anyone else receiving a nice bump to their bankroll?

[The Boz]

I assume this is an EIDL loan. I have applied for this on behalf of a number of clients. Although they do verify the active status of the entity depending on what type of entity you applied under, otherwise this loan is mostly based on the personal credit score of the individual business owner.

The $1000. you got as an advance, for the stronger clients who applied, was paid out almost immediately, at the rate of $1000. per an employee, so maybe you had only one employee (yourself - the business owner). Your application must not have been so strong otherwise you would have received this $1000. immediately, but then there are some who get the grant and not the loan, so at the end of the day the SBA must have liked your application. This $1000. you got is the grant portion of the advance, and does not need to be repaid.

By law, the EIDL grant or loan must be used for your business, but obviously for a small amount like only twenty-five grand it's doubtful that anyone is going to follow up to make sure. These EIDL loans are pretty much capped at $25,000. (at the moment - earlier we were getting much more, up to $400K for some of my clients), but the PPP loans are coming in at millions.

A PPP loan is more difficult to get and requires proof of payroll. However, once you get a PPP loan as long as 75% of it is used for payroll within 8 weeks, it does not have to be repaid - which is an almost insurmountable barrier for most small businesses, leading some small businesses to just look to return the money. There is some legislation pending to relax this 75% rule for the PPP.

No personal guarantees are required for any of these loans, although I suppose if you are applying for a sole proprietorship your business is you, so if your business is on the line so would you be.

Getting these loans, especially the PPP, approved has as much to do with knowing how to package and present the application, as anything else, which is why people like me are paid the big bucks to get the job done.

I am also helping self-employed clients with PUA unemployment claims. There is not much money in this for me - just doing it as a service for good clients. It is astonishing to see someone who was making seven figures last year apply for PUA this year, but this is what is happening to some of my clients. In some cases though, with my help and creative juices we are getting two or three checks for PUA incoming per household, maxed out to 450 per week plus the government's 600 per week times multiple household members it adds up.

It's all legal, just has to be crafted properly, and backed up with properly filed tax returns in case of audit.

Anyone who made more than a million dollars last year and is applying for UC is a Scumball in my book. Period. If they really need $1000 a week they are bad with their money or are just greedy.

Instead of helping them with applying, teach them your stock system, or better yet how to constantly win at Baccarat. Far more money in both than collecting UC.

And I’m not sure why you feel the PPP is insurmountable. It’s all about having a good accountant and moving money around if you own your own real estate. Trust me, it’s being done all over the country. Not everyone in the business world is honest when it comes to money.