The 6-month no payments for PPP term is ending, how much $$ will this cost businesses? SBA and Congress still screwing up EIDL $10,000 Grant and Loan Program.

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#PPP #TeamEIDL #EIDLGrant

If you are as sick as I am of the DC swamp from both parties focusing more on their own careers and personal gain, you should check out my book America Hijacked where I show the past 50+ years of lies from both the left and the right, and the massive corruption in the core of our government. There is a link to the book in the description, please check it out, doing so helps to support me and this channel, thanks.

I had already completed this script and was about to head into the studio to record when a news article hit the wire announcing Congress’ intention to leave DC until after the election. This is total BS. The Democrats want to keep the economy shutdown because that way they can blame it on Trump, and then the Republicans do not want to make a deal because they want to be able to blame everything on the Democrats. I am just sick and tired of all this crap from both political parties.

As I said in the video opening the initial six-month deferral period is quickly coming to an end for many first wave PPP loan recipients. In my case, one of my businesses received our PPP loan on April 22, which means by the end of October, our 6-month deferral would have expired.

Luckily, some bipartisan support was back at the end of May to address some of PPP’s shortfalls. On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020, or just “The PPP Flexibility Act” for short.

This short piece of legislation extended the deferral period until “the date the lender receives the applicable forgiven amount from the SBA.”

The average PPP loan amount was $74,000, and even at the low rate of 1%, with daily compounding of interest, you owe an extra $754.08 per year in interest. Another year after that, add an additional $761.77, now you have wasted $1,515.85 in interest if Congress allows the SBA to continue to drag this out. All on a “free forgivable loan.”

These numbers only get larger if you could take the full $2million PPP loan, but honestly, that is for larger small businesses, not the small “mom & pop” businesses that I focus on in my channel.

The only thing we can do is get the word out, put pressure on Congress, share this video with hashtag #TeamEIDL, email the video to your local news stations, and your local representatives. Demand they do something about the SBA’s handling of the EIDL grant and loan programs and the PPP forgiveness. While you are at it, make it clear to them that all small businesses need the $10,000 EIDL grant as authorized by the CARES Act, and we need a second round of PPP funding to help keep our great employees on the payroll.

⚠️ ⚠️ ⚖️⚖️ I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only!” You should seek counsel from competent and certified individuals if you have questions. I may receive commissions when you use my affiliate links. ppp application ppp loan forgiveness

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