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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:14.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'>Hello Gotham:<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'>This info might be of interest to sole proprietors and/or small business owners in light of the fact that the government still has an excess of $100B available for this program. You might contact your banker, accountant, attorney/business advisor for more details. But thought I\u2019d pass along some basic information.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'><o:p> </o:p></span></p><div><blockquote style='border:none;border-left:solid blue 1.5pt;padding:0in 0in 0in 4.0pt;margin-left:0in;margin-top:5.0pt;margin-bottom:5.0pt'><div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>This is a<b><i> very basic overview </i></b>and is<b><i> not intended to be comprehensive. </i></b><o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>All sorts of small and not very small businesses are eligible. (Schedule C filers actually have a better rate calculation than others). In very rough terms, businesses like yours, assuming it\u2019s not structured drastically different than a few years back, can \u201cborrow\u201d approx. 20% of their Gross Receipts for 2019. (Max of 100k gross receipts per owner. More if business has employees).<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>So a sole proprietor grosses 50k on their 2019, pre pandemic Schedule C, they can get approx $10,000. This does not have to be paid back if handled properly (which is easy for a Sch C with no employees.</span><span style='font-size:10.0pt;font-family:"Arial",sans-serif'>)<span style='color:black'><o:p></o:p></span></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>This is also not taxable. Great small business stimulus plan. <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>There is even a second draw available for businesses that experienced a 25% loss of revenue in just one quarter of 2020 compared to the same quarter of 2019. Even if they made up those losses later. <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>There are added bells and whistles that are helpful in some situations but this is the gist of it. <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>Program set to expire March 31 and some banks have stopped taking applications. But the house nearly unanimously passed extension to May 31 with an additional month for processing. Expected to pass the senate. Those who missed our now have another chance. It\u2019s even possible to get a first loan and then the second loan if one acts quickly given the extended time. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt'>Lynda Feld<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'><o:p> </o:p></span></p></div></blockquote></div></div></body></html>