Thinking back to late March 2020, Covid-19 news had just broken 2 weeks earlier, and President Trump had just signed The CARES ACT (Coronavirus Aid, Relief, and Economic Security)! The Triple PPP (Paycheck Protection Program) was the centerpiece of The CARES Act. I was sitting on the couch thinking about how many businesses will be going under, and concerned about my clients and friends who own businesses? What about their employees?
I decided The Triple PPP was going to be the most important program of its kind, perhaps in history! I needed to understand, master, and coach my clients as to how to obtain this critical money from the government. This program could save my clients, their employees’ jobs, as well as protecting their benefits. With The Triple PPP, EVERYBODY WINS!
There are numerous problems with The Triple PPP! Detailed SBA (Small Business Association) loan data shows what many had suspected all along; the money was shared unevenly, with the biggest sums not going to those most in need. For example, Tom Brady’s company TB12 received more than $960,000. He was then seen on a new $2m yacht! More than 600 companies have already received the maximum $10,000,000 in PPP loans.
The Tom Bradys of the world (yes, I am a Jets fan) have well-paid family-office type advisors with the contacts and the wherewithal to figure out how to “extract” large sums of possibly FREE PPP loan money from the government. This might never happen again in history!
Where does that leave the regular Joe, small business owners and non-profits? Where does that leave concerned people that own S Corporations, Sole Props, C Corporations, LLC’s, Partnerships and Non-Profits?
Answer: It leaves the small business owners left out! Small business is the backbone of The United States!
Without the proper Bank Contacts, CPAs, Financial Advisors, Insurance Advisors, you are on your own. It is stressful trying to navigate these waters on your own, especially if you are not a finance or “numbers” type of analytical person. Many advisors have not done the proper research and are not equipped to be giving PPP advice at this time. Where do you go?
Wouldn’t it be great if there was someone you know who has access to a FREE VIP service that can:
A. Help with an easy online enrollment.
B. Review the application.
C. Get loans approved.
D. Trouble shoot when there are errors?
When I applied for my S-Corp to get a loan, I found the following roadblocks:
I applied to multiple banks and found the smaller banks were much more in tuned with clients and the process. There was a small bank that did 106,000 loans and outdid the “big banks” with much better service. Cross River Bank (google-Cross River Bank New York Times Article) ranked 4th in total loans approved behind Bank of America, JP Morgan/Chase and Wells Fargo.
I spoke twice as a Triple PPP panel expert for the Queens Chamber of Commerce webinar last October and December. I received a call after my October Zoom from a man who attended named Neil, who said he enjoyed the presentation, Q&A (question and answer session) and perhaps we could work together.
What I did not know is that Neil (a CPA by trade) was in the lending business and owned a company called Asset Enhancement Solutions (AES), LLC. Neil had partnered with small banks and set up an easy system for business owners to apply on-line for The Triple PPP, while his staff had the banking relationship to be able to look at the file, make corrections as needed and get them approved. Neil and his A-TEAM at Asset Enhancement Solutions had completed 800 PPP (totaling over $100M received) applications the last round. They also helped non-profits, small and large companys and Jake’s 58 casino get their loans approved.
The great news is that my firm has teamed up with the A-Team from AssetEnhancement Solutions LLC and Cross River Bank to enable my clients and you, The Wave and Beachcomber readers, to Apply for FREE seamlessly online. You can pre-register NOW and get into the queue while their coffers are full! The service is FREE because AES, Neil’s firm is an agent for the bank and they get compensated by the bank which is why there is no charge to you.
What does this mean for you as a business owner?
If you own a business and already received a PPP loan, the rules have changed for “2nd draws.” If this is the first loan you are applying, it will be easier this round. For those interested in this FREE PPP Service, email “SEND ME THE PPP” to me at Rob@InsuranceDoctor.us which will start the process.
Stay Positive, Test Negative and Keep The Faith!