Clearing Up PPP Loan Confusion

Clearing Up PPP Loan Confusion

How to use the money for maximum loan forgiveness Updated September 2020 PPP (Payroll Protection Program) loan confusion has hit hard. Small business owners and self-employed people are scared to use the money the wrong way – but the rules have not been communicated clearly. That’s partly because new “interpretations” keep coming out, and partly because the rules were unclear when the loans first hit the streets (and still kind of are). Here’s the deal: You can ONLY use PPP loan proceeds to pay: Employees through payrollRentMortgage interestUtilities That’s it. You can’t pay contractors. You can’t pay back other loans…

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Missed Out On Small Business Money? More Is Coming.

Missed Out on Small Business Money? More Is Coming.

Be ready for the second round of small business money. UPDATED The $350 billion Paycheck Protection Program (PPP) is out of money… but millions of small businesses didn’t see a dime. Congress continues to fight over details, but it seems like they’re going to authorize another round of funding for small businesses and self-employed people. It’s impossible to predict the when and how, or whether the new program will have the same name and requirements. But I am 100% confident in predicting that: This money is going to fly out the door just as fast as the first round did.…

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How To Mix Your Business And Your Kids

How to Mix Your Business and Your Kids

They’re two of the hardest jobs in the world: being a parent and running your own business. But with a few simple strategies, you can win at both, and teach your kids some valuable lessons along the way. For the pre-school set, childcare is key When your kids are too young for school, reliable childcare makes all the difference. If you’re thinking you can do both – run your biz (even from home) while caring for young children – think again. It’s nearly impossible to do both well. Sure, having your own business can offer flexibility that you probably won’t…

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The 7-Step Start-Up Checklist

The 7-Step Start-Up Checklist

Congratulations! You’re starting a business, and I’m here to help you get things rolling. Getting started takes a lot of time and sweat…but the future financial freedom is absolutely worth your effort. With your own business, you’ll be able to take charge of your financial future, and create a better life – and more opportunities – for you and your family. In fact, you can get the whole family involved. They’ll feel included, and become invested in your success, since it will feel like their success, too. Over the years, I’ve helped many ambitious entrepreneurs launch their first companies. Many…

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Which Business Structure Is Right For Your Company?

Which Business Structure Is Right for Your Company?

There are quite a few factors to consider when you’re choosing the legal structure for your company, but the most important is liability. Tax issues come in second place for this decision, followed by the amount of formal paperwork you’re willing to do. Here’s why liability is the number one thing to consider: If you set up your company as a sole proprietorship or partnership, you are personally 100% financially liable for any and all debts of the business. That means if your business loses a lawsuit, and there’s not enough money in the company bank account, your personal wealth…

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