PODCAST: Urgent News, Paycheck Protection Program Details. ACT Quick! | Tim and Julie Harris

Real Estate Training & Coaching School

Business, Careers

4.7 • 669 Ratings

🗓️ 22 December 2020

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Revived Paycheck Protection Program Outline Key Highlights - New Paycheck Protection Program (PPP) runs through March 31- This is second cash infusion – you CAN get PPP relief aid in this second round- This is all we know so far... The Paycheck Protection Program (PPP) is back for another go.This revived PPP will run through March 31. If you applied and received PPP aid in the first go-around, you can apply and, hopefully, receive money again. The PPP package contains $285B to eligible small businesses for additional loans even to businesses that received PPP loans before as well as to first-time business applicants. Here are the specifics we know at this point: - Runs through March 31- Program reopened to businesses that have already received help plus “new” small business applicants- Loans are tax-free- Loans guaranteed by the Small Business Administration but made by banks and other lenders- SBA spokesperson – “next round of PPP (to be) launched as quickly as possible”- Funds can be used for payroll, rent, utilities PLUS supplies from vendors, protective equipment for their staff, or to fix property damage - Must have fewer than 300 employees and have had a -25% drop in sales from one year earlier in at least one quarter to qualify for loan up to $2M- Borrowers limited to 2.5 times their payroll – only hotels and food service businesses eligible for 3.5 times payroll- Publicly-traded companies are ineligible for these funds- Most active lenders in first round included Bank of America, JPMorgan Chase, Cross River Bank and Wells Fargo- Allows business owners who received loans in first round to claim deductions for expenses they paid for with loan proceeds- Loans may become grants if and when the program recipient is in compliance with all requirements and reporting documentation thoroughly and completely Thanks to The New York Times. Schedule A Free C

Transcript

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0:00.0	Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.
0:21.2	Real Estate Coaching Radio is the nation's number one daily radio show for realtors
0:25.9	who demand authentic real-time coaching.
0:29.1	Get ready for fluff-free, unfiltered, full-strength honesty about what's truly working
0:34.0	to get you into action, helping others, and making money now in today's
0:38.3	real estate market. Now to our hosts, Tim and Julie Harris.
0:45.2	Hello, it is December 22nd. I am giving you an urgent flash news report. We were not planning
0:50.8	on doing a podcast today, but our staff reporter, yes, we have one staff reporter.
0:56.6	Janet came out with this information, and she was about to publish us on our main website.
1:01.5	Actually, these are just the talking points, and she's making the article now.
1:04.7	This urgent breaking news is all about the Paycheck Protection Program.
1:08.5	And as we discussed yesterday and as we have discussed, I mean, endlessly earlier this year, the Paycheck Protection Program. And as we discussed yesterday and as we have discussed, I mean,
1:11.5	endlessly earlier this year, the Paycheck Protection Program is something that every single
1:16.7	real estate agent in the United States at least needs to be considering taking advantage of.
1:21.9	And the way the program works is quite simple. And I'm going to read you all the details now.
1:25.9	But what matters most is that you're
1:27.9	urgent because so many of you last year when Julie and I started telling you about these new
1:32.4	programs really in earnest in March and April, you didn't pay attention. You waited too long. You
1:36.8	thought about it. You analyzed. You questioned it. You were getting mixed information. You were
1:40.3	basically filling your head full of Mickey Mouse and you didn't take action. The program closed.
1:44.9	And then they released the program again, and then guess what happened?
1:48.9	Because you then were just taking it seriously and getting your paperwork in.
	...

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