#93: Sandy Botkin: Understanding Small Biz Benefits of the Economic Stimulus

Overview:

Sandy Botkin, CPA, Esq. and Author, speaks with Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. In this COVID-19 Special Edition episode, Sandy provides a comprehensive overview of the economic stimulus package benefitting small business. He also shares advice on how to run your business like a business versus a hobby. 

 

Episode Highlights:

  • What is the Small Business Relief Act and what are the benefits?

  • What is “can’t work money”?

  • How does the Family Leave Credit work?

  • What is the Paycheck Protection Plan and does it include independent contractors?

  • What is SBA loan money and how can you apply for it?

  • Can you get SBA loan money and use the Payroll Protection Plan as well?

  • How will incurred net losses be carried forward?

  • Sandy highlights what you need to know about withdrawing money from your retirement plan under the new rules. 

  • What is mortgage assistance and should you explore refinancing?

  • Is there a certain income your business has to make before it qualifies or is the stimulus for any business?

  • Sandy provides an overview on his consulting services. 

  • How do you differentiate a business from a hobby?

  • Sandy shares common myths about keeping receipts for expense tracking. 

  • What is income shifting and why is this strategy important for small business?

 

3 Key Points:

  1. There are many benefits available through the current economic stimulus package and many of them apply to independent contractors.

  2. You can apply for multiple loans or multiple benefits, but they will integrate.

  3. Some of these programs are capped, so move quickly to receive potential access to these benefits.

 

Tweetable Quotes:

  • “In many cases, you’ll be almost as well off as you were before things started going south.” – Sandy Botkin

  • “By doing something you will save a tremendous amount of money and you’re going to make your life a lot less taxing.” – Sandy Botkin

 

Resources Mentioned:

#HealthcareEntrepreneurAcademy #HealthcareBoss #healthcare #entrepreneur #entrepreneurship #economicstimulus #coronastimulus #smallbiz #taxcredit

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