the free $10,000 SBA EIDL grant has now been closed so you're probably
wondering what does this mean can I still get the SBA EIDL Loan can I still
apply for the Paycheck protection program and also we'll talk about the
latest stimulus news right here in this video hey what's going on everyone this is
Sam Kwak one of the Kwak Brothers and yes you heard it the free ten thousand
dollar SBA EIDL grant is no more now before we get into it be sure to
subscribe to our channel if you want the latest news the SBA EIDL program
new stimulus programs as well as investing in real estate so rest in
peace for the free ten thousand dollar grant but you can still get the sba EIDL
loan portion which again has to be paid back and it's not forgiven what is
forgivable again is the Paycheck protection program which is the PPP loan
which i'll cover just one sec but as far as the EIDL loan program approximately
twenty billion dollars of emergency funding has been used and exhausted by
the SBA it's quite a bit of money guys from the government so the one thousand
to ten thousand dollar free sba grant has now been closed but you can still
apply for the SBA EIDL loan which again if you choose to borrow it's on a 3.75
percent interest room for small businesses and 2.75 percent for
not-for-profit and it matures in 30 years and you get an automatic deference
of up to a one-year so as soon as you borrow the money you get a one-year
break until you start making payments on the loan so did you go and apply for the
EIDL loan program did you get the free one thousand a ten thousand dollar grant
tell me down below in the comment section love to hear about it and couple
reminders as to what you can and cannot use for the EIDL Loan i do have a
separate video on it but just want to give you a quick little highlight what
you can use the SBA EIDL loan money for is for general operating expenses so
utility cost lease for your office if you have a mortgage instead for your
office space or your retail space you can use that as well you can pay for
payroll and any inventory or obligations that you are not able to make due to the
coronavirus pandemic but you cannot use the money for expansion or buying a
franchise buying an fixed asset you cannot use the money to go and pay off
your mortgage unfortunately cannot do that so just a
little reminder as to what you can and cannot use when it comes to the SBA EIDL
alone now if you submitted your SBA EIDL loan application as well as your one
thousand at $10,000 grant money before July 12 I think you're gonna be save I
think you'll still be considered for the free 1010 thousand dollar grant per
employee however if you're just submitting your application yesterday or
today I believe you will not be considered for the SBA EIDL grant but
you will still be considered for the SBA EIDL oh well now on to the Paycheck
protection program side yes the PPP loan is still available but it just any day
you can close so if you're still looking applying now is the time to go and apply
for your business now with the PPP loan the Paycheck protection program it is
forgivable as long as you're using up to sixty percent of the funds towards
payroll cost which is a new change from June of 2020 when the Paycheck
protection program flexibility Act was passed and that effectively changed the
forgivable terms as far as the Paycheck protection program so as long as you're
using sixty percent of the funds for payroll costs and within twenty four
week timeline you're gonna be good and the remaining 40 percent you can still
use it on lease payments for your office or retail space interest payments on a
mortgage that you may have for an office or retail space as well and utility cost
that's associated to running your business
so yes the Paycheck protection program is still available I don't know for how
long so you can still apply for it and yes it is available for self-employed
individuals as well and I do have word on the street that if you are a
self-employed the entire funding can be and again you may have to verify this
with your local bank can be forgiven automatically and again do you fact
check me and check with your local bank cuz that's just a word on the street
right now but you know what's not forgivable is the fact that you didn't
smash the like button on this video so go and smash the like button right now
for our YouTube algorithm now let's go and talk about something that I've not
talked about for a very long time since May and that is the new stimulus program
that's on the table now the last video that I made was about the heroes Act
which was passed in May of 2020 but has not passed in the Senate side and
president Trump pretty much dead-on-arrival so there's very little
to no chance that the heroes Act could be passed but the Senate is working on
their own version of a stimulus program or stimulus checks that could be given
out to you guys very very soon so what is on the table and what could be the
possibility that we're looking at and again this is just speculation it's not
on a table but this is what I'm predicting along with other media
outlets that are out there looking to see what could be the new stimulus
program now most recently the Senate Majority Leader Mitch McConnell did
suggest dispersing funds to people making $40,000 or less a year so if
you're making $40,000 or less there could be a chance that the Senate is
working on a stimulus program that could be giving you a stimulus check very very
soon so that could be a very strong possibility coming down the pipeline
from the Senate side and even on the White House side president Trump is in
favor of putting together another stimulus program to boost the economy
because we're not quite out of the woods yet when it comes to the corona virus
pandemic with that being said what is the latest update to the unemployment
checks that are set to expire at the end of this month so at the end of this
month of July 31st 2020 all the unemployment checks are set to stop the
$600 a week is set to stop at the end of the month but there is a speculation
that the Senate and the house may pass another extension of the unemployment
checks but with a smaller amount some say $200 a week or $400 a week some have
speculated that it could be a state-specific amount as to what the
unemployment benefit could look like so for example here in Illinois if we
continue to expect a higher unemployment rate then we can stay on the $600 a week
amount to however long of an extension but if another state is experiencing a
very low unemployment right then they can get a smaller amount every week for
the unemployment check so as you can see there are different options and versions
right now as to what the unemployment check extension may look like it could
be as this specific thing or it could be a nationwide thing with the smaller
amount for all states for the unemployment checks being extended so at
the end of the day I do believe that there's going to be another round of
stimulus checks as well as stimulus programs but we just don't know what it
is yet so as soon as we're confirmed I'll provide you guys some more
information which is another reason why I should subscribe to a channel if you
want the latest information with the stimulus programs last but not
least which is something I haven't really talked about here in our channel
which is the student loan deferment that's going on right now with the cares
app with the Kara's after that was passed back in March of 2020 all
federally backed student loan payments have been deferred up to October 2020
and that's not all all federally backed student loans right now are not accruing
any interest so this is a phenomenal time if you have student loans that are
backed by federal government it's a great great time to go and make payments
as all of your payments go straight into the principal balance make your payment
if you still have the ability to pay it a lot of people have reported right now
that they had an auto payment setup with the loan servicer but they have stopped
it so make sure you go back turn it back on or manually make those payments
because every dollar that you make on the student loan right now is going
straight to principal balance which again helps you pay off your student
loan faster and also you end up paying less interest on the student loan so
with all that being said that's the latest news I have for you guys as far
as the SBA II ideal loan program the Paycheck protection program any new
stimulus programs that are on the table right now as well as the student loan
updates so definitely subscribe to a channel if you want the latest news and
updates that's going on in the economy right now and if you enjoyed this video
be sure to give us a thumbs up and go and check out some of the other videos
what we have about finance and investing in real estate