Businesses and just life in general can feel a little overwhelming these days. Oneapproach is just to put your head down and work really hard. For business owners, that means working on business the same old way and hoping it works.
Some people have already discovered this free source of money. But if you haven’t, don’t wait!
There is a limited time to act.
This past week, I finally convinced one of my clients to look at the PPP (Paycheck Protection Plan) grant. I didn’t realize that I hadn’t really explained how it worked.
He thought he didn’t qualify because he didn’t have employees.
What he didn’t realize was that he WAS an employee of his business. A self-employed person could be either the Sole Proprietor of a Schedule C, Or be a partner in a partnership who gets a guaranteed payment.
What does all this mean?
He could apply for a PPP loan.
And he did, last Sunday, with a Fintech company. It took about 15 minutes. But it took me an HOUR to convince him to make the online application.
It’s too complicated.
It’s going to take too much time.
I’ll never get the money.
I don’t want to take on any debt.
There were a hundred reasons why he didn’t want to apply for the loan.
But finally, he did. On Sunday evening.
Guess what he found out on Thursday?
Money. Over $10,000 in his bank account. And all he has to do is continue taking the payments he’s been getting from his business.
Pay the money to himself.
And then it’s no longer a loan.
It’s free money!
If you have business history and a bank account, you can have money in a week!
But that’s not all. I was talking to a business owner this past week who was afraid of the money she was making this year.
More than she’d ever made before.
But how much will have to pay in tax?
“Less than last year,” I told her.
That’s because THIS YEAR she had a tax strategy. She would make MORE money and pay LESS tax because she’d taken the time to work ON her business instead of alwaysjust working IN her business.
How much money are YOU leaving on the table? Free money? Lost opportunity? Less tax?
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