Stimulus Update - PPP - Kudos to US Bank - Borrower List Made Public...

And we are in the home stretch… I think.

I am confident that a new relief bill will be passed by the end of the week. Key components are:

• $300 addition to unemployment claims for unemployed workers

• Continuation on eviction protection for renters impacted by Covid 19

• Second round for the paycheck protection program and EIDL for struggling businesses

  • There is no word on whether this is for new borrowers only or an increase for some businesses

  • There will be qualifying criteria for this round

• Temporary suspension of any Covid related liability lawsuits for businesses

• No direct payment checks to taxpayers

• There is no word on whether the bill addresses issues with the tax impact of the related expenses of your PPP funds for IRS purposes.

If you knew that your name would have been made public by using the PPP program, would you have used it? Too late to wonder about that now. All borrowers have been made public in five files totaling over 4,000,000 names. That is a marketer’s dream!!

When it comes to forgiveness, I like US Bank the best. I have submitted three forgiveness applications through US Bank and the most recent one was approved by them in 7 days and then approved by the SBA 8 days later. That’s a 15 day turnaround for US Bank. Of course, the borrower did use an expert to put the package together – just saying. It took the borrower about 90 minutes to assemble the information and $750 to have me put it together and upload it to US Bank for his 12 employees. Two weeks later, $170,000 was forgiven.

Ask me how I can help you navigate the PPP Forgiveness Application process and policies.

18 more shopping days till Christmas, but only for essential items.