Your videos have made applying for a PPP loan as a sole proprietor so much less intimidating. I got my first round of PPP recently and plan to follow your steps to make the forgiveness as easy as possible. Thank you for these videos!
Popping back into the comments here to say that I just got a notice from the SBA that my forgiveness was approved and the payment has been made to my lender. The SBA form has been updated to be even more straightforward than the one in this video, but all the information was still the same and this video made it super easy to fill out correctly. Thanks again @rich for such clear and useful videos. Much appreciated!
Hi Rich , I receive both draw from Womply , we’re I have to apply for forgiveness? To whom I have to send both forms ? Idk were and to whom apply for forgiveness, let me know wen you can , thanks for your help .
Can’t reach harvest small business. Been trying for 2 weeks. No reply or talk to anyone. What do I need to do next to find ppp lender loan number? Harvest isn’t answering for no one.
@@richsmithedu Hi Rich! Question--- I just received my PPP loan dispersed on 5/14 however I realize I used line 31 on my schedule C and not line 7 which is my actual GCI. Am I able to give back the funds and re-apply with the correct GCI? Or apply for another loan subtracting what they already gave me? Or just leave it as is? Sorry just seeing if I have any other options to fix this. Thanks in advance!
Dear Rich, thank you for the awesome videos. I want to know that is it possible if I transfer $ from one bank account to another bank account as weekly payroll instead of using a checkbook? We can write “PPP week number 1” as a memo of the transfer and show them during forgiveness. Am I correct? Or I must have to use a check to pay me?
Hi Rich, thanks for the video. How do I calculate the covered period. is it from the day I received the loan to 10weeks later. what dates is it about? Thank you.
Hello Rich, thank you so much for explaining the application process. I did not apply for the first PPP loan, should I check the second PPP loan box since that was the loan I applied for? The second PPP loan is all I received.
Rich thank you so much again! You ROCK!!! I have a question please. I will fill out the SBA PPP 2nd draw forgiveness as per your excellent tutorial here, I also have a SBA EIDL Loan, would there be a different form for this? If so, would you be able to do another tutorial on this one?! :) Thank. you so much for making this easy for all of us!!!
Hello, I received my first draw on 4/24 I have not signed for my second draw yet, how long before I can draw my second, and do I have to wait the full 10 weeks before I apply for forgiveness... I think I’m a little confused on the covered date
I have a Corp and I closed my business in October 2020, trying to file ppp1 forgiveness now. Do I put zero as number of employees at time of application? Do I put under business addresses as my home addresses since I closed my physical business location?
Thanks for the video! Can you define what is meant by "covered period"? Also, I received one loan and then a second loan 1 year later. They classified the 2nd loan as a "loan modification" of the first loan. Does this mean I still need to submit 2 separate requests? Thank you very much!
what if you put down on ppp app that the purpose of the loan was for payroll, utilities and covered operations expeditures. do you have to show the amount on forgiveness app?
I forgot to apply for forgiveness for my DBA side business I run myself alone, but the lender said to go ahead an submit the form even tho they sent a demand letter months ago, but I didn't take pay, but I seen they also forgive 2Eligible nonpayroll costs Nonpayroll costs eligible for forgiveness consist of many cost I do have and have proof. Should I still apply for forgiveness I asked my tax person to help with no luck. wish i could just pay someone to help me with this pain. Thanks for the great video.
Quick question, is your disbursement date ,1. the day it hit your account ? OR 2. the date it cleared? mine was processing in my account for 2 days before it cleared
My pop amount was $5691. I used $1200 for utilities & the rest on payroll. Should I deduct the payroll amount only? Also, should I send in the utilities billss that were paid? Thanks for all you do. God bless you ABUNDANTLY!
Following They only asked for payroll Amount, what if you have non-payroll also. My payroll amount it’s only 60% I use 40% of it for non-payroll is there a spot I need to put that on
Hi Rich thank you so much for this informational video. I have one question now that I have filled out the PPP Loan Forgiveness Application Form 3508S. Do I email, fax or mail it in to the bank that I received my PPP loan from?
Hi Rich, if I got my PPP 1 on 4/7 and just started the weekly draw this week, can I apply for PPP 2 and be forgiven for it? The SBA website says you can if you’ve used or will use the funds-however, I’m seeing mixed messages on whether or not funds need to be used. (Womply states it does need to be used.) And the loan app asks you if you’ve used the PPP 1 for eligible expenses which contradicts the SBA website language “will use”. Thanks! ✨
What if I put 0 for the question of employees? I don't have any employees? Will I be denied forgiveness because of that????? That question is confusing for sole proprietors who don't have employees? Why do we put 1 there? Will I need to call my lender to revise this?
I'm applying for forgiveness through wells fargo and that line is prefilled with "1" so I assume that is correct for sole proprietors with no employees. It is confusing.
Thank you for such a wonderful and easy to understand video. Im ready to apply for PPP forgiveness #2. I have a question is there any forgiveness on EIDL any portion or interest relief. Will wait for your answer Thanks
What about this reduction deal?. The bank application that I got emailed has a spot to upload proof of reduction. I don't know how to get proof. Also if I fill this 3508s out do I just send that to my bank or do I send to sba? This application is just what I need. It fits everything I need as far as my business. 1 person no employees. Thanks
Thanks for the info. Can you help us understand how we got our amounts decided? Cuz all these numbers are alot bigger than mine. Not to be ungrateful but i wonder if i did somethin wrong
Your correct amount is based on your tax forms. I have a few calculators in this article to check your numbers: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
Hi Rich thx a lot for helping people. I’m uber driver I got unemployment benefits and edil grant advance did I have still applied for ppp loan forgiveness or I have to stop unemployment benefits did ppp loan forgiveness affect edil grant advance thx a lot for your help.
Thank you so much for helping Mr. Smith but I have important question .. After filling out this forgiveness application , what is the address I have to send to ?
Hey Rich! Thanks for another great video. I'm in the middle of filling out the 3508S for Round 1 PPP. I hear what you're saying about the end date, to do min. 10 weeks but up to 24 weeks. Thing I don't get: if I put 10 weeks specifically to cover my 10wk/2.5mo weekly disbursement OR I just put in the full 24 weeks, as was the original option (given that 8 weeks wouldn't work for most of us), will that actually make a difference to SBA? I mean, they should still forgive 100% payroll expense either way, right? Hard to understand what difference it makes to them and/or if I'm putting myself in jeopardy by putting 10 vs. 24 weeks. ??? Thanks! -Merrick
Can not the entire loan be transferred a single time? Almost as if you had a bigger job that paid a lump sum? Before the pandemic, during some months, I worked jobs that paid these type of lump sums and then other months, no income at all. I understand the process of documenting paying yourself for 10 weeks but curious if it works the same with a lump payment… the way my real life income works. Thanks!
Hello, In order to calculate the Amount of Loan Spent on Payroll Costs I understand that I have to use my schedule C line 31 on my taxes of 2019. But what if the number showing on this line in negative. For instance, what if I have a (10,000) ? How can I then calculate the number to enter?
Covered period question: 1st draw funded 3/31. 10 weeks would make it 6/9. My 2nd draw was funded 5/25. Will this affect the date for the 2nd draw forgiveness?? Do i put only 8 weeks, or do i do the 6/9 ??
I'd start paying yourself the second draw AFTER 6/9 - here's my article on how to pay yourself: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/
currently debating on if its worth paying my lender the $150 they're charging to do the forgiveness process for me or if i should do them both myself haha
Hi, I am applying for PPP round 2 forgiveness. Filled out the application and uploaded my bank statments for the past 3months however they are also asking for Federal payroll tax filings (tax form 941). I don't know what that is. Can someone please clarify me? I am self-employed Lyft driver.
Hello Rich. I’m just finding out as an Uber driver that I could’ve done the first round. Is it possible to still get the first round or has that had an expiration date attached to it? Thank you
Great video! While filling out my second draw forgiveness, I was asked about "Document Revenue Reduction" I had to pick a quarter in 2019 and 2020 and show a 25% reduction. They also ask for documentation. Dumb question but can I just add my bank statement from a month in 2019 and another month in 2020? I might not be asking this correctly but I hope someone understands :(
My ppp loan amount is 20,832.00 , since it below 150K.. I am filling up the 3508S form , yet my Payroll entry amount is 60% of the loan amount and being self-employed the rest went for my rent.... So, my two numbers will be different, What I mean is that I am asking for the full amount for the forgiveness.... There is no besides P/R entry for the other expenses .. Will it be acceptable for SBA for the full amount of forgiveness...
I am confused a little about the gross income portion. The SBA made my loan off of gross revenue not gross income. I bet many sole proprietors are in the same boat. When you don’t have much on the schedule C what do you do for the Salary portion? My loan was I. 2020 & have filed an extension for 2020 returns. Do they just stick to the base 20,833 depending on the amount of the PPP loan?
The rules changed multiple times, so you're forgiveness amount is based on your loan amount. Here's my explanation: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
Hello. I am not sure if you have this information, but just in case I have to ask you. Do you know anything about PPP second draw forgiveness payroll proof for self-employed? I don't have a payroll. I pay my employees by checks and they do 1099 end of each year. I also transfer money online from business account to personal account to be paid (salary). What kind of proof of payroll payment SBA will accept in this case? I know this is a specific case, but I am sure I am not the only one who met this issue. Lots of self-employed people will search for this information soon. Be the first one who make video about this case )
Hi i just have a question when filling out the loan forgiveness if we have a negative number on line 31 on schedule c how does that work when putting that in on the loan forgiveness information. For instance i have a -321 amount on line 31.
No matter what either one of those lines says on schedule c, you better had spent at Least 60% of the loan given to you on payroll...that's the only requirement for Forgiveness, no If's, but's or and's
Hey Rich great info. I received my PPP loan just over a month ago. I'm a sole proprietor and haven't even spent any of the funds. I will do like you said and put them in a high interest earning savings account. Now the lender is sending me emails to get a second ppp loan. Can I or should I be able to get a second one without even using any of the funds from the first one?
@@richsmithedu thanks so could that be just putting it in my interest bearing account? I just threw it in my business account and while I have used funds out of the account. I haven't even spent as much as the loan was for.
Can you please explain about overlap? In one of your videos you mentioned that you can get 2 PPPs within a shorter period of time and that it doesn’t mess up the covered period. Now, I’m hearing that’s not the case. How do I apply for forgiveness with back to back PPPs? Thanks for your reply!
@@richsmithedu ok, so it doesn’t matter when the 2nd PPP was deposited in my bank? From what you’re saying, I can set up the start and end time of my covered period on my own once I’ve paid myself for the 1st loan? The start date on the 2nd can be any random date afterwards?
@@taradeng your "covered period" starts on the day of the deposit. I am saying to wait until 1st is all used up (at least 8 weeks) before you starting using 2nd PPP. You have 24 weeks to use the funds, so no issue waiting a few weeks to avoid overlap.
@@taradeng Same thing happened to me....my dates that they deposited the money into my account will overlap. It shouldn't have happened, but it did. On my covered period for my 2nd Draw I will just be putting the dates I started using that money, not the date it was deposited. @Rich Smith would you agree?
@@LaynieSalinas that’s what I was getting at. Rich says the day of deposit, but which date is he referring to. The day that the lender deposited in my bank or my date of paying myself. There is definitely an overlap when the lender deposited the funds into my bank. They deposited the 1st PPP and then the next one 3 weeks later. I’m trying to avoid having to payback due to the lender’s error. So, the only thing I have to go by on my 2nd PPP is when I started paying myself. Fortunately, I’ve just been making deposits in an alternative bank and haven’t spent any of the money. Laynie, you and I are not alone in this. Thanks for your feedback.
I have a question: if I received my 1st draw in my personal account how could or would I account and show proof of payroll deduction payments to myself?
What questions do you have about PPP Loan Forgiveness? Let me know in the comments 👇
CAN I GET PPP AND PUA AT THE SAME TIME . I LIVE IN TEXAS. DO I KEEP CERTYYING FOR MY PUA,I JUST GOT PPPLA WEEK AGO
THANKS IN ADVANCE
Is the disbursement date. 1. The day it hit your account or 2. The date it cleared??, mines was processing for 2 days before it cleared
We got the ppl loan for small business, no instructions how to spend or report.
@@adesolarobinson2135 Following
Where can I get the application
Your videos have made applying for a PPP loan as a sole proprietor so much less intimidating. I got my first round of PPP recently and plan to follow your steps to make the forgiveness as easy as possible. Thank you for these videos!
Popping back into the comments here to say that I just got a notice from the SBA that my forgiveness was approved and the payment has been made to my lender. The SBA form has been updated to be even more straightforward than the one in this video, but all the information was still the same and this video made it super easy to fill out correctly. Thanks again @rich for such clear and useful videos. Much appreciated!
Appreciate the good news update. Congrats!!
This video has all the info that I needed!!
Thanks 😊
Excellent instruction thanks Rich
Al
You’re a legend! Thank you for everything that you do for small business owners! Really appreciate it brother
Welcome! This is the updated one too 🙌
Hi Rich , I receive both draw from Womply , we’re I have to apply for forgiveness? To whom I have to send both forms ? Idk were and to whom apply for forgiveness, let me know wen you can , thanks for your help .
Thank you my brother that was very informative I like a person that knows a little of what their doing
Glad to help
Thanks for this. You made me realize I was filling out the wrong form.
You are so welcome!
You made this less stressful for me. Thank you.
Can’t reach harvest small business. Been trying for 2 weeks. No reply or talk to anyone. What do I need to do next to find ppp lender loan number? Harvest isn’t answering for no one.
Thank you you're awesome
More ppl should watch
Rich, Great information!
Thank You, Great Video!!!! you really helped save me time
Very clear, thank you very much.
Whew! I’m glad I’ve found you... thank you so much for explaining it. Your video was the BEST one out there!
Glad it was helpful!
@@richsmithedu Hi Rich! Question--- I just received my PPP loan dispersed on 5/14 however I realize I used line 31 on my schedule C and not line 7 which is my actual GCI.
Am I able to give back the funds and re-apply with the correct GCI? Or apply for another loan subtracting what they already gave me? Or just leave it as is? Sorry just seeing if I have any other options to fix this. Thanks in advance!
It’s possible but not likely. This is something the lender would have to arrange for you.
Thank you!
Always on point Agbor bless you bro
Rich, you made it understanding to follow. Thank you
Thank you so much, it's very clear, you are the best
Better still apply for 15,200$ reliefgrand I'm sure it will go a long way for you it non refundable I have gotten mine already
Great info .thanks
Thank you so much!! So clear!
Dear Rich, thank you for the awesome videos. I want to know that is it possible if I transfer $ from one bank account to another bank account as weekly payroll instead of using a checkbook? We can write “PPP week number 1” as a memo of the transfer and show them during forgiveness. Am I correct? Or I must have to use a check to pay me?
Hi Rich, thanks for the video.
How do I calculate the covered period. is it from the day I received the loan to 10weeks later. what dates is it about?
Thank you.
Question... what if 2nd loan overlaps 1st loan covered period?
Wondering the same thing.
The only real agent I found on here is carderplug019 on telegrm, He helps me to file my ppp and forgiveness everything goes and perfectly
@@sonyasmith3612 Hi! Did he help you fill out the forgiveness form?
@@maxinestreeter6413 yes he is the one that help me without stressing me, you should talk to him okay
@@maxinestreeter6413 yes talk to him now
Hello Rich, thank you so much for explaining the application process. I did not apply for the first PPP loan, should I check the second PPP loan box since that was the loan I applied for? The second PPP loan is all I received.
Thanks Rich ,awesome video,u explain everything so well
Hey, Rick thank you for making this video. Can you tell me were to send the form after its filled out?
To your lender.
The video is really helpful thanks for sharing
Glad it was helpful!
Thank you so much for this!!
Rich thank you so much again! You ROCK!!! I have a question please. I will fill out the SBA PPP 2nd draw forgiveness as per your excellent tutorial here, I also have a SBA EIDL Loan, would there be a different form for this? If so, would you be able to do another tutorial on this one?! :) Thank. you so much for making this easy for all of us!!!
Yes, different form for EIDL and I will make that video soon!
I wish I found this video earlier. Thank you!
Glad it was helpful!
So detailed…………. 🙏
Thanks
SUPER helpful. Thank You!
You're welcome!
Hello, I received my first draw on 4/24 I have not signed for my second draw yet, how long before I can draw my second, and do I have to wait the full 10 weeks before I apply for forgiveness... I think I’m a little confused on the covered date
Does asking for Forgiveness lock you out of future gov. Compensation of this type? I heard this elsewhere and want to confirm.
I have a Corp and I closed my business in October 2020, trying to file ppp1 forgiveness now. Do I put zero as number of employees at time of application? Do I put under business addresses as my home addresses since I closed my physical business location?
Do you have a video on where to email the 3508S back to???
How does sba select who is forgiven?
I was wondering that to . I heard as long as you have proper document , everyone is forgiven
@@kyslife9701 what is proper documentation
Thanks for the video! Can you define what is meant by "covered period"? Also, I received one loan and then a second loan 1 year later. They classified the 2nd loan as a "loan modification" of the first loan. Does this mean I still need to submit 2 separate requests? Thank you very much!
if the lender has left the business for good and no longer avail then where would you send the form to?
what if you put down on ppp app that the purpose of the loan was for payroll, utilities and covered operations expeditures. do you have to show the amount on forgiveness app?
I forgot to apply for forgiveness for my DBA side business I run myself alone, but the lender said to go ahead an submit the form even tho they sent a demand letter months ago, but I didn't take pay, but I seen they also forgive 2Eligible nonpayroll costs
Nonpayroll costs eligible for forgiveness consist of many cost I do have and have proof. Should I still apply for forgiveness I asked my tax person to help with no luck.
wish i could just pay someone to help me with this pain. Thanks for the great video.
Thank you
You're welcome
Show us how to do the first draw and second draw? What if you have 2 different lenders ?
Is there any other way you can show me I don’t have that app I tried using it but it won’t allow me
What is the deadline for first draw to claim forgiveness
Quick question, is your disbursement date ,1. the day it hit your account ? OR 2. the date it cleared? mine was processing in my account for 2 days before it cleared
My pop amount was $5691. I used $1200 for utilities & the rest on payroll. Should I deduct the payroll amount only? Also, should I send in the utilities billss that were paid? Thanks for all you do. God bless you ABUNDANTLY!
F
@@richsmithteacherentreprene6085 Thanks, got it.
@@richsmithteacherentreprene6085 You still didn't answer my question.
Following
They only asked for payroll Amount, what if you have non-payroll also. My payroll amount it’s only 60% I use 40% of it for non-payroll is there a spot I need to put that on
Hi Rich. Is there a form to fill out for forgiveness SBA LOAN of last year? That I have to pay back with interest
Hi Rich thank you so much for this informational video. I have one question now that I have filled out the PPP Loan Forgiveness Application Form 3508S. Do I email, fax or mail it in to the bank that I received my PPP loan from?
Hi Rich, if I got my PPP 1 on 4/7 and just started the weekly draw this week, can I apply for PPP 2 and be forgiven for it? The SBA website says you can if you’ve used or will use the funds-however, I’m seeing mixed messages on whether or not funds need to be used. (Womply states it does need to be used.) And the loan app asks you if you’ve used the PPP 1 for eligible expenses which contradicts the SBA website language “will use”. Thanks! ✨
What if I put 0 for the question of employees? I don't have any employees? Will I be denied forgiveness because of that????? That question is confusing for sole proprietors who don't have employees? Why do we put 1 there? Will I need to call my lender to revise this?
Yeah, I''d get in touch with the lender because the mistake could jam you up.
I'm applying for forgiveness through wells fargo and that line is prefilled with "1" so I assume that is correct for sole proprietors with no employees. It is confusing.
Thank you for such a wonderful and easy to understand video. Im ready to apply for PPP forgiveness #2. I have a question is there any forgiveness on EIDL any portion or interest relief. Will wait for your answer Thanks
Nothing like that yet for EIDL
Thanks for the vid! How long do I have to wait before I can apply for forgiveness?
I say at least 10 weeks - richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/
Hey rich I need help filling mines out can u walk me through it ?? Fir some reason mines looks a little different
Rich is the 100% for owners compensation only for the first draw? and 60/40 for the second draw for forgiveness?
It’s for both draws
What about this reduction deal?. The bank application that I got emailed has a spot to upload proof of reduction. I don't know how to get proof. Also if I fill this 3508s out do I just send that to my bank or do I send to sba? This application is just what I need. It fits everything I need as far as my business. 1 person no employees. Thanks
I just acquired the spreadsheet. Three times I clicked file and make a copy. it cont. to put up the "How To" dialogue box??
Hey where can I find the form for forgiveness.
Thanks for the info. Can you help us understand how we got our amounts decided? Cuz all these numbers are alot bigger than mine. Not to be ungrateful but i wonder if i did somethin wrong
Your correct amount is based on your tax forms. I have a few calculators in this article to check your numbers: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
Will unemployment take this loan if u get overpayments
Even though they deduct from my checks weekly?
I dont think so because im in the same situation
@@overgrowthplanet7531 yeah, I think you’re right.
I just watched this amazing Video on SBA PPP loan forgiveness! Stellar! Thank you very much for your clear and concise tutorial!!! xo
Glad it was helpful!
Hi Rich thx a lot for helping people.
I’m uber driver I got unemployment benefits and edil grant advance did I have still applied for ppp loan forgiveness or I have to stop unemployment benefits did ppp loan forgiveness affect edil grant advance thx a lot for your help.
Thank you so much for helping Mr. Smith but I have important question ..
After filling out this forgiveness application , what is the address I have to send to ?
The lender that deposited the money into your account.
I was wondering about this as well ?
Hey Rich! Thanks for another great video. I'm in the middle of filling out the 3508S for Round 1 PPP. I hear what you're saying about the end date, to do min. 10 weeks but up to 24 weeks. Thing I don't get: if I put 10 weeks specifically to cover my 10wk/2.5mo weekly disbursement OR I just put in the full 24 weeks, as was the original option (given that 8 weeks wouldn't work for most of us), will that actually make a difference to SBA? I mean, they should still forgive 100% payroll expense either way, right? Hard to understand what difference it makes to them and/or if I'm putting myself in jeopardy by putting 10 vs. 24 weeks. ??? Thanks! -Merrick
Shouldn’t matter, but they don’t make any of this easy or clear. I think keeping it simple and straightforward for them will be best.
I used 19,700 for payroll, 300 for rent, where do you put the rent amount on the application ?
This is my first ppp loan...can I apply for a second ppp loan when all the funds are exhausted??
Does the money have to be all spent before we apply for loan forgiveness?
Can not the entire loan be transferred a single time? Almost as if you had a bigger job that paid a lump sum? Before the pandemic, during some months, I worked jobs that paid these type of lump sums and then other months, no income at all. I understand the process of documenting paying yourself for 10 weeks but curious if it works the same with a lump payment… the way my real life income works. Thanks!
Hello, In order to calculate the Amount of Loan Spent on Payroll Costs I understand that I have to use my schedule C line 31 on my taxes of 2019. But what if the number showing on this line in negative. For instance, what if I have a (10,000) ?
How can I then calculate the number to enter?
Covered period question: 1st draw funded 3/31. 10 weeks would make it 6/9. My 2nd draw was funded 5/25. Will this affect the date for the 2nd draw forgiveness?? Do i put only 8 weeks, or do i do the 6/9 ??
I'd start paying yourself the second draw AFTER 6/9 - here's my article on how to pay yourself: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/
currently debating on if its worth paying my lender the $150 they're charging to do the forgiveness process for me or if i should do them both myself haha
Go for it!!
Where to mail the PPP Forgiveness application when it is time to mail it?
I’d check with your lender because they might have a portal. If they don’t, then you send them this form directly.
If I am a self employed who does ridesharing and delivery what should my tittle be? Thank you
Courier
Thanks for this great video! Would this work for 2 employees? (myself-owner and my employee)
Also, can I claim 100% of my employee's pay as well? Since that is what it was used for. Just thought I would check. Thanks again!
W2 employees? Yes. 1099 employees? No.
Thanks so much!!
Hi, I am applying for PPP round 2 forgiveness. Filled out the application and uploaded my bank statments for the past 3months however they are also asking for Federal payroll tax filings (tax form 941). I don't know what that is. Can someone please clarify me? I am self-employed Lyft driver.
That for if you have employees. Send them a letter clearly stating you are a sole proprietor.
How do I get to know my sba loan number cos I can't remember it
Hello Rich. I’m just finding out as an Uber driver that I could’ve done the first round. Is it possible to still get the first round or has that had an expiration date attached to it? Thank you
Thanks for amazing video!
Tell me please can I pay myself and also work for Uber at the same time?
Hi Rich! Thank you for the video! If I received my PPP loan in July 2020, can I apply for its forgiveness now? Or is it already too late?
Not too late
@@richsmithedu thanks.
Tho there's ppl getting these loans that do not own business. What will happen in this case??
The information is out there: ruclips.net/video/0j9XukioVTY/видео.html
Great video!
While filling out my second draw forgiveness, I was asked about "Document Revenue Reduction" I had to pick a quarter in 2019 and 2020 and show a 25% reduction. They also ask for documentation. Dumb question but can I just add my bank statement from a month in 2019 and another month in 2020? I might not be asking this correctly but I hope someone understands :(
Yes, send them the bank statements and see what they say. Profit and Loss statement works too, if you have that.
Does this still work today ?
What do i put in the blank for the time period. The amout of money i paid self? Or put the how many weeks x 2.5 mos..?? Please explain
Here's my best guidance: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
How do you find out your lender info especially how to contact them to submit your forgiveness application
It’s on the loan documents you signed.
My ppp loan amount is 20,832.00 , since it below 150K.. I am filling up the 3508S form , yet my Payroll entry amount is 60%
of the loan amount and being self-employed the rest went for my rent.... So, my two numbers will be different, What I mean is that I am asking for the full amount for the forgiveness.... There is no besides P/R entry for the other expenses ..
Will it be acceptable for SBA for the full amount of forgiveness...
Following I have the same question
So if I pay myself every week for 23 weeks is that ok???
I am confused a little about the gross income portion. The SBA made my loan off of gross revenue not gross income. I bet many sole proprietors are in the same boat. When you don’t have much on the schedule C what do you do for the Salary portion? My loan was I. 2020 & have filed an extension for 2020 returns. Do they just stick to the base 20,833 depending on the amount of the PPP loan?
The rules changed multiple times, so you're forgiveness amount is based on your loan amount. Here's my explanation: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
Hello. I am not sure if you have this information, but just in case I have to ask you. Do you know anything about PPP second draw forgiveness payroll proof for self-employed? I don't have a payroll. I pay my employees by checks and they do 1099 end of each year. I also transfer money online from business account to personal account to be paid (salary). What kind of proof of payroll payment SBA will accept in this case? I know this is a specific case, but I am sure I am not the only one who met this issue. Lots of self-employed people will search for this information soon. Be the first one who make video about this case )
Here's my guide on documentation: teachingmillionaires.com/how-to-pay-yourself-ppp-loan-self-employed
When you finish fill the form, what’s the next step? Do I have to mail it in? What’s the address?
Thank you
It goes to your lender ... check with them ASAP.
CAN II APPLY FOR SECOND DRAW,I JUST GOT THE FIRST DRAW AND THE MONEY ALMOST GONE
CAN I APPLY FOR PPP 2ND DRAW BEFORE THE MAY 31ST DEADLINE
Ask your Lender
Hello Rich so if you recieve the max of $20,833 for your first draw and you used a 11 week cover period will that equel 100 % forgiveness ?
Same question here
Same question
As long as you use at least 60% for payroll..
Where can I find NACIS Code?
Here's all the links you'll need: richsmithedu.com/everything-you-need-to-know-about-how-to-fill-out-ppp-loan-forgiveness-application-form-3508s/
Hi i just have a question when filling out the loan forgiveness if we have a negative number on line 31 on schedule c how does that work when putting that in on the loan forgiveness information. For instance i have a -321 amount on line 31.
The loan was calculated using line7. line 31 no longer matter.
@@marnecheafields5440 why does he mention line 31 in the video then. That is confusing
@@justintherrien5643 yes I understand, but originally they were using line 31 to calculate
No matter what either one of those lines says on schedule c, you better had spent at Least 60% of the loan given to you on payroll...that's the only requirement for Forgiveness, no If's, but's or and's
@@forever39 i can also pay myself the full amount for owner compensation since im self employed uber/lyft driver
Hey Rich great info. I received my PPP loan just over a month ago. I'm a sole proprietor and haven't even spent any of the funds. I will do like you said and put them in a high interest earning savings account. Now the lender is sending me emails to get a second ppp loan. Can I or should I be able to get a second one without even using any of the funds from the first one?
Latest guidance is that you have used or will use first one, before getting the second one.
@@richsmithedu thanks so could that be just putting it in my interest bearing account? I just threw it in my business account and while I have used funds out of the account. I haven't even spent as much as the loan was for.
One more question how do you find out what the address is to send the forgiveness PPP form to?
You usually send it directly to the lender via email.
Can you please explain about overlap? In one of your videos you mentioned that you can get 2 PPPs within a shorter period of time and that it doesn’t mess up the covered period. Now, I’m hearing that’s not the case. How do I apply for forgiveness with back to back PPPs? Thanks for your reply!
Overlap shouldn't have happened. If it did, pay yourself the second amount over weeks 11-20.
@@richsmithedu ok, so it doesn’t matter when the 2nd PPP was deposited in my bank? From what you’re saying, I can set up the start and end time of my covered period on my own once I’ve paid myself for the 1st loan? The start date on the 2nd can be any random date afterwards?
@@taradeng your "covered period" starts on the day of the deposit. I am saying to wait until 1st is all used up (at least 8 weeks) before you starting using 2nd PPP. You have 24 weeks to use the funds, so no issue waiting a few weeks to avoid overlap.
@@taradeng Same thing happened to me....my dates that they deposited the money into my account will overlap. It shouldn't have happened, but it did. On my covered period for my 2nd Draw I will just be putting the dates I started using that money, not the date it was deposited. @Rich Smith would you agree?
@@LaynieSalinas that’s what I was getting at. Rich says the day of deposit, but which date is he referring to. The day that the lender deposited in my bank or my date of paying myself. There is definitely an overlap when the lender deposited the funds into my bank. They deposited the 1st PPP and then the next one 3 weeks later. I’m trying to avoid having to payback due to the lender’s error. So, the only thing I have to go by on my 2nd PPP is when I started paying myself. Fortunately, I’ve just been making deposits in an alternative bank and haven’t spent any of the money. Laynie, you and I are not alone in this. Thanks for your feedback.
I have a question: if I received my 1st draw in my personal account how could or would I account and show proof of payroll deduction payments to myself?
Here's my best guidance: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed
So do we use the date we got the money and then add the 24 weeks from that date?
Yes, exactly.
What if you received PPP for both draws, do you fill this out for both on 1 form or just 1 per draw ?
You would fill it out twice - once for each draw.