Grant Baldwin and Josh Bauerle hosted a Q&A on Facebook Live to talk about how speakers can benefit from the stimulus and address your questions about the stimulus check, unemployment, EIDL, and PPP.
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Unemployment being extended to business owners and freelancers
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Two loan/grant programs for small businesses to take advantage of
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Which program is best for speakers to pay attention to?
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Are earning thresholds for the stimulus based on Billings or on adjusted gross income?
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How much unemployment can you claim?
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What is the timeline for unemployment payouts?
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How to apply for the EIDL
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Would speakers apply for unemployment? Or the grant? Or both?
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Can you apply for EIDL if you have a W-2 in addition to speaking gigs?
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What happens if you get denied?
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Being patient and persistent
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Do unemployment and IDL go off of W2 and/or K-1?
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Does past credit history (specifically bankruptcy) factor into EIDL acceptance?
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Do you need an LLC to apply for EIDL or can you apply as an individual citizen?
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Two placed to get financial help
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What is the PPP? Who is eligible?
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Discretionary power of banks in deciding who gets access to PPP
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How the PPP math breaks down on calculating what you’re eligible for
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Tips on selecting a financial institution to apply through
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What happens if the loan isn’t forgiven?
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Is the PPP looking at average gross or net profits?
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How to calculate payroll for a speaking business formed after the 2/15/19 date
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What to do if you started your speaking business on Jan 1, 2020
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Will interest accrues on the unforgiven portion of the loan?
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What happens if you posted a loss because it was a new business?
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Can you apply for more than one of these programs? Or do you have to pick one route to go?
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Talk to your financial institution sooner vs later to figure out what you qualify for and how to get it
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For the EIDL, do you need an EIN? or can you use a DBA?
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What’s a "qualifying expense" to have the PPP converted from loan to forgiven?
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Do “contractors” = “employees”?
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If you file as an S-Corp, but are the only owner/employee, are you still eligible for the PP/EIDL benefits of a Sole Proprietor?
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If approved for EIDL loan, can you take the advance and not take the loan portion?
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If you’re a sole proprietor with little overhead, is it better to apply for EIDL or PPP?
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Making it easy for the financial institution to process your application
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Do you have to payback the stimulus?
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Will the bank look at your credit score?
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Are you taxed on unemployment?
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Taking a tip from Frozen II
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And more