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the government gave me over a hundred thousand dollars for free for forum [Music] I have you guys attention now I don't know I thought it was pretty cool so I figured I'd share with you guys how I did it but hey if you're not into free money don't worry about watching this video if you do want to get free money then watch the rest of this video alright so the question you guys are asking yourself is where did you get this free money what exactly is it it is called the PPP loan so I'm gonna go over what exactly that loan is who qualifies why it's free and how do you get it all right so let's start off with what is the PPP I'm gonna hop onto the government's website right now and show you directly from the source how they explain the program alright so we're here on the government's website it's just sba.gov you can check this out now here it is you have the pay tech protection program an SBA loan that helps businesses keep their workforce employed during the coronavirus kovat 19 crisis now I'm filming this right now on what is today April 29th they just resumed doing this on April 27 so one thing to note here guys this program isn't going to last forever so after you watch this video and hit the like button I want you to make sure you go and take action immediately because the funds will run out so as we read through here payment protection program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll the sba will forgive that's the big word loans if all employees are kept on payroll for eight weeks and the money is used for payroll rent mortgage interest or utilities so essentially this program is for businesses to keep their employees on payroll because a lot of businesses right now with the coronavirus are looking to cut costs you know they don't have the revenue going they are worried about surviving and so your first instinct as a business owner would have probably been to reduce overhead but now with this loan it incentivizes you to keep your employees because they're basically going to pay your employee salaries for you okay so I'm gonna show you guys how you calculate how much you're eligible for now there's a lot of different businesses out there so you know whether you're self-employed whether you have a small business with 10 people or 20 people it's all going to follow the same structure but for this slide that I'm using it is for the self-employed person with no employee disregard that because you're gonna still calculate yours the same here are the essential four steps right here so find your 2019 IRS 4 1040 Schedule C line 31 net profit amount if you have not filled out a 20-19 form fill it out and compute the value if this amount is over 100,000 reduce it to a hundred thousand if the amount is zero or less you are not eligible for a PPP loan okay so just looking at step one the max an employee can get paid as part of this program is a hundred thousand per year that is the max so if you make two hundred thousand dollars the most that you'll actually get credit for and forgiveness for is up to a hundred thousand dollars over a full year and then this last part if the amount is zero you are not eligible for a PPP loan it makes sense this is for people who are making money step two says calculate the average monthly net profit amount divide the amount from step one by 12 so if you make a hundred thousand dollars divide it by twelve you now have eight thousand three hundred thirty three dollars and 33 cents that is the most you can get credit for for a month on one employee let's go to step three multiply the average monthly net profit amount from step two by two point five we would take this amount eight thousand three hundred and thirty three dollars and 33 cents and we would times it by two point five that gives us twenty thousand eight hundred thirty three dollars and 33 cents so what exactly does this mean someone who gets paid a hundred thousand dollars or more is going to get a loan from the government completely forgivable for twenty thousand dollars eight hundred and thirty three cents that is what this is saying okay and then step four is to add the outstanding amount of any economic injury disaster loan the eid l that's a different type of loan we're not going into that in this video but i will make another video about that so make sure you subscribe so that you can get notified when that happens made between january thirty first twenty twenty and april third twenty twenty that you seek to refinance less the amount of any advance under an eID l co vid nineteen loan because it does not have to get repaid let me simplify this [Music] the Eid L is a totally different type of loan for all intents and purposes let's assume you don't have the Eid L so this is going to be irrelevant irrelevant to what we're talking about so to sum all of that up essentially you just take two and a half times your payroll whether you're just a one-man show whether you have ten employees twenty employees a two and a half times your monthly payroll and you will get your number of what you're gonna qualify for for us all we did was we sent in our payroll from ADP we just divided it by 12 times bit by two and a half and that's the amount that they gave us okay so that's how you calculate the loan amount that the government is going to forgive you they're essentially going to give you 2.5 times whatever your monthly payroll is so if your monthly payroll is $100,000 they will give you two hundred and fifty thousand dollars that is completely forgivable so that's how the loan works now how do you actually qualify for the loan let's go over that any small business honestly I don't know what a lot of that stuff means you long story short if you have a small business or you're an entrepreneur you probably are going to qualify for this okay let's get into the rest of it sole proprietors independent contractors and self-employed persons the last part is what makes the majority of people qualify read it again sole proprietors independent contractors and self-employed persons I own a real estate brokerage most likely Realtors qualify for this it's just a matter of if they can get their paperwork done in time and get these banks what they need so if you're watching this and you're a real estate professional whether you're an investor or a realtor you qualify for PPP okay so we understand what the loan is how much you'll end up getting who qualifies now how do you get it to be forgiven because they don't just hand you the check and then you know you're good to go you got to do what they tell you to do so it can be forgiven all right so all we got to do is go back to the SBA's website and they spell it out right there the loan will be fully forgiven if the are used for payroll costs interest on mortgages rent and utilities due to likely high subscription at least 75% of forgiven amount must have been used for payroll loan payments will also be deferred for six months no collateral personal guarantees are required neither the government nor lenders will charge small businesses any fees so this is just pure cash baby forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels forgiveness will be reduced if full-time headcount declines or if salaries and wages decrease this loan amount has a maturity of two years in an interest rate of one percent what does that mean essentially you have to use 75% towards your employees payroll the other 25% can be used towards mortgage interest rent and utilities that's it can't use it for marketing you can't use it for gas you can't use it for toilet paper so the last part of forgiveness that I didn't even see on there but I know it's true is that you have eight weeks to spend the money so from the moment that you get the money in your bank account you have eight weeks to use it all towards as all the different things that can be forgiven all right so now you guys know what the PP look the PPE look PPP loan actually is I can't tell you how many times I've said P Peter in this video but anyways you know what exactly the loan is you know who qualifies you know how it's forgiven now how do you actually get it this loan is different than that a IDL loan that we talked about earlier that loan you just get it directly through the government's website but the P P P loan is gonna be done through a bank you can go to any of the banks you could go to Wells Fargo Bank of America you can go to chase but I wouldn't all of our checking accounts are at Wells Fargo but I just knew that they were gonna be overwhelmed with these applications so I just didn't even go for them and I ended up using a smaller local bank we used Nevada State Bank here in Las Vegas where I met and the cool thing with Nevada State Bank is I didn't even have a checking account with them I had an unsecured line of credit which I had gotten over a year ago but I never opened up a checking account with them and they were still cool enough to take care of me and get the loan done and that's my big advice when it comes to banking is that you're going to get a better sir when you use a smaller local bank or a credit union versus the big banks the big banks are what they are they're not gonna be as personal as a smaller bank and I'll tell you everyone I know that applied at Wells Fargo or a lot of these big banks he did not get their loans pushed through on the first phase that we talked about I got mine approved on the first phase because I got all my paperwork in really quick we buttoned it up really nice gave him all of our payroll figures and it was super easy for them to process the loan on the other hand all my buddies who have businesses and used Wells Fargo's or chase for these other companies they didn't get them approved and if they did it was on the second phase so if you're watching this video now and you don't have it I don't know what phase we're on you know the second phase maybe it there may be a third phase there may be a fourth phase I don't know but for me I would go use a small bank even if you don't have an account there now I have heard there are small banks who will not process the PPP loan if you don't already have an account with them so make sure that whoever you do talk to they will allow you to do it all you really need to do is go on their website and there's online forms that you can fill out my advice would be to call them and have a personal relationship so that you can make sure you have a person you're working with you can fill in the online application but you just don't know where that's going so I would call a small local bank very first and foremost and try and build a relationship with someone if you already have a representative you work with at the bank make sure you're just basically holding their hands so that your loan gets pushed through they had a couple of forms that I had to fill out after I filled out the forms you know it was just kind of off waiting and after about seven days I randomly text my banker and I said hey what's the progress of the loan and she said let me go check it out look she's like yeah look you already got the money in the bank account I was like wow wow wow really like there's no heads-up email nothing like you guys just put over a hundred thousand dollars in my new account I don't know if I'll ever see something like that happen again so I'll show you guys a picture of the bank account real quick and it's kind of odd because they have my two checking accounts that we just opened and then they only have one of the PPP loans at the bottom they have it for redeemed homes but they have not processed homerun offers PPP loan on there yet and a lot of that is just because they're so overwhelmed that everything is just lagging I'm sure that'll show up here soon but as you can see from the screenshot we got those funds in full today we actually had a DP take some of the payroll out for this week we're using some of those funds now and we've got eight weeks to use them all so that's pretty much how it works the money just shows up in your account once it's ready so if you made it to the end of this video and you're still like Ryan I don't really know if I qualify I don't know how much I should be getting my books are a mess I've actually got the answer for you for those of you don't know me I'm a serial entrepreneur I'm known mainly for flipping houses and real estate but I actually own a CPA company as well it's called true books you can go find us at true books CPA com I'll put the link down below so that you can go click it if you do need help filling out those forms and getting all your paperwork together my partner Matt who's a licensed CPA can definitely help you out make sure you click the link below and submit your information and Matt will call you back and get you started the two other final thoughts I'll leave you with is this number one if you got value out of this make sure you smash the like button make sure you subscribe I'm going to be doing more videos on all the different programs that are coming out then we're taking advantage of in other real estate related finance related videos so I'd really appreciate it if you hit the subscribe button the second thought is that you better take action today if you think you qualify make sure you take action now because there is no guarantee that this money will still be there there's not many times in the world where the government is just giving out free money so loosely like this take advantage submit your information do not hesitate do not hesitate to even reach out to me I'm happy to point you in the right direction I appreciate you guys watching this video take care