Author: VetCV

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Paycheck Protection Program Version 2.0 is Now Open, Timing to Submit is Critical – Do Not Wait

Vetrepreneurship News & Tips

Veteran owned businesses, call your banker now! You don’t want the money to run out before you get yours!

The $284 billion PPP2 refundable loan offering is now available for struggling small businesses, especially Veteran owned businesses.  Just as in the first round, most PPP2 loans use the same multiplier of 2.5 times a company’s average monthly payroll for 2019. This time there is also increased access to PPP for veteran, minority, underserved, and women-owned businesses. SBA has also expanded the ways you can use the funds. To be eligible you must:

  • Have 300 or fewer employees
  • Suffered at least a 25 percent drop in quarterly revenue in ANY quarter from 2020 relative to the same quarter in 2019
  • For those who received funds from the first PPP offering, eligible second-draw borrowers must have used or will use the full amount of their first PPP loan on or before the date on which the PPP Second Draw loan is disbursed
Calculating Your Revenue Loss

Calculating your revenue loss can be tricky so make sure your CPA and/or banker agree on the numbers. This time you may now use your 2020 payroll data as well, potentially maximizing your loan amount. Calculating revenue loss; pick ANY single quarter from 2020 where your gross revenue dropped at least 25 percent OR you can choose to annualize your numbers (compare your 2020 revenue from 2019 numbers). Though we believe these are the rules today, always triple check with the SBA (link below), your CPA, and your banker.

View the latest information from the SBA here for more information or here for Veteran specific information.

Even if you didn’t apply for a PPP loan for your business the first time, you really need look into it and to act now!

Use of Funds

The use of funds has been expanded a bit this time and now includes payroll costs, mortgage interest expense, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures.

Expect Some Confusion & Clunkiness With the Rollout

Your banker will likely be overwhelmed with requests for information and help in processing applications but don’t take the chance of you falling through the cracks – CALL THEM! Expect a bit of chaos and confusion though as everyone tries to set up processes while making required adjustments and enhancements to their systems. The good news is that some borrowers using the same banker as their first PPP lender, may even see reduced paperwork requirements. Adding to the likely frenzy will be a lot of “elbowing” by everyone to make sure they get to the front of the line, be prepared to do a little of that yourself. As Veterans, that’s not a new concept though, go get some.

If your banker isn’t as responsive as you need them to be, give them a little room for understanding, but you may also be well served to try find another one to hedge your bets while you wait! Remember, one plan is no plan, make a back-up plan. You don’t want the money to run out before you get yours! Make sure you get on their radar, confirm they are indeed participating, and get your application submitted ASAP.

VetCV Tips & News for Vetrepreneurship

Part of our mission is to support Veteran owned businesses with tools, resources, ideas, and tips they can use as they manage and build their businesses. We are starting with “News & Tips” like this blog post but will expand inside the VetCV Vault App into a dynamic resource library of tools and resources our Vetrepreneur VetCV Community can trust and count on.

The economy will roar back and VetCV will be there to help! If you have any ideas, interesting stories, or news your VetCV brothers and sisters can benefit from, let us know and we’ll get on it. Let’s get going and take on 2021!

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2020 is Thankfully Behind Us, Let’s Crush 2021!

VetCV Happy New Year 2021

Good Riddance to 2020! Now Let’s Take On 2021.

Good riddance, 2020 is behind us, the election is over, and now we “Adapt and Overcome” as we make 2021 a year of new prosperity for our friends, family, and America. We could all benefit from “Calm Seas and Fair Winds” for a few minutes, then Let’s Crush 2021!

This year VetCV we will continue to add new Vault App features asked for by members. We are working on the next two Vault modules in our development que for the first half of ’21. They are My Health and My Pets.

  • My Health: This feature will begin with being able to track your meds and immunizations. Additional My Healt pieces will be rolled out as they are built and tested.
  • My Pets: We are pretty excited about the My Pets module too. Probably because we know how important they are to so many of us. You’ll be able to quickly create a profile for all your pet family members, even track important information about them. We’ll keep you posted on our progress.

Our really big push for 2021 will also be on helping the VetCV community find “Great Jobs with Great Employers.” In addition to getting more employers to join as Top Patriot Employer Partners, we will be adding more vetted teaming Partners who offer a variety of services and resources you can use as search, interview, and secure your next job. If you know someone who’s hiring we’d love the referral, please send them our way.

Get Ready Now

Because we believe COVID will be under control as we approach summer (hopefully sooner), the economy will roar back! Therefore, employers will need outstanding talent like you, and we will be signing “Happy Days Are Here Again” before summer. Now is the time to make sure you are ready by having your Resume up to date and converted to “Civilian Speak.” The VetCV Vault helps you build your resume quickly and easily with the Resume Builder feature. Of course we also have links to Teaming Partners that help Veterans on a daily basis navigate your transition. 

If you have any ideas, interesting stories, or news your VetCV brothers and sisters can benefit from, let us know and we’ll get on it. Good riddance to 2020, let’s get going and take on 2021!

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Season Greetings & Giving!

VetCV Happy Holidays

Happy Holidays from your VetCV team! 2020 has been quite a year for most of us

Giving someone a gift is truly rewarding and this year especially, might just be one of only a few things you can completely control and genuinely feel good about.

During the holidays there are many ways to help Active Duty service members, our Veterans, and their families through what sometimes can be difficult times. You can help by giving a little of your time, donate unopened new toys, simply giving a little cash to a worthy cause, or even just encourage someone to add a bit more fitness to their daily routine or share with them a few ideas on better nutrition. Here are a few ways you can make a difference this holiday season.

  • Help specific groups of veterans, such as disabled or injured veterans, homeless veterans, or veterans in need of employment
  • Health and Wellness ideas. Proper specific nutrition has been know to help PTSD and substance abuse. Check out the Wellness and Fitness section of the VetCV App to learn more
  • Contact local Veterans nonprofits or hospitals. Often there are Veterans who have no family or friends around and keep them company during the holidays. Most of these centers raise donations or can help by volunteering your time.
  • Donate your used car. Remember your first duty station? Having a car was liberating!
  • Pick up the phone, call local veteran organizations like the American Legion and ask how to help this holiday season.
  • Tell someone about VetCV and our mission to always support the needs of our member community.
Veterans Day 11/11/2019

Veterans Day 2020 Vault

VetCv Veterans Day 2020

Thank You For Serving

This Veterans Day TeamVetCV & all of our Patriot Partners want to thank you for your service.

Show your thanks to those who serve, our Veterans, and the families who serve with them this Veterans Day. On behalf of Team VetCV, thank you for allowing us to serve you. 

Check Out The Newest Version of VetCVV2.0

We have been working hard over the last 18 months on the New Version 2.0 of the VetCV Vault App and are happy to report it’s launch in time for Veterans Day!

With this new version, we will be able to add and enhance Vault features much faster than before. You’ll see that we have 86’d features we initially thought were really cool but found that nobody ever used them so out they went.

There are a couple of features from the previous version we will be pushing up after this release though, we ran out of runway to hit our Veterans Day deadline. So stand by for those to be going live too, we’ll keep you posted!

Please keep your ideas coming as we continue our mission to support your needs.

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Veterans Day 11/11/2019

Veterans Day 2020

Thank You For Serving

This Veterans Day TeamVetCV & all of our Patriot Partners want to thank you for your service.

Show your thanks to those who serve, our Veterans, and the families who serve with them this Veterans Day. On behalf of Team VetCV, thank you for allowing us to serve you. 

Check Out The Newest Version of VetCVV2.0

We have been working hard over the last 18 months on the New Version 2.0 of the VetCV Vault App and are happy to report it’s launch in time for Veterans Day!

With this new version, we will be able to add and enhance Vault features much faster than before. You’ll see that we have 86’d features we initially thought were really cool but found that nobody ever used them so out they went.

There are a couple of features from the previous version we will be pushing up after this release though, we ran out of runway to hit our Veterans Day deadline. So stand by for those to be going live too, we’ll keep you posted!

Please keep your ideas coming as we continue our mission to support your needs.

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How to Build Credit

The key to building credit is simple. It takes time, discipline, and the right banking institution for your needs. It’s easier to get started with building your credit than it is to bring up bad credit. Managing debt is a big responsibility so setting yourself up for success is very important.

Credit Cards

  1. The very first step to building credit is to open your first credit card account. Check out our blog post to see whether you should look at using a bank or a credit union. The best way to use your first credit card is for payments that you already make such as gas and groceries. Pay off the balance immediately and in full every month. If you can’t get approved for a credit card, look into getting a secured credit card. A secured credit card is typically tied to a savings account giving you a limit of the balance or a percentage of it. Be sure to ask whether the secured credit card will be considered in your credit report or if it will open the possibility of getting a credit card in the future.
  2. Another option is becoming an authorized user or opening a joint account with someone who already has good credit. The liability of payments is then on both individuals so people with good credit may not be as willing to do this since any missed or late payments will affect their credit score as well.
  3. Part of your credit score is the ratio of credit limit and utilization. The goal is to use under 30% of your credit limit so lenders can see you are responsible with credit. The best way to build credit is to keep to these guidelines of using under 30% and every 6 months, if you have followed this guideline, ask for an increase on your credit limit from your lender. Make sure you don’t increase your spending over 30% or that will have a negative impact on your credit.
  4. If you are an avid shopper, and a store you frequent offers a store credit card, consider applying for one. If you would be spending money at this store anyway, use their card, make the payment in full right after, and build credit.

Loans

  1. If you have a student loan, this payment is reported to the credit bureaus so the easiest way to build credit is to make your payments on time every month.
  2. Auto loans are one of the easiest types of loans to receive and is also included in your credit history. The tricky part is finding good interest rates and terms. Once you find the right lender, make your payments every month and watch your credit score increase. Similar to credit cards, you may need a co-signer to buy a vehicle which puts the burden on them if you don’t make payments. Also, talk to your credit Union or bank first to see if they will give you the loan. Interest rates from your dealer can be extremely high so be careful. Here are a few facts you should know about buying a car from Military.com, a quick “Need to Know” for you.
  3. A home mortgage may also be hard to obtain, but if you have purchased a home, payments made will begin to build credit for you. Military Times has  a great article on what you need to know about a VA loan.

Asking for Credit

  1. If you’re just starting to build credit and have never had any lines of credit (cards, loans, etc), but have rented your home, paid for utilities, made cable/internet payments, or others, you may be able to use this as proof. Contact your landlord, utilities company, and others to report your on-time payments because it is optional for them to do so, but could help when you apply in person for credit.

Information on your credit report that can influence your credit scores includes:

  1. Payment history
  2. Credit utilization ratio
  3. Types of credit used
  4. How long you’ve been using credit
  5. Total balances on all debts you owe
  6. Public records like tax liens or bankruptcies
  7. The number and recency of credit accounts you’ve applied for

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