Neil Seiden, the president of Asset Enhancement Solutions, LLC ("AES") was making a Zoom presentation to the staff of a small Commercial Real Estate Brokerage firm educating them about the PPP Loan Program. Mr. Seiden discussed that the program was created by the Federal Government to help businesses to continue paying their employees salaries so that both the businesses and employees could survive the effects of COVID-19.
Mr. Seiden shared that eligible businesses could receive a maximum PPP loan of $10,000,000 and if they are part of a related group of businesses the loan amount for the affiliated group could be as high as $20,000,000. Neil noted that entities that were eligible included C-Corps, S-Corps, Partnerships, Non-Profits and even Independent Contractors.
In attendance at this Zoom meeting were several commercial real estate brokers who are compensated on a 1099 basis. These real estate brokers were surprised to learn from Mr. Seiden that they were eligible for a PPP loan. He explained that independent consultants and 1099 employees are eligible for the PPP loan if they file a Schedule C in their personal 1040 tax return. Mr. Seiden advised them that the maximum PPP loan amount that a real estate broker without employees could receive is $20,833. Neil advised them as to what documents were needed and directed them to AES' website where they are able to access the link to the lender AES teamed up with for the PPP Loan Program.
Neil also advised the group that AES hosts a daily workshop on Zoom whereby participants are able to complete their own application online with the assistance of an AES consultant who will guide them step by step as they follow along with consultant who is simultaneously completing the same application on the Zoom. Neil explained that AES provides its PPP clients with Complimentary VIP Treatment at no cost in its role as an Agent to various lenders.
Mr. Seiden has since learned that the real estate brokers who are compensated on a 1099 basis have visited AES's website and have applied on their own or have attended AES's daily PPP Loan Workshop and applied online during the Workshop. If these real estate brokers show at least $100,000 on line 31 of their 2019 Schedule C (Net profit) they could each qualify for a PPP loan of $20,833. Neil explained to them that they need not have filed their actual 2019 tax return and that they could just submit a stand-alone 2019 Schedule C to the lender to qualify for the PPP loan.
Mr. Seiden also explained how AES could assist the tenants of the landlords they work with obtain PPP loans and how this could provide the Commercial Real Estate Brokerage firm with a competitive edge in the marketplace as PPP funds can be used for paying rent.
To learn more about how we can assist you with your PPP loan, please contact
Neil Seiden, 516-767-0100
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