Episode 036 – Scott Stratton on the CARES Act for Music Teachers and Studio Owners
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Read the full transcript for this episode here.
Summary
Last week the U.S. Congress passed the largest economic relief bill in U.S. history and it has a lot to offer individuals and small businesses.
In today’s podcast, Scott Stratton, a financial advisor and a musician himself, breaks down the components of the CARES Act that impact music teachers and studio owners and tells us our next steps.
Resources
Paycheck Protection Program (PPP) Application
Article: Paycheck Protection Program for Musicians
Coronavirus Deals & Discounts: musicstudiostartup.com/resources
Course: Vision & Values: A Studio Owner’s Guide to Finding Focus in a World Full of Options
Connect with Scott
Website: https://financeformusicians.com
2 Comments. Leave new
I heard deference is better than forbearance (Mark 00:16:00 in this podcast), especially for mortgages. If your loan is forborne for 2 months for example, at the end of 2 months you will have to repay those 2 months’ worth of loans and interests in full.
Good point! In case anyone else is wondering about this, here’s an article from NerdWallet the explains the differences in more detail, using student loans as an example.