PPP EIDL Update 10-10-20: Easy PPP Loan Forgiveness For $50,000 & Less Loans Rap PPP Loan Fraud

EIDL GRANT needs to come back more good news about PPP FORGIVENESS. Small guys get a break. EIDL for the state which is awesome.

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With Tropical Storm Isaias set to hit Long Island especially hard, it was announced yesterday that small businesses in New York will be eligible for Economic Injury Disaster Loans (EIDL).

Food kitchens, colleges, museums, homeless shelters, and other private nonprofits will be able to claim these disaster relief funds, which could offer much-needed support during these crazy times.

These EIDL’s have a maximum loan amount of $2 million, with an interest rate of 2.75% and features a 30-year term.

But loan claimants must act quickly, as December 1st is the final day to apply for these funds that can be used to repair or replace buildings, machinery, equipment, inventory, and other assets.

I just hope that everyone out there stays safe and that if necessary, they can receive the EIDL that can help to repair the damage of this tropical storm.

Meanwhile, one of the rappers in the popular group Pretty Ricky was charged with fraudulently obtaining a PPP loan to purchase a Ferrari.

Diamond Blue Smith was charged with wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud.

Smith allegedly forged papers to secure a $426,717 loan under the Paycheck Protection Program (PPP).

Once he received the disaster relief funds, Smith used the money at casinos, and on luxury items such as a Ferrari.

Like we’ve talked about on this channel many times before: if you try to defraud the government, you are going to get caught.

Finally, some great news for the little guys out there in regards to forgiveness applications for smaller PPP loans.

The SBA released a streamlined PPP loan forgiveness application, Form 3508S, which is just for loans less than $50,000.

According to the new ruling, loan claimants of less than $50,000 are no longer required to reduce the amount eligible for forgiveness if the borrower:

Reduces the salary or hourly wage of an employee (who earned less than $100,000 in 2019) during the “covered period” following the borrowing relative to the first quarter of 2020.

Reduces full-time equivalent employees (FTEs) during the covered period relative to a base period.

This essentially means that these smaller PPP loans claimants can apparently slash salary and fire FTEs with impunity.

With so many months of confusion, not being able to obtain funds, and countless hurdles to jump through, I’m happy to finally see a W for the little guy regarding these vital small business disaster relief loans.

Source: https://www.newsday.com/business/sba-disaster-loans-nonprofits-isaias-1.50031166

https://www.wsbtv.com/news/feds-charge-pretty-ricky-rapper-with-fraud-using-covid-19-loan-purchase-ferrari/EP52SMNBE5BINONDHVCXX73UGM/

https://www.forbes.com/sites/anthonynitti/2020/10/08/was-your-ppp-loan-less-than-50000-life-just-got-a-little-bit-easier/#27bc7c0417d0

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Видео PPP EIDL Update 10-10-20: Easy PPP Loan Forgiveness For $50,000 & Less Loans Rap PPP Loan Fraud канала Andrew Cartwright