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 The Successful Speaker, by Grant Baldwin Got questions? Send them in here Email me! Subscribe on iTunes, and leave us a rating or review