Ep. 200 Owen LaFave: The CARES Act Paycheck Protection Program
Congress just recently passed the Federal Coronavirus Relief Bill referred to as the CARES Act. The centerpiece of the CARES Act is the $350 billion Paycheck Protection Program (PPP) which is designed to help small businesses such as real estate investors / agents, landlords, business operators, etc.. continue to make payroll at their staff's current pay rate as well as cover key expenses by offering low interest rate loans with forgiveness potential. \xa0 Today we talk with Owen LaFave,\xa0Pinellas County market president for the Bank of Tampa, about the CARES Act PPP loans including who is eligible, what loan amounts are possible, and whether the loans are forgivable. Just remember that the PPP loans will be distributed on a first-come, first-serve bases, so you should get with your banker as soon as possible since the stimulus funds are limited and will eventually run out. \xa0 Key Discussion Points [01:01] Opening remarks by Eric Odum [04:00]\xa0About our guest: Owen LaFave [08:35]\xa0Discussion about Payrol Protection Program (PPP) / CARES Act ($2T stimulus package) [11:08]\xa0Discussion about role of SBA / Banks for PPP loans [15:34]\xa0Will the PPP loan funds be forgiven? [17:11]\xa0Who is eligible to receive PPP loan funds? [18:35]\xa0What criteria determines the loan amount a business can get? [20:10]\xa0Closing remarks by Owen LaFave [22:24]\xa0Eric's Closing Remarks \xa0