home equity installment loans

There are a lot of government financial assistance programs available during Covid-19. Which ones can you take advantage of as an Uber driver, and is it ok to ‘double dip’ in more than one program?

It’s a question that has been asked a few times now over the past few weeks and I’ve been hearing mixed results, so I went to an expert. On a recent live stream, I spoke with Logan Allec, a CPA who is very familiar with rideshare issues. Below is a video of our conversation, and a transcript for those who prefer to read.

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Harry Campbell: I guess my question is: Can you get a PPP loan and unemployment insurance? Because at first there was no unemployment, right? Drivers and the independent contractor crew were waiting for these PUA websites to get set up. And then there’s all this buzz around the PPP loans. A lot of people are starting to get unemployment or PUA and now they’re getting their PPP loans back and saying they were either approved and they’re wondering what they should do. What have you seen there? Is there like specific guidance from the IRS or anything like that?

“Don’t Double Dip” on PUA and PPP

Logan Allec: I say you should be safe. Collect PUA you know, but then once you get that PPP money, that PPP money is supposed to try here be used for payroll and part of that would be to pay yourself. I think a conservative position would be, don’t really double dip there. (more…)

When you trade your vehicle into a dealer and pay off the remaining balance, you’re off the hook financially. But you’re also left without a car. Although public transit and ridesharing are common alternatives, you might still want your own ride.

In that case, it’s not uncommon for people to trade in for a used car. You can roll your negative equity into a smaller loan with, ideally, a lower monthly payment. In turn, you’ll have more money to apply to your outstanding balance.

However, this approach is not a recommended solution because your new loan is immediately upside-down. You aren’t erasing the negative equity.

Keep in mind, by rolling your loan into a cheaper car, you’re also extending your loan’s term. (more…)