2021 Multi-Million Dollar Exit Plan - http://bit.ly/35zwhXs
Webinar is Thursday, Jan 14, 9 am PST / Noon EST / 5 pm GMT
Make sure to apply for forgiveness on your original PPP loan!
The $900 billion stimulus relief bill contains $284 billion for a second round of loans to small businesses under the federal government’s Paycheck Protection Program
First priority is for small biz under 10 employees
Starts Jan 13
You have to show a 25% reduction in sales in a quarter
I don’t know how you prove this
2.5 times an applicant’s average monthly payroll costs in the one year prior to the loan being issued
If a business uses at least 60% of the loan on payroll expenses and maintains its employment levels during the covered period of the loan, it can apply to have the loan forgiven. Otherwise, the loans carry a 1% interest rate and a maturity of five years.
Forgiven PPP loans are not considered income for federal tax purposes.
No, the loans will be 100% guaranteed by the U.S. Small Business Administration and will require neither collateral nor personal guarantees.
The program will end on March 31, 2021, or earlier if the money runs out like it initially did during the program’s first round. So businesses should apply as soon as possible.
You need to fill out a PPP application:
Name and contact of all owners
Tabulation of all payments of people up to $100k
Prove your income with 940 941 form
Proof of ownership (articles of incorporation)
Gov ID
Bank deposit info
Certificate of Good standing from you state. Just google it
Link to Exit Plan Webinar: https://secure.titannetwork.com/2021exitplan?sl=affiliate#a_aid=Andrew&a_bid=941fc785
