We have all been affected by Covid-19, and from a financial perspective, this is the most important thing I can share with you. The below actions are things you should do today.

As we all know the government has passed a huge stimulus package which means they are printing money out of thin air and giving it to people.  There are definitely negative medium-term and long-term economic problems with doing this (inflation), but for people who are struggling right now, it is your life line and it is up to you to stand up and grab hold of it.

The government does not want the economic system to break and they are keeping it going a number of ways. These are the two ways that affect you.

• If you are an employee of a company and you have been let go, furloughed, or are not working. You need to file for unemployment. Unemployment benefits will allow you to receive up to 60% of your salary for 6-months.  For the next 4-months they are giving you an additional $600 per week or $2400 per month that you remain unemployed or unable to work due to COVID-19.
  • The goal is to allow people who cannot work due to Covid-19 to still pay their bills
  • You can file for unemployment insurance at: https://www.careeronestop.org 
• If you are a business owner, self-employed, contractor, LLC owner, S-Corp, C-Corp.  The government is giving VERY inexpensive loans at .5% for 2-years. The purpose of these loans is so that you do not let your people go and that you yourself stay in business.  All of the funds you use for business expenses like pay role, rent, etc. will be forgiven. The other expenses that do not meet the guidelines will need to be paid back over 2-years at a rate of .5%.
  • The goal is to allow business to remain in business and retain as many of your employees as possible.
  • This loan product is called the CARES Act Paycheck Protection Program (PPP)
  • This program opens tomorrow April 3rd and all applications need to go through the bank you currently bank with. If your bank is not participating in this, you need to set up a new checking account with a bank who does.
  • Call your banker today and get signed up!
  • I have attached the PPP overview and fact sheet.

At Northwest Private Lending we care about our clients and their well being. We are always here to help you. Please let us know if you have any questions.