Apr 4, 2020
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
Today we talk with Owen LaFave, Pinellas 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.
Key Discussion Points
[01:01] Opening remarks by Eric Odum
[04:00] About our guest: Owen LaFave
[08:35] Discussion about Payrol Protection Program (PPP)
/ CARES Act ($2T stimulus package)
[11:08] Discussion about role of SBA / Banks for PPP
[15:34] Will the PPP loan funds be forgiven?
[17:11] Who is eligible to receive PPP loan funds?
[18:35] What criteria determines the loan amount a
business can get?
[20:10] Closing remarks by Owen LaFave
[22:24] Eric's Closing Remarks