How to Quickly Grab Ahold of Your Financial Lifeline Now | Understanding How to Benefit from the $2.2 Trillion Dollar Stimulus

Show Notes

Sean Kouplen, the Chairman of Regent Bank and Oklahoma’s Secretary of Commerce joins attorney Wes Carter and Clay Clark to explain how to claim your budget-saving stimulus money NOW. 

Apply for Stimulus Funding Today: 

1. Apply for the ECONOMIC INJURY DISASTER LOAN APPLICATION: https://covid19relief.sba.gov/
2. Apply for the Paycheck Protection Payment Today:
   1. www.RegentBank.Loan | 918-488-0788 
   2. **Ask for Bruce Adkins – Dr. Zoellner’s Friend

Small Businesses and Sole Proprietorships Apply on April 3rd:

Self-Employed People and Independent Contractor on April 10th:

Beginning On You will have access to funding on April 3rd 2020.

1. What do I need to qualify?
2. What are the implications of these programs?
   1. I don’t think there is a “Gotcha”. I think there is a part of this that people need to understand. You have to have the same employee count as the amount you had this time last year. 
   2. The federal government wants you to employ the same amount of people. 
   3. If there is anything to pay it off left over, you still have 10 years to pay it below 4% interest.
3. Are they lowering the rates on this program?
   1. The rate for this particular program is .5%. This makes it hard for banks. The SBA will pay the banks a processing fee. 
   2. The banks won’t make a ton of money but they will get long term relationships with.
4. What is the catch?
5. Where do I go to qualify?
6. Who do I need to speak with?
7. When is the money going to be in the bank?
   1. Tomorrow, we will sound out to all of the business owners that have contacted what they need. Then a loan officer will reach out in a few days.
   2. We can take your applications April 3rd. 
8. What is the other loan program?
   1. Go to disasterloan.sba.gov and click on “Apply Online”. 
      1. This program is very different and you don’t put in a loan amount. You just put in your loan amount. They will give you a number of money that they can give you. The rate is fixed at 3.75%.
      2. There is no scenario to not apply for both. They are both No-Brainers
9. Will the government be all up in the businesses of churches when they accept funds?
   1. No they won’t be. This really the most efficient way for the government to pump money into the system and get people back to work. 
10. What do I do in the meantime before I have the money?
11. If there are companies that can’t be taken care of because of the size of their business, is there going to be another stimulus?
12. Are there multiple stimulus packages coming?
13. What banks can I apply at?
14. Is the stimulus package first come, first serve?

https://www.thrivetimeshow.com/business-podcasts/attention-small-business-owners-how-do-you-get-your-paycheck-protection-program-money-and-when-will-you-get-it-with-the-chairman-of-regent-bank-and-oklahomas-secretary-of-commerce-and-work/ 

Listen to this show with Sean Kouplen – https://www.thrivetimeshow.com/business-podcasts/attention-small-business-owners-how-do-you-get-your-paycheck-protection-program-money-and-when-will-you-get-it-with-the-chairman-of-regent-bank-and-oklahomas-secretary-of-commerce-and-work/ 

Step 1: Apply for the Paycheck Protection Program:

1. www.RegentBank.Loan | 918-488-0788 
2. **Ask for Bruce Adkins – Dr. Zoellner’s Friend

Step 2: SBA Loan Page: 

1. https://covid19relief.sba.gov/
2. https://www.sba.gov/

ACTION ITEM #1 – Apply for the Paycheck Protection Program

ACTION ITEM #2 – Economic Injury Disaster Loans

ACTION ITEM #3 – We have no valid reasons to be fearful for our physical health – https://www.thrivetimeshow.com/coronavirus/

ATTENTION SMALL BUSINESS OWNERS: HOW DO YOU GET YOUR PAYCHECK PROTECTION PROGRAM MONEY AND WHEN WILL YOU GET IT? (WITH THE CHAIRMAN OF REGENT BANK AND OKLAHOMA’S SECRETARY OF COMMERCE AND WORKFORCE DEVELOPMENT

https://www.thrivetimeshow.com/business-podcasts/attention-small-business-owners-how-do-you-get-your-paycheck-protection-program-money-and-when-will-you-get-it-with-the-chairman-of-regent-bank-and-oklahomas-secretary-of-commerce-and-work/

AMERICAN ADULTS SPEND OVER 11 HOURS PER DAY LISTENING TO, WATCHING, READING OR GENERALLY INTERACTING WITH MEDIA

https://www.nielsen.com/us/en/insights/article/2018/time-flies-us-adults-now-spend-nearly-half-a-day-interacting-with-media/ 

What you need to know:

Your Banker Will Need Items Related to the Following:

1. 2019 – 941 quarterly payroll reports 
2. 2020 – 941 quarterly payroll reports for the first quarter of 2020
3. Proof of lease payment
4. Proof of utilities
5. Signed copies of your tax returns
6. Bring your personal identification 
7. Bring articles of organization
8. Do not have to provide personal guarantees or assets

***The President / CEO of Regent Bank explains the Paycheck Protection Program – https://www.youtube.com/watch?v=2_2oQbcl1Mk

***https://www.regent.bank/resources/covid-19-resources

***Apply at Regent Bank local bank –  WATCH: https://www.youtube.com/watch?v=2_2oQbcl1Mk

Visual Breakdown of the $2.2 trillion CARES ACT:

The Paycheck Protection Program:

https://www.dropbox.com/s/3eu10xeumwtmx8s/3%20-%20Paycheck%20Protection%20Program%20FAQs%20for%20Small%20Businesses%20FINAL.pdf?dl=0 

Learn More About the Loan Program:

https://www.sba.gov/local-assistance/find/?type=SBA%20District%20Office&pageNumber=1

The CARES ACT for Small Business:

https://www.dropbox.com/s/o9fuerbrwv0bbn0/4%20-%20CARES%20Flow%20Chart.pdf?dl=0

Apply for Assistance: 

https://www.sba.gov/funding-programs/disaster-assistance 

Paycheck Protection Program:

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Where Can You Go to Apply for the Loan?

https://www.sba.gov/local-assistance/find/?type=SBA%20District%20Office&pageNumber=1

What is the Paycheck Protection Program?

1. A new $350 Billion loan program provided by the Small Business Association for small businesses, self-employed, and gig workers to help them from going under due to the COVID-19 pandemic. If employers maintain payroll, the loans would be forgiven. 

Who Is Eligible?

1. Any business concern, non profit organization, veteran’s organization, or Tribal business concern that employs no more than 500 employees (or the size standard in number of employees established by the Administration for the industry in which such business operates)
2. Sole Proprietors 
3. Independent Contractors 
4. Self-Employed Individuals 

How Does The Process Work?

1. All current 7(a) lenders are eligible lenders. Plus, the Department of Treasury will authorize new lenders to help expedite the processing and delivery of capital to small businesses.

How Can I Apply?

1. Small Business Association’s Lender Match Portal
2. Interested borrowers are also encouraged to inquire with a local 7(a) lender regarding whether they are participating in the Paycheck Protection Program. 

Your Banker Will Need Items Related to the Following:

1. 1 year of 941 quarterly payroll reports
2. Proof of lease payment
3. Proof of utilities

How Much?

1. The size of the loan is 250% of an employer’s average monthly payroll cost during the period February 15, 2019 to June 30, 2019, capped at $10 Million. 

How Can I Use It?

1. Employee compensation, including: salaries, wages, commissions, or similar compensation: cash tips or equivalent; vacation, parental, family, medical, or sick leave: payment required for providing group health care benefits (including insurance premiums): payment of retirement benefits; and payroll taxes
2. Any compensation or income of sole proprietor or independent contractor no greater than $100,00 in one year 
3. Payment of interest on mortgage obligations, rent, utilities, and interest on pre-existing debt obligations 

Why a Payroll Protection Plan?

1. Employee compensation, including: salaries, wages, commissions, or similar compensation: cash tips or equivalent; vacation, parental, family, medical, or sick leave: payment required for providing group health care benefits (including insurance premiums): payment of retirement benefits; and payroll taxes
2. Any compensation or income of sole proprietor or independent contractor no greater than $100,00 in one year 
3. Payment of interest on mortgage obligations, rent, utilities, and interest on pre-existing debt obligations 

The Economic Injury Disaster Loan:

What Is An Economic Injury Disaster Loan

1. A low-interest, fixed rate loan that can provide up to $2 million in assistance for small businesses that can be used to pay immediate expenses during an emergency 

What Is An Economic Injury Disaster Loan Grant?

1. The CARES Act creates a new $10 billion grant program, leveraging the Small Business Association’s Office of Disaster Assistance Infrastructure, to provide small businesses with quick, much-needed capital. 

Who Is Eligible?

1. Private nonprofit organizations, small agricultural cooperatives 
2. Businesses; cooperatives, Employee Stock Ownership Programs; and tribal business concerns with 500 or fewer employees 
3. Independent contractors 
4. Sole proprietors (whether or not self-employed) 

How Does The Process Work? 

1. Eligible applicants who apply for an Economic Injury Disaster Loan Grant may request up to $10,000 be immediately disbursed. The amount need not be repaid, regardless of the loan decision. 
2. Economic Injury Disaster Loan borrowers may apply for the Paycheck Protection Program, but when determining loan forgiveness, the advance Economic Injury Disaster Loan Grant is taken into consideration. 

How Can I Apply? 

1. There are a couple of ways to apply. The Small Business Association has an online portal where small businesses can upload documents and apply for a loan, or they can download the PDF on the agency’s website and mail the forms. 

How Much?

1. A million small businesses are eligible to receive up to $10,000

How Long Will The Process Take:

1. The legislation requires Small Business Association to disburse the funds within three days of receiving the application 

How Can It Be Used? 

1. Any allowable purpose under the Economic Injury Disaster Loan Grant program
2. Provide paid sick leave, maintain payroll, and meet increased costs
3. Make rent or mortgage payments, and repaying unmet obligations 

3/26/20 – Socialism Is the Only Cure for a Virus When You Shut American Businesses Down and 78% Of Workers Live Paycheck To Paycheck

https://www.forbes.com/sites/zackfriedman/2019/01/11/live-paycheck-to-paycheck-government-shutdown/#3b6ac9034f10 

3/27/20 – A Crowd Gathered at a Tulsa Auto Auction Friday. Here’s How Officials Responded

https://www.tulsaworld.com/news/a-crowd-gathered-at-a-tulsa-auto-auction-friday-here/article_ca22aa63-9643-59a3-b4ff-8a52592ef04d.html#1  

3/28/20 – Car Auction on Friday Prompts Response from Government Stitt:

https://ktul.com/news/local/car-auction-on-friday-prompts-response-from-governor-stitt

Downloadable Slides – https://www.dropbox.com/sh/cw9zjkiytfve13m/AACW8Lz-Vu3ruAABeZqTawxza?dl=0 

2,200,000 / 329,000,000 = 

Website Link – https://www.thrivetimeshow.com/coronavirus/ 

1. Where can I apply for the Paycheck Protection Program?
2. Who is eligible for the loan?
3. FUN FACT – “78% of workers live paycheck to paycheck.” – Forbes – https://www.forbes.com/sites/zackfriedman/2019/01/11/live-paycheck-to-paycheck-government-shutdown/#66b8f48c4f10