Should Businesses Avoid the PPP Loan from the Government?
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Safe and sound
Hahae so good
I’m pretty conservative, we had no debt, we have savings etc. But business essentially shut off for April, May, June and July. So not sure why he’s talking 30 days….
Dave is the 1% what does he know
4:22 thats me
PPP seems to be the way out, I don’t think Dave will hang out checks to save your business at this moment. We are living in desperate times.
When you accept SBA loans your actually selling your business to the government.
Dave, you are very uninformed and you should consider updating this video
I got a $1,000 EIDL grant
I also got approved for a PPP loan for my independent contractor roofing business where I am the sole employee. I will use the entire loan for my payroll and if I spend it the correctly, it doesn’t need to be paid back.
I’m returning my loan
It’s cheap capital I don’t see why you wouldn’t take it
Thanks love the channel
My father heard about the PPP and kept calling it a grant and “free money”. I had to work very hard to keep telling him it is a LOAN.Our business was very profitable before coronavirus, and people being stuck in there homes have only increased our revenue as we provide pest control. We only took the PPP loan because we had the cash to pay it off in full and just wanted to see if it would be forgiven so we could cashflow a demolition project as we are wanting a biggershop. We also bought a condemned building/commercial lots at a steal during this pandemic. I have only told people to take this if they have the mindset of “its a LOAN” and MAYBE forgiven, can you afford a loan right now or SHOULD you take a loan? If your a business thats closed and non essential….I would strongly advise you NOT to take the LOAN.If you are a booming essential business with cash on hand to pay it off if/when the government says no forgiveness take it or not up to you.
Just the advice I needed!
Dave needs to stop with the “I make x amount of money so everything I say is right.” It’s a simple appeal from authority and isn’t a substitute for a good argument. Under this logic, Jeff Bezos makes more money than anyone and Amazon clearly has gone into debt to finance their growth.
As far as the PPP, if you are a business owner, you are doing yourself a disservice by not taking it. Worse case scenario, you end up with a 1% loan.
Here we are a couple of months later and I am glad I didn’t take this advice. Yes, for the first time if my life, I feel like I am getting something from the government.
Because of our PPP loan we were able to reopen our 14 doors. Now, we are able to keep 120 people employed, who will all be participating in the economy instead of being part of the huge unemployment stats.
It took a lot of research to get where we are and I am glad that the rules were changed. As originally written, we would have had a large portion of it forgiven and gave the remainder back. Now with the 24 week revision, we have hundreds of thousands of dollars to pay rent and payroll expenses. Where is this wrong?
I’ll be composing our loan forgiveness application in the next week. When we get that loan forgiven without hassle or strings attached, I get to say “I told you so.”
“Loans under the PPP will be 100 percent guaranteed by SBA, and the full principal amount of the loans may qualify for loan forgiveness.” KEY word MAY
Don’t protect cash, invest into Realistate the only thing that won’t devalue long term. Buy foreclosures.
My job was saved thanks to the PPP loan. When revenue completely stops, it’s hard to keep paying a 150+ person business without it
You would be a fool not to take it, if you meet the
criteria.. what is not forgiven, give it back without a prepayment
penalty. The rules are pretty straight forward, if you can’t follow them give it back.
He will never admit that he gave bad advice on this. He’s a
self made multi-millionaire with his own agenda and common sense ideals. – So he does have that going for him lol
(people the gov’t gave out stimulus checks to everyone who qualified – I got $3900 with three dependents, they also
are handing out an additional $600 a week for unenjoyment for the next three months, AND all the corporate bailouts!!! Uh free
lunch guys? Yepper)…Did these poor guys take
any gov’t handouts, or did they make too much money?
Dave needs to do his homework and help try and guide small business owners through this and if it is truly bogus substantiate his claim.
Agree with him on most of his strategies..Not this one… Stay Healthy everyone
He didn’t read it and he’s giving advice on it? He’s a millionaire fraudster.
And here I as feeling stupid for NOT taking the PPP or the EIDL “loan.” THANK YOU Dave for the validation.
As to his comments about jumping through hoops, I totally agree. I was working as a CFO for a local government that was impacted by a FEMA category event. The cost of the event to my agency was about $240k. I can’t begin to tell you the hassles I had to deal with to document the spending. I was audited no less than 5 times for the same expenses, a few times by outside contractors and a few times by my own state. I was told one thing by one government agency which was then contradicted by another. In the end, i spent countless hours justifying the expenses and it took almost 10 years before everything was finally signed off. All along the way, I was threatened that the money would have to be repaid.
Dave Ramsey, are you now telling Businesses to have an emergency fund? Its easy for you to say don’t take the PPP loan. I will use the money to keep my business solvent.
The guy to the left doesn’t look happy as if He knows he’s on the Ramsey chopping Block. But if Dave has so much money and preparedness he shouldn’t have to lay anyone off.
Terrible advice. Without the PPP I would have had to lay off employees. Now I can keep paying them. I have made a spreadsheet for all my payroll expenses and other expenses so it will be 100% forgivable.
Dave Ramsey and the other hosts are so right. I had suspicions about this PPP thing from the start because of one word, LOAN. The SBA called it a loan and not a grant. People are going to have to pay that money back and it’s not going to be pretty.
It’s a bridge loan. Many businesses need this to survive. Dave, it’s really easy to preach when you’re sitting on millions….
Dave as a person that got the loan you are absolutely wrong wrong wrong. Best case forgiveness worst case 1% loan for 2 years. Flat out wrong
The studio looks wicked nice dave..hahahahaha
This is really dumb advice.
All this video shows is how much of a fool Ramsey is……
I’m wondering if this may be a way the FEDS take over many, many business……..in the idea of having more control over some markets??????
PPP loan is at worst a 1% loan – below inflation. You’d be dumb not to take it.
This is really bad advise. Take the free money and manipulate the system as much as you can to get the maximum forgiven. At worst its a 1% APR loan. Just stick that into something that will pay more that 1 percent and you’ll be better off
I like Dave and because of his teachings I had 3 months of Emergency Cash saved. That being said my business closed 2 1/2 months ago. I’m in Maryland and it looks like we’re going to be closed for possibly two more. So here are my options. A) Take Dave’s advise. Not be able to pay my rent in June. Fire my Assistant and wonder where my next meal is gonna come from or B) Except the PPL money that was just put into my account TODAY. Stay a float for another 3 months and roll the dice. My answer………shake shake shake…Roll um!
What people like Dave Ramsey and others hate to see is that people are getting this immediate help, eventhough it’s a loan, with little effort. Dave and people like him like to see others struggle, so they can take his idiotic courses. So many businesses in the U.S. have been taking loans and flourishing afterwards. Look how he just disrespeted his accountant and financial advisor. Why do you have them if you’re so smart. I bet all those guys on that stage have credit cards with high limits. Dave is just so fake. Stop hating on people who are getting a little help. If they squander the funds, that’s on them. If they utilize the funds correctly, more power to them.
If the government really cared about medical practices and healthcare establishments, they should have prioritized PPP loans as a separate category just for those entities.