Thank you, Katie, for giving straightforward, concise instructions on how to successfully complete the 3508s documents for (Self-Employed, Sole Proprietors, and Independent Contractors). Your videos are always excellently detailed and in-depth. May GOD continually bless you in your business for helping individuals the way you have!
Im in tve process of filling up my ppp forgiveness, and yojr video is so detailed so rich in information so good with the explanation step by step. Thank you so much for taking the time and effort on doing this material for so many people that we need it. We really appreciate it
If your email was wrong at the time you file the ppp loan so what can we do? And also how we can submit the form 3508s to my lender I did it with smart biz
[10:03am PST] @SaintOres.com Hey Lucie, To complete the forgiveness application for your PPP loan with SmartBiz, just follow this link, www.smartbizloans.com/ext/ppp-forgiveness/customer/login. You can complete the entire application online. As far as the wrong email address, contact your lender and notify them about the issue. They should be able to correct it.
Thanks for this video!! When you are paying yourself is it okay to transfer the payment to another account or should you be using direct deposit or cashiers check ?
Hi Katie, any videos on how to handle a federal IRS audit when you trusted a "professional Tax preparer" to do them for you only to find out all your deductions are now being disallowed? I need help, TIA
[11:35am PST] @SaintOres.com Hey Sandra, I'm sorry to hear about your audit. It is a very stressful process. The best way to handle it is to get your tax professional involved, the one that prepared your tax return. You should clearly understand the reason why these deductions are disallowed. It could be because you don't have appropriate records to substantiate your deductions.
Hey Katie I am a contract simi truck driver. I was approved for 2 different ppp loans of $20,000. What can I spend the money on and how can I get loan forgiveness?
[10:33am PST] @SaintOres.com Hey Realegeno, The funds from your PPP loan can be used for the following purposes: Salary (in your case it is owner compensation replacement), operation expenditures (software, accounting needs, gas), supplier costs that are necessary for your business operations, interest payments on debts incurred before February 15, 2020. There is no deadline to apply for PPP loan forgiveness. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. No one will reach out to you, you have to apply and start the forgiveness process yourself by completing and submitting the application to your lender.
[9:52am PST] @SaintOres.com Hey Carlos, It's a good idea to keep separate business and personal accounts as this makes it easier to keep records. Since you have a business account, always pay your business expenses out of your business account.
This is crazy, I found a book on Amazon giving advice for small black owned businesses applying for ppp loans. I didn’t know about all these crazy regulations. Wow
Hey Joemar, Here's a link to the SBA. They have tons of programs available. I just filmed a video on SBA microloans but haven't had time to edit it yet. Anyway, here is the link. www.sba.gov/funding-programs/loans
[10:23am PST] @SaintOres.com Hello Joseph, Your lender is not Womply. If you can't get a hold of them, and Womply can help, give your local SBA a call. That should get lender moving. Here's a link to the SBA www.sba.gov/local-assistance
Just want to clarify. I applied and approved in 2020 using gross income. Now, do I apply for forgiveness based on gross or net income (since PPP loan was changed to gross income calculation in March 2021)? Thank you so much for clarifying this!!!
Hello MT, Use gross income to calculate you PPP loan forgiveness. Since you are under $150,000, you are correct to use Form 3508s. Also use one form for each loan. Some people are combining numbers and it delays the process.
@@MT-gh5sb [5:23pm PST] @SaintOres.com You're welcome. It looks like the SBA is bending over backwards to give everyone forgiveness on their loans. At least the legal people who deserve it. Good luck.
[11:31am PST] @SaintOres.com Hello Teena, You should have a number, name, or something you might be able to find on your correspondence with Womply. Or.... Here is the link to the PPP loan lookup. type in your name and do a search www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955
Here is the link to the PPP loan lookup. type in your name and do a search: www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955
@@toiyeuKL [3:53pm PST] @TaxesbyKatie.com Hello again Teena, You can file for forgiveness as soon as you used all the funds and your covered period ends. (Covered periods can’t overlap and you have to file a separate form for each of your loans.) Your covered period starts on the day you received your PPP loan amount (when money actually hit your bank account). If you are a sole proprietor without employees, it will be best to choose 11 weeks covered period, IF you are using the whole amount towards owner compensation replacement.
[9:52am PST] @SaintOres.com Hey Richard, Love the German Shorthair picture. I've got a young, crazy GSP. Do you have employees and run payroll or you are a sole proprietor without employees? If latter is the case, you will not have any payroll reporting requirements.
@@KatieStOresCFPChFCEA Thanks, he's a handful for sure. LOL yes, sole proprietor without employees. That was my understanding too but when filling out Forgiveness Application it will not let me continue without uploading Bank Statement for Payroll and payroll tax filings (Form 941).
@@richard_red_64 Hi Richard!, Did you get any feedback on this.. I'm on the same boat. I thought sole proprietor w/o employees needed to submit Schedule C, but Kabbage is asking for Form 941..
@@richard_red_64 ok I’m in that same boat ! I tried tonight and same. So do we upload schedule C in place of those 2? Because there’s also a place for owner compensation as well. So that would be 3 times upload schedule C to satisfy system??? Please help ! Thanks! This is the k servicing website . Which is now biz2credit. So confusing !! With this company
Hey Parvez, The PPP program is closed. You can apply for the EIDl loan simply by filling out the application on the SBA website. The SBA does have a bunch of lending options available for new, growing small businesses. I'll have a video out soon on the options. But in case you can't wait. Here's the link. "Start or expand your business with loans guaranteed by the Small Business Administration." Use Lender Match... www.sba.gov/funding-programs/loans/lender-match
Ok, I finally received my application. I received funds August 11, 2020. Do I put October 4, 2020 for ending pay period? or 8 weeks starting the week of August 11, 2020?
[4:13pm PST] @SaintOres.com Hey Charisse, Your covered period starts on the day you received your PPP loan amount (when the money actually hit your bank account). If you are a sole proprietor without employees, it will be best to choose 11 weeks covered period, IF you are using the whole amount towards owner compensation replacement.
@@KatieStOresCFPChFCEA the amount was so small I just went ahead and put 8 weeks. And what I understood was that I put myself down as employee. I have LLC, but it's just me. I've been told that I would be considered sole proprietor.
@@CharisseDancy[4:21pm PST] @SaintOres.com Hey Charisse, 8 weeks is absolutely acceptable covered period. As a sole proprietor (single-member LLC) you still count yourself as 1 employee.
I am an independent contractor and I file schedule C. I applied and was approved based on 2019 gross income (under $100,000) for the first PPP loan. Do I recalculate and apply for PPP forgiveness loan amount based on net income? Does the change to gross income calculation in March 2021 affect the first PPP loan forgiveness? Really appreciate your help.
@@KatieStOresCFPChFCEA Hi Katie: Just want to clarify. I applied and approved in 2020 using gross income. Now, do I apply for forgiveness based on gross or net income (since PPP loan was changed to gross income calculation in March 2021)? Thank you so much for clarifying this!!!
Hello, If I only received one draw and didn't apply for a second draw. Can I pay myself over 10 weeks or does it have to be 8weeks? I'm a sole proprietor.
[3:13pm PST] @SaintOres.com Hey Sannetta, Since you are a sole proprietor, it will be best to choose the 11 weeks covered period IF you are using the whole amount towards owner compensation replacement.
[1:53pm PST] @SaintOres.com Hey Sonam, Was your loan approved? You have to contact your lender to find out. Give them a call and see what's going on. Most are happy to help.
[2:43pm PST] @SaintOres.com Hey Erica, Since you are a sole proprietor without employees (I'm assuming), you do not need to worry about the 60% payroll limit to be eligible for forgiveness. For PPP forgiveness, “owner compensation replacement” counts as an eligible payroll cost, because - in effect - you are paying yourself by replacing the net profits. You can spend the entire PPP loan towards the owner compensation replacement.
[1:13pm PST] @TaxesbyKatie.com Hey Alexandre, If you are looking for a tax accountant, you can contact me directly. I do not offer payroll or bookkeeping services.
Hello Katie please how do i apply for the ppp loan forgiveness using scratch.fi? they work with bluevine and bluevine directed i apply with scratch but it's very confusing. Could you please help me out here? Thank you
[3:43pm PST] @TaxesbyKatie.com Hey Bankole, Scratch has an online forgiveness flow guide to get you through every step of the loan forgiveness process. If you need help, login into your account and use the help chat.
Thank you so much for this video. I received the 1st draw on April 1, 2021 and the 2nd draw on May 1, 2021. I didnt have to apply for the 2nd draw, it came automatically. I made sure that I have used the 1st draw before the 2nd hit my bank account. I'm still confused about the covered period. How soon can I apply for 1st draw forgiveness? Thanks again, your videos are so helpfull!
[2:33pm PST] @SaintOres.com Hey Claudia, There is no deadline to apply for PPP loan forgiveness. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness. Hope this helps....
@@KatieStOresCFPChFCEA i have similar circumstances, my 1st and 2nd draw loans arrived 4 weeks apart. would i just put the covered period for the 1st ending 8 weeks after it arrived, and the period for the 2nd beginning the day after the 1st ended, and 8 weeks?
[4:23pm PST] @SaintOres.com Hey Po', Right thinking, per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. If you are a sole proprietor (based on the latest data) it will be best to choose 11 weeks covered period. Also, you have to use separate forms for each draw when applying for forgiveness.
I am a Sole Proprietor, received my first PPP loan on 4/26/2021. my second draw came on 7/01/2021. So, is my covered period from 4/26- 6/30/2021, and am i eligible for full loan forgiveness?
[10:53am PST] @SaintOres.com Hey Alexa, To be eligible for full forgiveness for sole proprietors without employees, you will need to use 11 weeks covered period IF the full amount of your loan was used as owner compensation replacement. In your case, the covered period will be 9 weeks since the covered periods can't overlap. To be eligible for full forgiveness using a 9-week forgiveness period, you can claim 9 weeks worth of your 2019 or 2020 net income or gross income as owner compensation replacement. The remaining PPP funds will need to be spent on other eligible expenses in order to be forgiven.
I thought you had to do at least 11 weeks to do 100% owners compensation, but if you did 8 weeks youd have to spend 20% on non payroll and show documentation? This would be easier for sure. I paid myself 1/10th per week for 8 weeks and paid some rent supplies and utilities...bevause my 2nd draw came exactly 8 weeks later. Avoiding overlap.
[11:11am PST] @SaintOres.com Hey Ian, A lot of sole proprietors don't have any non-payroll expenses, hence they use 11 weeks route. In your case, if you have qualifying non-payroll expenses and you can provide supporting documentation, I see nothing wrong with spending that 20% on it.
Hi Katie, thank you for all of your videos they are amazing! Just wondering if we opt for the 24 week payroll window being a sole proprietor with no employees and having the income cap, based of your video no calculations are needed and 100% of loan should be forgiven, Do I need to wait until October (I received my loan on 4/2/21) to submit my forgiveness application or can I do that now?
[10:23am PST] @TaxesbyKatie.com Hello Sandra, You can apply for forgiveness as soon as all the loan proceeds from that period have been spent, up until the loan's maturity date. It is important to note that you must apply for forgiveness within 10 months of the end of the covered period or the loan will no longer be eligible for forgiveness.
[2:53pm PST] @SaintOres.com Hey Time, Purchase of a new car in not an eligible business expense under the SBA loan forgiveness requirements. It is not a utility expense.
Katie, thank you so much for these informative videos! They are so useful. I have a question if I may. I received my first loan on 12/29/21. I keep hearing different dates of when I can apply for forgiveness. I'm not sure when I'm eligible to apply just yet. Can you please confirm this information? Thank you in advance.
[10:53am PST] @TaxesbyKatie.com Hello L, You can apply for forgiveness any time up to the maturity date of the loan. If you don't apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and you will have to begin making loan payments to your PPP lender.
[12:51pm PST] @SaintOres.com Привет, Титан. There is no deadline to apply for PPP loan forgiveness. Once your covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. If you used up all your funds and your covered period ended you can go ahead and apply for forgiveness. Удачи!
[12:11pm PST] @SaintOres.com Hello Kim, I usually point out the expiration date for a few reasons: --- The government puts out a lot of forms and versions of forms, so you want to use the current one so it is not rejected. Also, if it is close to the expiration date, you might want to wait for the next one to come out. For PPP Forgiveness, each new version was easier and more generous than the previous form.
Hey Evelyn, If you are completing the SBA Form 3508S then it doesn't require borrowers to provide additional documentation unless requested by the SBA. It is always a good idea to confirm with the SBA directly. Here is their contact number. You can contact the SBA's direct forgiveness call center: 877-552-2692.
[12:21pm PST] @TaxesbyKatie.com Hey Erica, You return just the form. You'll only have to submit other information if your lender requests it sometime in the future. So keep it around just in case.
[3:13pm PST] @SaintOres.com Hello Hedrax, You need to get the form back to your lender. So check with them. Most have a version of the form on their website. If they are local, you could just drop it off.
[9:52am PST] @SaintOres.com Hello Ayyaz, You would want to get your application back to your lender. OR, You could see if your lender is using the new SBA portal introduced a few days ago. Here's a link to how to use it. ua-cam.com/video/X6V7XpNhcXM/v-deo.html
What happened to the "automatic forgiveness" that was promised at the beginning of this from Biden? Then, np said that he could give money but could not "forgive" the loans. Wish we had never gotten involved with PPP but our tax preparer pushed it. If it sounds too good to be true, it probably is just that !
Hey Vera, The SBA seems to be making it easier to get forgiveness as time goes by. It will be interesting what the new SBA portal Direct site (which opens today) looks like. And watch out when any politician starts talking. Remember what Walt Whitman says about them.
my loan was deposited 3/31 my 8 week would be 5/26. my 2nd draw was deposited 5/25. do i put 3/31-5/26 on my 1st draw loan app for the covered period? would this affect my 2nd draw forgiveness applications being deposited on 5/25?
[3:13pm PST] @SaintOres.com Hey S B, The covered periods can't overlap. Generally, you don’t want to accept the Second Draw money until at least 8 weeks have passed after receiving the First Draw. I don't know if the one day this will make a big difference or not. It might affect your ability to get full forgiveness from the First Draw. Contact your lender to see if they can help you there.
Hello! Katie It’s nice to see you again after while. I received loan amount less then $15000. Is it mandatory to go to work ( drive Uber ) in order to completely loan forgiveness? Still bit confuse. Your help is highly appreciated
[10:23am PST] @SaintOres.com Hey Abloe, I don't think I can give you a definitive answer in this case. You should try reaching out to the SBA directly. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722.
[11:11am PST] @SaintOres.com Hello Yoboislim, You submit this forgiveness form to your lender. I would strongly advise that you use the direct forgiveness portal with the SBA instead. Here is the direct link directforgiveness.sba.gov/requests/borrower/login/?next=/
@@KatieStOresCFPChFCEA thanks. Mine tell me You are not Eligible yo apply for Direct Forgiveness (or Through this Platform), Please contact your lender. Does that mean my bank is not on the list yet? I went with Bluevine and the Forgiveness Application is with Scratch. When I go there to do it they ask for 25% Reduction info. I have no clue how to get that together for them. Thanks for your help.
[3:13pm PST] @SaintOres.com Hello Brett, Sorry about the sound. Not knowing what I was doing, some of the videos I only recorded on one channel. I'm getting a little better at figuring this out. I should have taken an audio/visual class in school. But at least you can hear the commercials. Those guys have a little larger media budget than I have.
@@KatieStOresCFPChFCEA Ok, thanks for the reply. I blew my power amp... I only have one speaker hooked up until I get a replacement. I'll switch channels and try it again. :)
Hello Misty, You should try reaching out to the SBA directly and clarifying it with them. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722
I received a 1st and 2nd draw of $20.833 each am I only entitled to apply for loan forgiveness for a total of $20.883 as a llc with no employees or for the entire amount thank you so much
[1:23pm PST] @SaintOres.com Hey Greg, You are entitled to apply for loan forgiveness of $20,883 for the 1st draw and $20,883 for the 2nd draw loans. Remember to use a separate form for each loan forgiveness.
Hi, I got Ppp loan in 2021, it is my first time, so this will consider my first or second draw? And do I need to submit any documents with this forgiveness form? Thank you so much!!
[3:23pm PST] @SaintOres.com Hey Linh, Since this is your first time applying, it is your first draw. If you are using Form 3508S, you do not need to submit any documentation in support of PPP loan forgiveness. However, even if you are not required to submit any documents, you must retain all documents for the required periods and provide them upon request.
Thank you for your willingness to help. RE: the covered period. I understand that it starts at loan disbursement and the borrower can choose the end of the period as long as it falls within 8 to 24 weeks inclusive from disbursement. However can the borrower choose to omit certain expenses as long as what is used falls within the covered period? My PPP 2 disbursement was Feb 9th of 2021 so that starts my covered period. However I want to use the first quarter payroll for ERTC. I have enough qualified expenses, payroll and otherwise, in the 2nd quarter to cover forgiveness for the loan and that will still be within 24 weeks. Even though my covered period starts Feb 9 can I use just the 2nd quarter for forgiveness so I can use the other for ERTC? Thanks for your input.
[10:53am PST] @SaintOres.com Hey CP, I hope I understand your question correctly.... here goes. You can't double-dip. A payroll expense can't be claimed as an ERTC wage and also claimed on the PPP forgiveness application as a forgivable payroll cost. There are a lot of things to consider, and every borrower situation is going to be different, but I can tell you about 3 general strategies and you can decide for yourself: • You could delay the PPP loan to allow more of first-quarter wages to go toward ERTC; • Aim for 60% payroll costs on your 2nd draw loan. This will allow more wages to be eligible for ERTC, and hitting that 60% non-payroll cost should not be a problem for PPP second draw. • You can choose any covered period you want, which begins the day you received your PPP 2nd draw and ends at least 8 weeks later but no later than 24 weeks. Say, you can choose 9 weeks and 3 days covered period because you used all of your PPP funds in that time frame. This really allows you to separate the periods that you're using for PPP and the time periods that you're using for the ERTC. This will maximize the amount of wages that are eligible for ERTC. Remember, you can always call the SBA dedicated forgiveness call center: They are very helpful there now. 877-552-2692.
@@KatieStOresCFPChFCEA Thanks for your reply and thanks for the phone number (I will call them just to be sure). I understand about double dipping which was the reason for my question. Your 3rd bullet point 'choosing any covered period you want' is what I was after although I am still not 100% sure I understand completely. Feb 9th starts my covered period. If I went 24 weeks that would put me at Aug 3rd . I've got enough qualified expenses in the 2nd quarter alone to cover the loan submit for PPP forgiveness. If I use 1st quarter payroll for ERTC and use the 2nd quarter expenses to include payroll for PPP forgiveness that would be OK to do. In other words it is not a requirement that I HAVE TO use expenses starting Feb 9th for PPP(even though that is the start of my 'covered period') I can do as described above?
Katie, thank you so much for these informative videos! They are so useful. I have a question if I may. I received my first loan on 04/2021 and a second one on 06/2021. I keep hearing different dates of when I can apply for forgiveness. My lender says I'm not eligible to apply just yet. Can you please confirm this information? Thank you in advance.
[11:51am PST] @SaintOres.com Hey Alex, There is no deadline to apply for PPP loan forgiveness. Once your covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness.
@@KatieStOresCFPChFCEA Hi Katie, I have another question if you don't mind. My first draw overlaps my second draw by 3 months. That means my first 24 were over 09/23. My second draw was given to me 06/13. Does this mean I have to start counting from 09/23 for my second draw? (Counting the 24 weeks). Thank you in advance.
Hey Alex, I don't think I can give you a definitive answer in this case. You should try reaching out to the SBA directly. Here is their contact number. You can contact the SBA's direct forgiveness call center: 877-552-2692. They are usually very helpful now.
[9:42am PST] @SaintOres.com Hey David, In this case per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness.
Hello Tyrone, It is very unusual for the loan to be issued by the SBA. Make sure there isn't a lender involved or it could be an EIDL. You should have a number, name, or something you might be able to find on your correspondence to identify your lender. Or.... Here is the link to the PPP loan lookup. Type in your name and do a search www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955.
🤔after i got both ppp draft forgiven this past month i still had a loan with sba that i am paying off via pay.gov that shows account pending . But i noticed that 2 ppp account that were forgiven now appear here with starting pay dates on 2022. Now my question is . Were the loans only forgiven from the financial providers in my case Fountainhead that actually disburse the funds but will still be owed to the Gov.@ a future date?
[4:35pm PST] @SaintOres.com Hey Raul, You should try reaching out to the SBA directly. They are usually very helpful now. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722.
Hello Mam I hope you doing well i have a question please if you can answer me do i have to provide each draw separately or how ? let say i got 12000 in total first 6000 and second 6000 do i have to provide them separately or totally in each application ?? i really appreciate your help in this deal )
[10:33am PST] @SaintOres.com Hey Creator, You have to file a separate forgiveness application for each draw, with amounts applicable to each covered period.
Hello Katie! You are Godsent...Thanks so much for helping so many lost souls lol. I have a question please. I received PPP as sole proprietor, deposited to my personal checking account on March 11. I was under the impression at least 60% had to be used for payroll. I withdrew a lump sum of 65% by cashier check on 3/29. I then redeposited the check (paid myself) to the same account on 4/20. From 4/20 to July 5, I used the funds for rent, groceries and other expenses, amongst other deposits and withdrawals from my personal account until exhausted. My question is, will my covered period be 3/11 to 4/20 when I paid myself (which was really 5 weeks and 5 days), or 3/11 to 7/5 when funds exhausted? ... I'm a little confused on the 8 -24 weeks period. Thanks in advance for your help!
[9:32am PST] @SaintOres.com Hey Tammy, Your first day of the Covered Period would be the same day you received funding on your PPP Loan from the lender. You may select any covered period between 8 weeks and 24 weeks.
Hi Katie l apply on 2020 not aproved but l get 1.000 grant but l have invitation disaster custmer services Sba on my email should l apply again oh l just ignore it exp on 7/31/21
Can you help me please with PPP second draw forgiveness payroll proof? I don't have a payroll. I pay my employees by checks and they do 1099 end of each year. I also transfer money online from business account to personal account to be paid (salary). What kind of proof of payroll payment SBA will accept in this case?
[10:13am PST] @SaintOres.com Hey Oleg, Your 1099 contractors are not considered as employees. You might have an issue here. You should contact the SBA dedicated forgiveness call center: 877-552-2692 and explain your situation. The call center is open Monday - Friday, 8 a.m. - 8 p.m. ET.
@@KatieStOresCFPChFCEA Thank you, Katie. What should I attach to show salary payment to myself? Statement shows online transfer with covered letter of these payments explanation ? Or something else?
[11:31am PST] @SaintOres.com Oleg, Bank account statements that show that you transferred funds from the business account to personal should be sufficient.
[10:03am PST] @SaintOres.com Hey Oleg, Welcome aboard. The PPP program covers employees, those who get a W-2. People whom you get a 1099 are NOT employees. They are independent contractors. Those independent contractors could have also apply for the PPP like you did. W-2 employees could not have applied for the PPP. Hope this clears things up.
@@KatieStOresCFPChFCEA thank you so much for your answer, and the amount I pay myself has to be the same amount I usually get which is my annual revenue divided by 12? Right?
@@KatieStOresCFPChFCEA thank you so much for your answer, and the amount I pay myself has to be the same amount I usually get which is my annual revenue divided by 12? Right?
Hi, so I recently got funded my PPP loan as an self employed independent contractor, and I received both draws at the same time. In this case, do I need to file two separate forgiveness applications, or would just 1 be enough? Also, how would the cover periods work since I got them both at the same time? Thanks!!
[4:33pm PST] @SaintOres.com Hey Francisco, Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. If you are a sole proprietor, based on the latest data it will be best to choose 11 weeks covered period. Also, you have to use separate forms for each draw when applying for forgiveness.
Hi. Thank you for this informative video. I have a question though, Exactly what documents do you have to have to attach with the form 3508s when you submit it to the lender for forgiveness?
[2:43pm PST] @TaxesbyKatie.com Hello Erika, For loans up to $150,000, generally you don't have to submit documentation with the application. However, depending on your lender requirements, they may require documentation to support your request, and the SBA may ask for additional documentation as part of its review of any PPP loan in the future. Whether or not supporting documentation is required to be submitted, you should keep all records relating to your PPP loan, including a copy of IRS 1040 Schedule C (if you a sole prop) for the year that was used to calculate your loan amount, receipts, cancelled checks, or account statements verifying that money were spent on eligible expenses.
I received a $6,462 ppp loan. I drive rideshare and I used the funds on my apartment rent (over 4,700 dollars) and car payments (over 1,100 dollars) I have 581 left over. I want to use some of it on groceries, my electric bill and my internet bill but I don't know if I'll get the loan forgiven if I do that. I have no employees. I am a humble uber driver and this is all very new and confusing to me. If this loan isn't forgiven then I'm up shits creek without a paddle. Loved the video by the way. Very informative and useful
[9:52am PST] @TaxesbyKatie.com Hey Kevin, For sole proprietors with no employees, the maximum possible PPP loan is $20,833 (yours is way below that amount) and the entire amount is automatically eligible for forgiveness as owner compensation replacement. You pay yourself $6,462 as the owner compensation replacement and you can spend it on anything that you normally spend your money on like groceries, gas, internet.
@@KatieStOresCFPChFCEA Thanks for the info and peace of mind. I was nervous about spending it on groceries, the home internet bill, the electric bill, etc..But now I will spend it on whatever I need.
@@nickx5281[10:53am PST] @SaintOres.com Hey Nick, The 2.5 is a multiplier, and does not stand for two and a half months. You take your gross amount (line 7 Schedule C), divide it by 12 (months), and multiply by 2.5.
Hi Katie,I hope you doing well. I got second PPP loan on may.but I didn't use that money for pay roll cost. So can I put that money bank in the bank and use as a pay roll cost. Do you think if I do that I can get loan forgiveness? let me know please.
[10:03am PST] @SaintOres.com Hey Md, It is hard to answer your question correctly based on the limited information you provided. Can you give me a little more info about you and the loan?
@@KatieStOresCFPChFCEA I got the second PPP loan on may. After two day I invest that money in stock market.so I was wondering if I get back that money from stock and spend that money as a payroll cost.do you think I can get forgiveness.can you give me some idea please.
[1:53pm PST] @SaintOres.com Hey Md., Good news.... Since you are an independent contractor without employees, you can use the entire PPP loan amount as owner compensation replacement. Once you paid yourself, it is your money you can spend it any way you want.
[4:53pm PST] @SaintOres.com Hello Mourad, I will give it my best shot after I finish up the three videos of have in the works now. Thanks for the suggestion.
@@KatieStOresCFPChFCEA you are amazing; been following u since the beginning of pandemi; plz address the 8 weeks V 24 to spend your funds; and also recent funding have been based on live 7 of schedule C and not line 31 (bigger loans); again thank you is it true if the funds were deposited in a personal account versus a business account you don’t have to do anything and automatically you can ask for forgiveness and automatically you have been paid
[10:33am PST] @SaintOres.com Hey Mourad, For sole proprietors with no employees, the maximum possible PPP loan is $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation replacement. Having a separate bank account for PPP funds does not really impact documenting eligible payroll and other eligible business costs and payments. The key factor here is proper and concise tracking of the funds.
@@KatieStOresCFPChFCEA ok great thank you; so what qualifies as expenses for An Uber driver? Can I pay myself the whole loan? Or only 60% of it should go towards my wages?
[2:23pm PST] @SaintOres.com Hey Mourad, As an Uber driver, 100% of your PPP loan amount(up to $20,833), can be used as an owner compensation replacement. You can spend it on your personal expenses, just like you would spend your salary. You don't have to worry about a 60/40 split.
Hello Hanover, Sorry about that. I recorded in Mono on only the left channel. I guess I should have taken a audio/video class in school instead of all finance.
@@michaelduva5217[9:52am PST] @TaxesbyKatie.com Hey Michael, It makes no difference for SBA whatever you choose 8 weeks, 24 weeks or anything in between. So 11 weeks should work just fine with OCR and no employees. As long as you stay in this time frame and use your PPP loan proceeds as required.
Hey Michael, I looked into the source you provided. You should use whatever term is applicable in your situation. In the earlier comment, I just provided the info that is located in the SBA instructions for Form 3508S.
[10:23am PST] @SaintOres.com Hey Mistro, The best place to get the form is from your lender. Usually they have their own version of this form online. OR you can watch at 0:37 seconds of the video of how to find the form.
Hello Katie, Thank you for your video, very helpful! Do you have to spend ALL your loan before applying for 100% forgiveness? Or you can still have funds left for a future use after you applied for forgiveness? And for a sole proprietor, what is the best period to use 8 or 11 weeks? Thank you soooo much for your reply in advance!!!
[2:03pm PST] @SaintOres.com Добрый день Лариса, Yes, you have to spend all of your PPP loan money before applying for forgiveness. For a sole proprietor without employees, it is best to use 11 weeks if you are you are using 100% of your loan as an owner compensation replacement.
@@KatieStOresCFPChFCEA Hello Katie again... If I apply for a loan forgiveness later than 11 weeks, do I need to choose a certain amount of weeks suggested or I just need to count ACTUAL amount of weeks since receiving the loan to the time I apply for forgiveness? Thank you.
@@larisanadykto8334 [10:23am PST] @SaintOres.com Добрый день Лариса, SBA tells you to choose a minimum of 8 weeks, a maximum of 24 weeks, or anything in between. It is OK if it is longer than 11 weeks, it has to be specific though. Удачи!
Afternoon Katie and thank you for your amazing content! I received my PPP in my business account. In order to qualify for forgiveness and track it, do I need to transfer that into my personal checking for owners compensation? I believe the answer is yes but I just want to make certain I am understanding correctly. I do plan to transfer the entire amount as owners comp if so. Thank you again.
[10:58am PST] @SaintOres.com Hello Shamis, Since your PPP loan was deposited to your business account, you can just transfer the funds (your owner compensation replacement) to your personal checking.
[10:23am PST] @SaintOres.com Hey Alwx, No need to pay someone to do this for you. Take a look at this video ua-cam.com/video/X6V7XpNhcXM/v-deo.html along with the latest PPP forgiveness video. The SBA is trying to make it easy for everyone to get forgiveness for their loan... good luck.
Thank you, Katie, for giving straightforward, concise instructions on how to successfully complete the 3508s documents for (Self-Employed, Sole Proprietors, and Independent Contractors). Your videos are always excellently detailed and in-depth. May GOD continually bless you in your business for helping individuals the way you have!
[9:32am PST] @SaintOres.com
Thanks for the kind words Darlene. You're very welcome!
M on
Very thorough and step by step explanation . Thank You Katie.
[5:23pm PST] @SaintOres.com
Thanks Fakher, Glad it was helpful!
Im in tve process of filling up my ppp forgiveness, and yojr video is so detailed so rich in information so good with the explanation step by step. Thank you so much for taking the time and effort on doing this material for so many people that we need it. We really appreciate it
Thanks Tony, Glad it was helpful!
Thanks again Katie for making these Videos. I used your last videos, there are sooooo helpful. You make our world so much easier. Thanks a bunch.
[12:21pm PST] @TaxesbyKatie.com
Thanks Jack, Happy to help!
Thank you for the information. Great job with helping me understand the paperwork.
Thanks Melissa, Glad it was helpful!
Katie your videos and way of teaching are amazing you are helping thousands of people thank you.
[11:59am PST] @SaintOres.com
Thanks Zuly, Sometimes I think I'm just confusing thousands of people.
Can some one on disability check apply and what is needed to submiy
i wish everyone would do their videos like this!
[11:11am PST] @SaintOres.com
Thanks NMS, I wish everyone left comments like yours....
Ok thanks for helping people but my question is I have a llc -s type no employees just subcontractors how do I apply?
[9:42am PST] @TaxesbyKatie.com
Hey David, As long as your loan amount is under $150,000 you can use form 3508S to apply for forgiveness.
If your email was wrong at the time you file the ppp loan so what can we do? And also how we can submit the form 3508s to my lender I did it with smart biz
[10:03am PST] @SaintOres.com
Hey Lucie, To complete the forgiveness application for your PPP loan with SmartBiz, just follow this link, www.smartbizloans.com/ext/ppp-forgiveness/customer/login. You can complete the entire application online. As far as the wrong email address, contact your lender and notify them about the issue. They should be able to correct it.
where am stock is calculating my gross receipts for the first full quarter in business?
[3:48pm PST] @SaintOres.com
Hey Bankole, It is OK to compare annual gross receipts to prove a 25% reduction in revenue instead of using quarters.
Just excellent excellent!!! Very simple to understand and follow! Thank you for your vlog!,,
[2:43pm PST] @SaintOres.com
Thanks Tess, Glad it was helpful!
Thank you for all your help. You are the example of what good people look like! (No Fluff!)
[10:03am PST] @SaintOres.com
Thanks for nice words Kevin.... Happy to help! (without the fluff)
Thanks for this video!! When you are paying yourself is it okay to transfer the payment to another account or should you be using direct deposit or cashiers check ?
[3:43pm PST] @SaintOres.com
Hey Dawn, You can do either do a wire transfer or simply write a check. Just make sure you keep the appropriate records.
Hi Katie, any videos on how to handle a federal IRS audit when you trusted a "professional Tax preparer" to do them for you only to find out all your deductions are now being disallowed? I need help, TIA
[11:35am PST] @SaintOres.com
Hey Sandra, I'm sorry to hear about your audit. It is a very stressful process. The best way to handle it is to get your tax professional involved, the one that prepared your tax return. You should clearly understand the reason why these deductions are disallowed. It could be because you don't have appropriate records to substantiate your deductions.
Hey Katie I am a contract simi truck driver. I was approved for 2 different ppp loans of $20,000. What can I spend the money on and how can I get loan forgiveness?
[10:33am PST] @SaintOres.com
Hey Realegeno, The funds from your PPP loan can be used for the following purposes: Salary (in your case it is owner compensation replacement), operation expenditures (software, accounting needs, gas), supplier costs that are necessary for your business operations, interest payments on debts incurred before February 15, 2020. There is no deadline to apply for PPP loan forgiveness. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. No one will reach out to you, you have to apply and start the forgiveness process yourself by completing and submitting the application to your lender.
Thank you for this video! Do I have to pay employees from a business account or can I pay them from my personal checking account?
[9:52am PST] @SaintOres.com
Hey Carlos, It's a good idea to keep separate business and personal accounts as this makes it easier to keep records. Since you have a business account, always pay your business expenses out of your business account.
This is crazy, I found a book on Amazon giving advice for small black owned businesses applying for ppp loans. I didn’t know about all these crazy regulations. Wow
Hey Joemar, Here's a link to the SBA. They have tons of programs available. I just filmed a video on SBA microloans but haven't had time to edit it yet. Anyway, here is the link.
www.sba.gov/funding-programs/loans
Fantastic...very direct video
[10:13am PST] @SaintOres.com
Thanks Brad, Glad you liked it.
Who is the lender? Womply or the lender they put me with. ? Both don't answer me or my bench bookkeeper.
[10:23am PST] @SaintOres.com
Hello Joseph, Your lender is not Womply. If you can't get a hold of them, and Womply can help, give your local SBA a call. That should get lender moving. Here's a link to the SBA www.sba.gov/local-assistance
Thank you so much Katie for your update 🙏💕❤️
[9:42am PST] @TaxesbyKatie.com
Thanks Lindy, You are so welcome!
Just want to clarify. I applied and approved in 2020 using gross income. Now, do I apply for forgiveness based on gross or net income (since PPP loan was changed to gross income calculation in March 2021)? Thank you so much for clarifying this!!!
Hello MT, Use gross income to calculate you PPP loan forgiveness. Since you are under $150,000, you are correct to use Form 3508s. Also use one form for each loan. Some people are combining numbers and it delays the process.
@@KatieStOresCFPChFCEA Thank you so much for clarifying!!!!
@@MT-gh5sb [5:23pm PST] @SaintOres.com
You're welcome. It looks like the SBA is bending over backwards to give everyone forgiveness on their loans. At least the legal people who deserve it. Good luck.
I did my app thru womply and signed online. I don’t know my loan lender or lender to complete the form. Please advise
[11:31am PST] @SaintOres.com
Hello Teena, You should have a number, name, or something you might be able to find on your correspondence with Womply. Or.... Here is the link to the PPP loan lookup. type in your name and do a search www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955
Katie St Ores CFP, ChFC, EA
Would you please send the link. The message cut off
Here is the link to the PPP loan lookup. type in your name and do a search:
www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955
Thank you for your response. I got my 1st fund April 2021 and 2nd May 2021. Do I need to file forgiveness now?
@@toiyeuKL [3:53pm PST] @TaxesbyKatie.com
Hello again Teena, You can file for forgiveness as soon as you used all the funds and your covered period ends. (Covered periods can’t overlap and you have to file a separate form for each of your loans.) Your covered period starts on the day you received your PPP loan amount (when money actually hit your bank account). If you are a sole proprietor without employees, it will be best to choose 11 weeks covered period, IF you are using the whole amount towards owner compensation replacement.
Kabbage is now asking for Federal payroll tax filings (Form 941) and Payroll Report / Bank Statement for Payroll Info on Loan under 2k?
[9:52am PST] @SaintOres.com
Hey Richard, Love the German Shorthair picture. I've got a young, crazy GSP. Do you have employees and run payroll or you are a sole proprietor without employees? If latter is the case, you will not have any payroll reporting requirements.
@@KatieStOresCFPChFCEA Thanks, he's a handful for sure. LOL yes, sole proprietor without employees. That was my understanding too but when filling out Forgiveness Application it will not let me continue without uploading Bank Statement for Payroll and payroll tax filings (Form 941).
@@richard_red_64 Hi Richard!, Did you get any feedback on this.. I'm on the same boat. I thought sole proprietor w/o employees needed to submit Schedule C, but Kabbage is asking for Form 941..
@@rickypg2215 Yes I did, called Bank and was told to upload my Schedule C instead of Form 941 and Bank Statement for Payroll info.
@@richard_red_64 ok I’m in that same boat ! I tried tonight and same. So do we upload schedule C in place of those 2? Because there’s also a place for owner compensation as well. So that would be 3 times upload schedule C to satisfy system??? Please help ! Thanks! This is the k servicing website . Which is now biz2credit. So confusing !! With this company
Hi Katie. I missed the date for applying for PPP in the 2nd wave and EIDL. Can you please find me some channel to get it now.
Hey Parvez, The PPP program is closed. You can apply for the EIDl loan simply by filling out the application on the SBA website. The SBA does have a bunch of lending options available for new, growing small businesses. I'll have a video out soon on the options. But in case you can't wait. Here's the link. "Start or expand your business with loans guaranteed by the Small Business Administration." Use Lender Match... www.sba.gov/funding-programs/loans/lender-match
Thanks for your attention. Is there any exception for a elderly business owner and an immigrant. Could this open the door for PPP.
Katie thank you so much🙏🏾❤️. I just subscribed to your page👍
Thanks D4L (I'll ignore the Eagles since I'm a Bears fan), I'm glad you liked the video.
Ok, I finally received my application. I received funds August 11, 2020. Do I put October 4, 2020 for ending pay period? or 8 weeks starting the week of August 11, 2020?
[4:13pm PST] @SaintOres.com
Hey Charisse, Your covered period starts on the day you received your PPP loan amount (when the money actually hit your bank account). If you are a sole proprietor without employees, it will be best to choose 11 weeks covered period, IF you are using the whole amount towards owner compensation replacement.
@@KatieStOresCFPChFCEA the amount was so small I just went ahead and put 8 weeks. And what I understood was that I put myself down as employee. I have LLC, but it's just me. I've been told that I would be considered sole proprietor.
@@CharisseDancy[4:21pm PST] @SaintOres.com
Hey Charisse, 8 weeks is absolutely acceptable covered period. As a sole proprietor (single-member LLC) you still count yourself as 1 employee.
I am an independent contractor and I file schedule C. I applied and was approved based on 2019 gross income (under $100,000) for the first PPP loan. Do I recalculate and apply for PPP forgiveness loan amount based on net income? Does the change to gross income calculation in March 2021 affect the first PPP loan forgiveness? Really appreciate your help.
[10:13am PST] @SaintOres.com
Hey MT, You calculate your forgiveness amount the same way you calculated your PPP loan (gross income in your case).
@@KatieStOresCFPChFCEA Hi Katie: Just want to clarify. I applied and approved in 2020 using gross income. Now, do I apply for forgiveness based on gross or net income (since PPP loan was changed to gross income calculation in March 2021)? Thank you so much for clarifying this!!!
Good job on details
[11:31am PST] @SaintOres.com
Thanks Joeh. Tax accountants love details.
Hello,
If I only received one draw and didn't apply for a second draw. Can I pay myself over 10 weeks or does it have to be 8weeks? I'm a sole proprietor.
[3:13pm PST] @SaintOres.com
Hey Sannetta, Since you are a sole proprietor, it will be best to choose the 11 weeks covered period IF you are using the whole amount towards owner compensation replacement.
Hi I have a question for you madam would you please tell me I have applied before may 31 but I didn’t received any fund do you have any ideas???
[1:53pm PST] @SaintOres.com
Hey Sonam, Was your loan approved? You have to contact your lender to find out. Give them a call and see what's going on. Most are happy to help.
@@KatieStOresCFPChFCEA no madam still reviewing
What are we supposed to put down for amount of loan spent on payroll if we’re so proprietor?
[2:43pm PST] @SaintOres.com
Hey Erica, Since you are a sole proprietor without employees (I'm assuming), you do not need to worry about the 60% payroll limit to be eligible for forgiveness. For PPP forgiveness, “owner compensation replacement” counts as an eligible payroll cost, because - in effect - you are paying yourself by replacing the net profits. You can spend the entire PPP loan towards the owner compensation replacement.
Hi Katie, I am looking for an accountant. Can you please refer me to one? I'd appreciate that, thank you!
[1:13pm PST] @TaxesbyKatie.com
Hey Alexandre, If you are looking for a tax accountant, you can contact me directly. I do not offer payroll or bookkeeping services.
Hello Katie please how do i apply for the ppp loan forgiveness using scratch.fi? they work with bluevine and bluevine directed i apply with scratch but it's very confusing. Could you please help me out here? Thank you
[3:43pm PST] @TaxesbyKatie.com
Hey Bankole, Scratch has an online forgiveness flow guide to get you through every step of the loan forgiveness process. If you need help, login into your account and use the help chat.
Thank you so much for this video. I received the 1st draw on April 1, 2021 and the 2nd draw on May 1, 2021. I didnt have to apply for the 2nd draw, it came automatically. I made sure that I have used the 1st draw before the 2nd hit my bank account. I'm still confused about the covered period. How soon can I apply for 1st draw forgiveness? Thanks again, your videos are so helpfull!
[2:33pm PST] @SaintOres.com
Hey Claudia, There is no deadline to apply for PPP loan forgiveness. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness. Hope this helps....
@@KatieStOresCFPChFCEA i have similar circumstances, my 1st and 2nd draw loans arrived 4 weeks apart. would i just put the covered period for the 1st ending 8 weeks after it arrived, and the period for the 2nd beginning the day after the 1st ended, and 8 weeks?
[4:23pm PST] @SaintOres.com
Hey Po', Right thinking, per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. If you are a sole proprietor (based on the latest data) it will be best to choose 11 weeks covered period. Also, you have to use separate forms for each draw when applying for forgiveness.
I am a Sole Proprietor, received my first PPP loan on 4/26/2021. my second draw came on 7/01/2021. So, is my covered period from 4/26- 6/30/2021, and am i eligible for full loan forgiveness?
[10:53am PST] @SaintOres.com
Hey Alexa, To be eligible for full forgiveness for sole proprietors without employees, you will need to use 11 weeks covered period IF the full amount of your loan was used as owner compensation replacement. In your case, the covered period will be 9 weeks since the covered periods can't overlap. To be eligible for full forgiveness using a 9-week forgiveness period, you can claim 9 weeks worth of your 2019 or 2020 net income or gross income as owner compensation replacement. The remaining PPP funds will need to be spent on other eligible expenses in order to be forgiven.
Fantastic information,... I just got my 1st. loan last month is it too late to file for the 2nd?
Thank you very much.
Yes Yahkeem, the PPP ended last month.
You're still being awesome 😎
[9:12am PST] @SaintOres.com
Thanks Dawonne, And you're still throwing out those nice adjectives.
Katie, this is so helpful, I subscribed immediately. Thank you.
[9:52am PST] @SaintOres.com
Thanks Iffy, Glad it was helpful, and welcome aboard....
Same! Thank you Katie!
[9:52am PST] @SaintOres.com
Thanks Cashmere, You're welcome....
I thought you had to do at least 11 weeks to do 100% owners compensation, but if you did 8 weeks youd have to spend 20% on non payroll and show documentation? This would be easier for sure. I paid myself 1/10th per week for 8 weeks and paid some rent supplies and utilities...bevause my 2nd draw came exactly 8 weeks later. Avoiding overlap.
[11:11am PST] @SaintOres.com
Hey Ian, A lot of sole proprietors don't have any non-payroll expenses, hence they use 11 weeks route. In your case, if you have qualifying non-payroll expenses and you can provide supporting documentation, I see nothing wrong with spending that 20% on it.
Hi Katie, thank you for all of your videos they are amazing! Just wondering if we opt for the 24 week payroll window being a sole proprietor with no employees and having the income cap, based of your video no calculations are needed and 100% of loan should be forgiven, Do I need to wait until October (I received my loan on 4/2/21) to submit my forgiveness application or can I do that now?
[10:23am PST] @TaxesbyKatie.com
Hello Sandra, You can apply for forgiveness as soon as all the loan proceeds from that period have been spent, up until the loan's maturity date. It is important to note that you must apply for forgiveness within 10 months of the end of the covered period or the loan will no longer be eligible for forgiveness.
I’m a Uber driver what about if I buy a new car no more than 40% of my Ppp loans be can that be considered as Utilities?
[2:53pm PST] @SaintOres.com
Hey Time, Purchase of a new car in not an eligible business expense under the SBA loan forgiveness requirements. It is not a utility expense.
I need help, I am a gig worker with no employees. Which form do I fill out?
[9:22am PST] @SaintOres.com
Hey Jerhyn, You have the right video and form. 3508S is the one you want.
Thank you for this much needed information. My question is. Am I to submit form 3508S to SBA or to the agency that I applied with?
Hey Solo, Get the application back to your lender.
Thank you kindly 🤗
I have a question. I got my first draw of PPP loan on april 2021. Cuz i didnot apply last year. Can i use this form now to apply for forgiveness loan.
[9:52am PST] @SaintOres.com
Hey Ayyaz, If your loan amount is under $150,000, you should use the most recent version of Form 3508S.
@@KatieStOresCFPChFCEA thanks alot
great video. very simple. thank you, Katie.
[10:53am PST] @SaintOres.com
Thanks Adam, "Very Simple" was my nickname in school. Glad it was helpful!
Katie, thank you so much for these informative videos! They are so useful. I have a question if I may. I received my first loan on 12/29/21. I keep hearing different dates of when I can apply for forgiveness. I'm not sure when I'm eligible to apply just yet. Can you please confirm this information? Thank you in advance.
[10:53am PST] @TaxesbyKatie.com
Hello L, You can apply for forgiveness any time up to the maturity date of the loan. If you don't apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and you will have to begin making loan payments to your PPP lender.
@@KatieStOresCFPChFCEA thank you for responding.
You're welcome.....
Hi Katie! Thank you for the video! If I received my PPP loan in July 2020, can I apply for its forgiveness now? Or is it already too late?
[12:51pm PST] @SaintOres.com
Привет, Титан. There is no deadline to apply for PPP loan forgiveness. Once your covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. If you used up all your funds and your covered period ended you can go ahead and apply for forgiveness. Удачи!
@@KatieStOresCFPChFCEA thanks!
[9:42am PST] @TaxesbyKatie.com
Titan, Спасибо. Если, что обращайся!
what is the expiration date mean from the form?
[12:11pm PST] @SaintOres.com
Hello Kim, I usually point out the expiration date for a few reasons: --- The government puts out a lot of forms and versions of forms, so you want to use the current one so it is not rejected. Also, if it is close to the expiration date, you might want to wait for the next one to come out. For PPP Forgiveness, each new version was easier and more generous than the previous form.
Do we need to supply copies of checks on all payments made with PPP2 funds as well as 941?
Hey Evelyn, If you are completing the SBA Form 3508S then it doesn't require borrowers to provide additional documentation unless requested by the SBA. It is always a good idea to confirm with the SBA directly. Here is their contact number. You can contact the SBA's direct forgiveness call center: 877-552-2692.
Are we supposed to submit our bank statements with this or just the form?
[12:21pm PST] @TaxesbyKatie.com
Hey Erica, You return just the form. You'll only have to submit other information if your lender requests it sometime in the future. So keep it around just in case.
@@KatieStOresCFPChFCEA amazing thank you!!
@@ericakristene [12:41pm PST] @SaintOres.com
You're welcome....
Great video.Can you do it electronically or print out and mail it? And what is the mailing address?
[3:13pm PST] @SaintOres.com
Hello Hedrax, You need to get the form back to your lender. So check with them. Most have a version of the form on their website. If they are local, you could just drop it off.
Can u tell me when we can apply for 2nd draw forgiveness application please?
[9:52am PST] @SaintOres.com
Hello Ayyaz, You would want to get your application back to your lender. OR, You could see if your lender is using the new SBA portal introduced a few days ago. Here's a link to how to use it. ua-cam.com/video/X6V7XpNhcXM/v-deo.html
Thank you!! Yes this was quite helpful!
[10:13am PST] @SaintOres.com
Thanks Charisse, Glad it was helpful!
What happened to the "automatic forgiveness" that was promised at the beginning of this from Biden? Then, np said that he could give money but could not "forgive" the loans. Wish we had never gotten involved with PPP but our tax preparer pushed it. If it sounds too good to be true, it probably is just that !
Hey Vera, The SBA seems to be making it easier to get forgiveness as time goes by. It will be interesting what the new SBA portal Direct site (which opens today) looks like. And watch out when any politician starts talking. Remember what Walt Whitman says about them.
my loan was deposited 3/31 my 8 week would be 5/26. my 2nd draw was deposited 5/25. do i put 3/31-5/26 on my 1st draw loan app for the covered period? would this affect my 2nd draw forgiveness applications being deposited on 5/25?
[3:13pm PST] @SaintOres.com
Hey S B, The covered periods can't overlap. Generally, you don’t want to accept the Second Draw money until at least 8 weeks have passed after receiving the First Draw. I don't know if the one day this will make a big difference or not. It might affect your ability to get full forgiveness from the First Draw. Contact your lender to see if they can help you there.
Hello! Katie
It’s nice to see you again after while.
I received loan amount less then $15000. Is it mandatory to go to work ( drive Uber ) in order to completely loan forgiveness? Still bit confuse. Your help is highly appreciated
[10:23am PST] @SaintOres.com
Hey Abloe, I don't think I can give you a definitive answer in this case. You should try reaching out to the SBA directly. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722.
@@KatieStOresCFPChFCEA got it. thank you Katie
@@dasutsangnyc1715 You're welcome. Sorry I couldn't help out more on your question.
@@KatieStOresCFPChFCEA no problem at all. Thanks for your concern
Where do we send this form once done are is it a Docusign version?
[11:11am PST] @SaintOres.com
Hello Yoboislim, You submit this forgiveness form to your lender. I would strongly advise that you use the direct forgiveness portal with the SBA instead. Here is the direct link directforgiveness.sba.gov/requests/borrower/login/?next=/
@@KatieStOresCFPChFCEA thanks. Mine tell me You are not Eligible yo apply for Direct Forgiveness (or Through this Platform), Please contact your lender. Does that mean my bank is not on the list yet? I went with Bluevine and the Forgiveness Application is with Scratch. When I go there to do it they ask for 25% Reduction info. I have no clue how to get that together for them. Thanks for your help.
Thank you for doing this
[1:13pm PST] @SaintOres.com
Thanks Michael.... I'm glad it was helpful.
I can't hear your audio? But The commercials are loud and clear...
[3:13pm PST] @SaintOres.com
Hello Brett, Sorry about the sound. Not knowing what I was doing, some of the videos I only recorded on one channel. I'm getting a little better at figuring this out. I should have taken an audio/visual class in school. But at least you can hear the commercials. Those guys have a little larger media budget than I have.
@@KatieStOresCFPChFCEA Ok, thanks for the reply. I blew my power amp... I only have one speaker hooked up until I get a replacement.
I'll switch channels and try it again.
:)
Wonderful thank you. Very useful. God bless.
[10:03am PST] @SaintOres.com
Thanks Mirette, You're very welcome!
So, on the amount of employees for self-employed we should put 1? I thought it would be cero.
[10:43am PST] @SaintOres.com
Hey Good, For sole proprietors without employees, you should put 1 as amount of employees.
@@KatieStOresCFPChFCEA thank you Katie
@@OptimumSui [9:42am PST] @SaintOres.com
You're welcome Faith....
Hello how can I apply for the second draw I lost my first application number can I use my new phone number to apply for the forgiveness
Hello Misty, You should try reaching out to the SBA directly and clarifying it with them. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722
I received a 1st and 2nd draw of $20.833 each am I only entitled to apply for loan forgiveness for a total of $20.883 as a llc with no employees or for the entire amount thank you so much
[1:23pm PST] @SaintOres.com
Hey Greg, You are entitled to apply for loan forgiveness of $20,883 for the 1st draw and $20,883 for the 2nd draw loans. Remember to use a separate form for each loan forgiveness.
Hi, I got Ppp loan in 2021, it is my first time, so this will consider my first or second draw? And do I need to submit any documents with this forgiveness form? Thank you so much!!
[3:23pm PST] @SaintOres.com
Hey Linh, Since this is your first time applying, it is your first draw. If you are using Form 3508S, you do not need to submit any documentation in support of PPP loan forgiveness. However, even if you are not required to submit any documents, you must retain all documents for the required periods and provide them upon request.
@@KatieStOresCFPChFCEA thank you so much.
@@LinKin7 [10:23am PST] @SaintOres.com
You're welcome Linh.....
Thank you for your willingness to help. RE: the covered period. I understand that it starts at loan disbursement and the borrower can choose the end of the period as long as it falls within 8 to 24 weeks inclusive from disbursement. However can the borrower choose to omit certain expenses as long as what is used falls within the covered period? My PPP 2 disbursement was Feb 9th of 2021 so that starts my covered period. However I want to use the first quarter payroll for ERTC. I have enough qualified expenses, payroll and otherwise, in the 2nd quarter to cover forgiveness for the loan and that will still be within 24 weeks. Even though my covered period starts Feb 9 can I use just the 2nd quarter for forgiveness so I can use the other for ERTC? Thanks for your input.
[10:53am PST] @SaintOres.com
Hey CP, I hope I understand your question correctly.... here goes.
You can't double-dip. A payroll expense can't be claimed as an ERTC wage and also claimed on the PPP forgiveness application as a forgivable payroll cost. There are a lot of things to consider, and every borrower situation is going to be different, but I can tell you about 3 general strategies and you can decide for yourself:
• You could delay the PPP loan to allow more of first-quarter wages to go toward ERTC;
• Aim for 60% payroll costs on your 2nd draw loan. This will allow more wages to be eligible for ERTC, and hitting that 60% non-payroll cost should not be a problem for PPP second draw.
• You can choose any covered period you want, which begins the day you received your PPP 2nd draw and ends at least 8 weeks later but no later than 24 weeks. Say, you can choose 9 weeks and 3 days covered period because you used all of your PPP funds in that time frame. This really allows you to separate the periods that you're using for PPP and the time periods that you're using for the ERTC. This will maximize the amount of wages that are eligible for ERTC.
Remember, you can always call the SBA dedicated forgiveness call center: They are very helpful there now. 877-552-2692.
@@KatieStOresCFPChFCEA Thanks for your reply and thanks for the phone number (I will call them just to be sure). I understand about double dipping which was the reason for my question. Your 3rd bullet point 'choosing any covered period you want' is what I was after although I am still not 100% sure I understand completely. Feb 9th starts my covered period. If I went 24 weeks that would put me at Aug 3rd . I've got enough qualified expenses in the 2nd quarter alone to cover the loan submit for PPP forgiveness. If I use 1st quarter payroll for ERTC and use the 2nd quarter expenses to include payroll for PPP forgiveness that would be OK to do. In other words it is not a requirement that I HAVE TO use expenses starting Feb 9th for PPP(even though that is the start of my 'covered period') I can do as described above?
Katie, thank you so much for these informative videos! They are so useful. I have a question if I may. I received my first loan on 04/2021 and a second one on 06/2021. I keep hearing different dates of when I can apply for forgiveness. My lender says I'm not eligible to apply just yet. Can you please confirm this information? Thank you in advance.
[11:51am PST] @SaintOres.com
Hey Alex, There is no deadline to apply for PPP loan forgiveness. Once your covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 5-year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness.
@@KatieStOresCFPChFCEA You are amazing, thank you. Have a great weekend.
@@alexrambo3325 [2:53pm PST] @SaintOres.com
Thanks Alex, And don't blow off too many fireworks and/or fingers.
@@KatieStOresCFPChFCEA Hi Katie, I have another question if you don't mind. My first draw overlaps my second draw by 3 months. That means my first 24 were over 09/23. My second draw was given to me 06/13. Does this mean I have to start counting from 09/23 for my second draw? (Counting the 24 weeks). Thank you in advance.
Hey Alex, I don't think I can give you a definitive answer in this case. You should try reaching out to the SBA directly. Here is their contact number. You can contact the SBA's direct forgiveness call center: 877-552-2692. They are usually very helpful now.
What if you received first draw and second draw loans few weeks apart ?
[9:42am PST] @SaintOres.com
Hey David, In this case per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. Also, you have to use separate forms for each draw when applying for forgiveness.
So I want to do 10 weeks. I file one 10 weeks from disbursement then file 2nd 10 more weeks later
[4:53pm PST] @SaintOres.com
Hey David, Yes, that would work.
Thanks you're awesome
My loan was issued by SBA, do I send the 3508S to SBA
Hello Tyrone, It is very unusual for the loan to be issued by the SBA. Make sure there isn't a lender involved or it could be an EIDL. You should have a number, name, or something you might be able to find on your correspondence to identify your lender. Or.... Here is the link to the PPP loan lookup. Type in your name and do a search www.federalpay.org/paycheck-protection-program OR.... here is the SBA PPP helpline. 800-659-2955.
🤔after i got both ppp draft forgiven this past month
i still had a loan with sba that i am paying off via pay.gov that shows account pending . But i noticed that 2 ppp account that were forgiven now appear here with starting pay dates on 2022. Now my question is . Were the loans only forgiven from the financial providers in my case Fountainhead that actually disburse the funds but will still be owed to the Gov.@ a future date?
[4:35pm PST] @SaintOres.com
Hey Raul, You should try reaching out to the SBA directly. They are usually very helpful now. Here is their contact number. You can contact the SBA's Answer Desk by e-mail answerdesk@sba.gov or by telephone at 800-827-5722.
Thank you
[11:31am PST] @SaintOres.com
You're welcome X...
Hello Mam I hope you doing well i have a question please if you can answer me do i have to provide each draw separately or how ? let say i got 12000 in total first 6000 and second 6000 do i have to provide them separately or totally in each application ?? i really appreciate your help in this deal )
[10:33am PST] @SaintOres.com
Hey Creator, You have to file a separate forgiveness application for each draw, with amounts applicable to each covered period.
Hello Katie!
You are Godsent...Thanks so much for helping so many lost souls lol. I have a question please. I received PPP as sole proprietor, deposited to my personal checking account on March 11. I was under the impression at least 60% had to be used for payroll. I withdrew a lump sum of 65% by cashier check on 3/29. I then redeposited the check (paid myself) to the same account on 4/20.
From 4/20 to July 5, I used the funds for rent, groceries and other expenses, amongst other deposits and withdrawals from my personal account until exhausted.
My question is, will my covered period be 3/11 to 4/20 when I paid myself (which was really 5 weeks and 5 days), or 3/11 to 7/5 when funds exhausted? ... I'm a little confused on the 8 -24 weeks period. Thanks in advance for your help!
[9:32am PST] @SaintOres.com
Hey Tammy, Your first day of the Covered Period would be the same day you received funding on your PPP Loan from the lender. You may select any covered period between 8 weeks and 24 weeks.
@@KatieStOresCFPChFCEA thank you dearly!
@@tammybland8763 [1:33pm PST] @SaintOres.com
You're welcome....
Hi Katie l apply on 2020 not aproved but l get 1.000 grant but l have invitation disaster custmer services Sba on my email should l apply again oh l just ignore it exp on 7/31/21
[9:42am PST] @SaintOres.com
Hey Rosalinda, If you are in need of funds and you are eligible, you should apply.
Hi
Can you help me please with PPP second draw forgiveness payroll proof? I don't have a payroll. I pay my employees by checks and they do 1099 end of each year. I also transfer money online from business account to personal account to be paid (salary). What kind of proof of payroll payment SBA will accept in this case?
[10:13am PST] @SaintOres.com
Hey Oleg, Your 1099 contractors are not considered as employees. You might have an issue here. You should contact the SBA dedicated forgiveness call center: 877-552-2692 and explain your situation. The call center is open Monday - Friday, 8 a.m. - 8 p.m. ET.
@@KatieStOresCFPChFCEA Thank you, Katie. What should I attach to show salary payment to myself? Statement shows online transfer with covered letter of these payments explanation ? Or something else?
[11:31am PST] @SaintOres.com
Oleg, Bank account statements that show that you transferred funds from the business account to personal should be sufficient.
@@KatieStOresCFPChFCEA Thank you. Please make a new video about this specific problem if you find more information. I am your new subscriber now ))
[10:03am PST] @SaintOres.com
Hey Oleg, Welcome aboard. The PPP program covers employees, those who get a W-2. People whom you get a 1099 are NOT employees. They are independent contractors. Those independent contractors could have also apply for the PPP like you did. W-2 employees could not have applied for the PPP. Hope this clears things up.
So if I pay myself every week for 23 weeks is that ok???
[10:33am PST] @SaintOres.com
Hey Time, Yes, you can pay yourself every week for 23 weeks, that will be your covered period.
@@KatieStOresCFPChFCEA thank you so much for your answer, and the amount I pay myself has to be the same amount I usually get which is my annual revenue divided by 12? Right?
@@africanculture81 [11:31am PST] @SaintOres.com
Thanks Time, You're welcome.
@@KatieStOresCFPChFCEA thank you so much for your answer, and the amount I pay myself has to be the same amount I usually get which is my annual revenue divided by 12? Right?
Hey Time, Yes, overall that is the idea.
Hi, so I recently got funded my PPP loan as an self employed independent contractor, and I received both draws at the same time. In this case, do I need to file two separate forgiveness applications, or would just 1 be enough? Also, how would the cover periods work since I got them both at the same time? Thanks!!
[4:33pm PST] @SaintOres.com
Hey Francisco, Per SBA rules, the covered periods for your First Draw and Second Draw can't overlap. If you are a sole proprietor, based on the latest data it will be best to choose 11 weeks covered period. Also, you have to use separate forms for each draw when applying for forgiveness.
Hi. Thank you for this informative video. I have a question though, Exactly what documents do you have to have to attach with the form 3508s when you submit it to the lender for forgiveness?
[2:43pm PST] @TaxesbyKatie.com
Hello Erika, For loans up to $150,000, generally you don't have to submit documentation with the application. However, depending on your lender requirements, they may require documentation to support your request, and the SBA may ask for additional documentation as part of its review of any PPP loan in the future. Whether or not supporting documentation is required to be submitted, you should keep all records relating to your PPP loan, including a copy of IRS 1040 Schedule C (if you a sole prop) for the year that was used to calculate your loan amount, receipts, cancelled checks, or account statements verifying that money were spent on eligible expenses.
@@KatieStOresCFPChFCEA Thank you so much for answering my question. I now have a better understanding.
@@ErikaDavinci35 [1:03pm PST] @SaintOres.com
Thanks Erika, I'm glad I could help.
Thanks for your help
Thanks Abdullahi, Happy to help.
I received a $6,462 ppp loan. I drive rideshare and I used the funds on my apartment rent (over 4,700 dollars) and car payments (over 1,100 dollars)
I have 581 left over. I want to use some of it on groceries, my electric bill and my internet bill but I don't know if I'll get the loan forgiven if I do that. I have no employees. I am a humble uber driver and this is all very new and confusing to me.
If this loan isn't forgiven then I'm up shits creek without a paddle. Loved the video by the way. Very informative and useful
[9:52am PST] @TaxesbyKatie.com
Hey Kevin, For sole proprietors with no employees, the maximum possible PPP loan is $20,833 (yours is way below that amount) and the entire amount is automatically eligible for forgiveness as owner compensation replacement. You pay yourself $6,462 as the owner compensation replacement and you can spend it on anything that you normally spend your money on like groceries, gas, internet.
@@KatieStOresCFPChFCEA Thanks for the info and peace of mind. I was nervous about spending it on groceries, the home internet bill, the electric bill, etc..But now I will spend it on whatever I need.
@@OnlineDatingKev89 [10:33am PST] @SaintOres.com
You're welcome. And good luck.
@@KatieStOresCFPChFCEA Is the owner compensation is up to $20,000 or is based on 2.5 month? I’m confused
@@nickx5281[10:53am PST] @SaintOres.com
Hey Nick, The 2.5 is a multiplier, and does not stand for two and a half months. You take your gross amount (line 7 Schedule C), divide it by 12 (months), and multiply by 2.5.
Very informative ❤
[10:53am PST] @SaintOres.com
Thanks Vee, Glad it was helpful!
Hi Katie,I hope you doing well. I got second PPP loan on may.but I didn't use that money for pay roll cost. So can I put that money bank in the bank and use as a pay roll cost. Do you think if I do that I can get loan forgiveness? let me know please.
[10:03am PST] @SaintOres.com
Hey Md, It is hard to answer your question correctly based on the limited information you provided. Can you give me a little more info about you and the loan?
@@KatieStOresCFPChFCEA I got the second PPP loan on may. After two day I invest that money in stock market.so I was wondering if I get back that money from stock and spend that money as a payroll cost.do you think I can get forgiveness.can you give me some idea please.
[4:53pm PST] @SaintOres.com
Do have W-2 employees? Do you run payroll OR is it just you, a sole-proprietor with no employees?
@@KatieStOresCFPChFCEA I'm independent contractor with no employees.I used to work with Uber
[1:53pm PST] @SaintOres.com
Hey Md., Good news.... Since you are an independent contractor without employees, you can use the entire PPP loan amount as owner compensation replacement. Once you paid yourself, it is your money you can spend it any way you want.
Can you plz do an episode as to how to spend your loan 60/40 between expenses and paying yourself specifically for 1099 workers: plz n thank you
[4:53pm PST] @SaintOres.com
Hello Mourad, I will give it my best shot after I finish up the three videos of have in the works now. Thanks for the suggestion.
@@KatieStOresCFPChFCEA you are amazing; been following u since the beginning of pandemi; plz address the 8 weeks V 24 to spend your funds; and also recent funding have been based on live 7 of schedule C and not line 31 (bigger loans); again thank you is it true if the funds were deposited in a personal account versus a business account you don’t have to do anything and automatically you can ask for forgiveness and automatically you have been paid
[10:33am PST] @SaintOres.com
Hey Mourad, For sole proprietors with no employees, the maximum possible PPP loan is $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation replacement. Having a separate bank account for PPP funds does not really impact documenting eligible payroll and other eligible business costs and payments. The key factor here is proper and concise tracking of the funds.
@@KatieStOresCFPChFCEA ok great thank you; so what qualifies as expenses for An Uber driver? Can I pay myself the whole loan? Or only 60% of it should go towards my wages?
[2:23pm PST] @SaintOres.com
Hey Mourad, As an Uber driver, 100% of your PPP loan amount(up to $20,833), can be used as an owner compensation replacement. You can spend it on your personal expenses, just like you would spend your salary. You don't have to worry about a 60/40 split.
Thanks Katie!! You definitely simplified the process for me!!
[1:03pm PST] @SaintOres.com
Thanks Belle, You're so welcome!
The sound is gone?
Hello Hanover, Sorry about that. I recorded in Mono on only the left channel. I guess I should have taken a audio/video class in school instead of all finance.
excellent video ! i though OCR required 11 weeks ?!? thank you !!!
[1:23pm PST] @SaintOres.com
Thanks Michael, Glad it helped!
@@KatieStOresCFPChFCEA OCR w no receipts, no employees = 11 wks ? or not a given ? no worries if you can't reply, thought i would ask again. cheers !
@@michaelduva5217[9:52am PST] @TaxesbyKatie.com
Hey Michael, It makes no difference for SBA whatever you choose 8 weeks, 24 weeks or anything in between. So 11 weeks should work just fine with OCR and no employees. As long as you stay in this time frame and use your PPP loan proceeds as required.
@@KatieStOresCFPChFCEA above, with respect to being inelligble forPUA, if claiming the full amount for OCR. i have read on bench.co it is 11 weeks.
Hey Michael, I looked into the source you provided. You should use whatever term is applicable in your situation. In the earlier comment, I just provided the info that is located in the SBA instructions for Form 3508S.
Thank you for the humor "Bathroom reading," =-)
[2:33pm PST] @SaintOres.com
Thanks Hang, I'm working on my future comedy standup routine. In case finance doesn't work out.
Katie you always give Direct & Consise info. THANK YOU!
[10:43am PST] @SaintOres.com
Thanks Kathy, I appreciate the nice comment.
Nice
[10:43am PST] @SaintOres.com
Thanks Jason.
How do I get the form?
[10:23am PST] @SaintOres.com
Hey Mistro, The best place to get the form is from your lender. Usually they have their own version of this form online. OR you can watch at 0:37 seconds of the video of how to find the form.
Hello Katie,
Thank you for your video, very helpful!
Do you have to spend ALL your loan before applying for 100% forgiveness? Or you can still have funds left for a future use after you applied for forgiveness? And for a sole proprietor, what is the best period to use 8 or 11 weeks? Thank you soooo much for your reply in advance!!!
[2:03pm PST] @SaintOres.com
Добрый день Лариса, Yes, you have to spend all of your PPP loan money before applying for forgiveness. For a sole proprietor without employees, it is best to use 11 weeks if you are you are using 100% of your loan as an owner compensation replacement.
@@KatieStOresCFPChFCEA Thank you so much!
@@larisanadykto8334 [2:59pm PST] @SaintOres.com
You're welcome....
@@KatieStOresCFPChFCEA
Hello Katie again...
If I apply for a loan forgiveness later than 11 weeks, do I need to choose a certain amount of weeks suggested or I just need to count ACTUAL amount of weeks since receiving the loan to the time I apply for forgiveness? Thank you.
@@larisanadykto8334 [10:23am PST] @SaintOres.com
Добрый день Лариса, SBA tells you to choose a minimum of 8 weeks, a maximum of 24 weeks, or anything in between. It is OK if it is longer than 11 weeks, it has to be specific though. Удачи!
Afternoon Katie and thank you for your amazing content! I received my PPP in my business account. In order to qualify for forgiveness and track it, do I need to transfer that into my personal checking for owners compensation? I believe the answer is yes but I just want to make certain I am understanding correctly. I do plan to transfer the entire amount as owners comp if so. Thank you again.
[10:58am PST] @SaintOres.com
Hello Shamis, Since your PPP loan was deposited to your business account, you can just transfer the funds (your owner compensation replacement) to your personal checking.
I received my ppp loan on the “Dash” prepaid card,can I transfer the funds to my personal account as owner compensation replacement?
@@Lofi_andChill777 [3:23pm PST] @SaintOres.com
Hey Lando, Yes, you absolutely can do that.
Best video about ppp in youtube!!! Subscribe!!
[2:13pm PST] @SaintOres.com
Gamarjoba, COLCHI! Dzalian didi madloba!
@@KatieStOresCFPChFCEA wow are you georgian? 😁😁
@@sandrovaro [10:13am PST] @SaintOres.com
No, not Georgian. But have lots of Georgian friends and eat lots of khinkali and khachapuri.
@@KatieStOresCFPChFCEA 👏🏼😁😁❤️❤️
I need fine someone do this for me
[10:23am PST] @SaintOres.com
Hey Alwx, No need to pay someone to do this for you. Take a look at this video ua-cam.com/video/X6V7XpNhcXM/v-deo.html along with the latest PPP forgiveness video. The SBA is trying to make it easy for everyone to get forgiveness for their loan... good luck.
❤️💕💕
Thanks for the hearts Paul.
She's a cutie