馃攳
PPP Round 3 Get it Before it's Gone! - YouTube
Channel: Leo Landaverde
[0]
hey do you think you can use additional
[2]
working capital for your business
[4]
if so stay tuned because in today's
[6]
video i'll go over
[8]
what you need to do to take advantage of
[9]
the next round of ppp money
[11]
what we're calling ppp round three
[16]
[Music]
[26]
hey everybody welcome to my channel i am
[28]
your host leo landa verde
[30]
business coach outsource cfo and
[32]
commercial lender
[34]
helping you scale your business if
[36]
you're ready to grow your business to 7
[38]
figures and beyond
[39]
while creating the financial freedom and
[40]
the lifestyle you want then don't forget
[42]
to hit the bell
[42]
and subscribe to my channel and you'll
[44]
be notified every week when new content
[46]
comes out
[48]
i have fantastic news any minute now
[52]
congress may approve what may become the
[55]
very last round of the ppp program
[57]
with this massive build that isn't works
[59]
right now in fact i have an article here
[61]
dated
[62]
sunday december 20th yesterday
[65]
so what it says is after months of
[67]
partisan wrangling on december 20th 2020
[70]
congressional negotiators finally agreed
[72]
to a
[72]
new 900 billion covet relief
[76]
package which includes an additional 284
[78]
billion dollars
[79]
for the paycheck protection program also
[82]
known as ppp for small businesses
[84]
created under the original coronavirus a
[87]
relief
[88]
now if you remember uh back in april
[91]
how long did it take for the ppp funds
[93]
to run out took about two weeks
[95]
to use up 349 billion dollars
[99]
so here is what you need to know and
[102]
this video will focus on the things that
[104]
you need to know so you can get in line
[106]
to get your money
[107]
here is what we know here are the seven
[109]
things we know
[110]
now about what may be signed into law
[113]
number one
[114]
284 billion dollars set aside for the
[117]
ppp program
[118]
of the 900 billion that's important
[121]
because in the first round there were
[122]
349 billion dollars
[124]
that were used up in two weeks so 284
[127]
billion dollars
[128]
seems like a lot of money but i
[129]
guarantee you it will be gone in a week
[132]
or less
[133]
number two year over year
[136]
revenue loss so there's been a lot of
[140]
debate
[141]
congress as to how much of a loss that
[144]
you need to have as a business owner to
[145]
be able to trigger
[146]
additional ppp funds so the latest
[150]
is that 30 percent or more loss
[154]
on any quarter in 2020 as compared to
[158]
any quarter in 2019 the borrower this is
[161]
what what the language says right now
[163]
the borrower must demonstrate that there
[165]
was a 30
[166]
reduction from gross receipts of the
[169]
entity during the same
[170]
quarter in 2019 so for instance q2 was
[173]
bad for most
[174]
so if you're between april 1st in june
[178]
30th
[178]
2020 your revenue was 30 percent less
[182]
than in q2 2019
[185]
you have a shot number three
[188]
you have less than 300 employees and i
[191]
think that
[192]
most small businesses will qualify what
[194]
happened last time around is that
[196]
the big banks took you know
[199]
really work exclusively with the larger
[202]
clients why because they have larger
[203]
loans and they got a percentage
[205]
of those commissions but this time
[207]
around if you have more than 300
[209]
employees you won't be able to take part
[211]
of it so that's good news
[213]
number four forgivable expenses are
[216]
expanded to include
[217]
supply costs and investments in facility
[220]
modifications
[221]
and personal protective equipment ppp to
[224]
operate safely so
[226]
that was not part of the first or second
[228]
rounds of ppp money
[230]
if you want you know if you go outside
[231]
if you notice particularly restaurants
[234]
have invested lots of money to make sure
[238]
that their patrons are coming in their
[241]
customers can actually sit outside
[243]
not inside but outside but on their
[245]
cover patios
[246]
that is a very expensive proposition
[248]
you're going to be able to
[250]
acknowledge that and it's going to be
[251]
used for that number five
[255]
more streamlined process for loans 150
[258]
000
[259]
or less now what we have today in law is
[262]
that
[262]
any loan of 50 000 or less
[266]
basically gets to do an attestation now
[268]
a lot of banks have not really processed
[270]
the ppp forgiveness for
[271]
rounds one and two because they were
[273]
waiting to see what was going to happen
[274]
on round three
[275]
well right now as it stands if you have
[278]
a loan that is 50 000
[280]
or less even if you were to proceed with
[282]
a ppp application today
[284]
well you would have to do the 3508 s
[287]
form
[287]
which is the very shortest form which is
[289]
basically saying
[290]
i hereby i hereby i hereby is basically
[294]
kind of an honor system
[295]
now you may be audited but it's a very
[298]
simple process
[299]
now the same may be true if when it gets
[301]
on into law
[302]
it the same will apply to the loans that
[304]
150 000 or less
[305]
so if you were to get 150 000 or less
[309]
you go through an attestation process
[310]
which is really really good news for
[312]
small business owners
[314]
so number six set a size for small
[318]
businesses with less than 10 employees
[319]
now this is big
[320]
now remember what i said at the outset
[322]
that the first round
[324]
round one and round two the big banks
[326]
work with their biggest customers
[328]
well no more because there will be set
[330]
asides for
[331]
businesses which is the ones who need it
[333]
the most are those small businesses that
[335]
have 10 employees or less
[337]
so those will rise to the top of the
[339]
queue
[340]
number seven includes repurposing of the
[344]
138 billion dollars of unspent ppp money
[347]
from the last round so if you remember
[349]
there was a second round after the first
[351]
round and then
[353]
there was a there was money left over so
[356]
congress didn't know what to
[357]
do with that so now if you add the 284
[359]
billion dollars
[360]
to the 138 billion dollars now we have a
[363]
pretty large chunk of money that will be
[364]
set aside for small business owners
[366]
you do have a chance and it doesn't
[368]
matter if you receive
[369]
a first round or a second round and it
[371]
doesn't matter if you have multiple
[373]
entities
[374]
okay on to the exciting thing here's
[376]
what you need to do
[379]
as we've been saying money will run out
[381]
fast so as of today
[384]
if it is signed into law today or
[386]
tomorrow
[387]
probably this week during christmas time
[389]
it will be signed into law
[391]
by the president and if that's the case
[394]
this is a race to the finish whoever
[396]
gets on the queue before
[398]
it basically is first come first serve
[401]
your name is not in the list
[403]
you're out you're out of luck so you you
[405]
really can't afford to wait for the
[406]
bigger banks because i guarantee you
[408]
that a lot of banks
[409]
the big banks and some of the smaller
[411]
community banks will not take part in it
[413]
the reason for that is some of the
[415]
biggest banks are still squabbling with
[416]
the sba
[418]
with monies that they're still owed or
[419]
they say that they still owe so
[421]
because of that they have this may have
[422]
this bitter taste so don't rely on your
[425]
bank of america chase your wells fargo
[428]
banks to or citibank to rescue you
[430]
because they may not take part in it
[433]
so but i have good news i
[436]
my firm has partnered up with a big
[438]
lender
[439]
that specializes in originating and
[442]
servicing ppp loans
[444]
the good news for you that they have a
[446]
direct link with the sba
[448]
and this is what they do and this is
[449]
what they do best
[451]
so i only need three pieces of
[453]
information from you
[454]
to get on the queue and you gotta act
[456]
quickly number one
[457]
your business legal name number two
[461]
business owners email address which is
[463]
your email address
[465]
number three your business ein
[468]
or social security number in case you
[471]
don't have
[472]
an ein so again number one your your
[475]
business legal name
[476]
number two your email address your
[479]
business oh
[480]
you have to be a business owner number
[482]
three is your ein number
[485]
here's what you'll get white glove ppp
[488]
loan service and buy our partners you
[491]
get an online portal that will make your
[493]
loan application and forgiveness
[495]
easy you'll be updated
[499]
throughout the application pro
[500]
processing on your loan status
[502]
you get real time support and stem stand
[505]
by ready to help you
[507]
and last but not least highly trained
[510]
experts reviewing your origination and
[513]
forgiveness applications
[515]
so don't wait act now hey
[518]
please comment below and let me know if
[520]
you're a business owner
[522]
and interested in getting additional ppp
[524]
money i can help you
[526]
also if you want to join a community of
[528]
like-minded successful entrepreneurs
[530]
just like you
[530]
then join our facebook group at the link
[533]
below where i share
[534]
tips tactics and strategies on how my
[536]
clients are growing their businesses to
[538]
seven figures and beyond
Most Recent Videos:
You can go back to the homepage right here: Homepage