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!
Quick Concepts from Today’s Episode:
The Corona Virus Aid Relief and Economic Security (CARES) Act provides $2 Trillion in assistance
This is aid out there to help small businesses, including sole-proprietors
Every small business owner should understand their options and make a decision about applying
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
You will automatically get this check as long as you filed 2018 taxes (or 2019)
Freelancers in California are also eligible to apply for unemployment. This is done at the state level
The CARES Act adds additional money ($600 per week) to each unemployment check
The CARES Act gave money to the Small Business Administration
Sole-proprietors, LLC, and Non Profits are eligible. If you filed a schedule C, you are eligible
$10,000 can be given up front as an advance, that doesn’t have to be paid back
It is free to apply for
The loan application is fairly quick and easy
How much you made it listed on your Schedule C in your taxes
Cost of Goods Sold would be zero for voice artists
Funds will be made available within three days of an accepted application
The forgiven portion of this loan will not be included in the borrower’s taxable income
If you have questions, you can ask your accountant
The worst that the SBA can say is NO!
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.
You can only get the injury distaster advance OR the Paycheck Protection loan. Apply for both and take whichever is bigger
Interest rates are low if you DO have to pay anything back
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.
Some banks are reaching out to tell you how to waive your interest or delay payments
Check with your bank for the bridge loan or to waive interest and defer payments
If you can afford it, keep paying your Mortgage, unless your bank is flat out waiving payments. Contact YOUR bank for details
You can also apply for regular distaster assistance. These loans would have to be paid back. The interest rates are super low (2.5%)
We have the ability to work from home, but our client’s lives has drastically changed, so we may lose business
Take advantage of these loans NOW, because we don’t know how long this is going to last
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 ++
Direct Link to SBA Loan Application
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Recorded on ipDTL
BOSS Editing by Carl Bahner
>> 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.