#sba stimulus package

[gaszstationloan]

gas station loan

Over the years, SBA financing is a staple of financing for dealers and operators. While the economy has worsened in the last few years, the petroleum retail industry has gotten even worse. With the fluctuation in fuel prices and our failing economy, foreclosures on gas station loan and convenience stores have been at record highs.Recently, the SBA had made financing for gas stations and conveniences virtually prohibitive. The SBA had required all stations avove the age of five years to truly have a Phase II environmental and all transactions required an owner indemnification, regardless if there had ever been an environmental issue or not.To incorporate insult to injury, the SBA also required another business valuation from an unbiased company as well as the appraisal.Can we say "we really don't wish to accomplish gas stations?"It will come as not surprising that the SBA adopted this posture. With high profile fraud cases from some non-bank lenders in the past few years, record default and foreclosures, it is no wonder they made them difficult leastwise to obtain financing. In fact, the petroleum retail asset class wasn't significantly worse than other asset classes.With the disappearance of a viable secondary market, most lenders have either ceased doing SBA loans or significantly reduce the amount of SBA financing they'd do. Only the more expensive banks could lend and portfolio their loans.Fortunately with the stimulus package in 2009, much, although not all, of the conditions have changed. First, the SBA will not required indemnification agreements on all transactions except those where environmental conditions exists and an open file exists with the State.Secondly, the SBA will not need a Phase II environmental except in cases where environmental conditions exists and an open file exists with the State.One can check through the State's DEP or DEQ to be sure that there's not an open file (meaning there's been leakage, spillage or migration reported) so your potential for decline will soon be reduced significantly.Additionally, the SBA is now allowing lenders to base their loans off of LIBOR along with Prime, giving the banks more options to make the loans more profitable.With the streamlining of SBA operations out of Sacramento, California, SBA financing is still a legitimate source of financing. As usual, having a well assembled package is the main battle.In 2009, temporary changes which will last to the finish of 2009 will be the waving of the SBA guarantee fee (which can be substantial) and the guarantee percentage increases to 90%. This will give banks incentive to make capital available again.No matter which kind of financing you select, be sure that when applying for service gas station loan, you deal with people that specialize in this asset class and know the lending and petroleum industries.

[summerells]

The SBA (Small Business Administration is planning a stimulus package for small businesses during the pandemic. That stimulus for the small businesses consists of loans directly from the SBA (not from banks). 

#SBALoans #recordkeepingCalifornia #BestBookkeepersLA #reliablerecordkeepersLosAngeles #bookkeepingprofessionals #Hirebookkeepers

[thebookkeepersrus-blogs]

Small Business Administration (SBA) Loans

The SBA (Small Business Administration is planning a stimulus package for small businesses during the pandemic. That stimulus for small businesses consists of loans directly from the SBA (not from banks). These loans will be at a fixed rate of 3.75% and up to $2M, with a long-term payback.

We will be following the loan process closely and keeping you updated. In the meantime, here are two things you should read right now to learn more about how these loans will work:

the SBA’s overview of the new loan process.

related SBA loan forms and applications.

We recommend that you take the time NOW to familiarize yourself with how these loans work so that, if you find yourself needing a loan, you’re able to apply quickly. We hear that the process may be first-come-first-serve, so be prepare early!

Please note that, although these forms may change as part of the specific rollout of this program, they are still likely to follow a very similar format, as this will be part of the SBA’s disaster relief program.

#bookkeepinglosangeles #CPALosangeles #LosAngelesbookkeepers #HirebookkeepersLA #SmallBusinessAccountingLA #bookkeepingservicesLA #affordableaccountingservice #reliableCPAs #smallbusinessconsultancy #Taxconsulting

[austinturner]

Small Business Administration (SBA) Loans

The SBA (Small Business Administration is planning a stimulus package for small businesses during the pandemic. That stimulus for small business consists of loans directly by the SBA (not from banks). These loans will be at a fixed rate of 3.75% and up to $2M, with a long-term payback.

We will be following the loan process closely and keeping you updated. In the meantime, here are two things you should read right now to learn more about how these loans will work:

the SBA’s overview of the new loan process.

related SBA loan forms and applications.

We recommend that you take the time NOW to familiarize yourself with how these loans work so that, if you find yourself needing a loan, you’re able to apply quickly. We hear that the process may be first-come-first-serve, so be prepare early!

Please note that, although these forms may change as part of the specific rollout of this program, they are still likely to follow a very similar format, as this will be part of the SBA’s disaster relief program.

#bookkeepingLA #recordkeepingCalifornia #Hirebookkeepers #hirebookkeepersservice #reliablebookkeepersLA #LArecordkeepers #The Bookkeepers R us

[simplybusinessloan]

Process Of Obtaining Stimulus Package Business Loan And Others Described

Getting a company loan appears to be simple. The best place to begin is determining how you intend to use the loan. Because there are so many various types of small business loans, it is critical to conduct your research before beginning the application process. Then you will learn how many different sorts of loans exist and how many other lenders provide those loans.

If your goal for the money isn't clear, it's reasonable to assume you have some work to do before approaching a lender. Moreover, there are many loan options such as a stimulus package business loan or small business loan, to name a few. Make a strong plan, and then figure out how much money you'll need to make it happen. Consider how much time you need to pay back the money.

What Exactly Is a Small Business Loan?

A small business loan is capital that business owners can use to meet operational costs and growth. Small company loans, like personal loans, are available from traditional banks, credit unions, and internet lenders. These include those backed by the U.S. Small Business Administration (SBA). Depending on the loan type, you can use your money for working capital and equipment acquisition. And for larger purchases such as property

What Is The Process Of Obtaining A Small Business Loan?

Small company loans assist businesses in making significant acquisitions and covering the costs of doing business. These are basically lump sum payments. Moreover, you can use them to make a specific purchase or manage cash flow and then pay it back with interest.

Other types of small business loans are lines of credit, merchant cash advances, and invoice factoring. These can be used to get cash more rapidly and as-needed.

Several factors determine the optimum loan for a business. It includes its creditworthiness, the amount of money it needs to borrow, the purpose of the cash, and how quickly it requires access to loan profits.

Small Business Loans Come In A Variety Of Forms

Small company loans, in general, assist firms in obtaining the funds they require to operate and expand. However, there are various sorts of small company loans, and it is critical to choose the greatest suit for your requirements.

SBA Loans

SBA loans are Small Business loans for small businesses. These include the SBA 7(a), 504, CAPLines, Export, Microloan, and Disaster loan programs. These loans typically run from $30,000 to $5 million, with low-interest rates and long repayment durations of up to 25 years. However, qualification conditions are more stringent than non-government loans, and the application procedure is often longer.

Stimulus Package Business Loan

If your company has previously obtained a Paycheck Protection Program loan, you can apply for another one under this new stimulus package business loan. You must demonstrate that your 2020 revenues are significantly lower than your 2019 revenues. This will be a non-issue for the vast majority of enterprises. The new stimulus package includes an essential provision for those who have already received PPP loans or will receive them this time around. You can pay payroll, rent, and other expenses with PPP loan profits. In fact, they can be deducted as a business expense on the business's tax return, according to the new bill, just as they would have if there had been no loan funds.

Term Loans

Terms loans are traditional lending repaid over a predetermined length of time. Short-term loans typically run from three to 18 months and long-term company loans for ten years. At the same time, some term loans are for specific purposes, such as financing equipment or inventory. In fact, you can use term loans to fund the most substantial business-related transactions. Business term loans are normally available up to $500,000, with annual percentage rates (APRs) beginning around 9%.

Factoring And Financing Of Invoices

The process of selling a company's unpaid invoices in exchange for a lump sum cash payment is known as invoice factoring. Invoices are sold at a discount to a third-party factoring company. Therefore you will not be reimbursed in full for invoices. Furthermore, once you sell an invoice to a factoring business, the factoring company takes over collection responsibilities.

On the other hand, this type of financing can be an effective way to get cash immediately. You don't have to wait for the 30 to 90 days consumers often have to pay invoices. As a result, invoice factoring is a useful solution when you require short-term financing or assistance with cash flow management. In general, invoice financing amounts can range from $10,000 to $5 million, with APRs ranging from 10% to 79%.

Cash Advances From Merchants

Merchant cash advances (MCAs) provide business owners with a large sum of cash by paying the lender. Unlike a traditional business loan, a merchant cash advance and associated fees are reimbursed daily or weekly from the business's sales or through automatic clearing house (ACH) payments. A business owner uses this approach to borrow a fixed amount of money at a factor rate between 1.2 and 1.5. The company must pay a specified percentage of daily credit card sales over an estimated repayment time to repay the loan. A merchant cash advance may be an excellent choice for firms with a large volume of sales and need cash quickly—but do not qualify for a standard business loan.

Financing For Equipment

Equipment finance is a type of small company loan. It assists firms in purchasing the equipment and machinery required to establish and run their businesses. This type of flexible financing is commonly utilized to purchase everything from office furniture and technology to manufacturing equipment.

Because equipment loans are secured, the loan size determines the value of the equipment and the down payment size. The greatest equipment financing providers offer periods and restrictions of up to 25 years and $1 million or more.

#Stimulus Package Business Loan #Small Business Loan #SBA Loans #Business Loan

[theblackarticle]

#BlackArticle – How To Apply for Advance $10,000 Grant Loan 2020 Follow on blackarticle.com! #BlackArticle X #4cyclesoflife

#10000 grant #2020 taxes #advance #Apply #BlackArticle #Grant #grant money #herbalist kareem #How To Apply for Advance $10000 Grant Loan 2020 #Loan #sba disaster loan #sba disaster loan application #sba loan #small business administration #small business administration starting a business #stimulus check #stimulus check 2020 #stimulus checks #stimulus package

[ml-pnp]

Big Businesses: About $500 billion can be used to back loans and assistance to companies, including $50 billion for loans to U.S. airlines, as well as state and local governments.

Small Businesses: More than $350 billion to aid small businesses, including $10 billion in SBA grants of up to $10,000 for small business costs, and $17 billion for SBA to cover six months of payments for businesses with current SBA loans.

Hospitals: A $150 billion boost for hospitals and other health-care providers for equipment and supplies.

Individuals: Direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child.

[lovereconciled]

Stimulus Package Update 💲10,000 SBA Grant🤑 | I Got🤲 My Money!💰 | Federal Stimulus Check

In this video, Shar shares how she got her SBA Grant stimulus money💰 quicker than usual. Shar shares new information that you can use to get your free SBA Federal stimulus grant money 🌠quick. Watch until the end and be sure to Subscribe, Like and Share to let others know about this money and opportunity!

This is part of the $2 Trillion stimulus (CARES Act) approved👍🏽 last Friday by Congress. This Act earmarked $350 billion in loans backed by the SBA to help out businesses during these tough times and expected 📉low revenues. 

JOIN CHAR AND SHAR & 🔔SUBSCRIBE: https://www.youtube.com/channel/UCpKL7G2D3JsPK6vAwKjmpmQ?sub_confirmation=1 

#sbastimuluspackage #sba #sba stimulus package #stimulus #stimulatetheeconomy #stimulus package #forgivable loan #stimulus bill #trump administration #president trump #donald trump #trump #taxes #tax credits #tax break #stimulus tax break #stimulus check #stimulus checks #grants #stimulus grants #small business #business #tax #irs #2020 #sbapod #small business administration #stimulus grant #grant money #10000

[adamwinstonjames]

ADAM WINSTON JAMES – HOW TO NOT COMMIT FRAUD WITH A PPP LOAN

Between April 2020 and August 2020, the PPP gave out over $523 billion in government-backed forgivable loans to the 5.2 million small businesses to help them keep their business open during the economic crisis of the pandemic.

However, it has now started again after the US Congress decided to add $284 billion for new funding in the stimulus package approved in December 2020. Basically, these PPP loans were a chance for even the worst businesses to get a second loan.

If you have noticed that you want to know more about these PPP loans and how you can avoid any type of problems in the future, Adam Winston James shares strategies to protect your business from any fraud.

Keep records of all of your PPP loan expenses.

It doesn’t matter if your business is new or not. Keeping records is essential. I did not keep correct records for my PPP loans, and even with the strict stipulations to follow, I ignored them. You must keep records of what you are spending. Do not give yourself a chance to end up in federal prison, rocking an orange jumpsuit, eating bologna because you did not keep records of your expenses.

Payroll should be more than the mandatory minimum funds needed.

Getting a PPP loan comes with strict regulations, and one of the biggest ones is to put 75% of the funds aside for payroll if I wanted complete loan forgiveness. I was able to add in my salary, but it does not matter if you cannot hire everyone back; 75% still goes towards payroll, which means people who actually still work for you.

Give Yourself a Typical Salary!

Listen, we all want Limbos and 5-star dining, but do not give yourself a salary that is more than you typically make when it comes to a PPP loan. The government will want actual records of how much you have been making, and that means if you go overboard stating that you are making six figures, well, you will end up paying everything back and then some. Not to mention those felony charges that never go away and will keep you from making six figures.

1099 Workers Do Not Need to Be Included

1099 workers are independent contractors, and their wages are not covered by payroll. They will get their funds and loans during the economic crisis. The only people on the payroll are the ones with W-2s. Adam Winston James shares more tips about PPP loans.

Independent Purchases Are Not To Be Made with PPP Funds!

Again, we all want nice things. However, do not let that idea pop into your head that you can add more stuff to your corporate card during this time. If it is not business-related, then PPP funds will not cover it. It does not matter if it is an emergency. Bookkeeping will show everything, and if it is not up to par, you can find yourself on the front page smiling for the camera in your mugs hot.

Consequences of Fraudulent PPP Loans

You have to be honest about everything, including your records. However, you are looking at fines, criminal charges, and jail time if you commit fraud. That means any government funds to help the economy, such as FEMA, SBA loans, and PPP loans. The Inspector General and FBI will charge you.

If it is unemployment fraud, then you can expect to be prosecuted by the local and state officials and even have a nice little FBI raid to your home to be arrested. Plus, there is a minor issue of tax evasion, which comes from lying to the IRS to get more money. No one wants to get on the wrong side of the IRS. Not only will you face jail time, but you will also end up with not a penny to your name and just the clothes on your back.

Keep Your Business Secure

Criminal action is serious, and criminal defense lawyers can help with false fraud charges. Just remember, if you keep accurate records, then you may not have to worry. Follow the regulations around these loans, especially if you are trying to be a trustworthy business.

If you commit PPP fraud, then contact Adam Winston James and take responsibility for your actions. Some banks have a period for you to return the funds without any questions asked. You can do that without getting jail time.

Jail time is not worth it, believe me.

Source-  https://www.influencive.com/adam-winston-james-how-to-not-commit-fraud-with-a-ppp-loan/

[allirolls]

Chapter 16

Fiscal Policies

The American Rescue Plan, which provides another round of coronavirus relief. The plan focuses on investing in the public health response and providing time-bound assistance to families, communities and businesses. It extends the unemployment benefits programs, sends direct stimulus payments of $1,400 to eligible individuals, provides direct aid to state and local government, adds resources to the vaccination program and increases funding for school reopening.

Paycheck Protection Program and Health Care Enhancement Act. The legislation includes $321 billion for additional forgivable Small Business Administration loans and guarantees to help small businesses that retain workers, $62 billion for the Small Business Administration to provide grants and loans to assist small businesses, $75 billion for hospitals; and $25 billion for expanding virus testing.

Unemployment assistance of $300 per week through March 14, 2021, and adjusting the moratorium on residential evictions, previously set to expire at the end of the year, through January 31, 2021. The pandemic appropriations package also allocates $284 billion for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

Individuals earning below a specific income threshold will receive a $600 direct stimulus payment. Qualifying recipients are those with incomes not exceeding $75,000 for individuals, $112,500 for heads of households, and $150,000 for couples filing a joint return. Payments are phased out for persons whose income exceeds those thresholds. Eligible filers will also receive $600 for each dependent child.

Monetary Policies

Purchase of Treasury and agency securities in the amount as needed. Expanded overnight and term repos. Lowered cost of discount window lending. Reduced existing cost of swap lines with major central banks and extended the maturity of FX operations; broadened U.S. dollar swap lines to more central banks; offered temporary repo facility for foreign and international monetary authorities.

Federal Reserve also introduced facilities to support the flow of credit, in some cases backed by the Treasury using funds appropriated under the CARES Act.

Supervisory action. Federal banking supervisors encouraged depository institutions to use their capital and liquidity buffers to lend, to work constructively with borrowers affected by COVID-19, and indicated COVID-19 related loan modifications would not be classified as troubled debt restructurings.

Regulatory action. Lower the community bank leverage ratio to 8 percent. Provide extension transition for the Current Expected Credit Loss accounting standard. Assistance to borrowers, including providing mortgage forbearance for 12 months and waiving related late fees, suspending reporting to credit bureaus of delinquency related to the forbearance, suspending foreclosure sales and evictions of borrowers for 60 days, and offering loan modification options.

These measures provided crucial support to the economy in 2020 and are continuing to contribute to the economic recovery in 2021. The Federal Reserve wanted to ensure that credit continues to flow to households and businesses. It also wants to do what it can to limit the permanent damage to the economy so that when the pandemic recedes, the economy can grow again. The economic crisis has affected Americans throughout the Nation. The government relief packages helped many individuals survive the pandemic.

“Policy Responses to covid19.” IMF, https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19.

[summerells]

Small Business Administration (SBA) Loans

The SBA (Small Business Administration is planning a stimulus package for small businesses during the pandemic. That stimulus for small business consists of loans directly by the SBA (not from banks). These loans will be at a fixed rate of 3.75% and up to $2M, with a long-term payback.

We will be following the loan process closely and keeping you updated. In the meantime, here are two things you should read right now to learn more about how these loans will work:

the SBA’s overview of the new loan process.

related SBA loan forms and applications.

We recommend that you take the time NOW to familiarize yourself with how these loans work so that, if you find yourself needing a loan, you’re able to apply quickly. We hear that the process may be first-come-first-serve, so be prepare early!

Please note that, although these forms may change as part of the specific rollout of this program, they are still likely to follow a very similar format, as this will be part of the SBA’s disaster relief program.

#bookkeepingLA #recordkeepingCalifornia #BestBookkeepersLA #reliablerecordkeepersLosAngeles #bookkeepingprofessionals #Hirebookkeepers

[ultrarecoverysblog]

Stimulus packages help companies save when they can't repay loans

While we continue to sift through the more than 1,000 pages of the US Recovery and Reinvestment Act 2009 Incentive Bill, there is one provision that doesn't get a lot of attention but can be very useful for small businesses. If you are a small business and have received a loan from the SBA from a local banker but are having problems paying off, you can get a "stabilization loan". This is true; In the end, some rescue operations fall into the hands of small business owners instead of sinking into the proverbial pit on the stock exchange or the big banks. But don't worry too much. It is limited to certain cases and is not available to most business owners.

There are several news articles that boldly claim that the SBA is now providing waivers if you have an existing business loan and are having trouble paying it. This is not a true statement and needs to be clarified. As you can see in more detail in this article, this is wrong because it is a future problem loan, not an existing one.

Here's how it works. Let's say you're one of the lucky few to find a bank to extend credit to the SBA. You continue on your happy path, but you are facing tough economic times and it is difficult to pay off. Remember, this is not a conventional loan, but a loan from a lender licensed by the SBA, guaranteed by the US government through the SBA by default (between 50% and 90% depending on the loan). The SBA can help you under the new Incentives Act. You can take out a new loan that pays off your existing credit on very favorable terms and thus get more time to revive your business and get back into the saddle. Sounds too good to be true? Well, you are the judge. Here are some of its features:

recover funds from scam brokers

1. Not valid for SBA loans taken before incentive account. Loans outside the SBA can be made before or after the draft law comes into force.

2. Does this also apply to loans guaranteed by the SBA or conventional loans other than the SBA? We don't know for sure. The law only states that it applies to “small businesses that comply with licensing standards and Section 7(a) of the Small Business Act” (Section 506(c) of the new Act). It contains pages and pages with terms that can be applied to both types of loans. Based on some preliminary reports by the SBA, it appears to apply to both SBA and non-SBA loans.

3. This amount depends on the availability of congressional funds. Some believe we will run out of money before we try to save the economy, as we did with our federal bailout.

4. You will not earn this money unless you are a viable business. Wow, you can drive a truck with that sentence. Our SBA friends will determine if you are "worthy" (imagine how low you are when you have to tell your friends that the federal government defines your company as "unfit" and life-sustaining).

5. You must be suffering from "immediate financial hardship." So much for withholding payments because you would rather use the money for other expansion needs. How many months do you have to be a criminal or how close you are to a banana peel from complete business failure, someone suggested.

6. It is uncertain, and commentators disagree, whether the federal government will lend dollars to taxpayers through the SBA or to private banks licensed to the SBA. I thought it would be the last. This carries a 100 percent guarantee on the SBA, and it makes no sense for the government to provide the loan itself.

#recover funds from scam brokers