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Today's Key Question:
Many business owners take out loans to keep afloat, especially during times of crisis. And many lenders require their clients to purchase life insurance to indemnify the loan.
Do you know how to structure such a policy? See my article below.
"Paycheck Protection Program Loans: The Ultimate Guide"
Small business owners can borrow up to $10 million to pay for payroll, rent, mortgage interest, and utilities under the newly available Paycheck Protection Program (PPP) Loan. The loan is available from any Small Business Administration (SBA)-approved lender as well as through online loan brokers. Loan proceeds used for eligible expenses will be forgiven for up to eight weeks of eligible expenses, effectively converting the loans into small business grants.
"Turn Your Covid-19 Solution into a Viable Business"
* From the Atlanta high school studentwho started an organization delivering free meals to front line hospital workers, to a group of Colombian engineers building low-cost ventilators from scratch, innovators worldwide are creating novel solutions to the problems caused by the pandemic. And many are looking to turn their Covid-19 inspired innovations into sustainable businesses that will continue on past the immediate crisis.
"3 Reasons Why Purpose-Driven Businesses Can Help You Find Better Hires, Mentors and Investors"
* Research shows that purpose-driven companies are more resilient in times of crisis. B Lab found that during the last recession, companies with a social mission had a 63 percent better chance of surviving the downturn than other similar sized-companies.
"HOW BUSINESS OWNERS USE LIFE INSURANCE TO COVER BUSINESS LOANS"
* Sometimes you can access this money from currently-owned business assets or accounts, but more often than not, you need outside resources to make your dreams a reality. You have multiple options when it comes to getting a business loan, such as turning to commercial or private lenders and even investors to obtain the capital you need. But regardless of where the money comes from, one thing is consistent: your lenders will want their money back if you default on the balance or die before the loan is paid back.
Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here