deep into the tax aspects of the Families First Coronavirus Response Act.  Our calculations show that using the Families First Coronavirus Response Act can be almost as effective as the PPP – over the long run. 

The new IRA-related laws also allow small business owners to do some neat things without jeopardizing their retirement.  People just aren’t seeing why the Families First Coronavirus Response Act was passed, but on a close look, it is pretty powerful for a small business owner.

The CERT program is a unique how-to system, because it is ongoing.  Once you invest in the CERT system, you automatically get every update.  It takes a team of attorneys and accountants to put it together.  We figure it will take a year to work through the economy reopening, so CERT is an ongoing work in progress.  It is actually tricky to keep up with the nearly daily changes in the rules and regulations. 

The Treasury Department and Small Business Administration have been told to administer these programs, but did you know the Department of Labor is enforcing all the regulations in the new laws?  Nobody is even talking about the regulations.  I will tell you, the Department of Labor is geared up to enforce the laws on small businesses.  I have been involved in handling two Department of Labor cases.  In one case the small business owner (6 employees) spent two years in jail for a simple violation of one of their clerical errors committed in keeping track of the small business owner’s clients.

Everybody is upset these days.  All it takes is a disgruntled employee to get you in trouble.  For example, a small business owner has to post the regulations and take other steps to notify their employees of the regulations under the Families First Coronavirus Response Act.  A copy of the poster you have to put up is available at https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf

The CERT program isn’t just a get-the-money course.  We walk you through the compliance issues.  Order the COVID-19 Economic Relief Tutorial (CERT System) now and save an additional $100 off, this week only, by simply using coupon code: MORE MONEY.  Order now to get the savings and get going to save your small business.