How Speakers Can Benefit From the Stimulus, Unemployment, EIDL, and PPP

Grant Baldwin and Josh Bauerle hosted a Q&A on Facebook Live to talk about how speakers can benefit from the stimulus and address your questions about the stimulus check, unemployment, EIDL, and PPP.

DISCLAIMER: We are not finance or tax experts. Please contact your financial planner or local financial institution for professional advice.

EIDL – Economic Injury Disaster Loan

PPP – Payroll Protection Program

During the live stream, Grant and Josh discuss:

• Unemployment being extended to business owners and freelancers
• Two loan/grant programs for small businesses to take advantage of
• Which program is best for speakers to pay attention to?
• Are earning thresholds for the stimulus based on Billings or on adjusted gross income?
• How much unemployment can you claim?
• What is the timeline for unemployment payouts?
• How to apply for the EIDL
• Would speakers apply for unemployment? Or the grant? Or both?
• Can you apply for EIDL if you have a W-2 in addition to speaking gigs?
• What happens if you get denied?
• Being patient and persistent
• Do unemployment and IDL go off of W2 and/or K-1?
• Does past credit history (specifically bankruptcy) factor into EIDL acceptance?
• Do you need an LLC to apply for EIDL or can you apply as an individual citizen?
• Two placed to get financial help
• What is the PPP? Who is eligible?
• Discretionary power of banks in deciding who gets access to PPP
• How the PPP math breaks down on calculating what you‚Äôre eligible for
• Tips on selecting a financial institution to apply through
• What happens if the loan isn’t forgiven?
• Is the PPP looking at average gross or net profits?
• How to calculate payroll for a speaking business formed after the 2/15/19 date
• What to do if you started your speaking business on Jan 1, 2020
• Will interest accrues on the unforgiven portion of the loan?
• What happens if you posted a loss because it was a new business?
• Can you apply for more than one of these programs? Or do you have to pick one route to go?
• Talk to your financial institution sooner vs later to figure out what you qualify for and how to get it
• For the EIDL, do you need an EIN? or can you use a DBA?
• What is a “qualifying expense” to have the PPP converted from loan to forgiven?
• Do contractors = employees?
• If you file as an S-Corp, but are the only owner/employee, are you still eligible for the PP/EIDL benefits of a Sole Proprietor?
• If approved for EIDL loan, can you take the advance and not take the loan portion?
• If you’re a sole proprietor with little overhead, is it better to apply for EIDL or PPP?
• Making it easy for the financial institution to process your application
• Do you have to payback the stimulus?
• Will the bank look at your credit score?
• Are you taxed on unemployment?
• Taking a tip from Frozen II
• And more