A new story from Newell Normand

WWL
| WWL

Automatic TRANSCRIPT

Hear me can first of all before we get started I'd like to ask you cannot call someone at your bank to get more information later you can yeah our loan officers are helping people and that's I think that's one of the reasons the local banks have done so well is we actually have people you can talk to and ask questions can you give me the number please R. five eight one four five six one and just ask for a loan officer and better if you identify an area where you live so they can give you somebody close to you okay my name is Dan I'm eighty six years old and I can't leave the house because of the virus the problem is this about eighty five percent of my income comes from a couple pieces of rental property that I have and it's now vacant and I was wondering if I can get a loan to bring these properties up to date right now I like something that's probably forgiven at the end of it and if not by the excuse me is there some other way I can get some help such as a this astra alone or unemployment loan or SBA economic disaster loan and Kenya people help with on all or any of the above okay I'll go through them one at a time the disaster looms they're not available for that purpose and they're not taking new loans except for agriculture right now so that's off the table the second question is do you have a mortgage on the property right now this is inherited property has no mortgage on okay so our our if you had a mortgage I would say most lenders are giving departments you know three months six months and we are as well but if you don't have a mortgage yep you know we'll be happy to talk to you about up you know what it what it would take to you know get the property rentable again and help help you get the thing in order okay you can help on that repairing it in well and I'm I'm not saying I'm not guaranteeing we're gonna prove alone we have to run the credit look at the property but it's not something we would consider we've done it for other people yeah okay it's easier for the people you do it for me because I you know I don't have good credit so cool good good okay great Dan thank you so much for the call is going to Richard Richard John look I Williams yeah I can hear sure can he has got a wide variety of most deployed have our own business and she always wanted to be P. our business and we use our net income with her schedule C. form to figure out the amount of water okay good the chief he received it but I'm having a corporation is I don't have a schedule see I have a J. one and from what I understand I can't use my neck yes this is a one is that how it really works did you pay yourself yeah but my income from that you know most of my money I put into the business so I don't draw that big of a check from that company yeah you're very small amount you're you're up royal protection loans going to be based on what you actually draw and your and your wife's actuation you could use that schedule C. profit but without a schedule see that what they're going to look at is how much you actually paid yourself for drew out and that's going to determine the loan amount yeah well I mean I you know we figured that out when you know this out but why they let her use that amount and I can't use my net amount with business even though we don't have the same it's got K. one you know what we we often wonder why Washington does what they do we we do have to give them credit compared to Katrina they actually got this done very fast they've gotten a lot of money out very fast did they do it perfectly no but they have revised it so there's a chance there will be a phase four and they're looking at changing PPP and pays for as well so that may be something that changes but we're we're we're stuck with the laws that they wrote and then we're stuck with beyond the law as treasury an SBA interpreted them and that's what we have to live by I.

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