Paycheck Protection Program reopens today

Richard Sharp interviews BBB

BECAUSE OF ALL THE WIND THATWE'RE SEEING RIGHT NOW IN THESTOCKTON AREA, WE'LL CHECK INCOMMON JUST A LITTLE BIT HERE.ALL RIGHT STARTING TODAY,PROGRAM IS REOPENING THIS ISHUGE NEWS FOR BUSINESSESMAKING LOANS AVAILABLE TOFIRST AND SECOND TIMEBORROWERS.AS PART OF THE COVID RELIEFACT.

IF YOU ARE WONDERING IFYOUR BUSINESS WILL QUALIFY I'MGOING ON WITH THE BETTERBUSINESS BUREAU JOINS US LIVETO BREAK THIS DOWN WHATQUALIFICATIONS YOU NEED TOMEET GOOD MORNING OUT OFTHANKS FOR HELPING US SORTTHROUGH ALL THIS STUFF.GOOD MORNING.

THANK YOU FORHAVING ME THINGS YOU COULD BEWITH NO ONE NO PROBLEM SO WEWE TALKED ABOUT YOU KNOWHUNDREDS OF BUSINESSES HAVETOOK IT TAKING ADVANTAGE OFTHE SOME OF THEM MAY BEELIGIBLE AGAIN LET'S GET TOTHIS ONE MAY BE THE EASIESTTHE SIZE OF THE BUSINESS ISFAR AS EMPLOYEES.

YES, YOUHAVE TO HAVE LESS THAN 300EMPLOYEES IN ORDER TO QUALIFYFOR THE SECOND ROUND.

THE PPPTHAT OPENS UP TODAY, YOU HAVEABOUT 3 MONTHS BECAUSE IT DOESONE SUPER BASIC LESSON TO BEDONE TO PLEASE IS OF APERCEIVED NEED TO HAVE OKAY SONUMBER 2 YOUR BUSINESS MUSTHAVE USED THE FULL AMOUNT OFIF YOU GOT THE LOAN BEFORETHAT'S GREAT YOU'RE STILLELIGIBLE, BUT YOU NEED TO USEALL THOSE FUNDS THAT CORRECT.EXACTLY YOU SHOULD HAVE USEDEVERYTHING FROM THE FIRSTROUND OF PPP I THINK IT WAS AWHILE BACK ABOUT HALF THE DAYSTO BE EXACT THAT YOU SHOULDUSE THAT NOTHING LEFT OVER ANDGETTING ROUND 4.I WILL SECOND RUN MEAN THATYOU SHOULD HAVE HAD THE FIRSTONE IN ORDER TO RECEIVE THESECOND AND MANY OF THOSEBUSINESSES NOT ONLY USE THATBUT NEED HELP WITH THIS ONE.LET'S TALK ABOUT NUMBER 3HERE YOU YOUR BUSINESS MUSTSHOW AT LEAST A 25% DROP INGROSS RECEIPTS EXPLAIN THIS ALITTLE BIT BETTER.SO BASICALLY YOU HAVE TOSHOW IN 2020 19 2019 TO 2020THE FIRST SECOND AND 3RDQUARTER A DROP IN GROSSREVENUE 25% AND YOU ACTUALLYDO YOU HAVE A VERIFICATION FORTHAT AS WE KNOW WITH THE FIRSTINITIAL ROUND THERE WAS A LOTOF FRAUD GOING ON SO YEAH WITHTHE SECOND ROUND THE ISLOOKING INTO PREQUALIFICATIONS THEY STRICTLYTHIS TIME AROUND SO YOU DOHAVE TO SHOW.

YEAH IT DECREASEIN GROSS REVENUE OF UP TO 20%AND IF YOU'RE ONE OF THOSEBUSINESSES HURTING THAT SHOULDNOT BE A PROBLEM, BUT ONE OFTHE CHECKS IN PLACE.SO THE FRAUD DOESN'T HAPPENWHAT IF ONE OF THOSEBUSINESSES WHAT WE NEED TOAPPLY TO ALL THIS.SO I UNDERSTAND THAT EVERYBUSINESS IS DIFFERENT EVERYFINANCIAL INSTITUTION WHENPEOPLE APPLY FOR THE LOAN ISDIFFERENT IF YOU GO ON OURWEBSITE WE DO HAVE THATINFORMATION WITH JUSTPREREQUISITES FOR EVERYGENERAL BUSINESS WHICHOBVIOUSLY IS YOUR FINANCIALINFORMATION.

TAX REVENUESRECEIPTS GENERATING THE DROPIN GROSS INCOME IN 2024 FORSECOND AND 3RD WHERE OF COURSEI CAN UNDERSTAND THAT EVERYFINANCIAL INSTITUTION ISTOTALLY DIFFERENT RATES ARECLIMBING AND THAT EVERYBUSINESS IS DIFFERENT BASED ONTHE INCOME THAT THEY HAVE FORUS FOR THISBUT THERE'S A GUIDE TO GOBY AND THAT'S A RELIEF TO ALOT OF THESE BUSINESSES WHOARE JUST STRUGGLING.

I'M GOINGWITH THE BETTER BUSINESSBUREAU THANK YOU FOR HELPINGUS SORT ALL THIS OUT THISMORNING.THANK YOU FOR HAVING USHAVE A BIG THANK YOU TO HIM.