PPP is so 2020…
…or is it?
If you received a PPP loan in 2020 and have NOT had it forgiven, it is likely that you have received a payment due invoice from your lender for a large sum of money, and I mean LARGE. That means your 10 month window of forgiveness is up and your lender is looking to make the loan current.
How do you stop collections? You apply for forgiveness and the ball is then back in the lender’s court.
The big banks are getting VERY particular about documentation that they will accept.
On the upside, the turnaround time is about 10 days.
Oh, and I can help with that.
EIDL Update
The SBA still has billions of dollars left to lend out (NOT give out; it has to be paid back) in the form of Economic Injury Disaster Loans.
The process has become significantly easier, requiring your 2019 business tax return and a company resolution to borrow.
Turnaround time for approval is generally two to three weeks, depending on how fast you turn things around.
The deadline for approval is December 31 so get on the horn; you can apply directly to the SBA at:
1031 Exchange – is it capped? And what kind of tax form is a 1031 anyway??
While the original Build Back Better legislation had language that put a pretty low ceiling on 1031 real estate exchanges, Santa delivered early by having his elves remove any such language from the bill.
However, the goblins in the senate continue to debate the bill; I’ll let you know what happens.
As an FYI, a 1031 real property exchange allows the seller of the investment real estate to “postpone” the payment of capital gains on the property if the seller can roll the proceeds into another property within 180 days, among other conditions. The 1031 is not a tax form but simply refers to the section of the IRS code that allows for this to happen.
The whole process is not difficult and a 1031 exchange accommodator can assist for a nominal fee. Remember that the next time you are selling your investment real estate, but a good real estate broker should be bringing it to your attention anyway.
Finally, on the revenue generating side of things…
Do you ask your clients for reference letters? Why not? I made it a practice that whenever I closed a deal to ask the new client if they would be willing to sign a reference letter. Note that I said “sign”, not write. I wrote the letter, emailed it to them, they edited it, put it on their letterhead and sent it back. If you ask them to write it, it will never get done. If you write it, then it will happen. This is a huge client retention tool and also serves to help prospects become clients when you can show them a dozen reference letters speaking to why they should do business with you.
Just something to think about when you are looking at your budget for 2022. If your sales plan needs some upgrades, I can help with that.
