It’s been another action-packed week across the economy with more updates coming out on the economic stimulus and an unprecedented drop in the oil prices. Grant is here today to share some more updates on the loan programs launched under the CARES act and a few things you should consider if you have applied for these loans. If you’ve been wondering how the oil prices dropped into the negative territory, stay tuned until the end of the episode, where Grant explains the reason behind it and what the sub-zero rates actually mean.
[01:14] Updates – Grant sums up what happened in the last week with the Paycheck Protection Program and the Economic Injury Disaster Loan program.
[05:57] Who Received Money – What types of businesses received loans under the PPP and how the banks prioritized the applications.
[09:40] Stats From the SBA – Grant reviews statistics from the SBA about how loans were allocated to businesses of different sizes. He also discusses the possibility of a second round of funding for the PPP and the EIDL.
[15:50] The Root of the Problem – Grant shares his take on the reasons behind the inequitable nature of the paycheck protection program.
[19:15] How to Get Your Loans Forgiven – What expenses are eligible to be forgiven, calculating full-time equivalents and how to qualify for the maximum amount of forgiveness.
[26:23] Efforts of the Federal Reserve – Grant reviews how the Federal Reserve has been taking several measures to get more money in the system and the effects of those measures.
[36:57] What’s Going on in the Oil Market? – How the global oil markets work, the reasons behind the recent price drop, and what it means for the average consumer.