Ep. 34 What *EXACTLY* Does the Stimulus Bill Do For Your Business?
April 20, 2020
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On this episode of the Side Gig Central Podcast, Elena talks with Kenny Blattenbauer, the founder and CEO of Kingstone Financial and a financial industry expert with more than 16 years of experience across multiple disciplines. If you have a question about money for your business, Kenny’s your guy.
During this episode you’ll learn:
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what exactly is the CARE ACT for small businesses?
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who qualifies to receive benefits?
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what would disqualify you from receiving aid?
- next steps for small business owners
PRESS PLAY on this episode to hear my conversation with Kenny where we discuss everything you need to know about securing funds for your small business from the Stimulus Bill.
Note: At the time of this recording (4/9/20) the PPP Loan was still accepting applications, however, as of today, 4/20/20 the funds for this loan have run out.
Here’s Kenny’s advice if you’ve applied for a PPP Loan but have not received a decision yet:
“My advice is to prepare for all eventualities because if they haven’t been approved, they will not be approved with their current application. So, resting on their laurels and counting on that money is not a smart way to plan ahead, thus prepare for all eventualities.
They need to plan with the worst case scenario in mind which is the current PPP plan will not be refunded and they need to move quickly onto Plan B and possibly C with D either on stand by or in the works.
So, I would make sure that they keep or update their current application information that was already submitted because they will need to do whatever possible to try to get to the front of the line when/if the programs restarts and applications are once again being taken.
Make sure to talk to their SBA banker at their current bank and make sure to get that loan to the front of the line with proper documentation. IF they haven’t already talked to the banker to make sure the loan app and supporting docs are in good order, do it now, as in immediately.”
Ep. 34 Timestamp
(0:40) What to expect from today’s episode
(5:00) Kenny’s background and financial industry experience
(8:36) What is the CARE Act for Small Business?
(9:53) “The disaster relief loans are not new, they’ve been in place for small businesses affected by disaster areas, but now the entire country is classified as a disaster area, so it’s not localized.”
(11:00) The PPP Loan, Payroll Protection
(14:27) Do you qualify for aid when you have 1099 income from your side gig business?
(18:44) The disaster relief loan and the PPP loan: are these SBA loans forgivable?
(20:26) Specifics around the PPP loan, no collateral, no personal guarantees
(22:49) Specifics around the Disaster Relief Loan
(24:24) “If the business was sputtering and was on life support before COVID …. think twice about getting a Disaster Relief Loan.”
(25:45) Warren Buffet’s #1 fan
(29:28) Get real with your business – view it through an objective lens before committing to a loan.
(30:16) Next steps: evaluate your situation
(32:32) Pivoting in the time of COVID
(34:46) “There’s no such thing as being too proactive in this type of a situation”
(36:09) “The key to this situation is TIME. You’re trying to buy time.”
