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Episode 515

Gov't Relief for Cleaning Companies and How to Get it with Andrea Jenson. Episode 515: Mike Campion LIVE


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Episode 515 – Gov’t Relief for Cleaning Companies and How to Get it with Andrea Jenson

Today we speak with Andrea Jenson, who owns Cashflow CFO, which helps business owners manage their cashflow from a strategic standpoint. She is going to dive into the government grants and loans that are currently available to small business owners during the COVID-19 crisis for Cleaning Nation!

2 Types of Loans Available: EIDLE & PPE

1. Economic Injury Disaster Loan Emergency Advance (EIDLE Loan)

• Available from the US Small Business Administration (SBA)
• Designed to help keep small business operations going through disasters
• Max Loan amount of $2 Million for a term of 30 years at 3.75% interest
• For businesses to use the funds for: payroll, rent, utilities, accounts payable, and other bills that could have been paid had not the disaster occurred
• For this loan, you’ll need to go directly to the website, which is and fill out the application.
• For the brief application, you’ll need some personal and business information including: 2019 gross revenue, 2019 cost of goods sold, tax id number, date you started your business, your bank account routing and bank account number.
• If you filed 2019 tax returns, you can use the total revenue off of the tax returns, otherwise you can just take the total revenue off of your profit and loss statement.
• The unique thing about the EIDLE loan is that it also has a grant attached to it for up to $10,000. Near the end of the application, there is a box that you can check off to be considered for this grant.
• If you would only like the grant, you will still apply for the loan, however when the government comes back and makes the offer for the loan, you are allowed to decline the loan and only take the grant that is offered.
• At the time of this interview, April 7, 2020, there is no data on how fast the loans are turned around and funded.
• This loan and grant are different from Paycheck Protection, which we’ll talk about next.

Mike’s thoughts on this:

“Typically, I’m pretty against the thinking of ‘Hey let’s have the government bail us out and depend on them.’ That being said, I’m also paying into this with taxes and this is NOT an example of us, as whole, making bad decisions and now asking the government to bail us out. Instead, this is an act of God. The one thing I don’t want you to do is say and think ‘This is gonna be my savior. The government is gonna fix this.’ This is still on YOU to be proactive with, not the government to magically fix everything.”

2. Paycheck Protection Program (PPP)

• Intended to help business owners be able to cover their payroll expenses, in addition to rent and utilities.
• A little bit different from the EIDLE loan because this loan is through an SBA approved lender or bank.
• In order to qualify, you’ll need to submit your 2019 payroll information, and then the lender will take an average of that and multiply it by 2.5.
• The idea is that they are going to help you cover your payroll expenses for a period of 8 weeks.
• Your credit score is factored into the equation of what the bank will lend.
• If you are incorporated and are a single member LLC, for example, and taking owner withdraws, you will not be eligible.
• If you are incorporated and hire employees on W2’s, you will be eligible.
• If you are a sole proprietorship or independent contractor who receives 1099 income, you will be able to apply for this loan starting on April 10, 2020.
• The best thing about this loan is that there are portions that can be completely forgiven. In the 8 weeks after your loan is originated, if you use 75% of those funds for payroll, then those funds are completely forgiven. Anything that is not forgiven, such as any funds used outside of payroll, rent, utilities, or mortgage interest – converts to a loan at 1% interest for 2 years.
• Andrea has been seeing the approval process with most lenders be pretty quick – within 24 to 48 hours, if you submit a COMPLETE loan package. She is still waiting on more data for the funding time.
• Again, for more details, please check

Mike’s Closing Thoughts:

“My 2¢ would be, if it’s a grant, I’m all in – I will take that money. Again, I’m not going to consider it to be my savior; I’m not going to spend a bunch of time on it. I’m going to focus 99% of time on my business, leading, serving the people that need to be served, bringing this country back as frontline workers protecting this country back from a virus. That’s going to be my passion and focus… I can’t emphasize this enough, if it’s a loan or a grant – focus on your ingenuity, your commitment, your entrepreneurship, your value you bring to the world, to save this – NOT CASH.”

Andrea’s Closing Thoughts:

“Make sure you’re keeping an eye on your cash flow. Make sure you’re really clear on what’s coming in, what is due out and looking at different ways you can delay the payments going out. If you have rent, mortgage, or student loan payments due, you can ask for leeway on payments. You can also delay your payroll tax payment as a small business. Find out as much information as you can so that you can position your business in the best way possible to thrive through this hard time, and come out on the other end set up for success and growth!”

If you enjoyed this and would like to watch this video and others like it, click here. If you are still hungry to learn more and would like to watch our free informative webinar, head over to this link and find the most suitable time for you!

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