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*Bonus Episode* Breaking Down the Government’s $2 Trillion Legislation & the Paycheck Protection Program

Key Takeaways:

[0:18] Today’s episode of Franchise Euphoria is brought to you by IndyFranchiseLaw.com, a leading resource in the franchise space. Head over to IndyFranchiseLaw.com learn more!

[0:59] Josh is back with another bonus episode regarding the $2 trillion bill passed by congress last week that aims to aid individuals, public health organizations, state and local governments, big corporations, small businesses, and some educational institutions.

[1:46] For this episode, Josh is going to focus on the impact of this piece of legislation on individuals and small businesses.

[2:29] Josh provides a breakdown of the benefits to be provided to individuals and married couples based on their income.

[5:57] If you qualify for the government payout, Josh recommends touching base with your accountant to get their advice and input on what you can expect.

[6:20] For small businesses, there are two parts to this program: the SBA Disaster Loan and the Paycheck Protection Program.

[7:44] Josh recommends that the first step you should take as a small business owner during this time is to visit www.SBA.gov.

[8:49] The Paycheck Protection Program aims to keep small businesses (500 employees and under) open during this time where the economy has been forced shut due to COVID-19.

[9:42] One of the highlights of the Paycheck Protection Program includes being able to qualify up to $10 million through an application process. The purpose being to allow business owners to be able to continue paying their employees (including yourself) and other business expenses throughout this health crisis.

[12:19] If you use the money you receive for things outlined within the very broad circumstances in the terms of the program, then you get 100% forgiveness on that loan.

[15:02] If you do not use the money for its intended purposes, you will pay that amount back with a maximum of 4% interest.

[16:08] Additionally, if you take the money and you still end up closing your business or have employees terminated during that time period, you will not be held liable for paying the money back.

[17:04] When comparing the Paycheck Protection Program to the SBA Disaster Loans, the latter of which requires collateral and does not have fixed interest capping at 4%.

[18:03] If you are a business who has already had to take an SBA Disaster Loan in this situation, you can roll your loan into the Paycheck Protection Program. Josh recommends contacting your accountant if this is something you want to pursue.

[19:36] Nothing mentioned in this episode was intended to be taken as legal advice, and Josh recommends getting in touch with your own lawyer to discuss your options regarding this program.

[20:21] Thanks for listening, and please, reach out to Josh anytime through email at josh@indyfranchiselaw.com. If you enjoyed this interview, please leave us a review on iTunes.

 

Mentioned in This Episode:

josh@indyfranchiselaw.com

www.franchiseeuphoria.com

www.indyfranchiselaw.com

www.SBA.gov

Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

pardee2003 from United States
11/16/2019
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Great and applicable information from professionals in the franchise world that are doing it every day. I’ve listened to 3 episodes: Gutter Brothers, Woofies, and Cycle Bar. Enjoyed all and looking forward to hearing more.
WTutor311 from United States
8/30/2019
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Highly recommend. Great guests. Filled with tons of helpful information.
Katie Joy B. from United States
7/16/2019
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Josh and his wide variety of knowledgeable guests are truly rockstars! They deliver quality (and free!) franchise knowledge and advice in each and every episode. The great advice they provide, combined with the engaging way they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Josh - keep up the great work!
Jordan gross from United States
07/15/2019
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This podcast provides the advice necessary to start building, growing, and scaling your business TODAY! The host asks probing questions of his guests that add value to the listeners in an immediately implementable way!
VPugliese from United States
07/15/2019
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What do you get when you combine business savvy, legal expertice and a great personality? You get the ultimate podcast for franchise owners. Josh Brown brings it all togehter perfectly with Franchise Euphoria. Not only does he possess all of the skills and abiliites above, but he has great guests, asks awesome questions and created the ideal podcast for this niche. If you have a franchise, or are considering it, subscibe to this show and consume all of the content!
Mick James from United States
06/05/2019
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Started listening to Josh's podcast after the wife and I decided to buy a franchise and I quickly went through about 200 episodes on 1.5x & 2x, before signing on to purchase a franchise. Josh's info was an invaluable part of our decision to buy, and after listening to so many episodes, I felt like I knew and trusted him on a personal level, so it was a no-brainer to enlist his services when it came time to review the franchise agreement. Josh was super easy to talk to and very empathetic to our needs, and being first time business owners, we needed all the empathy we could get. Josh helped us negotiate a great deal with the franchisor and we were very happy with his services. Great podcast, great guy, great service to anyone involved in the franchise world!
Dean575 from United States
06/04/2019
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Very interesting discussion. I found the information valuable.
Summieysum from United States
05/06/2019
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I've just completed the legal process of franchising my business and have now begun selling franchises. Just found this podcast and it's an incredible resource! Great content and Josh is a very engaging host. Highly recommend for franchisors and franchisees.
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