SBA Economic Injury Disaster Loans ( EIDL) And Payroll Protection Program (PPP) Overview

 

Highlights:

00:17:52 Vicky Kustov: Could we get a copy of this presentation?

00:18:18 demet: yes

00:25:19 Hal Cone: are you recommending that you defer loan and mortgage payments, in my instance i am a solo agent, even if i have "enough" reserves in the bank to stay on track for a few months?

00:26:00 Hal Cone: got it, thank you very much...

00:26:38 Hal Cone: 10-4 Todd, appreciate it

00:27:37 Ward: Thanks for doing this Vicki & Demet! This is awesome! 

00:28:02 Kinsley Mickle: I love that idea

00:28:24 TerryBickmore: What is the negative of waiting to contact mortgage companies? If I can cover things for say 10 months, should I wait until month 6 or 7 to reach out?

00:28:35 demet: Ward your welcome - our pleasure

00:28:59 demet: Terry - I will jump on that answer at the end of the presentation

00:30:50 Matt Farnes: will deferring these loans have a negative affect when applying for new loans or stimulus

00:31:36 TerryBickmore: Yes. Thanks!

00:31:54 CRAIG SCHNEIDER: CAN YOU ADD MORE ABOUT THE PHASE 3 WITH BANKS BEING READY…. I CONTACTED A FEW BANKS THIS MORNING ABOUT PPP AND NONE OF THEM ARE READY YET, IS THAT WHAT YOUR SEEING ACROSS THE NATION?

00:32:17 Julie Ohmann: deferring mortgage- ask about how this would also impact your escrow for the states have home insurance and county/school taxes.

00:35:08 mariadicarlo: will deferring pmts hurt me if I want to refi in the future?

00:35:27 CRAIG SCHNEIDER: AND I SPELLED YOU’RE WRONG

00:35:46 demet: craig - we all mis-spel :)

00:36:08 mariadicarlo: thank u!

00:38:08 Regina Drury: Having your 2019 tax return done is a big help with getting the information you need fast.

00:38:41 Vicky Kustov: DO we need to have our 2019 tax return done to qualify?

00:39:07 Jeffrey Lyons: Ditto. I have same question as Vicky.

00:40:34 Al Lewis: How do those of that are s-corp and pay ourselves a salary fit into this? Loan? Foregiveness?

00:40:37 Barrett England: Regarding PPP, so this might come up when we get to that section. If you run your income thru an s-corp with a salary and distribution to you, can you include the distribution in the salary calculation?

00:43:00 Vicky Kustov: I am probably jumping ahead but are there loan programs for individual agents?

00:43:04 bob: For PPP, when considering average monthly payroll, are they looking at the past 12 months, or 2019 only?

00:46:49 Todd Tramonte: Keep questions coming, but we will get to PPP and other things as the presentation gets there.

00:48:21 Jeremy: Is this where landlords would go to cover notes

 

00:48:49 Hal Cone: great insight everyone...highly valuable to consider

00:49:00 Ward: had no idea this was avaiable. 

00:49:02 gina: ---I have already applied for it 

00:49:23 Jason Crawford: Qualifications? Income and expense? What are the submission requirements?

00:49:46 Hal Cone: EIDL, was not sure about this, did you say this is your default recommendation for everyone now?

00:49:55 Vicky Kustov: what expenses would this allow for individual agent?

00:51:46 Jim: What can you use EIDL for as an independent contractor? MLS dues, advertising???

00:52:16 Ward: Do you know what the interests rates are on the EIDL loan? 

00:52:39 Hal Cone: awesome, super information

00:53:14 Regina Drury: I applied for PPP today and was told to apply for EIDL after affroval.  This is what the lender said.

00:53:52 Jeffrey Lyons: I am an independent RE Agent. I don't need a loan but I have monthly expenses. Can I apply for EIDL and just seek the $10K grant?

00:55:27 James’s iPhone: Would commission splits be considered a cost of goods sold?

00:57:33 Ward: Everyone I've reached out to is saying next week. 

00:58:47 bob: Is the average monthly payroll expense over the past 12 months, or just for 2019?

00:58:47 Jeff Marek: What if you are a pass through LLC? Can I apply today for PPP?

00:58:49 James’s iPhone: So will there be a different application process for the 1099 self employed independent contractors?

00:59:15 CRAIG SCHNEIDER: DOES ANYONE KNOW WHAT DOCUMENTS THEY ARE USING FOR PROOF? IS IT YOUR PRIOR YEARS TAXES?

00:59:28 gina: What if you were at 785K last year I am capped at 100K ? 

01:00:03 CRAIG SCHNEIDER: AND ASSUMING YOU HAVE NOT FILED WOULD THEY JUST LOOK AT YOUR BOOKS OR WOULD THEY USE 2018 TAXES?

01:01:20 Jeremy: As a landlord "Loss Rents Due to Disaster" would I calculate that for 6 months?  Haven't had any loss yet. but its coming

01:04:12 Regina Drury: The money is excluded but people should know the expenses that it offset will probably be excluded from your write off too.  

01:04:31 demet: Gina - yes

01:05:33 demet: https://www.facebook.com/groups/survivethrivetriumph/

01:09:01 Regina Drury: Unemployment rules are if you don't have any closings.  It stops when you have a closing.

01:11:25 Toby Stephens: can you reapply for unemployment in between closings ?

01:12:16 Regina Drury: Yes in North Carolina you can reapply between closings.  That's the update as of now.  Of course, it can change.

01:12:27 CRAIG SCHNEIDER: ALSO JUST SHARING, THERE WAS A NEW VERSION OF THE PPP APPLICATION FORM POSTED ON SBA THIS MORNING.

01:13:19 CRAIG SCHNEIDER: YES I AM

01:14:17 Jeffrey Lyons: Thank you!

01:14:23 Ward: do you know what the interests rates are on the loans? 

01:14:49 ERV: What is the fee associated with applying for the EIDL

01:16:00 Regina Drury: The form I filled out this morning for Aquesta Bank had me fill out 2019.

01:16:18 RE/MAX Alliance: What if an individual agent was a 1099 last year but this year is a LLC?  

01:17:44 James’s iPhone: Are commission splits considered a cost of goods sold?

01:18:39 Regina Drury: WIll marketing costs, monthly software, or coaching expenses get covered in any of these programs?

01:18:59 Jeremy: that was a question on the form you sent us to

01:19:41 iPhone: so it’s 2.5x monthly. so 100k/12 x2.5?  so max would be 20,800? for PPP.  1099 borrower

01:20:32 TerryBickmore: If you have w2 income above 100K are you ineligible for any help? Or do they still give you payroll help up to the 100K but not on income above that?

01:20:32 Ward: Then I'm going to apply for as much as possible!!! 

01:20:45 Ward: 1%!!! ???

01:21:38 Al Lewis: Munchin said 5 pts to lenders for originating loans.

01:22:31 Jim: I'm a multi member LLC so I get a K1, not a Schedule C.

01:22:33 James’s iPhone: 👍

01:22:48 James’s iPhone: Thank you for clarifying!

01:22:55 Barrett England: If you run your income thru an s-corp with a salary and distribution to you, can you include the distribution in the salary calculation?

 

01:23:20 bob: How is the loan amount cap determined on an EIDL Loan? Not PPP, but EIDL Loan.

01:24:57 iPhone: good job

01:24:59 iPhone: lol

01:25:59 gina: Ok I am 1099 but I have an employee I pay 48K a year on a 1099 can I apply on any of these platforms to cover her cost since I am still paying her .

01:26:12 Dan: I am an individual broker .  Gross Revenues is Gross income and Cost of Goods sold is What?  all my expenses?

01:26:44 Al Lewis: Saw him say it last night on News conference

01:27:32 steverakhshani: I heard that Munchin today upped the pts to lenders, to add incentive to participate

01:29:51 Al Lewis: Thanks! Great info!

01:30:13 Ashley: so if I am a 1099 thru a brokerage but I also run an annual payroll on myself for my corp, is it best to aply for both 

01:31:19 steverakhshani: I’m also interested in the answer to Barrett England’s question re S-Corp that pays salary PLUS shareholder distribution.

01:31:59 bob: How is the max loan amount determined for an EIDL Loan (not PPP, the EIDL). Thanks!

01:33:07 CRAIG SCHNEIDER: IF YOU ARE GETTING THE PPP AS A 1099 HOW ARE YOU SHOWING THAT YOU ARE USING THE AMOUNT TOWARDS YOUR PAYROLL?

01:33:26 CRAIG SCHNEIDER: THAT QUESTION IS FOR MY AGENTS

01:34:40 mariadicarlo: i am a Real estate agent and I missed the part about the 10K grant, how can I take advantage of this

01:35:21 Barrett England:

Give it to us Demet, I will pay extra.....

01:38:38 gina: Again now this brings up my prior question. I am a 1099 agent but I have a admin that I pay on 1099 as well. How am I going to apply for this ? I am lost  

01:40:56 gina: Got it !

01:41:53 Al Lewis: How soon will replay be out?

01:42:09 Ashley: the income is based on 2018 if you already filed taxes?

01:42:39 Ashley: I meant 19 lol

01:42:59 Vicki: yes, 2019 income!

01:43:16 Vicky Kustov: THank you for a great presentation!

01:43:41 steverakhshani: Yes, thank-you!  Great info as we navigate through all this.

01:43:44 Verenice White: Yes!! Love this and how will you send this to us..do you have our emails?

01:43:52 TerryBickmore: You guys are Awesome! Thanks for all of your help!

01:44:48 Todd Tramonte: If you want the recording and have not signed up, go to www.RealtorStimulus.com and we'll have an email to send it to.

01:45:14 Sara Romvari: You said you’d share the slides…. how will you share those? or where can they be found

01:45:32 Verenice White: THANK YOU!! Smiles from California! 

01:45:56 Barrett England: Thanks so much, amazing presentation! 

01:46:38 demet: our pleasure everyone-be well, stay safe!

01:47:51 chandler crouch: prechiatchall

For additional information talk directly to your CPA or Bank.  

Additional Information May Be Found At www.sba.gov