Wow, what a Friday it has been. Before I get to that though, happy #FundMeFriday. Did everyone fund their account today? Please send even $1 so that you stay in habit and you keep building on your dream.
Today, without exaggerating, I answered over 100 calls and about 200 text messages. Exhausting to say the least, extremely humbled by the amount of people that needed and trusted my help and extremely grateful to have set my life up in such a way that I work from home with amazing technology backing me.
So why was I inundated today? In one word, Stimulus. Today was the day that the banks went live with all the stimulus package applications. There were those that needed help with unemployment and those who needed help filing for the disaster relief and then there were so many who needed help with the Paycheck Protection Program.
One of the biggest problems causing panic today was that these programs were supposed to go live at midnight but some did not go live until early morning while other banks like Wells Fargo stated that they would be live by 9:30am then at about 9:40am they posted a statement that they would not be ready today. Needless to say, today that caused a navigating nightmare.
So what should you be doing? First of all, let us discuss unemployment. Here is the official notice:
Notice
The CARES Act signed into law by President Trump last Friday gives states the option of extending unemployment compensation to independent contractors and other workers who are ordinarily ineligible for unemployment benefits.
Translation
If you lost your job or if you work for yourself and lost your ability to make money right now, file for unemployment benefits because you will probably be entitled to some level of monetary assistance
Next:
Economic Injury Disaster Loans and Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
Translation
If your business has suffered monetary damages because of quarantine rules and social distancing, you can apply for this loan AND the loan will not have to be paid back. Just go to www.SBA.gov and apply. The application takes five minutes so there is no excuses regarding time constraints.
Finally:
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Translation:
This is a two page simple application. Basically they will give you 2.5x your average monthly payroll plus 25%. As long as you use it for payroll, rent, mortgage or utilities for eight weeks, this loan also will not have to be paid back. You have to apply with a bank not the SBA and make sure when you call the bank, you ask if they are participating in this program.
There are other avenues for stimulus assistance but these three are the major ones for the majority of people. The only issue that I have seen so far is patience, especially when applying for unemployment. It can take hours of trying to login and yet others gain access on their first try. It is well worth it so bring your patience with you when you sit at your computer to start the process.
We should all feel grateful that at this time in our lives we have great options available to assist us through this rough patch. I know that I am grateful and I have the perfect book for your reading pleasure. The book is called Living Gratitude and I have recommended this in the past but if you did not have the opportunity to read it then, go borrow it from your local library. If that is not an option, here is a link to get your own copy from Amazon >>> https://amzn.to/38xquS6
If you choose to shop in Amazon, I would greatly appreciate it if you could use the link I have provided. As an Amazon Affiliate, it is possible I can earn a bonus and therefore continue to provide continued content we all enjoy. Thank you in advance!
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