How to Get Your PPP Loan: I Got Over $100,000

In this video I will cover everything to know about the Paycheck Protection Program (PPP Loan). We go over what exactly the PPP Loan is, who qualifies, how it becomes forgivable, and how to obtain it. I also go into depth on how I received over 100k from the program.

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The Paycheck Protection Program is a government program by the SBA. During this COVID-19 crisis, many small businesses are being affected in a negative way. Much of this is due to the government forcing businesses to shut down completely.

Many small businesses would respond by cutting expenses. For most businesses, the biggest expense is employee salaries. This is why you are seeing so many people laid off. But thankfully, the PPP is here to help with that. The government is going to pay you to keep your employees!

The big question is who qualifies?

The answer is, any small business with employees. As you’ll see in the video, this is also expanded to independent contractors and sole proprietors. So many people will qualify even without employees.

I was able to get the loan for two of my companies. One was my real estate investment company. We mainly fix and flip and wholesale houses. The other was my parent company that owns all my companies. This includes my rental portfolio, education company, and that real estate investing company.

I know many real estate investors and Realtors have a hard time getting loans due to the nature of their jobs. But I can assure you that it is possible to get the loan.

Once you realize you can get the loan, the next step is to apply. I recommend applying at a small bank. Everyone I know has had a difficult time getting approved at big banks. I bank at Wells Fargo and I chose to go with a local bank called Nevada State Bank. They were able to process it within ten days.

The video will go more in depth, but the amount you are entitled to is based on 2.5x your monthly payroll. So if your payroll per month is $10,000, you would get $25,000.

To be forgiven of that amount, you must spend all of it within the next 8 weeks on the following:

75% (minimum) on Payroll
25% on mortgage interest, rent, utilities.

You can spend the whole thing on payroll if you'd like. The other note to point out is you may only be credited payroll up to 100k per employee. If someone makes 200k, they will only be credited for the loan as if they make 100k.

This program will not last forever. If you need help submitting documents and staying in compliance on the forgiveness, one of my companies can help you. I own a CPA firm that can take care of everything for you. It's not a difficult process to do yourself, but we are here if you need it. If you want help, go to:

TrueBooksCPA.com

Lastly, I hope you found this video helpful. Please like and subscribe for more real estate and finance content!