Ryan Coon (Co-founder and CEO of Avail) | How Landlords Can Navigate the Coronavirus Economy

Show Notes

What should landlords do to successfully navigate the Coronavirus economy? The co-founder and CEO of Avail, Ryan Coon joins us to share how landlords can navigate the Coronavirus Economy.

https://www.avail.co/education/articles/coronavirus-what-landlords-and-building-owners-need-to-know

Previous Interviews:

Ryan Coon – Democratizing Property Management and Tenant Experience Technology

S3E35 Interview with Ryan Coon, Co-Founder at Avail 

More information – Ryan’s One Sheet

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/ 

Apply Now:

www.RegentBank.Loan – 918-488-0788

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

https://www.benefits.gov/benefit/1504 

Learn More About the Loan Program:

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

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 incorporation
  4. Proof of lease payment
  5. Proof of utilities
  6. Signed copies of your tax returns
  7. Bring your personal identification 
  8. Bring signed copies of your tax returns to your SBA approved bank
  9. Do not have to provide personal guarantees or assets
  10. Bring articles of organization
  11. The President / CEO of Regent Bank explains the Paycheck Protection Program – https://www.youtube.com/watch?v=2_2oQbcl1Mk
  12. https://www.regent.bank/resources/covid-19-resources
  13. 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 

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
    1. 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

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

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

 

Business Coach | Ask Clay & Z Anything

Feedback

Let us know what's going on.

Have a Business Question?

Ask our mentors anything.