Are you wondering how the recent SBA legislation affects you? Many might not understand what it means for them in the long run, but all this new legislation may just be the windfall your business needs in these trying times. Scott Carson talks with Jason Byrd from the Byrd Law Firm and the Byrd Chronicles Podcast about the recent SBA legislation and what it means for small businesses. Make sure you don’t miss out on this chance to take the first step towards keeping your business thriving post-pandemic.

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Watch the episode here

 

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Keeping Up With SBA Legislation With Jason Byrd

Thank you for reading, Note Nation. You’re going to love this episode. Many business owners are struggling out there. It’s not only small businesses but people in the real estate fields out there who have employee staff wondering what to do. We’ve had our guest on a previous episode. We bring back my oldest and longest friend, Jason Byrd, who took a lot of time to sit down and evaluate the SBA legislation, the PPP and the Disaster Relief Legislation that were passed. You’re going to love this episode if you’re a small business owner. It breaks down the differences between the two. Why you should go ahead and apply for these programs, even the government is out of money but they keep putting money into it? Why do you want to get your application and things to look at? He’s not being an SBA expert, but he did sit down and spent a lot of time going through on this episode and breaking down each specific aspect and how you should react to this. If you’re a business owner or not a business owner, this would be an episode for you to read.

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A lot of people out there are feeling like, “Where do I get started? How do I help people out as best as I can?” Jason does an amazing job on that. He’s one of my longest friends. I’ve known him for many years. We’re two small-town boys from Ingleside, Texas. Jason why don’t you share a little about who you are and what you do, then we’ll dive into what you put together here for everybody.

My name is Jason Byrd and I ran The Byrd Law Firm for a number of years. My primary practice area is in commercial litigation. I do some light business. I’d call it white business work. I’m capable of doing it, it’s just boring to me. I don’t typically do that work day in and day out. In some background on why I think this is relevant is I’ve also spent several sessions lobbying and testifying on proposed bills and legislation going through in a variety of different areas. As unexciting as it sounds, I’ve got a little experience going through proposed bills and new legislation. The genesis of what we’re talking about is all of this broke out. It’s been unfolding over the past months and weeks. To some degree, my business has come to a halt. At some point, we’ll pick back up, but because of the litigation, I’m relying on court dates, trial settings, in-person depositions, and things that move the ball forward. That all came to a screeching halt.

I have been trying to figure out how to restart all that. Additionally, I’m trying to figure out how to be helpful. I’m not a doctor. I don’t know anything about viruses. On the physical and the health stuff, I’m pretty helpless there. A good friend of mine who’s a lobbyist there in Austin, Jacob Smith. We had been talking and we said, “Let’s go through these bills like we would in the past years going through legislation. Let’s try and break them down, and summarize them.” He did a pretty good job of that. I helped him with some of that but for the most part, he did that in one document. What I did was a memo trying to break down some of what I thought are important provisions to the small business type of people that I normally come in contact to. There are thousands of pages of legislation. Frankly, the people who passed it don’t know everything that’s in. We’ve got a decent summary, but there are no experts out there.

What I did was trying to break down a general strategy that a lot of small businesses could employ and kick it down the middle of the road. Every situation’s a little different. That’s a lawyer in me saying that you might lean one way a little more depending on what you have going on. I try to make some simple advice for mom and pop up to fairly significant size concerns. I say, “If you want it, I’ll send it to you.” I’m trying to make any money off of it or anything like that. “If you want the advice, here you go,” or just the general knowledge. It loosely ties into my practice. Typically I spend most of my time fighting over money for these small businesses or individuals, typically with the bigger concern like insurance company, a bank or a larger partner. It all ties in and I thought, “Let’s talk about it. All your people are small business type of people.”

You’ve done a good job because you’ve shared two documents and I stripped those out. One was the 53-page breakdown, then your six-page. I don’t want to say cliff notes version, but a streamline of what you thought was the most important to small business owners. I thought maybe we start with the six-page and then we’ll go from there. I thought it was well written, Jason. It answered a lot of questions and I sat in on a few different SBA phone calls and webinars to figure it out.

What I’ll add too, Scott, is what we did in preparation for this is go through the bills and then go through some of this. We spend some detailed time looking at some of these provisions. Also, I spent about an hour on a conference call with the lady over at Texas for the SBA talking about that. This was before the passage of the CARES Act. I also want to put this in the right context and the frame for your audience on what we’re looking at. The legislation itself, that’s the law. That’s what the law says is going to happen. We all know that that’s what says generally what’s going to happen and we’ve analyzed the practicality of how it all plays out and how do I physically going to do this, there are a lot of unknowns.

Typically in a normal setting in our country, your Congress or even at your state legislature will pass legislation. It’s up to the various departments and the Executive branch to have the rule-making authority to say, “Here are the forms. Here’s how it’s going to look. Here’s what you can do.” There are some variants in there. These was all passed overnight. None of those regulations exist. The treasury, the SBA, and other departments are trying to come up with that. What the law says ultimately should happen is supposed to happen, but the process of getting there, don’t take just because that’s what Congress passed, it’s automatically going to start happening.

That’s the truth. Especially, if some of the local banks don’t even have the paperwork or things set up yet to start taking on applications on things like that.

I’ve talked to one client that’s been able to speak with a local bank to get an application. Everybody else, they’re just on the list. I’ll start with the first one. This is a provision that’s contained within the CARES Act that was passed by the President. They’re calling it PPP Loans. For the business owners out there, you may be familiar with the SBA and the type of loans they offer. Typically in those types of loans, they’re set with what they call their 7(a) program. That’s their flagship program. If you want an SBA loan, in other times you go to your bank that’s an improved lender, SBA lender. You talk with them and you fill out the application. It’s a little more cumbersome than a traditional loan, typically in the information.

They’re pretty stringent depending on the size of the loan or trying to get collateral and a number of other things. These PPP loans are akin to that traditional type of loan. They’re going to be operated under that system. When you start to consider one of these loans, you’re going to go through your bank and go through that process. Your bank may not even have a way for you to apply quite yet. Why are these important? I’ve listed them and I broke them out in levels of importance in a way. These are important, and the simple things to know about these is this is the loan that will wash away. This is the loan that can be forgiven to a certain point.

What do I mean by that? You can get a loan of up to 250% of the qualified expenses. We have bullet points that everybody can read. It’s a loaded amount of things. It’s to protect your payroll, your health insurance premiums, your rent, your mortgage interest, and there may be a few small things that will pop, but that’s the main thing. You can get up to 250% times one-month average of those things. That’s not the amount that will be ultimately forgiven under the legislation. Effectively, they’re giving you those qualified expenses up to two months to eight weeks. You can get this loan if you’re a big or small business. Since they’ve relaxed some of the affiliation rules that you can have small businesses, if you have $2 million a month in salaries, you could max this thing out pretty quickly.

That’s not my business and probably not most of the people’s businesses, but if you’ve got that size of a concern, you’ve got lawyers and accountants that you’re already paying on staff that is going through it too. I’m not as worried about those guys. Some of us have good businesses that shutting down for months at a time and it’s scary. What does this give you? The biggest limitation probably for you and for your people on this is you’re going to have to keep it within these reimbursable amounts, and on the compensation for your employees and your owners. Guys like me, you or your other owners of the business. There are people who make over $100,000 a year. They’re not going to forgive you for two months of their pay.

I’ve got the calculation somewhere in my office. It’s eight weeks at the max, the pay is $15,000 on $134. I’m using this as an example. Let’s say you pay yourself $200,000 a year out of your company, divide it two months. You’re not going to be able to get that full amount towards it qualifying. You’re only going to get somewhere around $7,500, just note that. You’re right on in the paper. What’s eligible for the payroll cost and it’s right there. It’s all for the most part salary-related and/or rent-related for your place. The reason I have this first and I found it important is because of the forgiveness. That’s unprecedented on an SBA loan.

It’s really not a loan, it’s a break. People need to take a hard look at this. For most of my clients, it might be different. I could see situations potentially where it could differ. I would probably recommend going to that max eight weeks and then taking a look at some of the other opportunities before I max this one out. I know I’m skipping around in terms of the paper. I say that because effectively, you do the formula on your basic circumstances and get the eight weeks, that’s forgiven. The terms of the remaining amounts if you took them or you do take them are favorable indeed.

You’re cap at 4%, there’s a six-month deferral and on any payments, there’s no penalty for pre-payment, and they’re amortized over ten years. However, in my opinion, those terms are not near as favorable as the terms on an economic disaster loan. I would tell most people with a small business to take a hard look at that. The Economic Disaster Loans is not in the CARES Act but funded in the Families First Corona Act. It’s a supplement that was passed about a week to ten days prior to the CARES Act being passed. Those provide a pretty substantial amount, obviously not $2 trillion. You should know $2 trillion is not going to small businesses. Big portion is going to big business and other areas, but under the disaster loans, there’s a little bit of difference.

These aren’t flagship 7(a) loans, they are 7(b) loans, which means you’re applying straight with the government. They’re coming straight out of the treasury. If you get a loan, they’re paying you out at the treasury. In my conference call with the SBA, a Texas representative, they can’t go out on a limb. If you read the tea leaves, in the past when they do these types of loans, there are a number of considerations they make. I get the sense that they’re relaxing. She stressed to us that they’re looking at two things. They’re looking at credit history and ability to repay. Frankly, they’re looking at the ability to repay more strong than anything. Sometimes as small businesses, she might have great credit, medium credit, poor credit or somewhere in between.

If you go look at everything, you pay all your bills. It’s just the nature. Sometimes we get out there and we don’t. That to me is pretty positive news. Additionally, there’s not a collateral requirement. Typically, anything over about $25,000, they would require some collateral. That being said, if you have collateral to give, they’re going to ask you to pledge it. Those loans are up to a max of $2 million. They’re automatically amortized to 30 years and they’re capped at 3.75%, and there’s a twelve-month deferral on any payment and no penalty for prepayment. That’s why I’ve said, “Let’s take a look at what your situation is because those are better terms.” I expect too that there’s going to be a bit of a mad rush for the forgiven loans under the PPP program. Procedurally getting through the extra layer of the bank and everything else is going to be difficult.

I skipped over one thing there and that’s the EIDL Grants. It’s under the disaster loan, but it’s a grant. This is a pretty easy process. You get online. The last time I checked, this was the only thing that you could apply for. You couldn’t apply for the loan yet. They’re just not set up for it. In fact, the SBA disaster loan website crashed and they didn’t have the capacity yet. They weren’t quite prepared and I get that, but they were working on it. You can get online and there are some pretty basic information. Your tax ID number, your principal who owns the business, your revenue from the previous year, and cost of goods sold and your banking information. They’ll make a determination. Most people who have a small business are going to probably be entitled to this $10,000 grant.

The legislation says they’re going to wire it to you within three days. We’ll see. Everybody that I have work with or talked to, including me, only completed that, the earliest we have was Monday or Tuesday morning. No one’s received the wire yet. That’s a grant that is forgiven. If you end up taking an economic disaster loan under the Families First Coronavirus Package Program, that $10,000 will count towards your cap. Effectively too, it’s a little different. It’s confusing when you say it’s an economic disaster loan. I live here on the Gulf Coast so we’re familiar with that from hurricanes. That’s typically what they’re used for. It typically requires some type of damage to your business property. You’re shut down and you can’t work because you had some type of natural disaster.

They’re running it through this program, but they’ve designated it. Everywhere in the country had an economic disaster if there’s no physical damage required. It’s pretty obvious but that they’ve made that clear. I get the sense in addition to reading the legislation, but from talking with them, they’re going to try and make these things work for people. The SBA realizes that a lot of us are going to be behind if we don’t at least get some help. That’s the short of it. Some practical tips, when you do get to these points, particularly if you apply for this second version here, I’ve got these economic entry disaster loans, do it online. I doubt anybody isn’t able. If they can read this, they can probably get on the SBA website.

It’s listed there, but if you have friends or family that aren’t comfortable with it, help them. They will take a paper copy, but you’ll get to the back of the line if they can get you. Secondly, make sure you have all of the information that they require. There are about five forms that they’ll require with these. You submit it all at once. I got most of them and I’ll send it. I’ll get this last one right down. Under normal circumstances, that would probably be okay. Even the SBA reps are telling you that you’re going to end up in the shuffle. Your best bet is to have everything right the first time. Take care of it because of the volume.

They’re hiring people on some of the legal forms. I’m on the SBAs. We need lawyers. We need counselors and advisors. They need people because they’re about to get overrun. Luckily, this legislation under the first bill provided some additional funding for them. They’ll be able to play it out. These bills did so much other stuff. There’s funding going to states under the first bill to help put some money into the unemployment benefits. They put $83 million in the Department of Defense for testing people. There’s a number of items through if you want to geek up on it, read through it, but these are the things that I thought were most important to day-to-day small businesses.

 

We’ve got some questions. Someone asked, “What’s the difference between a sole proprietor and being self-employed under the PPP?”

They say it’s not going to matter.

Another one asks, “How does this apply to a single-member LLC that takes 1 or 2 distributions over the course of twelve months? Do you average the distribution over twelve months or how would you figure that out?”

I would average it that way. However, there are no regs and no interpretations. There are no Treasury or IRS regs. That would be a reasonable approach, but there’s no answer on that. If anybody tells you they’re an expert on all this, they’re not because there’s been no regulations on any of this. Take the most reasonable approach you can. I typically only make two distributions. Let me average that out over twelve and take 1/12th of that to come up with my average monthly if they’re consistent. If you’re inconsistent in up and down, it’s hard for me to tell you without seeing the specific numbers. If it’s consistently in an amount that’s over the course of a year, $100,000 or more, it’s easy. You’re going to take the max.

“If you’re a small business, is a C corporation still eligible for emergency or EIDL?” Yes, you’re still eligible because it covers it. Look at your payroll and what you’re paying out. If your salary is up to $100,000, figure out what that is. Add those in these costs and 2.5 times when a monthly amount would be. That’s what you’d apply for on that.

I know where a lot of these questions are coming from because there’s a lot of technicalities typically with SBA applications like different entities and how you’re operating. Know in the back of your mind if you’re not a lawyer, generally, those have been heavily relaxed. We’re talking about sole proprietorships all the way up through C corps, S corps, single-member LLCs, managed LLC, multi-members and just about any type of entity out there operating are probably going to be fine. Even some nonprofits are eligible.

If you’re asking questions about the SBA website, we don’t handle any of that. We can’t answer uploading questions or the fact that it’s not aligned to upload. We don’t have any contact with that. We’re simply going through some of these bills and giving you a bit of a guide. I don’t know when you would submit it. If there’s an upload box link, then you probably want to upload the documents to that upload link. We aren’t involved with the SBA website of any sort. For those questions, you’re going to need to go directly to there. Someone asks the question, “For emergency grant up to $10,000, what is the formula for SBA and how much a business might receive?”

I don’t know their exact formula. There are no regs on it. They’re going to look at your numbers. They ask very little information. I suspect if you’re legitimately operating a business, you’re going to get the $10,000. If you’re doing $10,000 of business a year, you’re probably not reading this. I’m not trying to be rude, but if you’re operating a real business, you’re going to get $10,000. I’ve actually gone through the process. I couldn’t even access an application to make for the full loan, but what I could access was the $10,000 grant. The information is pretty basic. Its name, rank, and serial number. The only economic information they ask are what were your gross revenues in the last twelve months, the cost of goods sold, and reaching those revenues. They asked for your wiring instructions and it takes five minutes to do.

You advise people, “Everybody, get on there. Apply for the EIDL.” Get up to $10,000 and if you apply for the payroll protection one, the PPP. If you get approved for the PPP, they’re going to deduct the $10,000 where they give you on the emergency from that amount.

No, I don’t believe so. They will deduct that if you reply for a loan under the EIDL. Effectively, try and figure out the need as best as you can. Who knows what that means? Every day we get new information. To the extent, you can do that, but there’s a way where if you want to maximize the eight-week period, whether it’s fully forgiven and get the $10,000, it can all be money that’s a “loan” but it’s either partially a loan, a grant or it’s all forgiven. You could get effectively eight weeks in the $10,000 and not ask for anymore and not owe anything back. I’ll caution people against that for one reason.

The SBA reps are cautioning you against that because of uncertainty. You may in three months determine, “Maybe I needed to ask for a little bit of loan of $200,000,” I’ll just use a number. Getting back in front of it in the system could be problematic. They are telling us, ask for your maximum you think you’ll need, that doesn’t mean you have to take it. You could get approved for a $2 million loan and take a $100,000 because that’s what’s going to be either a grant or paid back or forgiven. I would ask for it on the front end as opposed to the back end. At least have that flexibility because flexibility helps in some situations where there’s a lot of uncertainty.

Someone asked, “For SBA forgivable grants of $10 million, how does that work? The SBA disaster loan is $2 million, can you explain?” Carrie asks a question, “Our businesses is in the 52 range in the NAICS code. We have more than 500 points. Based on the SBA set, we qualify off of our grocery seats of income, which would should be under $41.5 million. Do you know if the SBA will look at several years of tax returns or the last tax return that was filed? The IRS determined our gross receipts.”

I have no idea because there are no regs out. They’re determining that policy. I suspect they’ll look at your last return, your last twelve months or your last full year based on talking to them and taking the spirit of the legislation. It’s a point at which they’ve tried to make it as open and available from my perspective than I’ve ever seen. If you’re right on that cusp, who knows, we’ll see what they write.

A couple of big things that I’ve seen questions on other things like that. This stuff is for your employees that are inside the United States, for the most part. The people that are paying taxes. If you’ve got contractors on payroll outside like in Mexico or something, that doesn’t encompass them. If we got VAs in the Philippines, does it cover them? This is going to cover your domestic job in place. If you’ve got somebody that’s living abroad but still doing more here who’s a United States citizen, that would cover their payroll but not somebody who’s foreign to the United States. Those were a couple of big things there too. I believe that to get the grant forgiven, you’ve got to continue to pay out, have payroll, and keep people paid for the foreseeable future.

You have to pay them for those time periods, which you took it for. For example, let’s say I have $100,000 a month payroll. I take out the max $250,000. I get the money, I lay everybody off. You’re going to hope money back that you’re not using to pay for people.

I’ve seen some people talk about some banks that don’t even have the paperwork yet. If you’ve got an SBA approved lender, you don’t necessarily have to if you don’t bank with an SBA lender, it might be good. If not, you jump on the website and go there or go in. Maybe if your bank does have somebody who helps out with that, they can walk you through it. Maybe you get a little better service with somebody there. I know that a lot of the banks are still trying to figure out exactly how they’re going to collect that documentation and submit it. Some may be are easier and some may be a little more difficult. At least doing it makes you go through the bank. There are some systems to submit those and maybe to offset the SBA website being bombarded nonstop with that stuff. If you’ve got employees and you’ve got payroll, this would be something to get on there. Like what Jason said, I would jump on definitely and apply for the EIDL.

At least apply for the $10,000. I’ll add to that. We’re told that they’re going to have the SBA paperwork out and some more solidity on the regs. This is all happening fast. Oftentimes, I think those things are set as aspirational. Stay on top of it and keep checking it. A pro-family service here in Southeast Texas is a nonprofit. We run the Battered Women’s Shelter and a counseling center. In our rank, they’re already working with us. We’ve got the application and we’re working on it. That’s the only people I’ve talked to that have even been able to get an application. None of my business people, I know one of the big banks here has said, “We’re just putting people on the list.” There’s a question from Andre, “What’s considered a cost of goods sold?” That’s not defined. There are no regs on that. Generally, I would look at what’s your overhead versus revenue? If you’re a service-base, it’s hard. For example, it’s hard for me to say, “What’s the cost of my goods sold?” I provide a service. I look at my underlying overhead. That’s what I’ve done.

That would be with your rent, mortgage costs, and your payroll. You don’t want to include net, you want to include the gross with all the payroll taxes in there too if you’re applying for the PPP as part of that.

That’s specifically what I was talking in reference to the $10,000 grant. For those who take the run, what were my revenues? There’s not a whole lot of questions in there. It’s just saying, “What are you doing?” There’s no guidance I can point to you with the SBA, treasury or anybody. Take a reasonable approach is all I can tell people as far as the details until more comes out.

You and I both agree that this is the first wave. We’re going to see a couple of other bills that get passed here in the near future too, Jason.

I would think so but I don’t know. I’ll tell you, a lot of school districts say, “The 1st of May is when we’re planning going back to school.” My wife, Jennifer, just started teaching this semester. She had worked for years and she decides to go start teaching. She’s on the Zoom with all these kids and all this stuff. I told her nicely, I said, “If you think you’re going back to school, you’re crazy.” A lot of it is dictated to the extent there are restrictions on us. I know it’s aspirational that this is all over by April 30th, 2020. What happens if 80,000 people pass away from the Coronavirus?

Do you think we’re open and wide back open? I don’t think so. I don’t know what kind of businesspeople she’s got on the call, but I’ll use me as an example. I’ve got a litigation practice and when we fully back open, it’s not like day one, we’re back at 100%. Everybody’s in the same boat. Nobody else that’s handling litigation has that access to the court. It’s going to be slow going. For every month, we’re shut down. In my business, I feel like we’ve got a 4 to 6-month lag getting back up. I think the people at SBA are going to understand that. They’re going to have to.

We’re going to see that on our real estate stuff side, especially on the investment side when you’ve got tenants that are applying for delayed rent. We’ve got borrowers that are reaching out and asking for forbearance agreements, are delayed on their mortgage payments. You have to expect that. The next round of bills is going to deal directly with the real estate side of things. This is the deal with your employees. The immediate thing of trying to keep people for some sort of work or salary to help solve some things. I know I’ve got friends here that run businesses that are coming out of pocket to pay payroll until the end of the month or a week or two. They don’t know what they’re going to be able to do after that. This is a good thing. It feels like the little Dutch boy putting his finger in the dike, trying to stop many different places from bleeding.

 

For those of us willing to hustle, be patient and streamline, you’ll be able to survive and then some of us won’t. If you’re not in a position where you can demonstrate that you can repay the actual amount of money you need, then your business is probably not going to make it. I know that sounds harsh, but that’s how it goes. That being said though, even if that happens, that’s not the end of the world. We’re resilient people. The solace I’ve gotten from it as I was talking to a client, I said, “The good news for me is at least we’re all in it. I’m not the only one who’s nervous about it. I’m not the only one who can’t fully operate my business. It’s all of us.” The rising tide floats all boats and it brings them all back down too. We just have to ride it out.

Somebody asked the question, “I run a third party warehouse. We store products and ship them out. How is the cost of goods sold calculate for that?” You’re pretty much going to take your salaries and your business costs and that’s what you’re going to figure in. You don’t have any stuff, but that’s the thing you’re going to look at. What are your costs? Figure that when you submit in your documents.

That’s the question that’s being asked on the $10,000 grant. They literally asked you to fill in a blank and put a number, “What was your estimated revenue? What was the cost of the goods sold?” Your general overhead to generate that revenue is the number I would put without any regulations. That was the one danger. I knew we’d do this and everybody would have a lot of specific, “How are they treating this? How are they treating that?” They don’t know how they’re treating this or treating that. That’s why I have to say, let’s try and take the most reasonable approach how you would think it would be treated.

Try to take a little common sense and figure that out there. We don’t have all the answers here for you. It’s just meant to be a guide. If you’ve registered for this, I sent an email out with the two forms that Jason provided. We went through the 6-page and the 53-page. I don’t think we want to go through that unless you’ve got some stuff that you want to identify, Jason.

It’s some bullet point and summaries of each section of each one of the bills. Ninety percent of it will not be applicable to the people who are interested in this information. Frankly, it doesn’t have near as much information with respect to what my other paper does because I wanted to highlight those. After doing this for many years, you know what’s going to be important to your people and what’s not for the most part. Try to give some general advice as to the bare bones. For the information in here, this will walk you through it. You’re not going to get hurt if you just follow what I’ve got down here of what you can’t get. Going through the physical steps of doing it, once again, who knows? Stay on your bank. Get on their list if they don’t have the forms, if you’re interested in that and then just keep tabs. I even list the website with regard to the economic injury disaster loan. Keep tabs and keep going there and go every morning. In the meantime, apply for the $10,000 grant and at least get that coming.

Somebody asked this question, “Can contracted revenue be used on the amount of profit expected on a property under contract but not closed on yet, and in jeopardy now of not closing?” I don’t think so because that would be hard.

I don’t know the answer to that. I’ll start putting my lawyer hat on and if I was representing you, I could make a pretty coherent argument that it should be applied. What I think they’re going to be looking at is not what your anticipated revenue was, but what traditionally has your revenue been. Taking the idea that if traditionally your revenue has been in this ballpark range, then if they give you $1 million loan at 3% and 0.75%, you come back into a traditional, what you’re doing, are you going to be able to repay it? That’s what they’re looking at.

Traditionally, it’s been hard for them to get an SBA loan if you’re a real estate investor or you’re doing fix and flips. That don’t apply to it. There’s a whole formula for getting lines of credit and being a business owner. You may want to check out our friend, Merrill Chandler, who does that with the Get Fundable or CreditSense. Even how your entity is set up, there are a lot of names that are blacklist immediately, red flag that they won’t lend on investments, bank or fund. Anything like that can be a red flag. They’ll disqualify you immediately.

That’s why I thought it was important to talk to you and your people because if you’ve been in your business, you automatically think, “SBA, what is that going to do for me?” It’s not your mama’s SBA type of loan. It’s a unique situation. Likely, one of the only times hopefully that you’ll ever fall under the gamut of SBA is because of the situation. They’re from sole-proprietor up to C corps. The lack of affiliation rules. They’re making it wide open and particularly those disaster loans coming straight out of the treasury. They never do that. It’s almost the same in 7(a) flagship program. They’re literally printing the money to give to you.

Jason, do you mind if people reach out to you?

It’s fine. My litigation is slowed way down. That was part of why I took all the time to do this. I’m trying to be helpful. I’m sitting here with three teenage kids at my house being homeschooled. I don’t want to be there. I felt sitting in my office and doing Zoom calls, Zoom hearings, helping people and walking friends and family through this stuff. I’ve got no problem with it.

What’s the best way for people to reach out to you?

It’s Jason@TXByrd.com. The same website. You can give us a call at the office anytime (409) 924-0660.

He’s also the host of the popular podcast, The Byrd Chronicles.

I haven’t been doing many lately. I’ve been busy, but I did one on family law and I thought it was important because all the family are here. With schools closed, overlapped with spring break and people fighting over who’s got the kids who does this. A lot more people are cooped up. We see higher incidents of domestic violence and all kinds of stuff. I had a family lawyer to talk about those issues that I know nothing about other than the same society. I’m going to do one with my best friend who’s not a lawyer. We’re going to sit here, drink and talk crap.

Patrick says, “Thank you so much for the handouts of your time. It helped. Thank you both.” No problem, Patrick. We’re glad we could help out.

Let me say this again to that point, Scott, and you are welcome, guys. This is me offering it out. I don’t want anything for it. If you can use it, great. If not, throw it away. You’re not hurting my feelings.

If you know somebody that this could be helpful too, feel free to forward on to them as well.

It’s the lawyer in me. I didn’t want to just post stuff on the internet even though I have disclaimers in it saying this isn’t legal advice. I’d rather it be if you get the information, you got it from one of our contacts. It makes me feel a little better. I’m not sure why.

You’ve always been that way. We’re wanting to help out people as best as we can. It comes from the small town grassroots, both of our parents being entrepreneurs and small business owners as we grew up. If you guys need my email, it’s Scott@WeCloseNotes.com. If you’ve registered, I’ll be sending a follow-up email out with a replay for those that registered for this as well. Jason’s email is Jason@TXByrd.com. I’ll email his contact information out to everybody as well. If you’ve got the email that I forwarded, his contact information is in the email that I sent out as well.

 

I think it’s on The Byrd Chronicle’s website too. There’s a link there.

You’ve got some interesting interviews on it. You’ve got Wendy Davis on there and then a few other people too.

I had a friend that was a professional MMA fighter. That was fun. Now, he’s an insurance salesman, go figure that.

Jason, thank you for coming on and providing stuff. If stuff comes out, we may come back on if that’s okay.

Anytime, I’m happy to help in any way I can.

We’ll see you soon. Bye.

Important Links:

• Jason Byrd
• The Byrd Law Firm
• Scott@WeCloseNotes.com
• Jason@TXByrd.com
• The Byrd Chronicles
• Wendy Davis – Deeds Not Words: Empowering Women To Use Their Voice with Wendy Davis

About Jason Byrd

Jason Byrd is an attorney with the Byrd Law Firm out of Beaumont, TX.

 

 

 

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