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Author: Gabriela Trujillo

How to Qualify for the SBA Paycheck Protection Program

Posted on by Gabriela Trujillo

 

Small Business Qualifying for the SBA Paycheck Protection Program “PPP” is easier when you’re prepared. Knowing whether you meet its criteria before you apply will save you time and frustration. PPP–Fact-Sheet Your personal credit score ranges from 300 to 850 (the higher, the better), and evaluates your ability to repay your personal debts, such as credit cards, car loans and a mortgage. You can get a free credit score on NAV  

Build your business credit and solve credit problems

  The FICO score, commonly used in lending decisions, is based on five factors: your payment history (35% of your score), the amounts owed on credit cards and other debt (30%), how long you’ve had credit (15%), types of credit in use (10%) and recent credit inquiries (10%). Small-business lenders require a personal credit score for loan applications because they want to see how you manage debt.

Paying your bills on time is crucial to building your score. But even if you pay your bills like clockwork, credit report errors could be damaging your score. One in 4 consumers identified damaging credit report errors, according to a 2012 study by the Federal Trade Commission. However, 4 out of 5 consumers who filed a dispute got their credit report modified, the study found. A follow-up study by the FTC found that 20% of those consumers saw a jump in their credit score after resolving errors.

You can get a copy of your credit reports for free once a year at AnnualCreditReport.com and dispute any inaccuracies you find through each of the credit bureaus’ websites (Experian, Equifax and TransUnion). Businesses that are more established and want to apply for bank loans can check out their business credit scores (which generally range from 0 to 100) at three business credit bureaus: Experian, Equifax and Dun & Bradstreet. Check out these five steps to building business credit, and if you see any mistakes on your reports, contact the bureaus.

More than likely, you’ll need an excellent business credit score as well as good personal credit to qualify for an SBA loan or traditional loan from a bank; this will depend on the individual lender and business factors such as your revenue, cash flow and time in business.

In general, online lenders look at personal credit scores but can be a bit more lenient when it comes to credit score requirements, as they place more emphasis on your business’s cash flow and track record.

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Meeting ID: 508-331-4732

 

Marshawn Govan

Registered Return Tax Preparer | General Agent

California License No. 0I72129

New Mexico License No. 428869

Texas Department of Insurance License No. 2139171

Arkansas Insurance License No. 17208001

Idaho Department of Insurance License No. 772859

 

MKG Enterprises Corp. Financial Services

California Dept. Insurance License 0J03013

Florida Agency License No. L103183

Texas Department of Insurance License No. 2126837

New Mexico Partnership Corporation License No. 100014763

4021 N Fresno Street #107| Fresno, CA  93726 (559) 293-4977 direct  | (866) 675-3933 ext 5| (609) 756-3766 fax

“Equity Financing” an Alternative Funding If Your SBA Lender denies Your Paycheck Protection Application

Posted on by Gabriela Trujillo

 

“Small Businesses Are the Backbone of Our Economy and the Cornerstones of Our Communities”

Over $1.4 trillion dollars was raised through the Regulation D exemption in 2014 and over 40,000 Regulation D offerings have been executed since 2009.

Regulation D provides the capability to raise capital in compliance with State and Federal regulations and provides the fundamentals necessary to accomplish soliciting and accepting investment from investors.

Fresno County has 47 Opportunity Zones; 37 of these fall roughly within the City of Fresno’s sphere of influence. All 47 zones account for 756,979 acres or about 22% of all land within county borders; the City of Fresno’s zones cover around 36% of city-controlled acreage .

The Metropolitan Fresno areas are home to over 1,010,409 residents, 99,004 businesses and 3,002 nonprofit organizations.

Take Your Business to the next level

Invest in companies you believe in

Create A funding Project https://mkgenterprisescorp-client.com…

The JOBS and Investor Confidence Act of 2018 JOBS 3.0, as it is widely referred to, significantly expands opportunities to raise capital.

List your business on Fresno Private Capital Markets SaaS crowdfunding portal SMB membership fee waived for 3 months due to Covid-19 pandemic and raise up to $1,000,000.

We provide ongoing support and trust account to manage your Crowdfunding offering. Portal fee 6% of the total raise.

Learn more about funding your business without a Bank Loan https://mkgenterprisescorp-client.com

Contact us Toll-Free 866-675-3933

Paycheck Protection Program Interim Final Rule- Additional Eligibility Criteria and Requirements for Certain Pledges of Loans

Posted on by Gabriela Trujillo
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

PPP–Fact-Sheet

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Frequently Asked Questions for Lenders and Borrowers

Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.

Filers Check on the status of your Economic Impact Payment

Posted on by Gabriela Trujillo

 

Use the Get My Stimulus Payment

https://www.irs.gov/coronavirus/get-my-payment

How to check the status of your stimulus payment.

Clients that are going on the IRS portal to enter information when it ask for your social do not put any spaces in that, will throw the whole thing off and when you go to enter your Adjusted Gross Income “AGI” and amount of tax return don’t use any commas or anything.


Example social: 234689999
Agi example: 30250
Amount of tax return example: 7500
Enter whole dollar amount no cents!

application to:

Check your payment status
Confirm your payment type: direct deposit or check


Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet

Update your bank account or mailing address


If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.


2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.


2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible.

That is the only way to let us know your new information.

If you received a check printed from Republic Bank then call Taxpayer Support 866-581-1040

If you received a check printed from Refund-Advantage then call Taxpayer Support 866-876-6648

If you received a check printed from Refundo then call Taxpayer Support 908-445-5544

If you received a check printed from Santa Barbara Tax Refund Solutions then call Taxpayer Support 800-901-6663

If you received a check printed from EPS Financial then call Taxpayer Support 888-782-0860

If you received a check printed from River City then call Taxpayer Support 888-820-7848 or 270-547-5151

 

to update your mailing address check will be mailed to your 2019 address used to file your most recent tax return with MKG Tax Consultants

IRS change of address individual f8822

 

MKG Enterprises Corp.

4021 N Fresno Street Suite 107

Fresno, CA 93726

Office (559) 412-7248 | (866) 675-3933

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