COVID Incentives For Business with Eric Nghiem

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Eric Nghiem helps business owners increase profit and take home more cash and is passionate about financial education and helping entrepreneurs scale to create a greater impact on the world.

In this episode, Eric goes over EIDL SBA loans and grants along with payroll protection programs and how to invest the money into your business, while keeping yourself out of jail.

Timestamped Show Notes:

[:38] Programs For Business Owners

[3:37] People That Haven’t Received Their Money

[6:10] How/ Who Can Apply For The PPP Loan

[10:46] How To Spend The Money

[17:42] Getting The SBA

[21:04] Pros And Cons Of Signing The Contract

[30:32] Using The PPP For Sole Proprietor LLC

[33:08] When Does Interest Start

Takeaways:

  1.  If you got an SBA email or if you got a hard credit pull on your Experian credit report, then that means you’re in the system
  2.  PPP Is still accepting applications so if you haven’t applied you should definitely go do so.
  3.  The PPP Is specifically for w-2 employees only, payroll, rent utilities, and mortgage interest
  4. The money from the SBA is tax-deductible because you’re using it for a business expense.

 

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