let's turn to God let's repent and ask for forgiveness let's study God's word and thank God for sending Jesus and all he's done Thank you God! Shepherdschapelcom Theseasonorg explains the whole Bible God bless
The government could have made this so less confusing if they would have just given "GRANTS"! They say they're giving businesses grants, and then make them apply for a Loan/Loan Forgiveness?! Ludicrous!
Exactly but I think ultimately it helps people from going crazy using the money on terrible things cuz some people have never had so much money at once and would have certainly spent money on things that weren’t good but can’t now since they have to show proof
Gosh! You're the best! My loan got funded yesterday and just popped into my business account and I was so confused about how I was allowed to spend it to get fogiveness. You really helped me. Thanks a million!
@@kjcka5g I went into my Smartbiz account (who I went thru for 1st PPP) and applied for PPP2. They will hold my application until 8 weeks after my first PPP disbursement and then send it in to SBA automatically for approval. They use the same info as before, so I did not have to fill out a new application, I just had to check that I wanted the 2nd PPP and mark that I had a 25% loss from last year. I believe later on I will probably have to upload my latest taxes to prove the loss. Too easy.
Max Maher .....Im one of the guys that applied for both draws right at the wire. I received my first draw on 5/20/21 and my second on 6/7/21. So I received both draws just barely two weeks apart. I know Im not the only one in this situation. Could you make a video of what one needs to do (concerning paying themselves in this situation?)
I’m really not a digital kind of guy but I listen to this man every word…he has seriously help me & I’m sure many more people more then probably anybody else!👍🏽🔥💯🙏🏾🙏🏾🙏🏾
My second draw deposited in my account today from Fountainhead through Womply Fast Lane. Pretty smooth process. I had a couple freak out moments on the second draw process due to funding running out soon. I couldn't verify my identity for several days after hundreds of attempts. Then I was stuck in Lender Funding for over a week. But all ended well. Thank you Max. Without your videos I never in a million years would have even thought to apply for PPP.
Thank you so much! Money in bank today! Applied April 14th! I am a travel nurse that didn’t know I was eligible!! I have a 2nd and 3rd business as well. I put NO I didn’t have another business on my application, by accident. Can I apply for my other business even though I put NO I don’t have another business? You are amazing and so helpful!
This was awesome! Me and my bf have a clothing store and 2 other businesses. He is scared to get the loan, but I’m trying to reassure him that it can be forgiven if he do his research🤦🏽♀️. Well that why I’m here and you have been so helpful, I understood the assignment fully!! Lol
Yes, the 8-24 week covered period MUST BE MAINTAINED. 60% payroll (if you also have covered expenses) will give you 8 weeks. 100% will give you 11 weeks. You can pay yourself all at once as a sole prop, schedule C filer but the covered period must be maintained for forgiveness. So; one should not apply for the 2nd draw immediately if one wants forgiveness for the 1st draw. They are asking for the disbursement date on the forgiveness application. Looks like the SBA will check covered periods. Am I correct @MaxMaher?
Jake Hibbert- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take it upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
So if we only have ourselves as an employee because we’re independent contractors and the money was foodies into our personal account because we don’t have a business account we can simply account 100% to the payroll of ourselves but no less than 60% ?!?!?!
Max, I very sincerely appreciate your work in helping us navigate through this PPP & EIDL maze!! I’ve been subbed for quite a while and if it weren’t for your channel there’s no way we would have gotten our 17k grant/loan! Got it in just 6 days! Thanks! 👍🏼👏🏼💪🏼
Tim Dieckmann- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take & upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
@@OpenHeartMinistry4 I used BlueVine for my lender and it was 100% smooth. It was very fast, user friendly and I had no issues. It’s the only lender I applied to for both the first and second draw.
As a gig worker you said once the money hits your account you have paid your self so as to my question I can do what I want with the money?? Or will I have to show proof where the money went??
According to my accountant he said to transfer all the funds from my business account to my personal. This is proof of where the money went. I used 100% as owner compensation. At this point the money is personal and I can do whatever I want with it. Anyone know if this is true as I really don't want to do anything fraudulent but I have seen this said on many sites so I hope it is true and will be forgiven.
Just when I taught all hope have lost it wasn't, jhacker934 on Instagram, was able to credit me 17500$ into my Union Bank, the second draw was successfully
Thank you for the helpful video. Do we apply for loan forgiveness from first and second draws separately? And, if we are paying ourselves for 2.5 months/dividing the loan amount into 12 weekly payments, do we use the full amount from both draws, or do we do it for 2.5 months for the first draw, and 2.5 months for the second draw?
I'm sure many self-employed contractors and gig workers are considering taking PPP loan given its simplicity and flexibility for those who may not have any employees. And the 100 % forgiveness is also a plus.
Same here.....NO ONE seems to be able to address this concern. So many videos about forgiveness and Draw 2 eligibility but no direct advise/ answers to this precise question, etc.
I know. I have not signed my second draw note because it's only been 3 weeks since I got the 1st one. I have a feeling you can prob just do 11 weeks forgiveness on both and get forgiven. But it could get flagged because of the overlap. Potentially getting no forgiveness on one or both.
Thank you, this is what I wanted to hear. We got funded two weeks ago into personal bank account and haven't touched one penny from it cause wasn't sure how we could spend it. My husband is a truck driver self employed. I need this loan 100% forgiven. I have asked so many people and nobody answers ☹
Good Morning Max! Thank you for the explanation that is need for most people! Your awesome! Have a very blessed week. Blessings to you, all that you share to help all, and your businesses! Your appreciated! 👍🤗🤩❣️🌹🌟
Jenny Madrid- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take it upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
Hello Max, At 9:47 In your video, you were showing us an example of how to fill out the 3508S. What number should I put for covered period if my loan is $5000? Did you mention to put "covered period 1 week to 8 weeks" Thank you!
Thank you bro this a huge sigh of relief 😪 I just got my approval today and was already thinking about what you just covered...just got yourself a sub dude🤟🏾😜
Hi max, I applied for draw 1 few weeks ago and got the funds, I discovered ppp through videos on youtube! When I applied, I applied using my 2019 schedule C. But in 2020, I converted to sCorp and will be taxed as an s Corp this year as well, For full forgiveness, can I just take an owners draw or do I run payroll like an s Corp. this is the only income I have this year so far and may want to run one annual payroll at the end of the year depending on how much business I get. Please help.
One of the main questions that never seems to get answered is the covered periods overlapping from PPP1 and PPP2 my lender told me we don't have to wait 8 weeks between the two loans is that true please reply
@Max Maher the last time I asked this question over a month ago I went over to your WhatsApp like you suggested and the answer was not over there max I'm not understanding why you don't want to answer it here, I respect you however this is a question you ultimately refuse to answer and it's extremely perplexing Why do you continue to evade the question and ultimately passed the buck sending us over to your WhatsApp this video is about answering the questions that never got answered and you want to clear stuff up but you refuse to clear up this point right here about covered period overlapping therefore potentially ruling us out of 100% forgiveness
@@beautyonpoint9664 yes, I have not doubt I'll be funded but the forgiveness is the tricky bit. I can't get clear info anywhere on how to fill in the "covered period" for these loans....OR whether the 25% reduction from 2019-2020 has to be for the whole year or just any compared quarter...
Such a great video, could you do another just like this but with the eidl loan increase? The SBA emailed and is asking for a. A statement that the of - held a meeting or that you are the 100% owner; b. A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount; c. A statement designating you by name and title as the person authorized to sign the SBA loan closing documents; d. The LLC Certificate should be dated and signed by you; e. The signature should also include your title (e.g. President, Vice President, Secretary). I’m getting a little confused by this since I’m just a schedule C with only myself as an employee/ and 100% ownership
Hey Max, could you discuss overlapping covered periods for PPP1 and PPP2? I'm sure there are plenty of people who are confused as to when to apply for PPP2 after receiving PPP1 and ensuring both are fully forgiven. Especially if we're trying to use 100% owner's share compensation replacement for both.
YES...this is where I'm stuck....when is my "covered period"? Max makes it sound like it's arbitrary and we can choose it...but does the start date have to be after disbursement of the first PPP? I lost money all through 2020 but only realized PPP was good for me in March 2021....can my covered period be entirely in the past? And is there a concern around unemployment benefits that may have come in at some point? I'm stuck between PPP1 received and PPP2 offered and have no idea how to handle this.
i'm stuck at this too! Womply sent me my PPP2 docusign form but I haven't done anything with it yet cause I don't know if I sign it too soon will I not give full forgiveness?!
@@megdewsnap Seems like info about that is all over the place. Loans cannot overlap in order to receive forgiveness the date of the loan starts on the date of disbursement.
Thank you max Question The SBA said if you applied already for first PPP loan you can’t go back and reapply for retroactive base on gross income I’m crossing my finger for first ppp retroactive
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Max it's important to tell everyone that a self employed schedule c filer is not an employee and you cant pay yourself wages. No 60/40 rules for self employed. Its simply a calculation for forgiveness that you used to get your funds.
Just when I taught all hope have lost it wasn't, jhacker934 on Instagram, was able to credit me 17500$ into my bank account, the second draw was successfully
Question: When do you select your cover period? I never saw that option on the 1st draw application. Oh I see now, when I file for forgiveness, I select my cover period then. Thanks. Awesome.
Thank you so much for all videos; very helpful !!! The only what I don't understand / or missed / for self employed is , if the money are deposited in your checking account and you want to use 100% for payroll; do you have to transfer money in another acc and put it back to the checking or just leave it. Thank you
one thing that’s always confused me about this is...if you’re a sole proprietor and you can use the loan to pay yourself, which is a proper use of the funds, can they then tell you what to with the money on o.O
No. It’s the people who get crazy huge loans fraudulently and then buy Ferraris that end up getting arrested. If you pay yourself then that’s that. It’s spending your own money you were paid with.
@@missyschwartz3409 I keep hearing him reference to opting into 16 weeks and 24 weeks how do you opt into that or is that just the way you divide the payroll out?
@@lovech1ld yeah that’s not super relevant if you don’t have employees. He says in the video when filling out forgiveness just do the 8 weeks if you have less than $15,000 loan. Basically it’s the loan spread out over that pay period that is to pay employees or eligible expenses. some people will choose shorter or longer depending on how much they receive and how to fully get forgiveness so they show that whatever percentage was spent over those weeks on payroll and/or expenses. If you are ind contractor it doesn’t really matter because all of your loan is going towards payroll to pay yourself.
So is the "covered period" just an arbitrary number, or do you have to be doing/not doing something during that time? Can you pay yourself a lump sum and then just pick any "covered period" for the forgiveness paperwork? Do I have to wait until my covered period for my first draw ends before I can take the second draw? I would miss the application deadline for Round 2 if I waited that long...
I am a business owner. I have ten employees on payroll which I plan on using the money for but I, myself am not on payroll can i still myself and be forgiven lol?
What about those of us who just got 1st draw within the past couple weeks.. Womply has already processed my second draw and sent me a promissory note. I am afraid to sign it as I would receive the second draw way before the minimum 8 week covered period??
@@venicullen9735 i guess i should have said bank, instead of lender. are you assigned to the same bank for both draws? for my second draw, the bank that funded me was much quicker than the first bank. all through womply as well.
Same for me. 2nd draw is taking much longer to get funded after promissory note. 1st time draw 1 was about 5 days this time draw 2, I am already at 10 days. Same lender for both
Two questions that lots of gig workers like myself have: one: how do we determine the start and end dates of the covered period, and once we do, does that mean we have to show proof that all expenses referenced on the forgiveness application occurred during that period or can the pay go back to cover unpaid times from 2020? And the second question is about the PPP2: Do we only need one quarter to quarter comparison to show a reduction in income? My gross receipts show only about a 20% reduction, but because my covid pivot involved MUCH higher costs to produce, my profit shows a reduction of over 80%. Do we know if that will be taken into consideration? THANK YOU.
Thanks for all your valuable information. I delayed in applying for the PPP loan. I'm not sure if I really qualify. I started working for Instacart on April 20th, 2020 for needed supplemental income. I did not make enough money because of the Covid 19 to receive a tax form from Instacart. I work a full-time job. I had already filed my w-2 without the Schedule C form because I never received any tax forms. What should I do at this point, if anything? Thanks
Max you're awesome and so detailed in the way that counts! You don’t get lost in the non-important things. You are opening minds up to new opportunities across the USA with expert efficiency, and great professional knowledge e-z to understand warm communicative style! Great job. I got my loan because of your help proving what you teach really works. Thanks Again
Ok I’m confused. I’m a independent contractor ( Ubereats) I can’t spend my first draw or second draw on things like my personal rent, utilities, or medical bills ?!!?!??? If not, what am I suppose to spend the funds on 😫 this is ALL so confusing. I’m scared to spend a dime of the 1st draw 😫😫😫😫😫 someone break it down to me please !!!!!
Outstanding material Max! Question- How many days should I wait for the bank to clear transaction before I try for second draw from another bank? Maybe you've encountered that situation
Can you go into more details about how to get a micro loan to start a new business. Not having a lot success finding on my own. Thanks, appreciate all your hard work. Max
God Bless this young man. Dude is way ahead of his age.
Yes, he explained everything that I had questions about. Max is the most succinct and articulated of all the PPP videos I have seen.
He's got the Jesus vibe going on with the candles and long hair and being kind and helpful and all... I dig it.
@@alexandrewbeckwith4387 Not a vibe. Jesus has indeed returned...right there !
😭😭 you guys didn't help at all 🤣🤣
let's turn to God let's repent and ask for forgiveness let's study God's word and thank God for sending Jesus and all he's done Thank you God! Shepherdschapelcom Theseasonorg explains the whole Bible God bless
The government could have made this so less confusing if they would have just given "GRANTS"!
They say they're giving businesses grants, and then make them apply for a Loan/Loan Forgiveness?!
Ludicrous!
Exactly but I think ultimately it helps people from going crazy using the money on terrible things cuz some people have never had so much money at once and would have certainly spent money on things that weren’t good but can’t now since they have to show proof
I got the ppp, EIDL, and Grant, I owe $2000, all said and done!!!!
Gosh! You're the best! My loan got funded yesterday and just popped into my business account and I was so confused about how I was allowed to spend it to get fogiveness. You really helped me. Thanks a million!
Your absolutely right I helped a fellow business owner with his forgiveness it was simple 1 page. Transfer once a month is the easiest.
The only person on RUclips breaking this down step by step that actually makes it make sense
SO MUCH GRATITUDE AND APPRECIATION TO YOU MAX, I HAVE RECEIVED BOTH 1ST AND 2ND PPP LOANS SINCE BEGINNING OF 2021!
Waiting on my second one. AMEN!!!
I'm only waiting on funding to be deposited for draw 2. Received draw 1 beginning of April
@@kyrahurley841 how quickly can you apply for PPP2 after filing for PPP1?
@@kjcka5g I went into my Smartbiz account (who I went thru for 1st PPP) and applied for PPP2. They will hold my application until 8 weeks after my first PPP disbursement and then send it in to SBA automatically for approval. They use the same info as before, so I did not have to fill out a new application, I just had to check that I wanted the 2nd PPP and mark that I had a 25% loss from last year. I believe later on I will probably have to upload my latest taxes to prove the loss. Too easy.
@@kathypita3599 thank you. That's exactly what my bank told me this morning.
Max Maher .....Im one of the guys that applied for both draws right at the wire. I received my first draw on 5/20/21 and my second on 6/7/21. So I received both draws just barely two weeks apart. I know Im not the only one in this situation. Could you make a video of what one needs to do (concerning paying themselves in this situation?)
Contact se.rahack9 on Instagram
The way you relaxed me from just your energy brother thank you for helping my understanding
I love your content, so straight to the point.
Thank you for this video cause some of us are worried!!! The PPP loan forgiveness is a stressful process thank you again for your help
I’m really not a digital kind of guy but I listen to this man every word…he has seriously help me & I’m sure many more people more then probably anybody else!👍🏽🔥💯🙏🏾🙏🏾🙏🏾
Wow you're really Johnny On The Spot. I just received my PPP 1st Draw money less than 12 hours ago. Thanks. Impeccable timing with this video.
When are you receiving the 2nd draw?
Help me I’ll pay
My second draw deposited in my account today from Fountainhead through Womply Fast Lane. Pretty smooth process. I had a couple freak out moments on the second draw process due to funding running out soon. I couldn't verify my identity for several days after hundreds of attempts. Then I was stuck in Lender Funding for over a week. But all ended well. Thank you Max. Without your videos I never in a million years would have even thought to apply for PPP.
If you sign the promissory note does that pretty much mean you will get the money and its just a waiting game?
@@earlphillips8133 yes , once you sign the promissory it's pretty much a lock.
You da man! Thanks for your consistent updates
Thank you so much! Money in bank today! Applied April 14th! I am a travel nurse that didn’t know I was eligible!! I have a 2nd and 3rd business as well. I put NO I didn’t have another business on my application, by accident. Can I apply for my other business even though I put NO I don’t have another business? You are amazing and so helpful!
Can you teach the government this & how to communicate with those they work for?
Thank you for the clarity it is illuminating.
I’ll send them an email 😂
@@MaxMaher so independent contractors can use 100 percent of ppp to pay themselves?
This was awesome! Me and my bf have a clothing store and 2 other businesses. He is scared to get the loan, but I’m trying to reassure him that it can be forgiven if he do his research🤦🏽♀️. Well that why I’m here and you have been so helpful, I understood the assignment fully!! Lol
She definitely understood the assignment 👆 Remind your boyfriend how lucky he is to have you lol
Yo max thanks bro you helped my stress levels a lot
Yes, the 8-24 week covered period MUST BE MAINTAINED. 60% payroll (if you also have covered expenses) will give you 8 weeks. 100% will give you 11 weeks. You can pay yourself all at once as a sole prop, schedule C filer but the covered period must be maintained for forgiveness. So; one should not apply for the 2nd draw immediately if one wants forgiveness for the 1st draw. They are asking for the disbursement date on the forgiveness application. Looks like the SBA will check covered periods. Am I correct @MaxMaher?
Max thank you AGAIN !!!! I have been worried about this . This is the first time I applauded a video . None are more deserving than you .
I don’t know how to thank you enough man . God bless you. I followed your instructions and I get the money in my account within 10 days through Womply
Wow!! Congrats saad
First comment! Thanks As always for al your videos and hard work Max! PPP through Womply here thanks to your videos!
Jake Hibbert- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take it upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
So if we only have ourselves as an employee because we’re independent contractors and the money was foodies into our personal account because we don’t have a business account we can simply account 100% to the payroll of ourselves but no less than 60% ?!?!?!
Can you receive PUA & PPP Loan at the same time because PPP is not taxable and it’s a grant?
Max, I very sincerely appreciate your work in helping us navigate through this PPP & EIDL maze!! I’ve been subbed for quite a while and if it weren’t for your channel there’s no way we would have gotten our 17k grant/loan! Got it in just 6 days! Thanks! 👍🏼👏🏼💪🏼
Wow! I’m honored and humbled! Thanks Tim
Tim Dieckmann- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take & upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
@@OpenHeartMinistry4 I used BlueVine for my lender and it was 100% smooth. It was very fast, user friendly and I had no issues. It’s the only lender I applied to for both the first and second draw.
As a gig worker you said once the money hits your account you have paid your self so as to my question I can do what I want with the money?? Or will I have to show proof where the money went??
Following
Following
According to my accountant he said to transfer all the funds from my business account to my personal. This is proof of where the money went. I used 100% as owner compensation. At this point the money is personal and I can do whatever I want with it. Anyone know if this is true as I really don't want to do anything fraudulent but I have seen this said on many sites so I hope it is true and will be forgiven.
Following
@@kathypita3599 Ur lender should be able to tell you... My credit union said to do it this way
So I it the loan was deposited into my personal bank account. I don't have to send weekly payments to another personal account. That's great. Thanks
Just when I taught all hope have lost it wasn't, jhacker934 on Instagram, was able to credit me 17500$ into my Union Bank, the second draw was successfully
Thank you for the helpful video. Do we apply for loan forgiveness from first and second draws separately? And, if we are paying ourselves for 2.5 months/dividing the loan amount into 12 weekly payments, do we use the full amount from both draws, or do we do it for 2.5 months for the first draw, and 2.5 months for the second draw?
That’s what I’m confused about
Damn u ppl reallly pulled ppl loans? Lmao
I'm sure many self-employed contractors and gig workers are considering taking PPP loan given its simplicity and flexibility for those who may not have any employees. And the 100 % forgiveness is also a plus.
Max you're awesome! Thank you for being so detailed and putting minds all over the world at ease!💜
As a part-time Uber driver turboschedulec,
made it sooo easy to complete my Schedule C!
It's definitely worth googling.
You uploaded it online ?
God bless you for doing your due diligence and makes it simple
Thanks for your help. Womply approved both rounds of my PPP loan. Much appreciated.
Hey. Have you done the forgiveness. Did mine with womply too. Please keep me updated.
As a sole prop; so I have to worry about covered periods “overlapping” for forgiveness purposes..... I got both my draws less than 8 weeks apart.
I have the same concern!
Same here.....NO ONE seems to be able to address this concern. So many videos about forgiveness and Draw 2 eligibility but no direct advise/ answers to this precise question, etc.
Max- You are awesome, btw! Keep up the great work!!!
I know. I have not signed my second draw note because it's only been 3 weeks since I got the 1st one. I have a feeling you can prob just do 11 weeks forgiveness on both and get forgiven. But it could get flagged because of the overlap. Potentially getting no forgiveness on one or both.
yes I am in the same boat
I just got funded today now I’m looking how to do forgiveness
Max can you still apply for sba or ppp loan if you are collecting unemployment
Thanks!
Thank you, this is what I wanted to hear. We got funded two weeks ago into personal bank account and haven't touched one penny from it cause wasn't sure how we could spend it. My husband is a truck driver self employed. I need this loan 100% forgiven. I have asked so many people and nobody answers ☹
I got my first draw through k servicing and they said they don’t have the sba updated forms yet. To just wait . I git my first draw in July 2020
Good Morning Max! Thank you for the explanation that is need for most people! Your awesome! Have a very blessed week. Blessings to you, all that you share to help all, and your businesses! Your appreciated! 👍🤗🤩❣️🌹🌟
Jenny Madrid- did you use the link above to apply for the PPP loan? It's not verifying my identity when I take it upload pictures of my drivers license. I was wondering if you had this issue as well? Thanks
@@OpenHeartMinistry4 no, thank you
Nothing but value in this channel. Thank you Max!
Thank you for taking time to do this!
Hello Max,
At 9:47
In your video, you were showing us an example of how to fill out the 3508S. What number should I put for covered period if my loan is $5000? Did you mention to put "covered period 1 week to 8 weeks"
Thank you!
Thank you bro this a huge sigh of relief 😪 I just got my approval today and was already thinking about what you just covered...just got yourself a sub dude🤟🏾😜
Hi max,
I applied for draw 1 few weeks ago and got the funds, I discovered ppp through videos on youtube!
When I applied, I applied using my 2019 schedule C. But in 2020, I converted to sCorp and will be taxed as an s Corp this year as well,
For full forgiveness, can I just take an owners draw or do I run payroll like an s Corp. this is the only income I have this year so far and may want to run one annual payroll at the end of the year depending on how much business I get. Please help.
Thank you for this video. I'd gotten confused over the past few weeks.
How should I start withdrawing the money into my other account ? By check ? Or cash
One of the main questions that never seems to get answered is the covered periods overlapping from PPP1 and PPP2 my lender told me we don't have to wait 8 weeks between the two loans is that true please reply
Wondering the same thing
@Max Maher the last time I asked this question over a month ago I went over to your WhatsApp like you suggested and the answer was not over there max
I'm not understanding why you don't want to answer it here, I respect you however this is a question you ultimately refuse to answer and it's extremely perplexing
Why do you continue to evade the question and ultimately passed the buck sending us over to your WhatsApp this video is about answering the questions that never got answered and you want to clear stuff up but you refuse to clear up this point right here about covered period overlapping therefore potentially ruling us out of 100% forgiveness
Yes it is true! My lender funded both of my loans within a month of each other.
@@beautyonpoint9664 yes, I have not doubt I'll be funded but the forgiveness is the tricky bit. I can't get clear info anywhere on how to fill in the "covered period" for these loans....OR whether the 25% reduction from 2019-2020 has to be for the whole year or just any compared quarter...
@@beautyonpoint9664 how long after receiving round one did you apply for round 2?
Such a great video, could you do another just like this but with the eidl loan increase?
The SBA emailed and is asking for
a. A statement that the of - held a meeting or that you are the 100% owner;
b. A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount;
c. A statement designating you by name and title as the person authorized to sign the SBA loan closing documents;
d. The LLC Certificate should be dated and signed by you;
e. The signature should also include your title (e.g. President, Vice President, Secretary).
I’m getting a little confused by this since I’m just a schedule C with only myself as an employee/ and 100% ownership
Could you forward me the email they’re sending?
@@MaxMaher where can I find your email?
Hey Max, could you discuss overlapping covered periods for PPP1 and PPP2? I'm sure there are plenty of people who are confused as to when to apply for PPP2 after receiving PPP1 and ensuring both are fully forgiven. Especially if we're trying to use 100% owner's share compensation replacement for both.
That exactly the question that I've been waiting for answer !!
YES...this is where I'm stuck....when is my "covered period"? Max makes it sound like it's arbitrary and we can choose it...but does the start date have to be after disbursement of the first PPP? I lost money all through 2020 but only realized PPP was good for me in March 2021....can my covered period be entirely in the past? And is there a concern around unemployment benefits that may have come in at some point? I'm stuck between PPP1 received and PPP2 offered and have no idea how to handle this.
i'm stuck at this too! Womply sent me my PPP2 docusign form but I haven't done anything with it yet cause I don't know if I sign it too soon will I not give full forgiveness?!
@@megdewsnap Seems like info about that is all over the place. Loans cannot overlap in order to receive forgiveness
the date of the loan starts on the date of disbursement.
Same
Does the PPP money needs to be in the checking account? Coz I transfered mine to my savings account.
Can I spend it on ⛽ fuel for my delivery business. Thanks
I did same from Cardman2 on telegram it's real and legit
You should give an example on how Uber and lyft drivers can do payroll
Thank you for doing all of this work for us Max. You’re awesome!
Thank you max
Question
The SBA said if you applied already for first PPP loan you can’t go back and reapply for retroactive base on gross income
I’m crossing my finger for first ppp retroactive
Great info as always Max. Thanks. Appreciate you.
Happy to help!
Just had to say thanks for the info.. great help .. got my grant and ppp loan on your word.. thanks again.
I am no longer waiting for the ppp loan because I earn $24,700 every 10 days recently I got myself a new ride
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Max it's important to tell everyone that a self employed schedule c filer is not an employee and you cant pay yourself wages. No 60/40 rules for self employed.
Its simply a calculation for forgiveness that you used to get your funds.
Still having issues getting my loan. Hmm
Just when I taught all hope have lost it wasn't, jhacker934 on Instagram, was able to credit me 17500$ into my bank account, the second draw was successfully
Please explain overlapping covered periods of PPP1 and PPP2 as it relates to loan forgiveness.
Thanks so much to @chipper_hacks11 on telegram such a genius and reliable
Question: When do you select your cover period? I never saw that option on the 1st draw application. Oh I see now, when I file for forgiveness, I select my cover period then. Thanks. Awesome.
So I don’t quite understand what the election period is? I got less than 15k , so I believe mine is only 8 weeks. So what does that mean exactly?
Did you said 16 weeks?? I thought the options were 8 weeks or 24 weeks
To pay your self
Thank you so much for all videos; very helpful !!! The only what I don't understand / or missed / for self employed is , if the money are deposited in your checking account and you want to use 100% for payroll; do you have to transfer money in another acc and put it back to the checking or just leave it. Thank you
Contact se.rahack9 on Instagram
one thing that’s always confused me about this is...if you’re a sole proprietor and you can use the loan to pay yourself, which is a proper use of the funds, can they then tell you what to with the money on o.O
that's what im wondering also
I have the same question.
No. It’s the people who get crazy huge loans fraudulently and then buy Ferraris that end up getting arrested. If you pay yourself then that’s that. It’s spending your own money you were paid with.
@@missyschwartz3409 I keep hearing him reference to opting into 16 weeks and 24 weeks how do you opt into that or is that just the way you divide the payroll out?
@@lovech1ld yeah that’s not super relevant if you don’t have employees. He says in the video when filling out forgiveness just do the 8 weeks if you have less than $15,000 loan. Basically it’s the loan spread out over that pay period that is to pay employees or eligible expenses. some people will choose shorter or longer depending on how much they receive and how to fully get forgiveness so they show that whatever percentage was spent over those weeks on payroll and/or expenses. If you are ind contractor it doesn’t really matter because all of your loan is going towards payroll to pay yourself.
so since i got it deposited into a personal bank account all i have to do is apply for the forgiveness?
Apply from Cardman2 on telegram it's real and legit trust one
If you're self employed, with no employees, you can spend the money any way you want.
yes, you can easily pay yourself compensation with this PPP program and apply for loan forgiveness.
As a sole proprietor, when applying for forgiveness, do we need to send in extra documentation? I just want to confirm that
I cannot reach my lender Harvest Small Business Finance, LLC, how can I apply for PPP forgiveness? Please help me .......
Contact Cardman2 on telegram it's real and legit trust one
Thank you Max for always going beyond the call of duty, even for those who are paranoid and or don't listen well, hahahahaha!!
So is the "covered period" just an arbitrary number, or do you have to be doing/not doing something during that time? Can you pay yourself a lump sum and then just pick any "covered period" for the forgiveness paperwork? Do I have to wait until my covered period for my first draw ends before I can take the second draw? I would miss the application deadline for Round 2 if I waited that long...
Like 51. Still in the top 100!!!😜
Did anyone get way more than the 1st round? Trying to make sure my spouse isn't in trouble. He can't use all of it in 8 weeks.
Do the forgiveness application will go thru Womply?
It’s the lender who funded you through Womply.
I am a business owner. I have ten employees on payroll which I plan on using the money for but I, myself am not on payroll can i still myself and be forgiven lol?
Contact se.rahack9 on Instagram
I apply from Cardman2 on telegram it's real and legit trust one
What about those of us who just got 1st draw within the past couple weeks.. Womply has already processed my second draw and sent me a promissory note. I am afraid to sign it as I would receive the second draw way before the minimum 8 week covered period??
Can you do it for more than one business that you have. Let me know
And on that note.... #SUBSCRIBED
I just subscribed to your channnel woman 😍😍😍
Is SBA kind of PPP loan? I got SBA and wanted to apply for forgiveness?
I cleared mine using the help of *centerluno* 0n lG
It’s been two weeks and am still waiting to get funded. Last time it was days after signing my prom note.. why the hold up?
that happened to me, but in reverse. took two weeks for the 1st draw, & just days for the 2nd one. is it the same lender for both draws for you?
@@jay2the yes.. Womply. My son was a week behind me, but got the 2nd draw funding 10 days ago..
@@venicullen9735 i guess i should have said bank, instead of lender. are you assigned to the same bank for both draws? for my second draw, the bank that funded me was much quicker than the first bank. all through womply as well.
I believe both mine and his were through fountainhead
Same for me. 2nd draw is taking much longer to get funded after promissory note. 1st time draw 1 was about 5 days this time draw 2, I am already at 10 days. Same lender for both
Two questions that lots of gig workers like myself have: one: how do we determine the start and end dates of the covered period, and once we do, does that mean we have to show proof that all expenses referenced on the forgiveness application occurred during that period or can the pay go back to cover unpaid times from 2020? And the second question is about the PPP2: Do we only need one quarter to quarter comparison to show a reduction in income? My gross receipts show only about a 20% reduction, but because my covid pivot involved MUCH higher costs to produce, my profit shows a reduction of over 80%. Do we know if that will be taken into consideration? THANK YOU.
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I wanted to trade crypto but got confused by the fluctuations in price
That won't bother you if you trade with a professional like Mr Tobias
I heard that his strategies are really good
How can I get the loan?? I have tried and keep running into issues
Poor people think about what they can buy with there money, Rich people think about what they can invest in with there money 💰💰💰;
Most intelligent word I've heard
today
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I wanted to trade but got confused with the fluctuations of price
Great video
I am Uber driver, Can I apply and should I have business account ?
Also how long should I wait to apply for ppp2 if my ppp1 only 5000$
Hello! Can you “pay yourself” with both the first and second draw?
Yeah sure
I have tried cyberlackershack on telegram so many times they never failed 💯
I have tried cyberlackershack on telegram so many times they never failed 💯
I was able to get approval through the help of cyberlackershack on telegram so amazing 😉
I was able to get approval through the help of cyberlackershack on telegram so amazing 😉
Thank you so much for all of your valuable information! Keep doing what you’re doing🥰🥰✌🏾✌🏾
🐐 of PPP
He is amazing and knowledgable.
What if you had a regular 1040 job but did Uber/Lyft on the side? Can you be eligible for a PPP loan?
Thanks for all your valuable information. I delayed in applying for the PPP loan. I'm not sure if I really qualify. I started working for Instacart on April 20th, 2020 for needed supplemental income. I did not make enough money because of the Covid 19 to receive a tax form from Instacart. I work a full-time job. I had already filed my w-2 without the Schedule C form because I never received any tax forms. What should I do at this point, if anything? Thanks
Thank you so much. I figured there would be some elaborate calculation involving averages from the past 3-5 years of your net income.
*I was skeptical about those whole thing until incredible_profit on !G got me my first in less than one hour*
Thank you would not be enough for things i *incredible_profit on !G* has no other benefiting words
Max you're awesome and so detailed in the way that counts! You don’t get lost in the non-important things. You are opening minds up to new opportunities across the USA with expert efficiency, and great professional knowledge e-z to understand warm communicative style! Great job. I got my loan because of your help proving what you teach really works. Thanks Again
Thank you 😊 I’m glad to be of assistance
how can i apply for a forgiveness business loan made via SBA?!
Ok I’m confused. I’m a independent contractor ( Ubereats) I can’t spend my first draw or second draw on things like my personal rent, utilities, or medical bills ?!!?!??? If not, what am I suppose to spend the funds on 😫 this is ALL so confusing. I’m scared to spend a dime of the 1st draw 😫😫😫😫😫 someone break it down to me please !!!!!
Does it matter if you as an independent contractor cut your work hours somewhat during your covered period?
Outstanding material Max! Question- How many days should I wait for the bank to clear transaction before I try for second draw from another bank? Maybe you've encountered that situation
You said round 2 needs to show the 25% reduction. If you didn't get a 1st draw ppp loan do you still have to do this?
Can you go into more details about how to get a micro loan to start a new business. Not having a lot success finding on my own. Thanks, appreciate all your hard work. Max
Thanks so much to @chipper_hacks11 on telegram such a genius and reliable