I've watched a lot of videos on what the rules are to pay yourself with the PPP Loan and yours have been the only ones that say it clearly and concisely
What State are you in? I practice in Florida and have started to see these types of cases. I’m researching to do a video and came upon your channel. Good job!
This is a very good video, with clarity, compared to some of the crazy information from others on RUclips. Two thumbs-up! 👍👍 I just hope no one has implemented any of the fictional fraudulent cases you cited. 😂
Thanks for the good information, I just received my 2nd ppp loan after 3weeks from the 1stppp since first one went to my personal account and i paid my self💯 so there's no 8weeks period to get the second one !🙏
Best video out there xplaining the ppp! So if send the money from my personal checking account to my saving account and leave it there I’m ok? Or would it be better making a check and deposit on my saving account??
I send my personal salary percentage to another account weekly. I paid one employee that I hired just after the pandemic. Is this allowed? I'm only using the 60% that is allowed. Do you have to transfer the exact amount every month? Or as long as it adds up to the exact payroll allowed is it ok. Also. , I used a portions of the money to pay one utility Bill and I think Ill be getting Accounting software. Is this ok? After that. I will not use anymore of the portion of the loan for business expenses. So do I just leave the left over money in my account that I don't use?
I was wondering which website is best for ppp loan application. And also was wondering if ppp loan and SBA loan are the same? Or is it two separate loan applications?
Question. We signed the second org letter but realized after watching your videos we would have to had to taken a 25% loss which my husband had just started his business at the end of 2019. How would that go? But also since then we have denied everything from womply from DocuSign . We found out today that the sba approved our loan without our knowledge. We don’t want this money or headache to send it back what do we do?
Okay, I got my PPP loan, deposited in my bank personal bank account, but HOW do I TAKE OUT the PPP money from my personal bank account?? Write a check? Take out from ATM? Wire transfer? Please explain this part only. Thank you
If the ppp loan was deposited in your personal bank account you have paid yourself. There is business bank account and personal bank account, so once the money is in your personal bank account you have paid yourself.
Divide the loan money by 10 and take out every week . Write in the note section of the check : Week one compensation to owner then Week 2 compensation to owner ... so on until week 10.
I only received $7,000 for my ppp loan as an Lyft driver , but In March I was involved in a wreck causing my car to be totaled out . Can I use to buy a cash car ?
Hey how are you I love your video's my only question is 2019 we did not make a lot of money and is there a minimum amount that you would have to make in 2019? I think it was a loss on our schedule c, so if we did not make a profit in 2019 would we still qualify for the PPP loan? And in 2020 we were totally shut down. I really need this money would really help our businesses, but we are not incorporated, and it is 2 different businesses. We are looking for a new business accountant because now that our state is back open we can make money again. I am just scared of so many rules, my old accountant handled this for us. Can your local tax person apply for this loan? I would prefer a business accountant, if we applied for the PPP loan now, would they go by our 2021 instead of 2020? signed just so confused
You mentioned a little bit about Jeff Grant using the EIDL for personal expenses. What did you mean by personal expenses? When I was applying for the EIDL loan the lady said because I’m an Uber driver I could use the money on my insurance bill, car payment, phone bill and if I do an oil change I could use the money on that as well.
I’m a notary and singing agent ( I’ve only been commissioned a few months but I’ve been an lash tech n doin small services in my own here and there since I received my permit. !!! But I’ve never purchased dba or anything like that. I’m literally using a lot of this money to reimburse myself for paying for the NNA program and things from the Secretary of State. Also to keep up with travel to different counties and supplies Also set up transfer from savings to different institution to checking 1,000 weekly 11,085 ???? Is this ok? ✅
Quick question. Do we have to follow all these rules ONLY WHEN we want forgiveness? I mean, if I'm willing to pay back the money on monthly payments, can I spend it how I want or do I still get in trouble even if I don't want it forgiven? Thank you
Technically, you got the loan to only pay for certain allowable expenses and payroll. Using it for something other than that could be construed as fraud. It normally isn't an issue, though, since you can use the money that is given to you from the business as payroll or owner compensation on whatever you want. The payroll is the allowable use, and the SBA doesn't care what an individual does with their payroll or owner comp.
If I had the funds sent to me personal checking account as a sole, and I created a new checking account from a different bank is that considered paying myself and I tell them that I was using my first checking account as my business account?
So how do you think that what you are saying is not along the lines of legal matters.. 🤣🤣🤣 But great info.. Folks need to hear this cause it is so much fraud. 🤦🏾♀️🤦🏾♀️ Straight sad..
Hi Clara....I was approved thru my bank originally for myself (1) and my 2 subcontractors...for a total of 3...which consequently is how they funded me...now my bank is telling me tthat was incorrect and my subs shouldn't have been counted?? I received an EIDL advance too thru SBA and am now worried to apply for forgiveness (used it all on payroll to myself was only $2200) but am concerned SBA will come back at me and not forgive? Any thoughts? Thank you!!
Thank you for this information. It is confusing but you cleared it up. However, if I find that the person who prepared my documents did not use the correct information, (it concerns me, even though I am a legit independent contractor), I signed off on it, (stupid me) thinking what was used was correct. After finding it wasn't, what then, can the information be corrected if the lender is contacted and the excess money given returned? Fool me once shame on that person who helped but also on me for not doing the checks and balances and signing, right?
I know this is old but my former employer hired their spouse for 3 days off work . And lied with a physical work check that said the spouse worked 80hours. Instead of paying the actual employees the owner paid their spouse $99,999 max amount payable to a single employee & immediately after the check cleared their spouse no longer came to work. So since they falsified the paystubs for the spouse isn’t that fraudulent?
Hey ciara, what if someone was not a contractor and they claim sole proprietor and got the max, don't even have a buesness! Did they commit fraud! In fact they worked for a company prior to 2021
I receive my PPP loan went through my personal account was good for about two weeks used only half the money now my bank froze my account and I’m negative that half of the loan money I had to send documentation will I get my money back?
Do travel nurses qualify for PPP loan considering many incur additional expenses such as rent, rental car cost and/or car payments & additional utilities?
I have an important question and really need help... I applied for a PPP loan, had to go through the steps of being approved which consisted of my application being in underwriting then sent to SBA for approval and after I was APPROVED which took almost 2 weeks I later signed my document's and waiting for my loan to be transferred to my personal account.... I DO NOT want to do no fraud ill give the money back if I have to.... When I applied for the loan I was told if you was a independent contractor in 2020 you can possibly get a loan and I was for a art company so I applied. Now when I applied as a independent contractor im not in the government system as a sole proprietor so would that be considered fraud. I only applied because I was working as a independent contractor for a art company. I'm also in the beginning of doing my own business but I'm not in the system as a sole proprietor.
My question is I applied through a website as a sole proprietor because I did Uber but the website only asked for a copy of my bank statement and to basically estimate what I thought I made the previous year however I actually received more than I should through wrong calculation but I’ve been spending the $ on car related issues but I still feel like I won’t be forgiven so what are my options ?
So as a self-employed 1099 gig worker my PPP loan went into my personal account because I don't have a business account listening to your video listen to your video I took it all is overs compensation I've used it to pay my personal expenses over the last several weeks my car is my business I've had to have it fixed and maintenance rent food but I was allowed to do that because I took the whole deposit as owners compensation.. Is this right..
I thought if you don't use the money for payroll then it's considered a loan and you just have to pay it back but if you use it for payroll and the right way then it's considered a grant and you don't have to pay it back
Can I use my ppp loan to pay an car insurance bill and the money was transfer in my personal account. I'm an uber driver since uber wants to make sure you have insurance on your car.
If you were on unemployment then you got the ppp loan, how do you report that to unemployment? Do you report every week to unemployment when you certify? Or just once and don’t file unemployment until the 10 weeks is over? I need help please
Hey Clara! So if I’m a Uber driver and received a ppp loan in my personal checking account and still paid myself weekly from one personal account to the other in form of written checks, and used some of that money to pay CC debt and my monthly rent, what do I need to show for ppp loan forgiveness and was I right in paying myself? Thanks for all your help and making these videos to explain in detail.
If you are an independent contractor or sole proprietor there is no provision in the law that prevents you from using a personal checking account and you are actually paying yourself so it's in your SSN and not required to be separated in a different checking account per se, it's just good practice.
Your lender should tell you that I believe it is between 8-24 weeks after receiving loan if you go to the ppp list it will tell you who your lender is ,
Hey I was approve for a ppp loan as a independent contractor but I recently went to my tax preparer to ask questions and I believe I put the wrong gross amount down now I think I getting 2000 extra then I should. What should I do?
@Schwarnold Wartznaegga I doubt all that will take place .. you have a lot of information to say for someone with no profile picture.. good luck tho😂👍🏽
@Schwarnold Wartznaegga I have not committed a crime .. I qualify for the ppp loan I have a 1099 and a schedule c I believe the lender put the wrong gross amount that was on my taxes.. someone not qualifying and lieing compared to the wrong gross amount are two different things.. I was not asking for you to comment to what I was saying .. this was only for the owner of the video.. have a good day and good luck with that picture 😘
Hey, i received both 1st & 2nd a week apart , now i want to pay my self the firts one a whole , but i dont know shoul i wait 8 weeks then pay my self or i can just do it before 8 weeks
I recieved a eidl loan and was planning on using that to pay off my business truck loan. My truck is covered in my business advertisement , does that commit fraud?
technically that would be using it to refinance debt, and NO, that would not be allowed. What you can do instead is use the EIDL money to make your truck payments. I know it seems absurd, but the EIDL loans aren't meant to act as refinancing tools.
You have between 8-24 weeks to spend the loan. After that, you have 10 months to apply for forgiveness and you have to apply for forgiveness through the same service you applied for the loan through (womply, PayPal, blueacorn etc...)
@@MidwestBossMan If you did not have an already established and operating business by February 2020, and if you lied on your application or entered the wrong info by accident, or didn't use the money for reasons listed in your promissory note, then yes... you can go to jail, but if you're approved for 20,000 and followed all of the rules then you should be fine.
I love your videos, very informative. The ppp loan was deposited into my personal checking account, am I supposed to spend the full amount within 8-10 weeks ?? Or once it’s in my personal account does it matter?? I chose to pay myself 100%
From what I gather, you can save it for 10yrs if you want. Or spend it the day it comes! It's into your personal account, so do what you want with it. As long as it came legally, and calculated right off your tax forms, all is good. But I'm not an advisor, I'm just spreading what I've heard
@@1219ess quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
@@lovelife7740 send emails to everyone involved. Save those emails to show you tried informing everyone of your mistake. Try to return the difference( probably will be hard). Expect to pay back the difference of loan, but until then, don't spend the difference
Is the bank allowed to give you more ppp than what sba approved of? I got more and my lender is telling me I have to pay back what wasn't approved by the sba and they never told me that what they gave me was more than what was approved by the sba
My EIDL advance for $9k finally came in, can you clarify how or if that can also be used to pay myself as an independent contractor (payroll), after the 2.5 months has passed for the PPP Loan?
Can a sole proprietor also draw additional earned income or make an additional draw in the same month that PPP loan funds are disbursed (as a lump sum) from a business checking account? The loan was obtained appropriately using tax return info and Sched C from 2019. My business still earned income but a lot less than it did in 2019.
Okay so, with my owners compensation as a sole proprietor can I use 100% of my PPP loan for owners compensation or do I have to follow the 60% owner’s compensation, 40 % other expenses rule?
If you didn't have a business and got a PPP loan, then yes, this would be a problem. If you DID have a business, you could pay yourself by following the owner's compensation rules and then use the money once it's "Home" and put it on a house or college payments.
I have a family care small business for the mental behavior and they Denied us 27,000 dollars because,.they said we poor credit,and people are getting millions of dollars,we could really use that loan
Hello i received a ppp loan however i noticed my gross in come from 2020 was approx 2000 less than what i put on my application. Is it fraud or can i fix this before i apply for forgiveness
No, some people applied with estimated schedule Cs. You will only be allowed forgiveness on what you SHOULD HAVE gotten. So you will have a slight remainder to pay back on the loan.
@@xuxabedon545 you have to retain your Tax return as proof of your forgiveness, but loans under $150,000 do not require you to submit paperwork to prove your loan amount when you apply for forgiveness. But if you get audited, you better have it ready!
Guys need help , just got my loan funded , and I realize amount is to big my gross income is different then in 1040 I provide some how it’s 64k instead 32k , already contacted Womply sba and my bank
If you filed a legitimate schedule C, and you had income to report, then the PPP loan should be based off of that income. If any of that is falsified....yes, that's fraud!
@@ClaraCFO quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
so , im a musician , ive registered myself w/ a publishing company and digital distribution company etc i am interested in trying to go for the PPP but want to make sure its done correctly
I have a concern .. I am Uber driver and I applied and got it. I grossed 51k in 2020 but when filing out , I put 71k and I just noticed it.. should I worry?
quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
I’ve received my loan but the website I used to apply has not update my status so I am unable to apply for forgiveness through the website. what other way can I do this?
I can answer that for you, because it happened to me, but I was funded in the end. Lender Secondary Review just means that there is a possibility that the SBA found something wrong with your application. It's basically a second look to make sure that everything checks out. it will take about a week or two and then it will go ahead and process if everything checks out. You should be fine.
@@ErikaDavinci35 hello Eric can you answer my question please sir ? You seem very alert 🚨 and informative. Can you go to jail for 20,000 second question 🙋♂️ do They give you a chance to pay it back ?
@@ErikaDavinci35 they no longer have funds so I'm not sure if I will receive 2nd draw. I also heard they may hold 2nd draw if it was submitted before 8 weeks from 1st draw
I’m a sole proprietor and I received the PPP Loan to my business account and than I transfer it to my personal account! So Can I use the funds to pay for mortgage payment, utility, car payment, Insurance’s etc.
I put the 60% into my registered business account the other 40% is in my personal account.....I’m in gas and electric bike business and I don’t know which percentage or which account for me to use to buy the equipment I need bicycles engine kits and tools, and supplies I need for fabrication purposes. I’m getting conflicting messages from RUclips videos and my accountant on to how to use the money to be forgiving My business actually went under during a pandemic because it seems like there was no bikes to be found on Walmart shelves so I would always have to drive around each Walmart to try to find a suitable bikes that I need....There’s also qualifications to the bike so I need it basically it Hass to be a 26 or higher inch mountain bike, it can’t be full suspension. They also had to be in the acceptable price range or I make no profit.... I also do remanufactured auto parts and performance parts that I sell on eBay recently my truck has broken down so now I have to use a U-Haul truck to haul all this equipment to my personal garage....Unfortunately many of my tools have walked away or broken during a pandemic by untrustworthy cousins and family members. I pay monthly rent with roommates. And the landlord wants to charge me extra if I want to use the garage for myself unfortunately I do not have a business garage anymore due to Covid. I also have to hire a person to do my website again and I need to get more parts to make the website viable right now I’m down to a few parts available because I haven’t had equipment to run to junkyards and many junkyards do not have what I needed.
Thanks for this information. I'll gladly apply the knowledge if I ever get my PPP loan. I applied on May 5th and over the weeks I've signed the 2 documents, the application and the promissory note. The current status over the last 2 weeks is: lender funding. The one issue that I see is that the "account verified" button remains red even though I've uploaded my account information numerous times. Is having a credit union account a problem? Is anyone still getting funded if they had been approved before the May 31st deadline? If more than one account is showing in the profile, how can one remove one so as not add any confusion and miss the opportunity. Please let me know. Thanks much:-)
It was doing the same thing for me..i applied may 4th and did everything u did..still askn for bank account verification.. Finally today it updated..hope tvis help
@@gandt4c My business was established in 06, but I’ve never made any money for it because I’ve used my job to support it and myself. I’ve never did a schedule c, and now I don’t have a job.
@@gandt4c For what I have an legitimate EIN number, but never got my business up and running. I’m a illustrator who also codes. Now by getting this loan would help me grow finally.
I've watched a lot of videos on what the rules are to pay yourself with the PPP Loan and yours have been the only ones that say it clearly and concisely
So glad I could bring some clarity. Thanks for watching!
What State are you in? I practice in Florida and have started to see these types of cases. I’m researching to do a video and came upon your channel. Good job!
Thanks! I'm in WA.
This is a very good video, with clarity, compared to some of the crazy information from others on RUclips. Two thumbs-up! 👍👍 I just hope no one has implemented any of the fictional fraudulent cases you cited. 😂
I wish some of these "fake" cases weren't so real! thanks for watching!
Thanks for the good information, I just received my 2nd ppp loan after 3weeks from the 1stppp since first one went to my personal account and i paid my self💯 so there's no 8weeks period to get the second one !🙏
Will you get forgiven for both? Since you didn’t wait enough to get the second one?
Best PPP informational video I've seen. Excellent job.
Wow, thanks! Glad it was helpful!
Best video out there xplaining the ppp! So if send the money from my personal checking account to my saving account and leave it there I’m ok? Or would it be better making a check and deposit on my saving account??
I send my personal salary percentage to another account weekly. I paid one employee that I hired just after the pandemic. Is this allowed? I'm only using the 60% that is allowed. Do you have to transfer the exact amount every month? Or as long as it adds up to the exact payroll allowed is it ok. Also. , I used a portions of the money to pay one utility Bill and I think Ill be getting Accounting software. Is this ok? After that. I will not use anymore of the portion of the loan for business expenses. So do I just leave the left over money in my account that I don't use?
I was wondering which website is best for ppp loan application. And also was wondering if ppp loan and SBA loan are the same? Or is it two separate loan applications?
If you got the 1st one and was approved from another company should you take the 2nd you were approved for
Here's what I would like to know. Can a start up apply to "left over" PPP Funding? If so, do you have the link.
No, there is no leftover. You could look into ERTC for startups though!
Question. We signed the second org letter but realized after watching your videos we would have to had to taken a 25% loss which my husband had just started his business at the end of 2019. How would that go? But also since then we have denied everything from womply from DocuSign . We found out today that the sba approved our loan without our knowledge. We don’t want this money or headache to send it back what do we do?
Well done, Hannah. Thank you. Question: What constitutes covered operations expenditures and covered vendor costs? Thank you, in advance.
Can you still sign up for PPP I don't get a chance to sign up Rosie.
Please TELL me are you ok buying food products if your running a sole proprietor for service ???
Okay, I got my PPP loan, deposited in my bank personal bank account, but HOW do I TAKE OUT the PPP money from my personal bank account?? Write a check? Take out from ATM? Wire transfer? Please explain this part only. Thank you
If the ppp loan was deposited in your personal bank account you have paid yourself. There is business bank account and personal bank account, so once the money is in your personal bank account you have paid yourself.
Bro you pay your self already. She just said that
Open a business account then transfer money into your personal account .
Divide the loan money by 10 and take out every week . Write in the note section of the check : Week one compensation to owner then Week 2 compensation to owner ... so on until week 10.
So Wise Ma'am Hanna! So wise. Thank you for these valuable updates!
Happy to help!
I only received $7,000 for my ppp loan as an Lyft driver , but In March I was involved in a wreck causing my car to be totaled out . Can I use to buy a cash car ?
That's awesome!! Well you still got blessed. Some people didn't get nothing and qualified.
Hey how are you I love your video's my only question is 2019 we did not make a lot of money and is there a minimum amount that you would have to make in 2019? I think it was a loss on our schedule c, so if we did not make a profit in 2019 would we still qualify for the PPP loan? And in 2020 we were totally shut down. I really need this money would really help our businesses, but we are not incorporated, and it is 2 different businesses. We are looking for a new business accountant because now that our state is back open we can make money again. I am just scared of so many rules, my old accountant handled this for us. Can your local tax person apply for this loan? I would prefer a business accountant, if we applied for the PPP loan now, would they go by our 2021 instead of 2020? signed just so confused
Thank you so much for this video. It clears up a lot of gray areas. You are highly appreciated.
I'm so glad!
God
You mentioned a little bit about Jeff Grant using the EIDL for personal expenses. What did you mean by personal expenses? When I was applying for the EIDL loan the lady said because I’m an Uber driver I could use the money on my insurance bill, car payment, phone bill and if I do an oil change I could use the money on that as well.
What lady?
I really love your content it is so helpful and honest. I wish I would have found you earlier!
Thank you so much!
I’m a notary and singing agent ( I’ve only been commissioned a few months but I’ve been an lash tech n doin small services in my own here and there since I received my permit. !!! But I’ve never purchased dba or anything like that. I’m literally using a lot of this money to reimburse myself for paying for the NNA program and things from the Secretary of State. Also to keep up with travel to different counties and supplies
Also set up transfer from savings to different institution to checking 1,000 weekly 11,085
???? Is this ok? ✅
Quick question. Do we have to follow all these rules ONLY WHEN we want forgiveness? I mean, if I'm willing to pay back the money on monthly payments, can I spend it how I want or do I still get in trouble even if I don't want it forgiven?
Thank you
Technically, you got the loan to only pay for certain allowable expenses and payroll. Using it for something other than that could be construed as fraud. It normally isn't an issue, though, since you can use the money that is given to you from the business as payroll or owner compensation on whatever you want. The payroll is the allowable use, and the SBA doesn't care what an individual does with their payroll or owner comp.
@@BobbyBeachy great answer
If your loan is forgiven and your bank account is frozen. What do you do?
Does the business has to be legitimized before 2019?
No it could start from 2020. Thats what they asked me for. The beginning of 2020.
What if someone signs your name and you never saw what they put?
If I had the funds sent to me personal checking account as a sole, and I created a new checking account from a different bank is that considered paying myself and I tell them that I was using my first checking account as my business account?
Can you do an updated video on how to apply for forgiveness pertaining to Schedule C/sole proprietary? Seems a little confusing
We are currently working on a video to address this. Make sure you are subscribed and getting notifications so you can watch it when it comes out.
So how do you think that what you are saying is not along the lines of legal matters.. 🤣🤣🤣 But great info.. Folks need to hear this cause it is so much fraud. 🤦🏾♀️🤦🏾♀️ Straight sad..
Hi Clara....I was approved thru my bank originally for myself (1) and my 2 subcontractors...for a total of 3...which consequently is how they funded me...now my bank is telling me tthat was incorrect and my subs shouldn't have been counted?? I received an EIDL advance too thru SBA and am now worried to apply for forgiveness (used it all on payroll to myself was only $2200) but am concerned SBA will come back at me and not forgive? Any thoughts? Thank you!!
Thank you for this information. It is confusing but you cleared it up. However, if I find that the person who prepared my documents did not use the correct information, (it concerns me, even though I am a legit independent contractor), I signed off on it, (stupid me) thinking what was used was correct. After finding it wasn't, what then, can the information be corrected if the lender is contacted and the excess money given returned? Fool me once shame on that person who helped but also on me for not doing the checks and balances and signing, right?
That's where I'm at
Help!! me too and I don't want any problems!
Bh I just received my first ppp loan 2 weeks ago, i can apply to 2 ppp loan in 9 weeks,or no more funds? Thanks
the funding is all gone! :(
@@ClaraCFO thanks
I know this is old but my former employer hired their spouse for 3 days off work . And lied with a physical work check that said the spouse worked 80hours. Instead of paying the actual employees the owner paid their spouse $99,999 max amount payable to a single employee & immediately after the check cleared their spouse no longer came to work. So since they falsified the paystubs for the spouse isn’t that fraudulent?
Sounds super sketchy!
Thank you in advance for your response 🙏
Thanks for clarifying PPP coming directly to a personal account that is also used for business expenses for us Sole proprietors.
You bet!
Hey ciara, what if someone was not a contractor and they claim sole proprietor and got the max, don't even have a buesness! Did they commit fraud! In fact they worked for a company prior to 2021
Sounds like fraud to me.
keep us updated on what you do
As a sole proprietor, Do i need to be actively working to use the ppp loan to pay for rent and car loan?
Do what she said in the video in it will be 100% forgiven
What should you do if you have mistakenly violated the first rule
Thank you for the information
I receive my PPP loan went through my personal account was good for about two weeks used only half the money now my bank froze my account and I’m negative that half of the loan money I had to send documentation will I get my money back?
Yes you can get the money back you just have to file a reconsideration on that.
Do travel nurses qualify for PPP loan considering many incur additional expenses such as rent, rental car cost and/or car payments & additional utilities?
Sounds like they would, but ppp is out of money.
I’m a registry cna and I was wondering if I can apply for this based on that
I have an important question and really need help... I applied for a PPP loan, had to go through the steps of being approved which consisted of my application being in underwriting then sent to SBA for approval and after I was APPROVED which took almost 2 weeks I later signed my document's and waiting for my loan to be transferred to my personal account.... I DO NOT want to do no fraud ill give the money back if I have to.... When I applied for the loan I was told if you was a independent contractor in 2020 you can possibly get a loan and I was for a art company so I applied. Now when I applied as a independent contractor im not in the government system as a sole proprietor so would that be considered fraud. I only applied because I was working as a independent contractor for a art company. I'm also in the beginning of doing my own business but I'm not in the system as a sole proprietor.
what about investment/investing with some of the PPP loan? Just wondering?
My question is I applied through a website as a sole proprietor because I did Uber but the website only asked for a copy of my bank statement and to basically estimate what I thought I made the previous year however I actually received more than I should through wrong calculation but I’ve been spending the $ on car related issues but I still feel like I won’t be forgiven so what are my options ?
So as a self-employed 1099 gig worker my PPP loan went into my personal account because I don't have a business account listening to your video listen to your video I took it all is overs compensation I've used it to pay my personal expenses over the last several weeks my car is my business I've had to have it fixed and maintenance rent food but I was allowed to do that because I took the whole deposit as owners compensation..
Is this right..
I thought if you don't use the money for payroll then it's considered a loan and you just have to pay it back but if you use it for payroll and the right way then it's considered a grant and you don't have to pay it back
Can I use my ppp loan to pay an car insurance bill and the money was transfer in my personal account. I'm an uber driver since uber wants to make sure you have insurance on your car.
yes - after it is transferred to the personal account, it is YOUR money to do whatever you like. I go over this in detail in the video.
If you were on unemployment then you got the ppp loan, how do you report that to unemployment? Do you report every week to unemployment when you certify? Or just once and don’t file unemployment until the 10 weeks is over? I need help please
I don’t think you have to report a loan to certify. Loan is a debt and not an income made from working.
Hey Clara! So if I’m a Uber driver and received a ppp loan in my personal checking account and still paid myself weekly from one personal account to the other in form of written checks, and used some of that money to pay CC debt and my monthly rent, what do I need to show for ppp loan forgiveness and was I right in paying myself?
Thanks for all your help and making these videos to explain in detail.
If you are an independent contractor or sole proprietor there is no provision in the law that prevents you from using a personal checking account and you are actually paying yourself so it's in your SSN and not required to be separated in a different checking account per se, it's just good practice.
You pay your self already bro ..She said that
Thank you!
You bet! Thanks for watching!
how long after receiving my loan should I apply for forgiveness? Do I wait until the following tax filing year? How do I know who my lender is?
Your lender should tell you that I believe it is between 8-24 weeks after receiving loan if you go to the ppp list it will tell you who your lender is ,
Hey I was approve for a ppp loan as a independent contractor but I recently went to my tax preparer to ask questions and I believe I put the wrong gross amount down now I think I getting 2000 extra then I should. What should I do?
I have the same problem
@Schwarnold Wartznaegga I doubt all that will take place .. you have a lot of information to say for someone with no profile picture.. good luck tho😂👍🏽
@Schwarnold Wartznaegga I have not committed a crime .. I qualify for the ppp loan I have a 1099 and a schedule c I believe the lender put the wrong gross amount that was on my taxes.. someone not qualifying and lieing compared to the wrong gross amount are two different things.. I was not asking for you to comment to what I was saying .. this was only for the owner of the video.. have a good day and good luck with that picture 😘
Hey, i received both 1st & 2nd a week apart , now i want to pay my self the firts one a whole , but i dont know shoul i wait 8 weeks then pay my self or i can just do it before 8 weeks
I recieved a eidl loan and was planning on using that to pay off my business truck loan. My truck is covered in my business advertisement , does that commit fraud?
technically that would be using it to refinance debt, and NO, that would not be allowed. What you can do instead is use the EIDL money to make your truck payments. I know it seems absurd, but the EIDL loans aren't meant to act as refinancing tools.
My ppp loan was deposited straight into my personal account . When do I apply for loan forgiveness.
You have between 8-24 weeks to spend the loan. After that, you have 10 months to apply for forgiveness and you have to apply for forgiveness through the same service you applied for the loan through (womply, PayPal, blueacorn etc...)
@@ItsJasmynMarie Hey Jas, is the 8-24 what they call the "cover period?"
@@peterhsiao9549 Yes!
You have 10 months to be forgiven and the lender with sent you a email saying g it's time to apply for forgiveness 😉
@@MidwestBossMan If you did not have an already established and operating business by February 2020, and if you lied on your application or entered the wrong info by accident, or didn't use the money for reasons listed in your promissory note, then yes... you can go to jail, but if you're approved for 20,000 and followed all of the rules then you should be fine.
Can people pay the money back?
I love your videos, very informative. The ppp loan was deposited into my personal checking account, am I supposed to spend the full amount within 8-10 weeks ?? Or once it’s in my personal account does it matter?? I chose to pay myself 100%
From what I gather, you can save it for 10yrs if you want. Or spend it the day it comes! It's into your personal account, so do what you want with it.
As long as it came legally, and calculated right off your tax forms, all is good.
But I'm not an advisor, I'm just spreading what I've heard
Thank you
@@1219ess quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
@@lovelife7740 send emails to everyone involved. Save those emails to show you tried informing everyone of your mistake.
Try to return the difference( probably will be hard).
Expect to pay back the difference of loan, but until then, don't spend the difference
@@1219ess so try email Womply since I applied through them?
Is the bank allowed to give you more ppp than what sba approved of? I got more and my lender is telling me I have to pay back what wasn't approved by the sba and they never told me that what they gave me was more than what was approved by the sba
What if you applied for round 1 but the SBA funded your loan twice?
My EIDL advance for $9k finally came in, can you clarify how or if that can also be used to pay myself as an independent contractor (payroll), after the 2.5 months has passed for the PPP Loan?
EIDL video coming soon! you can use the EIDL advance to pay yourself in a similar manner, just not during the same time as the PPP loan.
@@ClaraCFO Awesome! looking forward to it! Thanks for listening!
LOVED THIS! Thank you!!
thanks for watching!
Can a sole proprietor also draw additional earned income or make an additional draw in the same month that PPP loan funds are disbursed (as a lump sum) from a business checking account? The loan was obtained appropriately using tax return info and Sched C from 2019. My business still earned income but a lot less than it did in 2019.
Okay so, with my owners compensation as a sole proprietor can I use 100% of my PPP loan for owners compensation or do I have to follow the 60% owner’s compensation, 40 % other expenses rule?
This did clear up a lot though!
Ok let’s say me I don’t have a business let say if I got it I put some down for house and put some for my daughter college now it’s that a problem
If you didn't have a business and got a PPP loan, then yes, this would be a problem. If you DID have a business, you could pay yourself by following the owner's compensation rules and then use the money once it's "Home" and put it on a house or college payments.
THIS IS GREAT INFORMATION LOVE
What counts as modification of a schedule c in terms of the 20,833 loan?
How long do we have to use it
up to 24 weeks!
I have a family care small business for the mental behavior and they Denied us 27,000 dollars because,.they said we poor credit,and people are getting millions of dollars,we could really use that loan
Martha, the PPP loan did not check your credit. It sounds like you may have been misled 😥
If you’re here, you know what’s about to happen to you. God speed 😂
Amen lol
Hello i received a ppp loan however i noticed my gross in come from 2020 was approx 2000 less than what i put on my application. Is it fraud or can i fix this before i apply for forgiveness
No, some people applied with estimated schedule Cs. You will only be allowed forgiveness on what you SHOULD HAVE gotten. So you will have a slight remainder to pay back on the loan.
Ok thank you so much i thought i only estimated and was clueless as to were they got that number. Your the best.
@@ClaraCFO when you apply for forgiveness, would they ask for tax return? Some people say they won't some other say they will. So confusing.
@@xuxabedon545 you have to retain your Tax return as proof of your forgiveness, but loans under $150,000 do not require you to submit paperwork to prove your loan amount when you apply for forgiveness. But if you get audited, you better have it ready!
Best ppp information
Aww thanks!
So a single owner LLC can't get two rounds of PPP?
Wondering the same I only applied for the 2nd one
Following wondering the same... I only applied for second round
Yes you can
Thank you! Thank you! You are by far the best
thanks for watching Ed!
I know some people who got the loan and then started a business.
It’s a wrap for them because that’s not what it was for.
Guys need help , just got my loan funded , and I realize amount is to big my gross income is different then in 1040 I provide some how it’s 64k instead 32k , already contacted Womply sba and my bank
Wow love this you’re Amazing 🤩
Thank you so much!!
@@ClaraCFO love your explanation of this video it sure helps a lot
Good information thanks 🙏
thanks for being here!
So the “pay checks” need to be disbursed incrementally? (Or can withdrawn lump sums also qualify)
Nope - it can be in a lump sum!
So if you don’t have a tax number for your business and it’s basically hobby based, and you get a PPP loan, is that fraud?
If you filed a legitimate schedule C, and you had income to report, then the PPP loan should be based off of that income. If any of that is falsified....yes, that's fraud!
@@ClaraCFO quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
@Schwarnold Wartznaegga why it was a mistake.. I can pay them back
so , im a musician , ive registered myself w/ a publishing company and digital distribution company etc i am interested in trying to go for the PPP but want to make sure its done correctly
Ppp is over
I have a concern .. I am Uber driver and I applied and got it. I grossed 51k in 2020 but when filing out , I put 71k and I just noticed it.. should I worry?
quick question, I grossed 51k in 2020 but when filing out , I did a mistake and put 71k . I received the money about a month ago. I just noticed the error i did .. it’s 2 different numbers.. on the ppp application it shows 71k but on my 2020 transcript, it’s 51k .. any advice on this ?
@@lovelife7740 try to call them and correct it
@@gaterpilar3899 call who ? I applied through Womply and my lender is fountainhead
I’ve received my loan but the website I used to apply has not update my status so I am unable to apply for forgiveness through the website. what other way can I do this?
You apply for forgiveness with the bank that gave you the loan
Can you do a video explaining what the application secondary review status means for a 2nd draw? Or maybe you can answer that question here?
I can answer that for you, because it happened to me, but I was funded in the end. Lender Secondary Review just means that there is a possibility that the SBA found something wrong with your application. It's basically a second look to make sure that everything checks out. it will take about a week or two and then it will go ahead and process if everything checks out. You should be fine.
@@ErikaDavinci35 thank you!
@@ErikaDavinci35 hello Eric can you answer my question please sir ? You seem very alert 🚨 and informative. Can you go to jail for 20,000 second question 🙋♂️ do
They give you a chance to pay it back ?
@@MidwestBossMan My name is Erika not Eric, and I am not a sir.
@@ErikaDavinci35 they no longer have funds so I'm not sure if I will receive 2nd draw. I also heard they may hold 2nd draw if it was submitted before 8 weeks from 1st draw
Pay yourself the same amount you got paid in 2019 for two months and that should keep yourself safe.
What if you already pay yourself on a monthly basis before PPP loan? Do you just pay yourself one more time using the amount you got from PPP loan?
Thank you sis...
Thanks for watching!
What if I haven't filed taxes for my business yet? I just officially got my business license in March this year....
Yep
Hi I apply for ppp on April end I have not received any response
While the scammers get a response the next morning.
I only receive a letter from womply
I’m a sole proprietor and I received the PPP Loan to my business account and than I transfer it to my personal account! So Can I use the funds to pay for mortgage payment, utility, car payment, Insurance’s etc.
Once you pay yourself use the money as you like or need.
Kinda wild how *some* people can't tell what's fraud or not while they have their own businesses lol
Is the SBA grant and the PPP Loan the same thing
No the sba grant is free once you get that money its yours and you don't have to pay it back...The ppp loan has to be paid back.
You're videos are so helpful!
I'm so glad!
Thank you
Thanks for watching!!
She’s A Baddie & Smart.
made my day!
@@ClaraCFO Awe just was speaking Facts Love
I put the 60% into my registered business account the other 40% is in my personal account.....I’m in gas and electric bike business and I don’t know which percentage or which account for me to use to buy the equipment I need bicycles engine kits and tools, and supplies I need for fabrication purposes. I’m getting conflicting messages from RUclips videos and my accountant on to how to use the money to be forgiving
My business actually went under during a pandemic because it seems like there was no bikes to be found on Walmart shelves so I would always have to drive around each Walmart to try to find a suitable bikes that I need....There’s also qualifications to the bike so I need it basically it Hass to be a 26 or higher inch mountain bike, it can’t be full suspension.
They also had to be in the acceptable price range or I make no profit.... I also do remanufactured auto parts and performance parts that I sell on eBay recently my truck has broken down so now I have to use a U-Haul truck to haul all this equipment to my personal garage....Unfortunately many of my tools have walked away or broken during a pandemic by untrustworthy cousins and family members.
I pay monthly rent with roommates. And the landlord wants to charge me extra if I want to use the garage for myself unfortunately I do not have a business garage anymore due to Covid. I also have to hire a person to do my website again and I need to get more parts to make the website viable right now I’m down to a few parts available because I haven’t had equipment to run to junkyards and many junkyards do not have what I needed.
you atre superbly magnificient
Thanks for this information. I'll gladly apply the knowledge if I ever get my PPP loan. I applied on May 5th and over the weeks I've signed the 2 documents, the application and the promissory note. The current status over the last 2 weeks is: lender funding. The one issue that I see is that the "account verified" button remains red even though I've uploaded my account information numerous times. Is having a credit union account a problem? Is anyone still getting funded if they had been approved before the May 31st deadline? If more than one account is showing in the profile, how can one remove one so as not add any confusion and miss the opportunity. Please let me know. Thanks much:-)
It was doing the same thing for me..i applied may 4th and did everything u did..still askn for bank account verification.. Finally today it updated..hope tvis help
Its coming..believe me😉
I thought ppp loans were for your employees that hadn't been paid.
You're awesome!
Thank you!!!
Not worth it! Things like this will come back to bite you are thinking to do something fraudulent. Just my honest opinion!
100% agree! don't commit fraud :D
My loan was for 8540.00 so how I would pay myself?
$1067.50 per week for 8 weeks
@@gandt4c
My business was established in 06, but I’ve never made any money for it because I’ve used my job to support it and myself. I’ve never did a schedule c, and now I don’t have a job.
You probably need to send that money back.
@@gandt4c
For what I have an legitimate EIN number, but never got my business up and running. I’m a illustrator who also codes. Now by getting this loan would help me grow finally.
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