Thx so much for all the great info Max! Do u think Congress will allow a retroactive clause for first draw PPP to re-calculate based on gross instead of net? Soooo frustrating that it only applies to second draw PPP right now. Got my first draw last year. Thoughts?
@@e.y.s.3573 it says 2 to 3 business days after you sign your promissory note are you sure all your numbers are correct your routing number and your account number have to be correct or it will delay it lenders have up to 20 days after the date on which a PPP loan is approved by the SBA to fund your loan but most cases it take 2 to 3 business days like I said above
This is the first thing online that has made me feel safe about going through with this. Because it’s kinda confusing! Your straight forward and helpful tone is much appreciated! If you happen to read this and can respond, I am an independent contractor as an online teacher. So will I NOT need to prove how I spent the funds? I am only getting a small amount compared to others. Thanks again 🙏🏻
My homie told me about this and dude. I finally feel hope in my life. My life got flipped upside in a dramatic manner. I was lost. And homie told me about this! 🤯 GUYS!!!!! Ima make my Landscape business actually happen 😭 I feel so bless! Thank you thank you thank you all!!! To my homie, to this guy explains, to the government, and to God for me to learn this after learning all the tough experiences
@@RobertCookdarkarts LOL he will be fine 😂 government not to worried about it they need to get rid of the funds because it gives them an excuse to tax more
Thank you Max for guiding me to get funded! I would have never tried if it wasn't for you and Womply is the real deal!! I have never received help. You are a blessing!!!
This video was insanely helpful and reduced a ton of stress and confusion. Thank goodness I went with Womply before even watching this video. Thank you!
Guess who just signed their loan doc for the 2nd ppp with womply after three weeks of receiving ppp one. Thank you Max. Womply new fast track works better than the first draw I was approved through Readycap for the first one with no movement from comply the first time around. But super excited of how quickly they moved to get me the second Draw before the end date. Yessssss. Thank you for the forgiveness tips as well.
I finally got my PPP funding this morning… Hallelujah! Mine is such a tiny amount but I’m still gonna make sure that I follow the rules. Thank you for this breakdown, Max! I’m glad to know that now that I got funded, that’s additional money to go your way as I used your referral link! I’m hoping that some of the people that I shared my link with will use mine and get funded as well… Let the blessings keep coming🙏🏾🥰
@@tommytommy7825 went through my bank last May for 1st draw. Never had any luck contacting anyone at Womply. Just sent in anything they asked for and hoped for the best.
Thank you for providing the sole proprietor clarification from the SBA. I can finally use the PPP money without fear that I am doing something incorrect. I greatly appreciate your efforts & the specific information you always provide Max.
🙋♂️🙋♂️ I am trying to apply 2nd round ppp through ur link. At the end they ask me to put name and zip code to find my 1st round ppp loan. After I putting my name and zip code they found a ppp loan number for me. But, that’s not my loan no. I know that there is another option to put my loan no. But my question is , if it can’t find my loan no. ...I doubt that, even if i put my loan no. .... they will not find and my application will be denied. And it happened with other peoples . Waiting and need ur help on this, plz. 🙏
PPP is a prison sentence. People in my city are either in jail, been in jail waiting to go to court. My own family member is waiting for his court date. For starters there maybe forgiveness for those with businesses, but prison is waiting for those who lied.
Hey Max! Mr. Maricopa here. It does seem surreal..I never thought about it this way. I just started spending this weekend on business expenses. WOW! for Sole Props and no documentation! That's so awesome! Max, you're the best! I did apply for the 2nd loan last week before my 8 weeks though Wombly as they said I was eligible for it.
I greatly appreciate the information. Thank you! My one complaint is when you say that you’re going to answer and explain what we can spend the money on, I feel like there is too much talking about other things when all I wanted to know is: “what can I spend on”. It bothers me when there is a topic in the heading stating what will be discussed however 12 other topics are talked about. I still don’t have the answer. The question: what can it be spent on. Simple answer, direct answer, straight forward answer please. Respectfully.
So I got a $$2000 ppp loan deposited directly to my personal bank account. So your saying I don't have to do anything else like transfer it to my biz account then pay myself back to my personal acct? I'm ok with just leaving it in my personal account? Then what form do I have to fill out and how soon?
I find it interesting how some people didn't consider themselves a business on their income taxes to avoid doing a schedule C but all of a sudden are looking for PPP loans and EIDL assistance.
@@Brown8suga if you have a gig/side hustle then you can get it. Apply as a sole proprietor and BE SURE TO PAY YOURSELF (60%) so that your loan can be forgiven. This can really help your gig, turn into a bigger business.
Just needed the PPP to pay myself. Because I have only been paying the bills necessary to keep my business running. So when the funds are deposited. Not sure how to pay myself.
PPP does allow one to base income using gross income, but that does not apply to an LLC with a partner. If you have a partner then you must still use net income.
So let me get this straight. I have a single-member LLC business. I've already received my 1st draw. But because of the new change to owner compensation share, I can transfer 100% of that loan amount from my business account to my personal bank account? And because it's under $50K, I can apply for loan forgiveness and not have to submit any documents to the SBA?
Bro no cap. Long as you save your documents receipt and stuff to prove. You’ll be good. Or you can pay yourself you only have to pay up to _%60 Idk if it depends on your lender or what but yea
More than once you mention you have a choice of 8 or 24 weeks yet others indicate you have a choice of anywhere between 8 and 24 weeks. Most are recommending 11 weeks for SP.
Some say 8 weeks, some say 11 weeks, other are saying that weeks don't matter, as long as you use up the draw before getting the 2nd funded. Conflicting info indeed. The safest way may be 8 weeks of minimum 60% payroll and the balance on business expenses , My self, I hope its payroll on full amount with not weeks to wait, then work on 2nd draw. I will be hunting for the final word on the SBA rules for true forgiveness. Full forgiveness is the bottom line...
@@maxmaher6781 On second viewing I could have put this better I apologize, but you do emphasis only 2 choices of the choices, either the 8 or 24 weeks options, when perhaps you could have mentioned the fact that you have choices in between. I believe that's correct as many you tubers are recommending the 11 week period period for SP as it's just past the 2.5 month, and it could possibly allow you to apply for PPP2 as in my case. Perhaps a subject for another video. I appreciate all you do, your videos are valuable to us all. If I'm wrong let me know. No whats app needed.
Got a personal call from my bank telling me that my ppp1 was forgiven and a sba email, but it wasn’t so easy had to upload docs proving expenditures and it was way below 150,000.
What can you do if your bank refuses to release your PPP Funds because they were sent to your personal account and they send the funds back to your approved SBA lender?
Hey! If i pay myself and transfer the funds from my business checking account to my personal checking account im assuming 'i paid myself", now can i use those funds in personal account to do whatever i want?????
Many of the U tube CPAs say yes if you are a sole prop without any employees. I'm still going to spread my withdrawals out over 11 weeks just to make sure.
My question too. So can we for sure take the whole amount of the funds, let's say $5000, and transfer the entire $5000 at one time to our personal checking account to pay ourselves?
Womply doesn’t handle loan forgiveness. Maybe they did, but not anymore. You would deal directly with your lender and their process could be not so tech savvy
Max, I can't thank you enough. You are truly a blessing and I hope God continues to keep blessing you. It's generous people like you that makes this world a better place. :)
If your employer got a $25000 PPP loan, there was the owner, his brother in law and myself I worked at a convenience store. Owner lied and said he had a loss of 25% or more. After the quaratine failed and everyone and their kids got food stamps, we were busier than we ever were in the 5 years i was thete. If the paperwork said there was a loss they were altered. What i need to know is hes a corporation so he couldnt pay himself, he had his 2 employees that remained working the same hours. He reported he used 100% of loan towards payroll. What did he do with the money?
the fact that the Fed is handing out money like never before shows you how scared they are about the economic effects of the pandemic. The last time we saw this type of generosity from them was during the great depression.
I want to make sure I’m understanding this correctly.. I don’t have any employees so I use the 3508S forgiveness form. My PPP was direct deposited into my checking account so now I’ve paid myself and it’s mine to spend it on whatever I want?
8:19 on is th emost important information regarding common questions of: How do you pay yourself (go check!) and: Do you have to have a business account? (no)
It still sucks that we can't change line 31 ...I wish I would have waited to do both ppp loans cause in total I didn't even get 2000 and that's with both loans thanks to them changing shit every 24 hours 🤬
True!! For what was supposed to be a 12-week program, the President announced this major change on the 8th week, with no inclusion of the millions of small businesses who applied weeks 1 through 8! What genius within the administration deemed this fair to all small businesses!!?? Outrageous!
Hey Max since you are doing all this work with the SBA CAN YOU DO A VIDEO ON GRANTS FOR WOMEN IN LOW INCOME TO START NEW BUSINESS. What do you need to do?? And how do you file?? Do u need your business license 1st?? 🤔 us women could use a video
If I think I was a victim of a PPP scam from a fake leader/ company can I still apply with another leader? even though the scammers got all my personal & banking information?
I applied through Womply and chose the option for both first and second draw. Do I have to apply for forgiveness for my first draw before I can get my second draw? When will Womply start the process of the second draw?
No you don’t you have time to do that. But make sure you get ur second draw finder to you no sooner then 8 week period of your first. Preferably 11 since that will fully forgive your loan if you are paying urslef only. If there’s not enough week in between you can pay urslef for min 8 weeks and write off expenses for the rest.
I guess I’m the only one a little confused about the first 60%.. I know he said unless we get audited, but do we need documentation for the first 60%? How would they know we actually used it for business and not just blew it in random stuff?
Hey Max, just being helpful you should put Owners Compensation Replacement or something like that in your title so people will know because that’s a big topic with PPP or like (How to pay yourself)
Same here, I Earn Huge Weekly Profits of $ 13,430 on My Investment Since I started trading with Ms. Graham Stephan Cassidy, her trading strategies are top-notch.
Hey Max so once you’ve paid yourself, do these funds then have to go towards business related expenses or am I free to do as I please with them?(lol even though they’ll still go to business related expenses but just want to clarify)
Thank you for this information! I am waiting on funding(already approved but just waiting on the funds to hit my account) but was kind of lost because I didn't have a business account set up(I am an Ubereats and Lyft driver) and was like 'how in the hell do I pay myself from a personal account' but your video answered that so thank you!
Max questions what happen if all of your documentation for your freelance paper got flooded ina base flood How am I able to prove I was my own side business, am I out of luck on the SBA
Bevco you are dealing with the feds i wanna say YEAH! I can’t go to the dmv with out my birth certificate and tell the lady at the desk TRUST ME I HAD ONE!
I filled out the application for PPP through blue acorn, but at the end there was all these statements for you to initial that you understood to root out fraud. This scared me so I just backed out. Me and my partner have an LLC started in 2019, we don't have employees and so it's very confusing to say you are using for payroll when you don't have any employees. But yet every other side gig is covered. I don't get it. We are basically self-employed but the way it's worded we don"t qualify.
All the CPAs are recommending two separate accounts to make the paper trail cleaner showing your disbursements in case you're audited. A business account isn't necessary for that if you're keeping your operation simple
Thank you so much for this information...I was so confused and I was doing it right all the time usig my QB-Self Employed software. I am in my covered period and my lender Kabbage has not reach out yet with my papaerwork but they said to check back in a few weeks. Thank you, this is FIRE!
Thanks Max! I just checked and I got my first round funding in my business account! When do I apply for my second round? I sent 8 business to the fast lane through your link and I know that everyone of those businesses sent out your link to many other businesses. Snowballs are rolling your way! Thanks again for all of tour help!
So ..if my ppp was deposited into my personal account should I transfer it to my business account,? I do not have employees. Or do I just leave it in the personal accout..(as far as paying myself goes)
If the PPP goes directly into my personal account, how can I prove that I use the money for payroll and not for something else ? I’m a little confused, if you could answer the question it would be great. Thank you in advance !
I think he is saying once it goes into your personal account. You already paid yourself. My question is: After that, can I do as I please? Would love to pay off my credit card debt or my Auto Loan
I was advised to move it to a separate account just for "business". Then divide the amount by 10. Transfer that 1/10 amount to your additional personal account as your payroll every week. This will be your record of paying yourself weekly.
Sent this question to my lender 2 days ago received an email back yesterday and You have to wait a minimum of 8 weeks. If you apply before the 8 weeks there is a possibility you could lose the opportunity for forgiveness on your first loan.
@@oscarlopez650 copy and pasted from the SBA website. You can't apply for a second draw loan until receiving your first draw loan, and either spending it all or creating a plan for how you will spend it and documenting that plan. To qualify for a second draw loan, you will need to spend your entire first draw loan on eligible expenses, such as payroll and utilities
@@oscarlopez650 to me thst says I can go ahead and apply for my second loan since I have already used my first one on eligible expenses. What are your thoughts
I run my own lash business where I’m the only employee and my costs are low. I applied for and received the first draw for $3000, and am in the process of my second draw. Honestly I’m scared to death to spend anything because I don’t know what’s going to happen in the future. I could and have spent some money on supplies and products. But mostly I applied for this because there were definitely months last year where I was closed down, couldn’t today my rent, and lost a lot of business-this was all through out the year. I want to save a lot of it just in case, especially with life feeling so unstable in the future, or maybe pay off some debts to make sure it’s not an issue to my business in the future. I’m so stressed.
He stating the percentage that has to be used for payroll. In order to be forgiven. Keep saving it cause their gonna want it back. Not like you needed it obviously
@@buddylee7820 100% can be used for payroll. And payroll is whenever the money is transferred to her personal accounts. The government will use other means of getting that money back, and that's probably through higher taxes.
![Get 100% PPP Forgiveness & Avoid Trouble [Complete Guide]](http://i.ytimg.com/vi/DJQgPDaEAoc/mqdefault.jpg)
Thank you Max because of you I got my PPP loan very easy and quick, god bless you and keep the good news my man 💪🏼💪🏼💪🏼💪🏼
He is a great man I got both my PPP loans because of his great information
Thx so much for all the great info Max! Do u think Congress will allow a retroactive clause for first draw PPP to re-calculate based on gross instead of net? Soooo frustrating that it only applies to second draw PPP right now. Got my first draw last year. Thoughts?
How fast they deposit the fund? It says one or 2 days...but I dont see it in my bank
@@e.y.s.3573 it says 2 to 3 business days after you sign your promissory note are you sure all your numbers are correct your routing number and your account number have to be correct or it will delay it lenders have up to 20 days after the date on which a PPP loan is approved by the SBA to fund your loan but most cases it take 2 to 3 business days like I said above
@@jillegg5041 that’s a great question been wondering that in my case that’s an extra 3500 dollars I sure could use
This is the first thing online that has made me feel safe about going through with this. Because it’s kinda confusing! Your straight forward and helpful tone is much appreciated! If you happen to read this and can respond, I am an independent contractor as an online teacher. So will I NOT need to prove how I spent the funds? I am only getting a small amount compared to others. Thanks again 🙏🏻
My homie told me about this and dude. I finally feel hope in my life. My life got flipped upside in a dramatic manner. I was lost. And homie told me about this! 🤯 GUYS!!!!! Ima make my
Landscape business actually happen 😭 I feel so bless! Thank you thank you thank you all!!! To my homie, to this guy explains, to the government, and to God for me to learn this after learning all the tough experiences
The almighty bless you in your journey sir 🙇🏿♂️❤💛💚🙇🏿♂️
You gonna get arrested or have to pay it back! It's for businesses already started before 2019, not to start a business. They WILL get you for that.
@@RobertCookdarkarts LOL he will be fine 😂 government not to worried about it they need to get rid of the funds because it gives them an excuse to tax more
@@RobertCookdarkarts shut your scary ass up
@@rawgaming8394 Deadass🤣🤣 niggas not gaf
Thank you Max for guiding me to get funded! I would have never tried if it wasn't for you and Womply is the real deal!! I have never received help. You are a blessing!!!
This video was insanely helpful and reduced a ton of stress and confusion. Thank goodness I went with Womply before even watching this video. Thank you!
I did it through womply and through a friend phew hope it all goes well
y’all please don’t listen to the scammers in the comments...
Guess who just signed their loan doc for the 2nd ppp with womply after three weeks of receiving ppp one. Thank you Max. Womply new fast track works better than the first draw I was approved through Readycap for the first one with no movement from comply the first time around. But super excited of how quickly they moved to get me the second Draw before the end date. Yessssss. Thank you for the forgiveness tips as well.
did you reapply through womply for 2nd? Or did you ask for it on the first application and it simply came through 3 weeks after first one?
I finally got my PPP funding this morning… Hallelujah! Mine is such a tiny amount but I’m still gonna make sure that I follow the rules. Thank you for this breakdown, Max! I’m glad to know that now that I got funded, that’s additional money to go your way as I used your referral link! I’m hoping that some of the people that I shared my link with will use mine and get funded as well… Let the blessings keep coming🙏🏾🥰
I still haven't applied because I don't know how. I hope this helps me
@@andreiareynolds4457 ditto just seeing this now
Applied for PPP 2 through Womply/SmartBiz long form on 3/9 funded on 3/30. Thanks Max!!
Did Womply orthe lendeer contact you after the 1st PPP draw funded or did you have to contact them, if so, who do we contact? Thanks.
These are future dates!! Smh
@@chanellwilder6840 corrected thanks!
@@tommytommy7825 went through my bank last May for 1st draw. Never had any luck contacting anyone at Womply. Just sent in anything they asked for and hoped for the best.
You always know the right questions to answer! THANK YOU!
Thank you for providing the sole proprietor clarification from the SBA. I can finally use the PPP money without fear that I am doing something incorrect. I greatly appreciate your efforts & the specific information you always provide Max.
Same here. Thank you Max, I truly appreciate it!!!
Imma sole proprietor and I got my ppp loan. All I need to know is if I can put all this money into my stocks
🙋♂️🙋♂️ I am trying to apply 2nd round ppp through ur link. At the end they ask me to put name and zip code to find my 1st round ppp loan. After I putting my name and zip code they found a ppp loan number for me. But, that’s not my loan no. I know that there is another option to put my loan no. But my question is , if it can’t find my loan no. ...I doubt that, even if i put my loan no. .... they will not find and my application will be denied. And it happened with other peoples
. Waiting and need ur help on this, plz. 🙏
PPP is a prison sentence. People in my city are either in jail, been in jail waiting to go to court. My own family member is waiting for his court date. For starters there maybe forgiveness for those with businesses, but prison is waiting for those who lied.
You are outstanding, thank you for your unreserved effort to update us. When I listen to you my confusion is gone like a cloud.
Hey thanks!
Hey Max! Mr. Maricopa here. It does seem surreal..I never thought about it this way. I just started spending this weekend on business expenses. WOW! for Sole Props and no documentation! That's so awesome! Max, you're the best! I did apply for the 2nd loan last week before my 8 weeks though Wombly as they said I was eligible for it.
Got to wait 8 weeks.
Thank you Max. I followed your videos and 1st PPP hit via Wombley. You are the man.
I applied today I was only offered 3500 and thsts going change my business n confidence for what I do. Hey I took it ill pay back. No problem
Thanks sir, helping to keep us safe and out of trouble with these benefits!
I greatly appreciate the information. Thank you! My one complaint is when you say that you’re going to answer and explain what we can spend the money on, I feel like there is too much talking about other things when all I wanted to know is: “what can I spend on”. It bothers me when there is a topic in the heading stating what will be discussed however 12 other topics are talked about. I still don’t have the answer. The question: what can it be spent on. Simple answer, direct answer, straight forward answer please. Respectfully.
So I got a $$2000 ppp loan deposited directly to my personal bank account. So your saying I don't have to do anything else like transfer it to my biz account then pay myself back to my personal acct? I'm ok with just leaving it in my personal account? Then what form do I have to fill out and how soon?
Thank you @MaxMaher, Womply and Small Harvest. Now I can pay off my losses from COVID-19 and get my call center back on track.
I have a home improvement and lawn care business was wondering could I use the ppp loan to purchase new equipment
Yes, absolutely. Make sure you pay yourself 60% of your loan amount (get two bank accts), and the rest you can buy stuff for your existing business.
I find it interesting how some people didn't consider themselves a business on their income taxes to avoid doing a schedule C but all of a sudden are looking for PPP loans and EIDL assistance.
Thanks a million! I just was thinking about applying for the forgivable loan .I do side hustles.I need it !😃👍
Better hurry up...they’re running out of money.
@@k.a.3678 can we do it if we started doing gig work in January 2021?
I need money too but I really don't want to go to jail. That's on PERIOD.
@@sergiooliva4268 No, it said you should’ve had your business at least Feb 2020...I believe. I know it was early 2020
@@Brown8suga if you have a gig/side hustle then you can get it. Apply as a sole proprietor and BE SURE TO PAY YOURSELF (60%) so that your loan can be forgiven. This can really help your gig, turn into a bigger business.
Just needed the PPP to pay myself. Because I have only been paying the bills necessary to keep my business running. So when the funds are deposited. Not sure how to pay myself.
Thank you Max for clearing things up really appreciate it Happy Easter
PPP does allow one to base income using gross income, but that does not apply to an LLC with a partner. If you have a partner then you must still use net income.
So let me get this straight. I have a single-member LLC business. I've already received my 1st draw. But because of the new change to owner compensation share, I can transfer 100% of that loan amount from my business account to my personal bank account? And because it's under $50K, I can apply for loan forgiveness and not have to submit any documents to the SBA?
Facts!
Bro no cap. Long as you save your documents receipt and stuff to prove. You’ll be good. Or you can pay yourself you only have to pay up to _%60 Idk if it depends on your lender or what but yea
Man thank you so much big clarification big big clarification and the actual rules did change to help us more small business owners
Thanks a million . This has really help me with understanding the forgiveness portion
Is the loan forgivable if I spend it (or a certain percentage) on lead generation?
Awesome thank you I needed this information!!!
Bro thank you. You just answered my question as to how to pay myself and transfer the funds into the biz account. Appreciate ya.
You create a operation account and also a payroll account your payroll account hold 70%
Can i pay myself all in one shot as a sole proprietor or do I need to show the ppp funds are drawn down every week or month?
Thank you Max. You have been most helpful throughout this process. Keep em’ coming. Happy Easter!
More than once you mention you have a choice of 8 or 24 weeks yet others indicate you have a choice of anywhere between 8 and 24 weeks. Most are recommending 11 weeks for SP.
Some say 8 weeks, some say 11 weeks, other are saying that weeks don't matter, as long as you use up the draw before getting the 2nd funded. Conflicting info indeed. The safest way may be 8 weeks of minimum 60% payroll and the balance on business expenses , My self, I hope its payroll on full amount with not weeks to wait, then work on 2nd draw. I will be hunting for the final word on the SBA rules for true forgiveness. Full forgiveness is the bottom line...
@@maxmaher6781 On second viewing I could have put this better I apologize, but you do emphasis only 2 choices of the choices, either the 8 or 24 weeks options, when perhaps you could have mentioned the fact that you have choices in between. I believe that's correct as many you tubers are recommending the 11 week period period for SP as it's just past the 2.5 month, and it could possibly allow you to apply for PPP2 as in my case. Perhaps a subject for another video. I appreciate all you do, your videos are valuable to us all. If I'm wrong let me know. No whats app needed.
Thanks Max if it wasn’t for you i would have never applied! 🙏🏾
Man I wish I would’ve seen this video before I went thru blue accorn. They are dragging their feet on my ppp loan. Taking forever.
It will C9ME TRUST
Hi max! I have a question. If my loan is funded to my personal acc how can I pay my self?
If I understood him right, then you already did!
Do you say I pay myself on forgive papers?
Adp you can pay yourself and it’ll show bank statements
Got a personal call from my bank telling me that my ppp1 was forgiven and a sba email, but it wasn’t so easy had to upload docs proving expenditures and it was way below 150,000.
Hi..are you self employed? an independent contractor w a sched C? I'm assuming you may have employees?
What can you do if your bank refuses to release your PPP Funds because they were sent to your personal account and they send the funds back to your approved SBA lender?
This is also what I’m wanting to know
Happy Easter Max! Thanks for all your hard work in making sure we get all that we’re entitled.
Who else got this on their recommended after watching Lou ratchet video🤨
😂😂😂
Thats wild 😂😂😂😂 cuz it happend to me too
Yoo I’m dead 😵🤣🤣
😂😂😂
That’s wild
Thx Max for your research and time that you put into making this video. Very informative, clear, and puts many of us at ease. Keep it up!
Omg I just got funded, I love you bro❤️
@@user-xp8wt8sk1s how long did it take you to received the funds in your account? From the “Lender Funding stage to “Borrower Funded”? Thank you!
What website did you go to to apply?
@@user-xp8wt8sk1s cap
It's alot of people that have legit business that are getting denied put those that don't have legit business getting these loansp
Hey! If i pay myself and transfer the funds from my business checking account to my personal checking account im assuming 'i paid myself", now can i use those funds in personal account to do whatever i want?????
Many of the U tube CPAs say yes if you are a sole prop without any employees. I'm still going to spread my withdrawals out over 11 weeks just to make sure.
My question too. So can we for sure take the whole amount of the funds, let's say $5000, and transfer the entire $5000 at one time to our personal checking account to pay ourselves?
ABSOLUTELY THE BEST VIDEO I HAVE SEEN ON THIS SUBJECT!!! Thank you!!!
Can you apply for this if you are a gig worker? Like door dash or instacart??
Yes! www.womply.com/maxmaher/?
Thank you for the great information there are so much miss information sounding the PPP Loan
It literally took only 7 days from the time I applied until it was deposited to my account
How long did it take them to send the documents to sign
@@OvO_1019 I applied on 31st received the documents on April 2nd
What website did you apply on?
@@ashleighelizabeth4928 womply
I’m still waiting
Womply doesn’t handle loan forgiveness. Maybe they did, but not anymore. You would deal directly with your lender and their process could be not so tech savvy
LMFAO at PPPrison 🤣 Good one!
It’s funny how he has made a video teaching people how to spend it 🤣🤣🤣🤣
HACKERGENERAL01 on insta is the best.I got my loan through him💯
Max, I can't thank you enough. You are truly a blessing and I hope God continues to keep blessing you. It's generous people like you that makes this world a better place. :)
Max Maher thanks for helping me with the PPP Loan. Watching your videos are very helpful. I appreciate you bro 💪🏾
If your employer got a $25000 PPP loan, there was the owner, his brother in law and myself
I worked at a convenience store. Owner lied and said he had a loss of 25% or more. After the quaratine failed and everyone and their kids got food stamps, we were busier than we ever were in the 5 years i was thete. If the paperwork said there was a loss they were altered. What i need to know is hes a corporation so he couldnt pay himself, he had his 2 employees that remained working the same hours. He reported he used 100% of loan towards payroll. What did he do with the money?
the fact that the Fed is handing out money like never before shows you how scared they are about the economic effects of the pandemic. The last time we saw this type of generosity from them was during the great depression.
I want to make sure I’m understanding this correctly.. I don’t have any employees so I use the 3508S forgiveness form. My PPP was direct deposited into my checking account so now I’ve paid myself and it’s mine to spend it on whatever I want?
60% for yoursel the rest don’t touch
8:19 on is th emost important information regarding common questions of: How do you pay yourself (go check!) and: Do you have to have a business account? (no)
Why would you be audited? What would be suspicious?
Thank you for your direct info once again. You rock!
Love this!
Question...
Why are some ppl are receiving less of what the PPP calculations are?
How can they correct it? Dispute?
Please advise. Thanks 😊
It still sucks that we can't change line 31 ...I wish I would have waited to do both ppp loans cause in total I didn't even get 2000 and that's with both loans thanks to them changing shit every 24 hours 🤬
True!! For what was supposed to be a 12-week program, the President announced this major change on the 8th week, with no inclusion of the millions of small businesses who applied weeks 1 through 8! What genius within the administration deemed this fair to all small businesses!!?? Outrageous!
Hey Max since you are doing all this work with the SBA CAN YOU DO A VIDEO ON GRANTS FOR WOMEN IN LOW INCOME TO START NEW BUSINESS. What do you need to do?? And how do you file?? Do u need your business license 1st?? 🤔 us women could use a video
Thank you so much for the mental stress relief! Really appreciate it😌🙏😊
good advice really answer my questions and gave me a side of relief
Best info.... should be seeing my PPP loan deposit very soon!
If I think I was a victim of a PPP scam from a fake leader/ company can I still apply with another leader? even though the scammers got all my personal & banking information?
I applied through Womply and chose the option for both first and second draw. Do I have to apply for forgiveness for my first draw before I can get my second draw? When will Womply start the process of the second draw?
I’ve been wondering the same thing!
No you don’t you have time to do that. But make sure you get ur second draw finder to you no sooner then 8 week period of your first. Preferably 11 since that will fully forgive your loan if you are paying urslef only. If there’s not enough week in between you can pay urslef for min 8 weeks and write off expenses for the rest.
@@justinhouse2011 ck my comment out
I hear people with no employees write themselves a payroll check and then they can buy whatever, is this true?
Happy Easter!
May you be blessed richly for encouraging others and telling them how to get that money!
Happy easter! I got paid. Way less than i was hoping but it worked, thanks!
Happy Easter Max..Is the womply fixing code..Like duplicate application
Happy Easter!
If you have ppp that's just 20000 u still have to do that 60% payroll and 40% expenses to be forgiven.
I guess I’m the only one a little confused about the first 60%.. I know he said unless we get audited, but do we need documentation for the first 60%? How would they know we actually used it for business and not just blew it in random stuff?
I need this exact question answered man
Hey Max, just being helpful you should put Owners Compensation Replacement or something like that in your title so people will know because that’s a big topic with PPP or like (How to pay yourself)
I’m a 1099 and I’m using the funds to fix my car and do some needed repairs .
Generating online with the help of Primehacks001 on Instagram hackers, was so nice and fantastic 👍
My bank account sent my ppp back to my lender can I still get it?
Why ur bank do that?
Great informative content yet again keep up the good work
It was clean deal with *incredible_profit on !G* they got me emergency funds after I texted them for instant momey adder
Thank you would not be enough for things i *incredible_profit on !G* has no other benefiting words
I am no longer waiting for the ppp loans because I earn $ 14,700 every 10 days recently.
Same here, I Earn Huge Weekly Profits of $ 13,430 on My Investment Since I started trading with Ms. Graham Stephan Cassidy, her trading strategies are top-notch.
@@andersonpaul2986 I have heard a lot about investments with Mrs Graham Stephan Cassidy and how good she is, please how safe are the profits?
I have also been trading with her, profits are secured and over a 100 percent return on investment
Recently I bought a new car with my weekly profits from Mr Graham Stephan Cassidy.
Please how can i be able to reach out to your broker, my income stream is in a mess.
Womply: 6:37 - he talks about anyone who applied via Womply. Super helpful. Thanks, Max! I appreciate all your hard work.
Hey Max so once you’ve paid yourself, do these funds then have to go towards business related expenses or am I free to do as I please with them?(lol even though they’ll still go to business related expenses but just want to clarify)
If u independent contractor an Notin with the state you good jus do right with it still to avoid any red flags
Thank you for this information! I am waiting on funding(already approved but just waiting on the funds to hit my account) but was kind of lost because I didn't have a business account set up(I am an Ubereats and Lyft driver) and was like 'how in the hell do I pay myself from a personal account' but your video answered that so thank you!
Did the ppp hit ur account and did u go through womply
Max questions what happen if all of your documentation for your freelance paper got flooded ina base flood How am I able to prove I was my own side business, am I out of luck on the SBA
Bevco you are dealing with the feds i wanna say YEAH! I can’t go to the dmv with out my birth certificate and tell the lady at the desk TRUST ME I HAD ONE!
I filled out the application for PPP through blue acorn, but at the end there was all these statements for you to initial that you understood to root out fraud. This scared me so I just backed out. Me and my partner have an LLC started in 2019, we don't have employees and so it's very confusing to say you are using for payroll when you don't have any employees. But yet every other side gig is covered. I don't get it. We are basically self-employed but the way it's worded we don"t qualify.
I have a regular bank account not a business account but my business is a LLC, am I ok. The ppp loan got transferred to my regular account
This i want to know too
All the CPAs are recommending two separate accounts to make the paper trail cleaner showing your disbursements in case you're audited. A business account isn't necessary for that if you're keeping your operation simple
@@mikelucas9345 stfu
Thank you so much for this information...I was so confused and I was doing it right all the time usig my QB-Self Employed software. I am in my covered period and my lender Kabbage has not reach out yet with my papaerwork but they said to check back in a few weeks. Thank you, this is FIRE!
So do we have to wait 8 weeks to apply for the draw 2 ppp loan? And what happens if I don’t wait?
@@mikelucas9345 😂 I’m confused
@@mikelucas9345 🤦🏾♂️ you are the FRAUD version of him
This is a good question. Hope someone answers it. My goal is to pay my employees a full quarter with both loans combined.
@@josejose2100 Right
@@mikelucas9345 huh?
Thank you for your information it is very helpful for me
Attention PPP applicants, please cover your asses by having a legit business. Prison time is also legit. Thanks for the deep dive Max!
Thanks Max! I just checked and I got my first round funding in my business account! When do I apply for my second round? I sent 8 business to the fast lane through your link and I know that everyone of those businesses sent out your link to many other businesses. Snowballs are rolling your way! Thanks again for all of tour help!
Thank you so much for breaking this down!
Happy Easter! Thank you for this clarification. 💙
I just got my 20k. I'm afraid to even spend this money. I'll keep it in a brokerage account or IRA.
Wise
I feel the same way.
Do you need a small business for this money
@@AlmightyQuan777
Of course lol.
Don’t buy stupid things
Thank you for everything you do and yes this video was VERY helpful
So ..if my ppp was deposited into my personal account should I transfer it to my business account,? I do not have employees. Or do I just leave it in the personal accout..(as far as paying myself goes)
Put in business account, then transfer what u pay yourself to tour personal account.
Extremely informative, and straight to the point. Great job.
Anyone need help to get approval on sba loan or grant?
If yes text me.
Smithmillar on telegram
(7.............2............4) 8...............9.............3-.............8...........0. ..........9..........7
No, nothing you can do.
@@sakkysha5496 you sure about that?
Awesome info bro, you are the best on my list of people that I follow!! 😘
If the PPP goes directly into my personal account, how can I prove that I use the money for payroll and not for something else ? I’m a little confused, if you could answer the question it would be great. Thank you in advance !
Same
I think he is saying once it goes into your personal account. You already paid yourself. My question is: After that, can I do as I please? Would love to pay off my credit card debt or my Auto Loan
I was advised to move it to a separate account just for "business". Then divide the amount by 10. Transfer that 1/10 amount to your additional personal account as your payroll every week. This will be your record of paying yourself weekly.
How do I figure out shoes my leaner because I still haven’t received my loan to my bank
Can we apply for the second draw right away after getting the first draw funded? Or do I have to wait the 8 weeks?
Right
Sent this question to my lender 2 days ago received an email back yesterday and You have to wait a minimum of 8 weeks. If you apply before the 8 weeks there is a possibility you could lose the opportunity for forgiveness on your first loan.
@@Erica-11_11 yeah ive heard that too, but funds are running out which sucks
@@oscarlopez650 copy and pasted from the SBA website. You can't apply for a second draw loan until receiving your first draw loan, and either spending it all or creating a plan for how you will spend it and documenting that plan. To qualify for a second draw loan, you will need to spend your entire first draw loan on eligible expenses, such as payroll and utilities
@@oscarlopez650 to me thst says I can go ahead and apply for my second loan since I have already used my first one on eligible expenses. What are your thoughts
I run my own lash business where I’m the only employee and my costs are low. I applied for and received the first draw for $3000, and am in the process of my second draw. Honestly I’m scared to death to spend anything because I don’t know what’s going to happen in the future. I could and have spent some money on supplies and products. But mostly I applied for this because there were definitely months last year where I was closed down, couldn’t today my rent, and lost a lot of business-this was all through out the year. I want to save a lot of it just in case, especially with life feeling so unstable in the future, or maybe pay off some debts to make sure it’s not an issue to my business in the future. I’m so stressed.
I hope he answers I need to know also. I’m a hairstylist and totally lost on touching my account
He stating the percentage that has to be used for payroll. In order to be forgiven. Keep saving it cause their gonna want it back. Not like you needed it obviously
@@buddylee7820
100% can be used for payroll. And payroll is whenever the money is transferred to her personal accounts.
The government will use other means of getting that money back, and that's probably through higher taxes.