SBA Disaster Loan? Stimulus package forgivable loan? The $2 TRILLION dollar Stimulus has been passed by both the House and the Senate and ultimately signed by the President last week. Being a Financial geek, I went through 200 pages of the Cares Act and found some interesting nuggets for real estate investors and landlords who've been impacted by the economic disaster. I'm going to unpack and breakdown the first few KEY items in the CARES Act - the coronavirus relief and stimulus package. Things like the $1200 stimulus check that everyone's talking about, the SBA Loan (specifically the EIDL - Economic Injury Disaster Relief Loan), and the SBA EDIL Grant (up to $10,000 of FREE Money?!) How to Apply For the SBA Loan: https://youtu.be/av6me0mTCnk Applying For the SBA Loan Here: https://covid19relief.sba.gov/ So what does the CARES Act mean for business owners, real estate investors, and landlords? Well, there are quite a bit of provision in the stimulus package that could really help out business owners, real estate investors, and landlords. Including the free money that the SBA is giving out as part of the SBA Emergency EIDL Grant. 1. Let's first break down the $1200 Stimulus Check (The Recovery Rebate) 1:30 Nearly everyone is talking about the FREE $1200 check for single tax filers. $2400 for joint filers... But there's a limitation on the free money... If you're a single tax filer, and you make more than $75,000, the $1200 check is reduced. After $99,900, you don't get any money. Here's what NO ONE is talking about right now... It's the Adjusted Gross Income part (AGI). Adjusted Gross Income for business owners is the income AFTER they claim business write-offs. If you made $150,000 in your business last year but took $75,000 of business expense deductions, you technically qualify for the full $1200 check. 2. SBA Loan (3:30) -To Qualify: a. No More than 500 Employees b. Must certify that you've been impacted by the virus, that you don't have any other pending applications currently, and you never received any funds from the SBA Loan program between February 15th 2020 through December 31st 2020. -To Apply: a. No Personal Guarantees b. Non-Recourse c. No Collateral Required -Terms: a. Up to 10 Years b. No more than 4% Interest c. Deferrable up to 6-12 months And the best part... the loan is FORGIVABLE! (...under certain conditions) 3. SBA EIDL Grant ($10,000 FREE MONEY?!) 6:30 Now once you apply for the loan, the SBA can give you an advance of up to $10,000 as grant money. This is free money essentially. Even if you get DENIED for the loan, you still get to keep the grant money of up to $10,000. If you get approved for the SBA loan, the grant money is essentially reduced from the loan forgiveness. 😃 Thanks for Subscribing & Liking our Video! The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom) 💻 GET OUR FREE COURSES, FORUM, AND EVENTS: https://www.cashflowcolony.com ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software: http://reisoftware.thekwakbrothers.com 💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS & PASSIVE INCOME: https://www.facebook.com/groups/bestreigroup 🔊 Our Podcast Channels: 📻First Deal Experience: 🔹Spotify: https://open.spotify.com/show/7pnHJSNl7vPVFzq69IzC6B 🔹iTunes: https://podcasts.apple.com/us/podcast/first-deal-experience/id1282240923 📻Landlording Automated: 🔹Spotify: https://open.spotify.com/show/1LTAeRg2ZAT1ATI1mdtWM0 🔹iTunes: https://podcasts.apple.com/us/podcast/landlording-automated-podcast/id1504548975 GET SOCIAL WITH US: 📣Facebook: https://www.facebook.com/thekwakbrothers/ 📣Instagram: https://www.instagram.com/thekwakbrothers/ 📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com #sbadisasterloan #sbaloan #sba ======================== ---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.