Business of VO: COVID-19 Relief for Small Businesses

with Rob Sciglimpaglia

VO Boss Anne Ganguzza welcomes back Special Guest Rob Sciglimpaglia to discuss COVID-19 relief resources for small businesses including: the Coronavirus Aid Relief and Economic Security (CARES) Act, Federal stimulus checks, banking assistance programs, home loans, and paycheck protection. Small business owners (including sole-proprietors) may be eligible for loans and cash advances that do not have to be repaid. Be smart BOSSES, know your options, and go get that money!



Takeaways

Quick Concepts from Today’s Episode:

  1. The Corona Virus Aid Relief and Economic Security (CARES) Act provides $2 Trillion in assistance

  2. This is aid out there to help small businesses, including sole-proprietors

  3. Every small business owner should understand their options and make a decision about applying

  4. Most Americans will get a $1200 stimulus check (and $500 per child). Those who make $75K or less will get the full amount, prorated to $99,999. The limit is $150K for families

  5. You will automatically get this check as long as you filed 2018 taxes (or 2019)

  6. Freelancers in California are also eligible to apply for unemployment. This is done at the state level

  7. The CARES Act adds additional money ($600 per week) to each unemployment check

  8. The CARES Act gave money to the Small Business Administration

  9. Sole-proprietors, LLC, and Non Profits are eligible. If you filed a schedule C, you are eligible

  10. $10,000 can be given up front as an advance, that doesn’t have to be paid back

  11. It is free to apply for

  12. The loan application is fairly quick and easy

  13. How much you made it listed on your Schedule C in your taxes

  14. Cost of Goods Sold would be zero for voice artists

  15. Funds will be made available within three days of an accepted application

  16. The forgiven portion of this loan will not be included in the borrower’s taxable income

  17. If you have questions, you can ask your accountant

  18. The worst that the SBA can say is NO!

  19. The Paycheck Protection Program is a second loan that you can apply for. You can borrow 2.5 times your payroll, and as long as you continue to pay this, you don’t have to pay it back at the end.

  20. You can only get the injury distaster advance OR the Paycheck Protection loan. Apply for both and take whichever is bigger

  21. Interest rates are low if you DO have to pay anything back

  22. As part of the Paycheck Protection Program, if you have an existing relationship with a bank, you can do a bridge loan, where the bank advances you $25K right away.

  23. Some banks are reaching out to tell you how to waive your interest or delay payments

  24. Check with your bank for the bridge loan or to waive interest and defer payments

  25. If you can afford it, keep paying your Mortgage, unless your bank is flat out waiving payments. Contact YOUR bank for details

  26. You can also apply for regular distaster assistance. These loans would have to be paid back. The interest rates are super low (2.5%)

  27. We have the ability to work from home, but our client’s lives has drastically changed, so we may lose business

  28. Take advantage of these loans NOW, because we don’t know how long this is going to last

  29. Women and minority owned businesses can get money at preferred rates through the SBA


Referenced in this Episode

Direct links to things we brought up ++


Official SBA Loan Resources
Paycheck Protection Program
Economic Injury Disaster Loans and Loan Advance
SBA Debt Relief
SBA Express Bridge Loans
Guidance for Businesses and Employers
SBA Products and Resources
Government Contracting
Local Assistance
Direct Link to SBA Loan Application
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Preventing Stigma Related to COVID-19
Share Facts about COVID-19
CDC Coronavirus Disease 2019 (COVID-19) Web page
Information on Coronavirus Disease 2019 (COVID-19) Prevention, Symptoms and FAQ
Recorded on ipDTL
BOSS Editing by Carl Bahner

Transcript

>> It’s time to take your business to the next level, the BOSS level! These are the premier business owner strategies and successes being utilized by the industry’s top talent today. Rock your business like a BOSS, a VO BOSS. Now let’s welcome your host Anne Ganguzza.

Anne: Hey everyone. Welcome to the VO BOSS podcast. I’m your host, Anne Ganguzza, and man, it has been a crazy week. Actually a crazy month. I’m really hoping all of you BOSS listeners out there are staying safe and healthy and washing your hands during this insanity. Earlier this week, I became aware of quite a few resources that are now being made available to small businesses as well as personal income. And I felt that it was important to share this information with you. And of course, while I was doing my research, I found one of our favorite VO BOSS special guests that was out there helping and sharing his wisdom with the community like he always does. And I wanted to bring him on the show to share it with you guys as well. So quadruple threat [laughs] lawyer – actually I guess it would be quintuplet threat – lawyer, voice actor, actor, director and author, Rob Sciglimpaglia. Hey Rob.

Rob: Hey Anne. How you doing? Thanks!

Anne: Thanks for joining us.

Rob: My pleasure, as always.