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
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
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 🙏🏻
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!!!
@@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.
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🙏🏾🥰
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!
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.
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.
🙋♂️🙋♂️ 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. 🙏
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.
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
@@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.
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?
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.
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!
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.
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?
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
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. :)
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 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 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?
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!
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.
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.
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
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.
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 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?
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)
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!
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!
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!
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)
Happy Easter Max. One question i have is when you go for forgiveness for 2nd draw, aren't you supposed to show a decrease in 2020 compared to 2019 for any quarter. I'm asking because i'm a self employed with no employees. Or is it just a simple as the first draw forgiveness?? i thought you had to proved that with invoices.
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.
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.
I’m a Lyft driver I received $20,833 that’s for the first draw . But the second draw is not coming up yet. My question is : how can I apply for forgiveness loan ? I do have 24 weeks to apply for the second draw
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
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)
The real question is how do we pull the money as a self employed, 1 person, can we pull it out in one lump sum or does it have to be divided into 11 equal payments because 2.5 months is over 10 weeks and under 11 weeks.
@@tommytommy7825 There is no 8 week method of payroll for owner compensation. Owner compensation is not payroll. That is one reason why we can roll it out in one lump sum to another account and consider it disbursed. The SBA in its own guidance says that you must certify that the funds from draw 1 will be used on or before receiving draw 2. Nowhere do they mention an 8 week waiting requirement. I recently received draw 1 and my lender has already begun the process for draw 2.
@@goldenarm2007 Thanks goldenarm2007!!! Did your lender comtact you about the 2nd draw or did you have to initiate something? Also, did you go thru Womply? Again, thanks for the peace of mind.
@@tommytommy7825 I asked my lender what there rules were for a second draw while explaining to them what the SBA has said and if I needed to go somewhere else if they had stricter rules (many lenders have their own rules that are different than the SBA). They had no problem with beginning a second draw application just a few days after I got my first draw. I originally applied through Womply but thought they were taking too long. So I went with a local lender. Took less than three weeks from the time of application to receiving my funds. Turns out Womply did respond in a timely manner but the email went to my spam folder and I did not see it, otherwise I would have used them since you could apply for first and second draw at the same time.
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
Question for anyone. For 100% forgiveness, do we have to show that it took between 10-11 weeks of 100% cash compensation disbursement from date of funding? Many CPA's are stating this must be done inorder to be on the safe side of 100% forgiveness, were as the 8 weeks, we must used a minimum of 60% of compensation payment and the balance for business expenses? In short , if I use up all the funds before the 2.5 month period at 100% compensation pay to myself, is that guarantee 100% forgiveness? Thanks for any real, correct, by the letter of the bill response.
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?
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
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
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 🙏🏻
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!!!
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.
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
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
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!!!
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.
Got to wait 8 weeks.
You always know the right questions to answer! THANK YOU!
Thank you Max. I followed your videos and 1st PPP hit via Wombley. You are the man.
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 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.
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
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.
Thank you Max for clearing things up really appreciate it Happy Easter
🙋♂️🙋♂️ 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. 🙏
Thanks sir, helping to keep us safe and out of trouble with these benefits!
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💯
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!
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.
Awesome thank you I needed this information!!!
Happy Easter Max! Thanks for all your hard work in making sure we get all that we’re entitled.
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
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
Thank you Max. You have been most helpful throughout this process. Keep em’ coming. Happy Easter!
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!
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.
ABSOLUTELY THE BEST VIDEO I HAVE SEEN ON THIS SUBJECT!!! Thank you!!!
Thanks a million . This has really help me with understanding the forgiveness portion
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.
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 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
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?
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.
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.
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
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
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!
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
Bank account PPP funded this morning via womply application. Yes!!
When did you get the notice "lender funding " ~ how long from indicating lender funding to receiving the funds in your account? Who was it with?
@@chrispritchard2549 applied through womply via Max Maher link on his description. Took about two weeks total.
@@roweellazar9103
Thank you
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?
Max...great video. Can you go (lightly) over the S Form to get a better comfort level? New form brings new challenges. Thanks!
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?
It's alot of people that have legit business that are getting denied put those that don't have legit business getting these loansp
Is the loan forgivable if I spend it (or a certain percentage) on lead generation?
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
Max Maher thanks for helping me with the PPP Loan. Watching your videos are very helpful. I appreciate you bro 💪🏾
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. :)
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! Thank you for this clarification. 💙
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)
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 😊
Can you apply for this if you are a gig worker? Like door dash or instacart??
Yes! www.womply.com/maxmaher/?
Awesome info bro, you are the best on my list of people that I follow!! 😘
Thank you for your direct info once again. You rock!
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
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!
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.
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
Thank you for the clarity!
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
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.
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?
Love your detailed explanations!
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.
Womply: 6:37 - he talks about anyone who applied via Womply. Super helpful. Thanks, Max! I appreciate all your hard work.
Attention PPP applicants, please cover your asses by having a legit business. Prison time is also legit. Thanks for the deep dive Max!
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
Thank you so much for the mental stress relief! Really appreciate it😌🙏😊
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
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)
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
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?
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!
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!
good advice really answer my questions and gave me a side of relief
My bank account sent my ppp back to my lender can I still get it?
Why ur bank do that?
As a lyft driver, can I use this on cell phone bill, tires, auto maintenance, car insurance, paying rent???
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.
Happy Easter Max. One question i have is when you go for forgiveness for 2nd draw, aren't you supposed to show a decrease in 2020
compared to 2019 for any quarter. I'm asking because i'm a self employed with no employees. Or is it just a simple as the first draw forgiveness?? i thought you had to proved that with invoices.
Best info.... should be seeing my PPP loan deposit very soon!
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.
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.
Thank you for everything you do and yes this video was VERY helpful
I’m a Lyft driver I received $20,833 that’s for the first draw . But the second draw is not coming up yet. My question is : how can I apply for forgiveness loan ? I do have 24 weeks to apply for the second draw
You don't need to apply for forgiveness to get the second draw.
You are taking out a $20,000 loan and have no idea what the rules are ? Seriously 🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄
The program ends on May 31, 2021 so u won’t have enough time to get second draw of PPP.
@@savannahshines3633 That’s so rude!
To apply for second draw you don’t need forgiveness for first draw. I’ve been hearing some say you can apply after 8 weeks.
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
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
The real question is how do we pull the money as a self employed, 1 person, can we pull it out in one lump sum or does it have to be divided into 11 equal payments because 2.5 months is over 10 weeks and under 11 weeks.
He answered that directly in the video.
U can pull it out in one lump sum.
@@tommytommy7825 There is no 8 week method of payroll for owner compensation. Owner compensation is not payroll. That is one reason why we can roll it out in one lump sum to another account and consider it disbursed. The SBA in its own guidance says that you must certify that the funds from draw 1 will be used on or before receiving draw 2. Nowhere do they mention an 8 week waiting requirement. I recently received draw 1 and my lender has already begun the process for draw 2.
@@goldenarm2007 Thanks goldenarm2007!!! Did your lender comtact you about the 2nd draw or did you have to initiate something? Also, did you go thru Womply? Again, thanks for the peace of mind.
@@tommytommy7825 I asked my lender what there rules were for a second draw while explaining to them what the SBA has said and if I needed to go somewhere else if they had stricter rules (many lenders have their own rules that are different than the SBA). They had no problem with beginning a second draw application just a few days after I got my first draw.
I originally applied through Womply but thought they were taking too long. So I went with a local lender. Took less than three weeks from the time of application to receiving my funds. Turns out Womply did respond in a timely manner but the email went to my spam folder and I did not see it, otherwise I would have used them since you could apply for first and second draw at the same time.
Thank you so much for breaking this down!
Appreciate it man! You made it very clear and easy!
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
Question for anyone. For 100% forgiveness, do we have to show that it took between 10-11 weeks of 100% cash compensation disbursement from date of funding? Many CPA's are stating this must be done inorder to be on the safe side of 100% forgiveness, were as the 8 weeks, we must used a minimum of 60% of compensation payment and the balance for business expenses? In short , if I use up all the funds before the 2.5 month period at 100% compensation pay to myself, is that guarantee 100% forgiveness? Thanks for any real, correct, by the letter of the bill response.
HAPPY EASTER PPP TRIBE😊😊
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?