Finding Federal Funding and Private Business Loans and Pandemic Relief with Ralph Russell
Business and finance consultant, Ralph Russell, shares information about several Federal funding options and pandemic relief for individuals and business professionals. In this episode of the Healthcare Consultants Podcast, Ralph Russell lets us know where funding is still available such as through the PPP (Payroll protection plan loans), SBA EIDL (Economic Injury Disaster loans), and the Employee Retention Plan Tax Credit (Refund) program.
Ralph Russell is the founder and president of Springboard Funding Partners in Chicago, working to help eligible companies find the money. Learn direct information about funding programs and who qualifies for available pandemic relief.
Federal Business Loans and Pandemic Relief:
- PPP – Payroll Protection Program loans
- SBA EIDL – Economic Injury Disaster loans
- Employee Retention Plan Tax Credit program
- Restaurant Revitalization program
- Commercial Real Estate and Equipment loans
Summary of Topics Discussed in this Podcast with Funding Consultant Ralph Russell
Ralph Russell is a connected asset for anyone in business who may be looking for pandemic financial relief through Federal funding and private business loans. Mr. Russell is the founder and president at Springboard Funding Partners in Chicago. In his business and finance career, Russell earned a reputation for navigating the complexities of grants and lending for different types of clients who may qualify for different sources of money for the benefit of their business ventures.
In today’s podcast discussion, Ralph Russell talks about the different sources of COVID-19 funding and relief money for individuals and businesses. Mr. Rusell begins the discussion by explaining that the funding sources like PPP loans are being renewed, while other new opportunities are offered in response to ongoing demand for relief. He explains the details people should know about the different programs, and gives examples where certain people and businesses may qualify for multiple funding sources, unlocking the greatest potential for relief money as the world and economies continue moving forward in recovery.
PPP – Payroll Protection Program loans
The PPP loan program was extended and applicants in round 2 may qualify before May 31, or when the funding runs out, which is uncertain. To qualify, a business, including an independent contractor or sole proprietor, must be able to demonstrate a quarter of the business income in 2020, lower than the same quarter in 2019. What is great about PPP money is that the loan is forgivable when the money is used for payroll. The amount of available money is a calculation of the average monthly payroll multiplied by two and one-half percent. In the event not all of the PPP loan money is forgivable, the interest is only one percent, and that is nearly impossible to otherwise find.
There is a credit-based qualifier and the applicant should have filed their 2019 IRS return and have at least a draft of their 2020 Schedule C prepared to review with Mr. Russell when considering PPP money.
SBA EIDL – Economic Injury Disaster loans
The EIDL loans through the SBA are usually used to assist in the event of natural disasters, but now this money is available to businesses affected by the Coronavirus pandemic. Usually, EIDL money is a grant, but for pandemic relief, it is available as a business loan. This 30-year low-interest loan of up to $500,000 can provide the business working capital needed to recover from lost revenue because of COVID. An enticing feature of the EIDL program is that the first loan payment is not due for 18 months.
Additionally, an individual or business qualifying for and participating in PPP can also get a low-interest business loan through EIDL. When cash flow is an issue, the low-interest EIDL loan may save a threatened business.
Employee Retention Plan Tax Credit program
Qualified applicants can be approved for a partial refund of payroll tax paid, giving money back to employers through the Employee Retention Plan Tax Credit program. For the tax year 2020, $5,000 per employee, per year is available. For the tax year 2021, $7,000 per employee, per quarter is available. This means that the business can receive up to $33,000 per W2 employee through this program. Eligibility requires being partially or fully shut down because of a government order issued in connection with COVID.
In addition to getting money back from payroll taxes paid, employers who qualify, may also participate in the PPP program and receive all the available funding to help keep employees and strengthen the business bottom line.
Restaurant Revitalization program
Restaurants, many of which are locally owned and operated small businesses were significantly affected by COVID shutdowns and limited capacities to earn income. Even when allowed to open partially, it has been difficult to make the numbers work and keep employees and inventory moving enough to make a profit, much less keep employees working. The Restaurant Revitalization Fund provides the necessary financial assistance to help restaurant owners with grant money based on a financial calculation from current and pre-COVID financials and the number of locations and employees. Total eligibility per location is limited to $5 Million, and $10 Million for combined locations.
Commercial Real Estate and Equipment loans
In addition to COVID-specific grants, loans, and funding programs, there are many commercial real estate and equipment loans available to business owners and investors who are taking advantage of the opportunities in a pandemic-recovering economy. Ralph Russell helps interested applicants find the right funding sources looking to help finance new and existing businesses with real estate and equipment needs from light industrial and mixed-use, to commercial, apartment, and condominium construction.
Learn About Springboard Funding Partners
Working with Ralph Russell at Springboard Funding Partners
In the podcast, Mr. Russell explains the process through which he works with people and business groups looking to raise money and get financial grants, loans, and available pandemic relief. He describes how he is compensated only when a program, grant, or loan is funded.
To start a dialogue with Mr. Ralph Russell, please contact him directly by phone at (312) 582-0929 or email him at firstname.lastname@example.org. This program is brought to you by the Chicago Health Law and Professional Licensing firm of Michael V. Favia & Associates, with offices in Chicago and Rolling Meadows. For introductions and referrals to healthcare professionals in the Chicagoland area, call Michael V. Favia & Associates, P.C. at (312) 609-6666. Podcast production and marketing by Lone Star Content Marketing (940) 498-2863.