Self Employed? How to get your $10,000 Stimulus Check
Table of Contents
- Do you have a side hustle where you've ever 1099 someone well you might be...
- Actually says the bill actually says that within three days of you applying...
- Expenses that includes pay for employees that includes health insurance sick pay...
- You're applying for a $20.
- Forgivable loan forgivable does mean that at some point in the future you...
- Called a 45 o 60 that just basically lets them request the records for your...
00:00
do you have a side hustle where you've
ever 1099 someone well you might be
eligible for $10,000 from the new
stimulus bill that says if you're
self-employed or you 1099 people or you
have employees you might be able to get
$10,000 for free
holy smokes who ever thought you would
have come to a YouTube video and gotten
$10,000 for free just for being a
self-employed a business owner oh my
gosh
the government is literally giving ten
thousand dollar grants away just for
00:31
asking and I know this sounds like a
sleazy commercial to say this but yeah
it's limited time only first-come
first-serve once the grant money's gone
they're out so good thing I'm making
this video like ASAP as breaking news
cuz honestly I don't think anybody's
really covered this in detail yet and
what I'm gonna do in this video is I'm
going to break down exactly what is in
the Senate approved bill which is
expected to be signed by the House today
or tomorrow and the president expects to
sign that shortly after that in which
case then it's go time for this you got
01:01
to be prepared for this but basically
the government is handing out $10,000
emergency grants as long as you are
self-employed you have employees or you
1099 people I'll talk more about how to
qualify for this we're gonna break this
all down how to qualify for and how to
get it what you got to use the money for
and if you get denied for the loan do
you get to keep the $10,000 spoiler yeah
you still get to keep the $10,000 so you
gotta watch this video okay folks you
ready for this here we go what you're
looking for is an economic injury
01:32
disaster loan this loan is forgivable
that is as long as you spend it
unapproved things which I'm going to
talk about obviously it is forgivable
stay tuned for that and if you can get
between ten thousand dollars all the way
up to ten million dollars forgivable let
me just say that again ten thousand
dollars as a check instantly like right
away and then alone for up to ten
million dollars for give a bowl for free
02:05
look this is free money there are two
ways to start this process number one
through the SBA website which is the
easiest way I'm going to walk
through this the second way to start the
process is by going to a bank or credit
union and you want to ask for the person
who does SBA loans SBA stands for Small
Business Administration now yes that's
the same SBA that has a ton of paperwork
and can be a headache to deal with but
the good news is Congress is doing
everything in their power to streamline
this process and guess what the bill
02:35
actually says the bill actually says
that within three days of you applying
for this SBA loan doesn't matter if you
get it or not it literally says you
could be denied and you will still get
within three days a $10,000 grant this
goes away this is like temporary I
believe there are only ten billion
dollars available for this grant which
ten billion dollars sounds like a lot
but if you divide 10 billion by $10,000
that means they're only a hundred
03:08
thousand grants so you better hop to it
just look at the view count on this
video and assume that's how urgent it is
for you to get this money I'm just gonna
put a little note of speculation in here
my guess is if this program is really
successful and the outbreak continues in
the long term we'll actually see more of
these grants approved but that's
complete speculation
so get on this now now in order to apply
you want to go down to the description
which is exactly where you're gonna see
a coupon code for my real estate
investing course my doing yourself
property management course a real estate
03:40
agent sales course and course on money
so you have something to do while you
wait for your $10,000 but yes directly
below the links for my awesome amazing
programs thank you for listening this is
the link to apply for this loan so let's
get serious again here and tell you what
this money is for quick note before I
mentioned the approved uses of for this
money in order to get the $10,000 you
are going to have to go through a credit
check now there's nothing that says you
have to have good or excellent credit
the bill does not say you have to have a
04:12
certain credit score I personally
believe they're requiring credit checks
to prevent individuals for applying for
this loan multiple different times
because all of us only have one social
security number I think that's kind of
there
way of limiting the people who are able
to apply for this and making sure people
are applying for this multiple times my
speculation but they will run your
credit if you don't yet have credit that
might be okay
apply for it anyway but oh my gosh get
like the Apple card and pay it off every
month like start establishing credit
there's no excuse do not pay cash and
04:43
debit cards I'll go on a rant about that
pytho way if you like free stuff like
free ten thousand dollars then you may
as well also open a stock trading
account with weeble deposit $100 and get
up to fourteen hundred dollars in the
form of two stocks completely for free
now if you're unlucky you'll get a lot
less but you'll still get two free
stocks Cheers
and let me know which stock you got what
you're applying for through this program
is alone from the government to help you
spend money on approved business
05:15
expenses that includes pay for employees
that includes health insurance sick pay
like group health policy and insurance
premiums for everybody it includes the
match on retirement accounts mortgage
payments lease payments debt service
payments for like business equipment if
it's business related it's approved you
could see the full list in the actual
bill which I'll link below as well the
cool thing about all these approved uses
is there are a lot of reasons you could
spend this money there is a limit though
05:46
you can't unlike a pro-rated basis pay
an employee more than hundred thousand
dollars a year with this money which
makes sense but that's like a minor
little kind of asterisk they have
there's a lot of stuff you can spend
money on here pretty much anything you
need to keep your business afloat
might qualify as you know usable money
from this loan which is awesome and
remember it's a forgivable loan in fact
in the bill itself it says SBA is not
allowed to require any kind of
collateral it used to be that you'd have
to like pledge business assets or like
06:17
real estate to get loans like this nope
no collateral and no personal guarantee
to be able to get this loan now what if
you don't have employees like how can
you know that you qualify for this
well here's exactly what the text says
the text says you qualify for this loan
and the $10,000 grant if you've been in
business prior to February 2020 you have
employees or or really big or you 1099
06:47
people which think about what that means
for a second if you are a real estate
agent and you are self-employed you
don't have any employees but you are a
self-employed business
you generally 1099 people or your CPA
does for you that is you write a 1099 to
the do that there's a photography for
you or your handy person or your sign
installer that's good that means
technically based on the verbage within
that law you qualify because as long as
you've been in business prior to Feb 20
07:18
2009 t9 someone else you qualify for the
loan and then they figure out how much
of a loan you got by taking all of the
approved expenses that you have like
your payroll expenses and they multiply
it by 2.5 so for example let's say you
pay yourself a five thousand dollar
salary you're an S corp or your sole
proprietor you pay yourself five
thousand dollars a month and your
employee gets three thousand dollars per
month that's eight thousand dollars to
combine times 2.5 is $20,000 this means
07:51
you're applying for a $20,000 forgivable
loan by filling out a stupid piece of
paper that's gonna take you like five
minutes to do okay it's probably gonna
take you a little bit longer but it's
really easy to fill out $20,000 loan is
what you're going for in this case
you're gonna get $10,000 as a grant
unless that money runs out right away
upfront for free now if they deny your
loan you just don't get the other
$10,000 you still get to keep the ten
thousand dollar grant so if you're in
08:23
doubt just apply this morning I
mentioned this to all of my course
members because we do a daily livestream
Monday through Friday at 9:00 a.m. and I
told all of my course members first of
all I told them about this first sorry
YouTube growth I got to take care of my
course members first but I told all of
them about this first so they can get in
an apply but some people had some very
legit questions like what do I do if I
have a w-2 but I also have a sign hustle
and I have a small business
hustle that's you know impacted by this
outbreak or what if I have rental
properties and they're creating income
08:55
for me and I don't do anything else
apply you can't get hurt by applying all
you're doing by applying is increasing
your chance of getting your $10,000
right away which is good and if you get
up denied for the loan oh well the way
the bill is written and again we're
still waiting for the house to pass it
and the president assign it but the way
the bill is written right now says if
you just apply and you have your credit
run and you're actually a business that
was in business prior to 2020 you should
be eligible to get this ten thousand
09:25
dollar grant now obviously I don't know
all the details in this I'm just
literally reading the bill which you can
fact check me by just reading the bill
yourself linked below
so don't sue me if I missed something in
terms of some eligibility for this ten
thousand dollar credit but it looks
pretty obvious to me that when the bill
itself says you get ten thousand dollars
even if you get denied for the loan it
to me sounds like you're getting ten
thousand dollars even if you can tonight
for the loan now here's how this whole
loan thing works if you get approved for
09:55
the loan you're not supposed to have any
administration fees on the loan and the
interest rate on the loan is supposed to
be under four percent I believe it's
like 3.75 or something like that
no payments are required on this loan
for the first six months it goes into
immediate complete payment deferral and
you can extend that up to one year again
you could get this by applying through
the SBA online or go to a bank now it
looks like on this loan there's going to
be a ten year term and remember I
mentioned a few times that this is a
10:25
forgivable loan forgivable does mean
that at some point in the future you
have to actually request forgiveness
remember no personal guarantee and no
collateral and they say it's forgivable
as long as you spend it on approved
things I think the reason they say it's
forgivable rather than just straight-up
forgiven is because if you end up
spending this money on things that are
not approved purchases like you get a
loan and then you go on a vacation to
whole you know Hawaii or are you going
to cruise not sure why you'd go on a
10:57
cruise right now but let's say you did
well then at least it gives them the
opportunity to go okay sure Wilford
your loan but let's uh let's see what
you spent the money on Oh Cruz yep we're
not forgiving that part guess us 4%
interest or whatever it is I think
that's just sort of a way for them to do
the math on non approved purchases now
what about taxes well in terms of taxes
if you're a business person you probably
already know that this is for business
expenses so if you've got a thousand
dollars in business expenses and you get
11:27
a thousand dollars in income that you
spend on business expenses you shouldn't
have any kind of taxable consequence
obviously talk to CPA I'm just some dude
on the internet and yeah I mean read the
info for yourself but at least you got a
heads up on this cuz it's cray-cray now
how do you apply for the loan let's just
go through that together right now so
this right here is the page you're going
to see when you click on the link down
below
honestly I wish this was an affiliate
link but it's not okay I get no benefit
by you clicking on this link other than
it makes me happy that you're gonna get
some money hopefully that's the goal
11:58
right apply online do this early because
I think their websites and servers and
stuff are probably gonna start crashing
if too many people do this literally go
over here to downloadable business forms
and just click on business loan
application click on that fill it out
this looks like a lot of work I did this
in four minutes before going to sleep
yesterday because you skip the first
part you literally apply you say all
right economic injury what are you are
you an S corporation or you a sole prop
whatever write that in here doesn't
12:29
matter if your sole prop click other
right you're a trade name your address
how to contact you second page put your
legal name boom you fill in the yes or
nose right here and you literally sign
it that's it it's two pages long I'm
telling you you can get through this
application within five minutes it looks
longer because they've got some other
disclosures and junk here but they do
also tell you that you are going to have
to send them some other information
here's the other information you're
probably going to have to send them
you're gonna have to sign something
12:58
called a 45 o 60 that just basically
lets them request the records for your
tax returns from the government no
problem in fact they give you a link for
all of these things right here so in
this long list you might not need
everything but like if you click on it
there you go there's the 45 o 60 Wow
Paige quick signature and fill it out
really easy do it like don't
procrastinate this just do it right away
before the money's gone like I'm telling
you this sounds like a sleazy commercial
but I'm just trying to make this very
clear that when grant money is gone
13:29
grant money's gone now you are gonna
have to submit your tax returns which
should not be a big deal just submit the
most recent tax return that you filed
there's a personal finance statement
that you have to do in a schedule of
liabilities it's the 4:13 and 222 so go
over here look for 4:13 there we go
here's the 4:13 you write down your
assets this one's a little bit of a pain
it's like two pages of bank accounts and
stock accounts the stuff that is a pain
I get it but just just do it now here's
the schedule of liabilities form they
14:00
put it under the instruction for
schedules of liabilities so they messed
up the link but fill it out not a big
deal just fill it out really quick and
there you go you've pretty much boxed
everything off must be submitted the
application we got at the 45 o 60 it's
one page big deal tax returns no problem
submit what you've got personal finance
statement schedule of liability great
get it in submit that now they might end
up asking you for a current year-to-date
profit and loss statement big deal
export it from QuickBooks or just write
it up on a spreadsheet just submit
14:30
something and and it does say please
provide within seven days of the
information request so my guess is you
could literally just submit this stuff
right now which is stuff you have
already just if you know if you've only
got you're 2018 tax return then submit
that one like big deal just submit what
we've got get it in and line up to pick
up your free helicopter money because
that is the country that we live in we
give away free money I love that about
this country like I don't know about you
it makes me a little bit nervous like
we're gonna see inflation but I made a
whole video on whether I think we're
15:02
gonna see inflation or not but oh my
gosh folks if you have not yet hit the
red subscribe button after this video
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press subscribe join me in the courses a
linked below thanks so much for watching
and until next time
15:26
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