Apr 13, 2020
Yamaris Diaz is back with Virginia Vich to share all of their knowledge on the CARES Act, Payroll Protection Program, and the Economic Injury Disaster Loan. There is so much information to go through and things are changing daily. If you have to, listen to this episode more than once.
We start off with the CARES Act, what it is, who it’s for, and what you can get. The CARES Act is the bill that was passed into law to help stimulate the economy in this time. There are two arms to that stimulus, one is for families and personal finances, the other is for small businesses.
If you’ve filed taxes in the past couple of years, you will likely be eligible for this stimulus package from a personal standpoint.
Yamaris and Virginia take a LOT of time to go over the PPP and EIDL. Both loans have good and bad things about them and you can apply to both at the same time, but you’ll want to listen in to nail down all the details that we currently know..
Both loans require that you fill out an application. The PPP is potentially forgivable and at this time, there is no direction on sole proprietors being able to apply though that information is supposed to come out soon.
The EIDL has both a loan and a grant aspect. You will fill out a quick application, it is determined what you are eligible for, and then the lender will contact you requesting additional information. If you do receive both the PPP and the EIDL then the amount forgiven by the PPP will be offset by the amount received through the EIDL.
There was so much information to unpack and as both ladies stated multiple times, the information surrounding these acts is changing daily. They both agreed that with or without full information, time is of the essence. There is only so much money being handed out, so you’ll want to work on getting your hat in the ring as soon as possible.
In This Episode:
[00:40] Welcome Yamariz Diaz and Virginia Vich to discuss the CARES Act.
[01:16] Virginia introduces herself and her business.
[01:58] Learn more about Yamaris.
[03:07] What is the CARES act and why is it important for ecom businesses?
[05:21] Are you eligible for the CARES personal stimulus checks and how would you receive them?
[07:22] Who is eligible for the small business CARES stimulus?
[09:30] How is the small business loan made forgivable?
[11:45] Is the form complicated to fill out?
[14:54] Are the documents that you need for the PPP available through your accountant?
[17:07] What are unsecured loans and personally guaranteed loans?
[19:11] Learn how you can apply for these loans even if your bank isn’t able to help.
[20:47] Your VAs must live and work in the US.
[21:28] What else should you know about the CARES Act?
[23:49] The EIDL is completely different. This is a grant program instead.
[26:31] How does this work if you have multiple businesses?
[29:35] EIDL is not forgivable but does have the possibility of an advance.
[30:13] Which loan is easier to get right now?
[31:51] If you’re applying for both loans, you’ll need to hear this part.
[33:16] Final words of advice and connect with Yamaris and Virginia.
Links and Resources:
Text “Amazon” to 69922
VxV Consultin on Instagram
Loan Platforms - www.sba.gov