Beware! Traps & Snares Ahead...

Utah Real Estate Investors Association

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So, you got that stimulus check (or, as the government wants to call it, your "Economic Stimulus Payment")...

What next?

Please use these funds wisely.

If I could sum up my advice for next steps, it would be this: act like you did NOT receive this payment.

And, yes ... some of you have not yet received it.

If that's the case for you, the IRS has set up a tool where you can check your status: https://www.irs.gov/coronavirus/get-my-payment

And there are plenty of other links on that page to help ensure that the IRS has all the info they need so that you do get it.

Now ... if you did get this check (and even if yo
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The 5-Primary Ways Your Business Can Get Help Right Now

Utah Real Estate Investors Association

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I'd like to simplify things for you today.

There is so. much. noise. right now about how to survive (even thrive) in the midst of this very difficult season.

"Pivot" they say.

And yes, if you are running a business, these times call for a bit of a shift. Only a very small amount of businesses haven't been affected in some serious way by this ongoing crisis, and if you need somebody else to tell you to pivot at this point, chances are good that you are already in trouble.

I've already been writing to my clients a great deal about this dynamic, and I hope you have been finding these messages helpful. We will continue to be out in front on these matters, simply because things are constantly changing, and we are uncovering new information and new benefits (and how to receive them).

It's all getting very complicated.

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SBA PPP Insights

Utah Real Estate Investors Association

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Before I get into some of what we have learned over the weekend about the SBA payroll program, I want to speak to you -- business owner to business owner.

To survive in this hour, you will NEED two major qualities: Clarity and Patience.

The SBA PPP (Small Business Administration - Paycheck Protection Program) offers a lifeline of hope to many of my blog business friends. In fact, we've been INUNDATED with questions and requests for help (from clients and non-clients alike).

But it is always a good idea to plan that you might not get the funding. Or at least not in a timely fashion.

You must not place all of your eggs in the PPP basket, because we don't yet have a clear picture of how quickly and effectively it will get disbursed.

Now ... I don't say that becau
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How to Get a PPP (Forgivable Loan)

Utah Real Estate Investors Association

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This program allows a lender (such as a bank or credit union) to provide small business owners with a loan that then is "forgiven" when you show that you spent the money on "qualified expenses."

  • Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. The loan amount is capped at $10 million. AS OF YESTERDAY: The payroll calculation no longer includes 1099 contractors in the formula
  • Loans will be forgiven up to the loan amount for a borrower's payroll, rent, mortgage, and utility costs incurred and paid during an eight-week period after a loan is originated.
  • Loan forgiveness will be reduced to the extent of a) any reduction in employee headcount during this period (as compared to the prior year), and b) any reduction in pay of an employee by more than 25% (as compared to their prior year compensation). Borrowers that rehire workers will not be penalized for p
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Joining Efforts to Protect Our Homes

Freedom First REIA, LTD

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There is no doubt a national crisis upon us when it comes to health, work and our homes. Millions of Americans are faced with joblessness amidst the current pandemic. With the loss of income and/or the loss of health, a domino effect has occurred and has impacted almost every area of our lives.

Currently we all are experiencing tension in the face of an uncertain future. Whether that be health, career or home, we all have something at stake. When it comes to the housing market, there are several points of impact, from the renter to the investor or landlord.

For landlords, renting out property is a means of revenue. For some, this is their only means of income. Renters and landlords are both facing dire circumstances from either side of the spectrum.

Thankfully, there are organizations getting involved and working hard to see that individuals on all sides are being represented. Under One Roof Coalition as well as FFREIA are  pushing forward to help both tenants and property owners. Through the National Apartment Association, we are asking Congress to help renters & property owners to recover from COVID-19 and the housing issues it’s caused.

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Disaster Relief Business Loans - Get It Right

Utah Real Estate Investors Association

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These days are moving VERY quickly, and we are working VERY hard to get communication out to our blog readers, clients, and friends. One huge break is the extension of filing and payment tax deadline to July 15, 2020.

You probably already heard that the CARES Act (the mammoth 880+ page disaster relief bill) was signed over the weekend, and help IS indeed on the way.

But there are so. many. rumors. flying around out there that I wanted to reach out to clear up some confusion. (I've even seen some accountants charge frightened business owners over $2K for filling out these 5-minute forms.)

First things first (and before I give you any more details):

The SBA EIDL online application is BACK up and running.


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