The Speaker Lab Podcast How Speakers Can Benefit From the Stimulus, Unemployment, EIDL, and PPP
Apr 10, 2020
01:01:21
Grant Baldwin and Josh Bauerle hosted a Q&A on Facebook Live to talk about how speakers can benefit from the stimulus and address your questions about the stimulus check, unemployment, EIDL, and PPP.
DISCLAIMER: We are not finance or tax experts. Please contact your financial planner or local financial institution for professional advice.
EIDL - Economic Injury Disaster Loan
PPP - Payroll Protection Program During the live stream, Grant and Josh discuss:
- Unemployment being extended to business owners and freelancers
- Two loan/grant programs for small businesses to take advantage of
- Which program is best for speakers to pay attention to?
- Are earning thresholds for the stimulus based on Billings or on adjusted gross income?
- How much unemployment can you claim?
- What is the timeline for unemployment payouts?
- How to apply for the EIDL
- Would speakers apply for unemployment? Or the grant? Or both?
- Can you apply for EIDL if you have a W-2 in addition to speaking gigs?
- What happens if you get denied?
- Being patient and persistent
- Do unemployment and IDL go off of W2 and/or K-1?
- Does past credit history (specifically bankruptcy) factor into EIDL acceptance?
- Do you need an LLC to apply for EIDL or can you apply as an individual citizen?
- Two placed to get financial help
- What is the PPP? Who is eligible?
- Discretionary power of banks in deciding who gets access to PPP
- How the PPP math breaks down on calculating what you’re eligible for
- Tips on selecting a financial institution to apply through
- What happens if the loan isn’t forgiven?
- Is the PPP looking at average gross or net profits?
- How to calculate payroll for a speaking business formed after the 2/15/19 date
- What to do if you started your speaking business on Jan 1, 2020
- Will interest accrues on the unforgiven portion of the loan?
- What happens if you posted a loss because it was a new business?
- Can you apply for more than one of these programs? Or do you have to pick one route to go?
- Talk to your financial institution sooner vs later to figure out what you qualify for and how to get it
- For the EIDL, do you need an EIN? or can you use a DBA?
- What’s a "qualifying expense" to have the PPP converted from loan to forgiven?
- Do “contractors” = “employees”?
- If you file as an S-Corp, but are the only owner/employee, are you still eligible for the PP/EIDL benefits of a Sole Proprietor?
- If approved for EIDL loan, can you take the advance and not take the loan portion?
- If you’re a sole proprietor with little overhead, is it better to apply for EIDL or PPP?
- Making it easy for the financial institution to process your application
- Do you have to payback the stimulus?
- Will the bank look at your credit score?
- Are you taxed on unemployment?
- Taking a tip from Frozen II
- And more
EPISODE RESOURCES
- The Prestige Journal
- Coronavirus (COVID-19): Small Business Guidance and Loan Resources from the SBA
- Video discussing the Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL) walkthrough
- Small Business Association (SBA) resources for EIDL and PPP
- Get Free Speaker Resources
- Book a Call with The Speaker Lab
- Calculate Your Speaking Fee
- Join The Speaker Lab Community on Facebook
- Subscribe on Apple Podcasts
- Subscribe on Spotify
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.