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How To Choose The Right PPP Lender

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$291 Billion plus for the 2nd round PPP has been released for 2021. The good news, PPP has been extended to June 30, 2021; therefore, this article will present detailed information for those businesses who have not applied and/or those who have applied and are still waiting on PPP funding. The information will provide certainty your business is with the correct PPP lender.  By chance, you did not choose the right PPP lender or have not applied here is to how to make quick changes to maximize your opportunity.

There are thousands of Lenders and 3rd party platforms accepting PPP applications nationwide. However, each Lender is different based on their own authorized approval limit for PPP lending. These limitations affect the consumer and/or business owner in a big way. The PPP approval authority is a limitation; each lending entity can lend SBA funds. Not all have the same approval amount. This means each lender has a maximum dollar amount per application a borrower can borrow. This main factor grossly places the consumer at a disadvantage.

Here is the reason why:
Each Lender-approval authority is based on their prior historical performance of lending, meaning the quantity of loans provided prior to COVID and their dollar range of what the Lender has loaned previously; what is on the bank’s books or balance sheets. Based on this factor will determine their allowances. For example, suppose a particular Lender has never provided a million-dollar loan nor collected on a million-dollar loan. In that case, the SBA will not authorize that Lender a million dollars per loan as they would not have any prior history to manage nor facilitate a loan of that magnitude. Therefore, the Lender is authorized within their range based on their prior history.

How this affects the Borrower.
In the 1st round of PPP offerings- business filings of 1120 and 1040 or Schedule C net earnings (line 31) were utilized.  If the business income/earnings surpass, as an example, $1,000,000.00, the business is entitled to receive a $500,000.00 PPP loan. The same would apply for the 2nd round less now Schedule C gross earnings (line 7) can be utilized fairly and equivalent to all other businesses less expenses deducted.

The Borrower’s Advantage vs. Disadvantage:
If Lender A is authorized to dispense 3 Million dollars per application, the business is in a great position, loan proceeds of $625k are not a problem. If Lender B is authorized to dispense or loan $20k, $100k, $350k, and/or any amount less than $625k, the business is at a great disadvantage unknowingly. Because the business did not apply with the correct PPP Lender that could provide the full loan amount qualified; instead, that lender or platform will qualify the business for the maximum dollar amount they are authorized to provide per application, essentially leaving money on the table.

If the business qualified for more than the Lender was authorized to disburse or loan, this is what happens to the remaining funds. The main answer “forfeiture.” Clarification will be in two (2) parts: For the businesses applying for the first round.

  1.  Going forward, effective today, before applying, check the maximum limit the Lender can provide. Determine your loan value against your earnings to ensure the Lender can meet your expectation. In the event, the Lender cannot meet your expectation based on your qualification, check around before applying to ensure your business finds its perfect match.
  2.  For businesses that have already applied yet have not received funding, then do so if the decision is to continue forward. Once the loan is issued, there is nothing that can be done; you forfeit those funds if your business qualified for more. If your business decision is to maximize your loan potential once discovering the current lender you have applied cannot meet your qualified expectation, then cancel the current loan before funding and then switch Lenders, one with a higher approval limit.  Overstand, only do this if your business qualifies for more than what has been approved yet limited based on the current lending institution’s capability to provide more.  

Whatever decision one makes once the loan amount is received, one cannot return for the balance nor go to another bank or platform to acquire the difference. Your business would register in the SBA PPP internal E Tran system as a recipient per the executed SBA contractual loan agreement.

The terms of the PPP loan agreement remain unchanged: 1% interest rate, 10-month deferment before applying for forgiveness or making the first payment, and a 5-year term. Applying for forgiveness is optional.  Amounts are approved based on proven annual earnings 100% backed by filed tax returns and proof of business life before COVID 19 by providing invoices, bank statements, payroll, or book-keeping data.

To attain more information regarding all Small Business Administrative PPP guidelines for Lenders, Borrowers, and up-to-date data, resources, and other products, visit www.sba.gov. It will be hard to determine if a business is railroaded without knowing the correct information. Meaning, undercover inequality, so learn what is needed so that unnecessary documentation is not requested to eliminate your business from applying. More details are upcoming in the future regarding this serious matter.

Marcia Meredith, Wealth Asset Manager, Louisiana native, and Texas-grown, have been in the SBA space since the beginning of COVID-19, helping her clients mitigate and manage their processes to sustain and stabilize their foundations during this pandemic in the government, public and private sector to date. As a first financial responder and advocate, this small boutique firm, Ros DiMere Inc – Marcia, has assisted more than 300 companies nationwide, including those that declined to overturned, including those that have been experiencing inequality.

Meredith was recently featured in Business Innovators Magazine talking about “3 Reasons Why the SBA Turned Down Disaster Loans and How Marcia Meredith Got Them Overturn”https://businessinnovatorsmagazine.com/3-reasons-why-the-small-business-administration-sba-turned-down-disaster-loans-how-marcia-meredith-of-ros-dimere-inc-got-them-overturn/.

For more information, visit www.rosdimere.com or reach out to 832-412-2140.

 

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Jeremy Keil – CFP®, CFA Retirement-Focused Financial Planner with Keil Financial Partners, Interviewed on Influential Entrepreneurs Podcast.

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Jeremy Keil discusses his approach to helping his clients create a consistent retirement income with the Keil Financial Partners’ 5-step retirement income process.

Listen to the interview on the Business Innovators Radio Network   

Jeremy explained that “Retirement can be both the most exciting and scariest time of your life. You’ve spent 35+ years working hard, saving every dollar you could while still providing for your family, and now you’ve arrived at your destination: retirement! But how do you turn 35 years of savings into an income that will last the rest of your life? If you are looking to make your retirement process simple? Searching for answers on when to retire and how much you can live on? We put your retirement picture together in 5 easy steps. If you want to work with a financial advisor who is clear with you about how much you are paying; if you want to work with an advisor who can answer all your questions about retirement planning, social security, Medicare; and if you’d like a transparent discussion about your needs and how much you will pay for sage advice…we can help!”

 

About  Jeremy Keil

Jeremy loves helping people learn more about themselves and feel more confident about their money.

After graduating from college, Jeremy started selling suits at Jos A. Bank and working on different political campaigns — which probably explains his love for wearing a tie and the joy he gets when saving money for clients through a tax strategy.

One could probably guess this by the number of letters after his name. Still, since he started 17 years ago, Jeremy reads as many books on financial, retirement, and tax planning as he can and loves to apply that knowledge towards helping his clients.

In fact, out of over 10,000 financial advisors in Wisconsin, only six have the unique combination of being a CERTIFIED FINANCIAL PLANNER™ professional AND a Chartered Financial Analyst® charterholder.

While serving as an adjunct professor at Concordia University Wisconsin (Cedarburg), and Wisconsin Lutheran College (Milwaukee), Jeremy learned how to take complex financial topics and explain them in a way that even a caveman ( college student) could understand.

If he could keep college seniors awake during 8 a.m. Friday classes about corporate finance, you can be sure that while working with Jeremy, you’ll know more about, feel better about, and make better decisions about your money.

When not working on his goal to help people discover their ideal retirement strategy, one can find Jeremy hanging out with his wife, Robyn, and two daughters, Emery and Harper at swim, dance, gymnastics, or their church, Lakepoint, in Muskego, Wisconsin.

Learn More-https://keilfp.com/

Keil Financial Partners is a part of Thrivent Advisor Network, LLC (“Thrivent”), a Registered Investment Adviser (“RIA”), located in the State of Minnesota. Thrivent provides investment advisory and related services for clients nationally. Thrivent will maintain all applicable registration and licenses as required by the various states in which Thrivent conducts business, as applicable. Thrivent renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion. Advisory Persons of Thrivent provide advisory services under a practice name or “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies.

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Landed for Success Inc.- A Global Business Networking Group That Is The “Next Level” Way Of Marketing A Business

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Landed for Success Inc. (LFS) is a GLOBAL Elite Business & Branding Networking Group comprised of business professionals who collectively possess a wealth of knowledge and experience within various business sectors. Their unique business model is a next-level way of marketing your business and an environment for aspiring and established entrepreneurs and business owners alike to promote their business and network. LFS is a community that values creating opportunities for personal and professional growth. They encourage their members to promote their business and who they are.

LFS was the brainchild of co-founders Jey Jeyakanthan and Gordon So, both highly experienced entrepreneurs who understand the challenges and work ethic required to run a successful business. Their vision is to build a global platform that will allow business owners, entrepreneurs, authors, coaches, and speakers to not only be able to network and share their business profiles but also their business stories on how they have “Landed for Success.” These stories have the potential to impact millions of people all around the world.

LFS provides a free membership through a Facebook group that has 19.4 thousand members and growing. Additionally, members can subscribe to a private group with exclusive membership benefits. Membership is reviewed and approved to ensure business leaders around the world can optimize professional networking opportunities. This interactive platform is a safe environment to network, build relationships, and collaborate. Integrity matters here!

To learn more about how to become an LFS Lifetime Member and enjoy exclusive networking and learning opportunities inside our private membership area.
https://www.lfs.landedforsuccess.com/becomeamember

LFS has grown an incredible community by having fun navigating within the group of business professionals and growing each and everyone’s network and net wealth through collaboration and connectivity. LFS provides virtual speed networking and training opportunities to aid in personal and business development. Networking events last Thursday of every month from 7:00 PM to 9:00 PM EST (Via zoom) where individuals can meet and network with pros and entrepreneurs in local and national markets. The event’s format involves individuals making a 30-second elevator pitch about their business and asking others to think of ways they could work together. These pitches help individuals meet new people, find mentors, and refine their pathway to success. It also provides an opportunity to keep up with the times, as experts pinpoint the latest trends and tools that actually deserve your attention.

LFS also provides a successful authorship program. They believe everyone has a unique story, one which has the ability to uplift and inspire others to succeed. Eighteen co-authors collaborated in volume one of the inaugural book series, “Landed for Success, Untold Stories,” successfully launching in the spring of 2021 as an international bestseller on Amazon.

The LFS book series encourages authorship, as individuals authentically share their stories of struggles, obstacles, and how they have overcome these challenges and have landed for success. In addition, becoming a published author can help to grow and promote more business. It provides an opportunity to gain more credibility, influence, celebrity status and may even attract media attention. Some of the co-authors from volume one were featured in print and television media outlets, podcast interviews, and invited to participate in international business forums.

LFS will be launching volume two, “Landed for Success, Untold Stories- From Burnout to Victory,” in December 2021. It is an honor to have Sir John Shin, the executive producer of the movie “Think and Grow Rich Legacy,” write the foreword in both volumes.

Gordon and  Jey extend this invitation, “If you are interested in becoming a published author and would like to align yourself with successful entrepreneurs such as Sir John Shin and over 20 other successful business owners and entrepreneurs from all around the world, you can set up a 15-minute discovery call with one of our team members by sending an email to [email protected]

CO-FOUNDERS:

GORDON SO is the CEO & Founder of Social Media Currency. Gordon has a strong background in the real estate mortgage industry. As a retired professional network marketer, he has helped many companies successfully launch into Canada, UK, Europe, Asia Pacific, and Mexico. Over the past 10 years, he has worked with authors, speakers, coaches, small business owners, helping them successfully launch new brands and market their products and services. Gordon is a successful business coach and has helped over 200+ individuals become #1 International Best-Selling Authors, Podcasters and Speakers. In addition, he is a sought-after Transformational and Motivational Speaker.

JEY JEYAKANTHAN is a highly successful entrepreneur and IT professional with over 22 years in Business Development, Project Management & Business Transformation for Fortune-200 companies. Jey is a Director of Sophia Hilton Foundation of Canada, Executive Director of Never give up the foundation, Peace, and past Director of Canadian Tamils’ Chamber of Commerce & Member of Markham Board of Trade. Jey founded AVAJ Future Solutions. AVAJ is an Information Technology and Services Company that’s an Innovative, Reliable Partner Global offerings of Software, Mobile App Development, Mobile Responsive Websites, Digital Marketing, Social Media Management, and SEO. Jey is also an international bestselling author, social media influencer and actively involved with Canada’s many volunteer and advocacy organizations.

TESTIMONIALS:

“Being a part of the Landed For Success (LFS) community has provided me with an excellent opportunity not just to grow my contact base but build meaningful relationships with like-minded entrepreneurs. I have already received an abundance of leads and clients from within the community and am excited to grow as the community continues to grow. I’m excited to be partnering with LFS in the launch of the upcoming book, and the process of working with Gordon and Jey has been a wonderful experience. Gordon and Jey share a deep-rooted passion for growing the LFS community, and their desire to grow LFS is contagious, and I’m excited to be a part of the journey.”
– Jason Hunt, Co-founder, Merged Media

“Landed for Success (LFS) gave me an excellent opportunity to connect with like-minded people and very established business owners. These networking opportunities help our BlueMind and LifePlan Investments grow, develop new ventures, and explore new territories. Compared to many other regular networking clubs, LFS is not expensive, has good value for your money, and provides many opportunities to build your business or professional career. Jey, Gordon, and their team are incredible; they take every step to help you succeed in your journey. I would highly recommend LFS for anyone to grow their professional network.”
-Akil Balachandran, Founder and CEO LifePlan Investments, and BlueMind

“It has been an absolute pleasure knowing and working with Gordon So and Jeyakanthan. They are amazing at building connections and have a contagious positive mindset. They have a lot of experience and are always open to helping anyone and everyone. I would highly recommend them to anyone who is looking to grow on a professional level.”
-Ayesha SardarCEO, Global South Asian Women (GSAW)

To Attend a Free Landed For Success Speed Networking Event, go to https://www.landedforsuccess.com/event.

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Christian Care Ministry/Medi-Share Launches Project K.E.E.P. Keeping Elected Officials Encouraged Through Prayer

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Christian Care Ministry/ Medi-Share, the nation’s most trusted name in health care sharing, launched a new prayer initiative for elected officials and their legislative staff. Christian Care Ministry is following its Biblical call to pray and encouraging members to join Project K.E.E.P. It is our privilege to pray for and encourage those who have chosen to serve at the various levels of government. Each day our Medi-Share members and employees are praying for specific elected officials by name.  

This effort was launched in conjunction with our remembrance of the 20th Anniversary of 9/11. This month’s highlighted elected officials are all active or former members of the military serving at the federal level.  

“We are excited to reach out personally to the elected officials and let them know that our members across the country are praying for them and their staff,” said Evelio Silvera, VP of Communications & Government. “It is our heart that they will be encouraged and will know we are thankful for their willingness to serve and will be guided by the very Word and heart of God.” 

National and local decision-makers have a tough job of fighting for the rights of others each day. Christian Care Ministry’s vision is focused on “Transforming society through the Biblical model of sharing.” Praying for those in office is just one way that we can continue to share words of encouragement that will lead to a positive impact in our communities and lighten the burden of our leaders.  

Project K.E.E.P Registration

About Christian Care Ministry/ Medi-Share: Christian Care Ministry (CCM), a not-for-profit 501(c)(3) corporation, based in Melbourne, FL, operates the Medi-Share program,  a Christian health care sharing program that provides an affordable alternative to health insurance for faith-based consumers. Founded in 1993, Medi-Share currently serves more than 380,000 members across America.

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