Many of my clients who’ve recently applied for the PPP Loan 2nd Draw through my Smartbiz portal have had to upload additional documents. The problem with this process is that after the loan process is completed, there’s no specific space for document uploads.
Given the above, we’ve learned to “step-through” the loan application process in order to submit additional documents and keep the loan process moving forward.
Below are the steps required to add documents to your Smartbiz PPP Loan:
The above has worked in each of the cases my client was required to upload additional documentation. Documents can be uploaded for IRS Forms, Payroll Forms or Miscellaneous Reports like an Income Statement.
If you haven’t yet applied for the PPP Second Draw, start your process now with Smartbiz!
I recently applied for the EIDL loan and was very surprised about how short and quick the application process was. Before I get into my 3 key takeaways, let me give a quick overview of what it is and who qualifies:
The loan is designed for Small Businesses, Sole Proprietor, Independent Contractor and Non-Profits. The applications are administered by the Small Business Administration. Notable qualifications and loan details are as follows:
Now that I’ve covered the basics of qualification, use of funds and the loan details, here are my 3-takeaways from working through the application:
Take your time to think about item #2 as this will directly impact your ability to qualify. Click here for more detail and a sample calculation for a Beauty Salon.
As many may be aware, the second coming of the COVID-19 Stimulus Plan was signed into law on December 27, 2020. It provided for $900 Billion of support including extended unemployment benefits, rent relief and eviction protection as well as funds for small to medium sized businesses hit hard by the pandemic.
RULES FOR SELF EMPLOYED
Self-employed individuals have found the rules around PPP difficult to understand and question whether they qualify, especially since many were either told that during the first draw or were denied as many larger companies received much need working capital.
One thing to know is that the new Stimulus Bill is much more inclusive and is geared more towards the unemployed and Mom and Pop businesses. Here are the qualifications:
What’s important to note is that 1099 employees should not be included in the calculation. The SBA (Small business Association) provides guidance on how to do this. But typically, the qualifying amount is 2.5x Payroll or what’s on Schedule C, Line 31 as the Net Profit. You can view or download the SBA document here.
STEPS TO CALCULATE
Use these steps if you have no W-2 employees in your business:
To note, if you are using 2020 and have not yet filed a 2020 return, fill it out and compute the value annualized up to $100,000 and prorated for the reporting period (if you are filing/using Quarterly 941). The Line 3 amount must be $100,000 or less. If not, reduce it to $100,000 and if less than Zero set to Zero.
You will not qualify for amounts less than Zero. Similar rules and steps are provided in the SBA document for business with employees. You can find that information here starting on page 2.
We have partnered with Smartbiz Loans who’s funded more than $4 Billion in loans since 2013 to make the PPP Loan process quick and efficient. You can prequalify in 5 minutes and complete the entire process in less than an hour if you have documentation (CARES Act Payroll Reports, IRS Form 941, IRS Form 1040 Schedules C or E and Personal documentation).
Or Contact Rock Capital Associates at (877) 640-1590 to start your application.
Now that the $900 Billion COVID-19 Relief Package has approved and signed into Law. I’ve begun to unwrap it’s details beginning with an area that may not be discussed in great detail or as often as PPP or EIDL relief.
What’s new and exciting is that just over 15%, or $15 Billion, of the new program has been earmarked to help live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives who demonstrate a 25 percent reduction in revenues. Essentially, if your business utilizes ticket sales to generate receipts, then you may be eligible if you’ve experienced significant loss of revenue.
I’ve attached a very good article that details the following:
• Application Timing
• How to Calculate Amount
• Grant Money Spending Guidelines
This is my Mom’s recipe for Peach Cobber, my all-time favorite dessert!
When I was younger my mother used to make the best Peach Cobbler. She’s not around any longer to shower me with such great treats, so I had to take matters into my own hands.
Below is my resume for Peach Cobbler from what I remember as I watched my mom cook up this scrumptious, fruit dessert. My take on it is that I like to make it in a bundt pan so there’s plenty to go around. And there’s something about how it presents in that uniquely designed pan.
Crust and Topping Ingredients
I wanted to share an article I contributed to on the #PostFunnel forum managed by #Optimove. The site gathers some of the brightest minds in Performance Marketing and Customer Relationship Management to discuss hot topics and share information and ideas.
Enjoy the article and check back for our next installment of bright ideas and key topics!
I recently completed a Data Science course and wanted to review Principle Component Analysis (PCA) to develop my skills in understanding data variables highly correlated to the independent variable.
What is Principle Component Analysis (PCA)?
PCA is an ordination statistical method that reduces the dimensionality of multivariate data by creating a few new key explanatory variables called principal components (PCs). It’s mostly used as a tool in exploratory data analysis and for making predictive models.
For now, I’ll use PCA to evaluate the principal components of the Iris dataset. And later on I anticipate utilizing the methodology as part of a process of developing both a churn model and to predict customer lifetime value.
Iris Flower Data Set
The Iris Flower dataset is a multivariate set of 150 observations covering 3 flower species collected from various regions across four features; the width and length of the sepals and petals. It was initially introduced by the British statistician and biologist Ronald Fisher in 1936 and remains a very common practice set for data science (click here for more info). The data quantifies the morphologic variation of Iris flowers of three related species. Two of the three species were collected in the Gaspé Peninsula, all from the same pasture, and picked on the same day and measured at the same time by the same person with the same apparatus.
My analysis for this dataset will be to determine the key explanatory variables using PCA and the taking the following steps in R (click here to see R code):
Here are 2 tables of output from running the PCA function in step 4 above:
Table 1 – Summary of Iris PCA Object
Table 2 – PCA Object Standard Deviation and Coefficients
The Setosa flower is clearly different from the Versicolor and Virginica which could possibly be explained by the pollination process or some other variable.
This is a great report from Mckinsey & Company on Analytics and competing in a data driven world. At the moment, location based data is realizing 50-60% of it’s value driven primarily by smart phone usage and applications while the following industries are all realizing less than 40%:
% Value Realized From Data & Analytics
With the exception of Location Based Data, many organizations across various industries have an uphill battle integrating and developing data driven cultures. (click link below to read full article).
Here are the Top 3 Reasons why companies aren’t yet realizing value from data and analytics:
Regarding the issue of analytical talent, I believe it’s available and sometimes even already exists in many companies but they are simply unsure of how to identify the key characteristics and/or channel it’s use. One thing I know for sure is that Google, Amazon and Facebook dominate their industries because of data and analytics and have access to the same talent pool as many other organizations.
Companies that are siloed will always have difficulty successfully implementing programs that require participation from multiple groups within the organization and stand permanently challenged at being successful as the competitive landscape changes and data becomes more widely utilized. And that I can say about skepticism is…..no risk, no reward!
Finally, here are 2 keys to success as identified by Mckinsey & Company:
a) Incorporate data & analytics into the company’s strategic vision
b) Develop business processes around infrastructure and talent
The above are simple, but powerful mechanisms to changing corporate culture around data and anlaytics. Once incorporated, companies can begin to seriously unlock the value of their data and perhaps create new channels and raise the competitive landscape.
I’m a freelancer and sometimes utilize the UPWORK platform for contract jobs. I recently experienced a scammer on the platform working to get my personal information to most likely steal my identity.
The perpetrator responded to my proposal and requested I communicate to his Gmail account. We connected on Google Hangouts and started a text conversation which was supposed to be a 15-20 interview. In the midst of job performance and character questions came a question about my bank name and subsequently a request for my full name, address, dob, email and phone number. This quickly raised my suspicions about his intentions and I ended the session and blocked his account.
Be extremely careful when dealing with people of the internet, even if they are offering a job. And more importantly, know what questions cannot be asked during an interview.
Here are 4 tips for avoiding scammers on the platform:
1. Communication – don’t respond or communicate outside of the platform. There’s video, chat and messaging built-in to the platform.
2. Personal Information – guard it with your life….no one needs your DOB, Email, Phone, Address and Bank Account to make payment. It’s as simple as using Paypal which requires on an Email.
3. Verify – confirm that Upwork has verified the employer and that they’ve done business before.
4. Report Them – be sure to alert the administrators if you feel someone is trying to scam or engage in fraudulent activity.
Internet scammers are extremely savvy and constantly look for ways to exploit innocent people. They explore victims on everything from Social, Emails and Dating sites to Freelance applications. Once they have gained your trust, they will ask you for money, gifts or your banking/credit card details. Always consider the possibility that the approach may be a scam, particularly if the warning signs listed above appear.
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