Small Business/Self Employed: How to get your 10K Stimulus Check.
Just for applying…Not Kidding!

Small Business/Self Employed: How to get your 10K Stimulus Check.
Just for applying…Not Kidding!

Did you know that the bill that passed included financial relief for businesses?

Watch the video for the details and walk-through of the 20 minute process on the SBA website. Take a peek now!

If you have a small business or your self employed, you are probably watching your businesses cash flow and trying to create a Crisis Cash Flow Action Plan…Please watch the video, it will help.

Here is what’s covered in the video:

If you are a self-employed individual, have a side hustle, are a 1099 employee, or are otherwise self-employed and write people 1099s (pay them), you could qualify for a FREE Economic Injury Disaster Loans (EDIL). The first $10,000 is given you within 3 days AFTER applying (once the bill is passed) as a grant, EVEN IF you get denied for the actual loan. Loans will be between $10,000 to $10,000,000 – which means you could literally get up to $10,000,000 FREE.

➡️ Watch the video, you will get the info quicker than reading this…

No payments are required on the EDIL SBA loan for the first 6 months and possibly up to the first year. The interest rate will be under 4% and the loan may be FORGIVABLE – but you have to request forgiveness. There is NO personal guarantee OR collateral required for the SBA $10,000 EDIL loan / grant. However, you must spend the loan money on approved expenses, like employee payroll, retirement, healthcare, vacation pay, sick pay, taxes, rent, mortgages, business equipment expenses, etc.

➡️ Watch the video, you will get the info quicker than reading this…

Why would the government do this? My guess is rather than paying everyone unemployment AND risk companies file bankruptcy, the government would rather give money to people creating jobs like self-employed individuals, sole proprietors, s-corporations, and other people who pay or otherwise hire people – IF they’re impacted by the outbreak. This would allow people to keep their business up and running.

Common questions: Do I qualify? If you’ve been in business before Feb 15, 2020, you EITHER have employees OR 1099 people (pay help), you SHOULD qualify for the $10,000 grant PLUS potentially a forgivable loan up to $10,000,000 for approved purchases.

What do I have to spend the grant money on? Approved business purchases like payroll and business operating costs. The point is to keep your doors open (well, financially open).

How do I get the $10,000 stimulus money? You apply – but only works for a limited time.

In order to get in line for the first-come, first-serve $10,000 stimulus grant (SBA EIDL), fill out the form on the SBA website as soon as possible!

There is a limit to how many people can take advantage of this $10,000 stimulus grant and potentially up to $10,000,000 in Paycheck Protection (Paycheck Protection Program).

As long as these loans (Covered Loans) are used towards Covered Items (like payroll, mortgages, businesses expenses, etc.), the stimulus bill states these loans are forgivable.

Think about this…

Even if you have a cash reserve to maintain your business, when things go back to normal you may not have capital to stimulate new sales and as a result you may open up again but be in negative cash flow.

One more thing…

If you feel like you may be missing something with the Crisis Cash Flow Plan you’ve created or maybe you don’t even have one designed yet. I thought you may want to check out the one I give to clients and use in my own company.

It’s in an easy to implement, downloadable & printable checklist format covering all the basis to make sure your cash flow is covered during the crisis & you have a plan to rise above it! 😀

Other resources:

➡️Part 1 of the Coronavirus Action Plan:
https://www.facebook.com/helpfromdion/posts/3640755959327662

➡️Part 2 of the Coronavirus Action Plan:
https://www.facebook.com/helpfromdion/posts/3651825084887416

➡️Link to the bill:
https://assets.documentcloud.org/…/FINAL-FINAL-CARES-ACT.pdf

READ THE BILL YOURSELF AND DECIDE WISELY
❎I am not a CPA, attorney, insurance, or financial advisor and the information in this video shall not be construed as tax, legal, insurance,or financial advice. DO NOT make buying or selling decisions based on DION’s videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with.