Thank you, Max. I was able to get both dispersements from your link, and this helps clear up my questions about forgiveness. I am a self employed free-lancer, gig worker.
The video still doesn’t really clarify the “overlapping coverage period” aspect of first and second draw. If during the forgiveness process, I list my 8-10 weeks coverage period for draw1 and my draw2 was dispersed within that period, doesn’t that “overlap”? Max, can you provide some details about this? It’s as if you’re saying the “overlapping” doesn’t matter but I believe it is one of the rules from SBA.
Yes. This. You can certainly get the 2nd draw before the covered period on the 1st draw expires, but the rules for forgiveness clearly state that the covered periods cannot overlap if you want the 2nd draw forgiven. So if you get draw 2 before the covered period for draw 1 expires, good luck getting that 2nd draw forgiven!
You’re right on the disbursement... but at least I received round 1&2 within two weeks of each other. This was simplification at it’s finest.... I have no worries now
So are you saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
I have a feeling that this video came out because some licensed CPAs were calling out Womply because it was giving first and second draw PPP without waiting the 8 weeks. The SBA guidance also discusses a 25% reduction in income. That's what is not getting said in these videos. I would go straight to the sba.gov and read because ultimately the loan recipients would be the ones accused of fraud.
Good morning Max! Your great in giving information that you share with everyone! Slot of people need this info. Your appreciated! Have a wonderful day! Blessings to you and your businesses!💖❣️🤗🤩🌟
Thanks for this. No one has reported on % of PPP forgiven (for sole props using PPP for owner comp), in relation to length of covered period. There is a sliding scale of % forgiven between 8 weeks and 24 weeks on payroll, but little guidance on the forgivenes % on say week 12, 15, 18, etc. Impact is not just for deciding when to start/end PP1 vs PPP2 periods, but also when to pivot to state UI, to avoid perception of "double dipping." Coverage of this would be appreciated greatly.
What about the IFR (which is the official ruling)....it still states "covered periods" cannot overlap. Period. I think the SBA should come out with an FAQ that CLEARLY addresses this specific question. There are lenders and banks both saying it is ok to get both within an 8 week timeframe, but isn't the IFR still the official ruling? Bottom line is that it is GRAY! We will just have to wait and see how this is addressed when people finally go to apply for forgiveness.
The way I'm doing it: I'm writing myself checks for first draw and on my 3rd week or 3rd check of paying myself I received the 2nd draw. I broke down my 1st draw payroll into 11 weeks and will not be writing myself checks until I run out of money of my first draw (11 weeks) when those 11 weeks are done I will begin doing the same thing with the 2nd draw funds which would make it 22 weeks of paychecks for both 1st and 2nd draw and even though I have the money I can prove I did not touch it by transferring the funds into an account I purposely opened for both draws that show the money being paid out throughout the 22 weeks or 11 weeks for 1st draw and 11 weeks for the 2nd draw. Never overlapping my payments
@chris jar this is what i considered doing have you watched @clara cfo group video on this? She shows us the guidance of how the covered period works. It starts when the loan is dispersed into your account. What are your thoughts?
Why is nobody talking about Cruptocurrency at this moment? It's on a bull run and a lot of people are defintely gonna miss out on that just like the last time
So are you saying that both the first and second draw PPP 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as I’m on the 4th week of payments from the first draw and the 1st week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused.
Hey Max, I’ve been in SBA processing for 4 days and after hearing the funds have been exhausted I lost hope. This morning I was approved by the SBA and sent a prom note to sign. I signed it this morning, have a loan number now and I’m in “lender funding”. In saying this, they are still processing applications but am not sure why giving the information and news we all received.
Hey good morning. I feel like you right now. I’ve been in sba processing for almost a week. Since there’s no more funding I’m losing hope even the fountainhead logo has disappeared. Did this happened to you too??
@@cfobandoable yes that happened to me. I have fountainhead as well and the logo disappeared and I was still in SBA processing. But I was then approved! Sent a prom note on the 8th, signed it and move to lender funding for a day and then borrower funded just for half a day and I received my funds already yesterday. Don’t loose hope, try not to check on it too much and stress out. Your application is already with the SBA, if you weren’t with the SBA then I would be worried because they aren’t accepting more apps but they are processing the applications they have like mine and yours.
@@larrywhite9009 I'm good to go, received both PPP Draws but was a little worried as a single member llc with no employees the guideline for forgiveness but now I fully understand it. Good explanation by Max.
@@3shotsproductions is he saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
Mr Maher, as a self employed solo practioner attorney with a 1099 paralegal and answering service with loads of deductions off of line 7 PPP was not a very attractive alternative for me until the rule change from line 31 line 7. When my normal bank took forever to update their application to reflect the change I ended up following your advice and applied through Womply April 7. I was funded on 1st draw 2 weeks later. I submitted 2nd draw application on May 1 and was in "Submitted to SBA" status when the hammer dropped May 4. Like so many other self employed folks I got into the game late because it wasnt a viable option until late March with the understanding that as long as applications were submitted prior to the May 31 deadline they would be funded if all qualifications were met. I have never been able to contact Womply for any questions. Its impossible to contact them. I know you're an endorser of them and have communication channels with them per your prior videos. I have 3 questions that seem to being asked by many of your viewers that haven't been answered and I hope you could shed some light or make a video to address them. 1. The main question. Is funding gone now for everyone who was SBA submitted and under approval review but not yet approved and given a loan number and promissory note? 2. I was funded on 1st round by Harvest and they were showing on my 2nd draw status. They have now been removed from 2nd draw status and no lender shows. Does that mean there would be no lender for SBA to send approval code to for a promissory note should they continue to process submitted applications and as a result there be no way to have loan processed? And 3. Like many others have mentioned, for some reason my Womply portal now shows an (!) on identity check. When I try to complete it I get a message which says "Identity check has been previously completed" and the error (!) doesn't change. Is this something to be concerned about? Any insight and answers would be greatly appreciated. PS (And don't get me started on EIDL Grant issues and still being in "Submitted" status since late February even though I meet every qualifications (less than 10 employees, greater than 30pct reduction (much greater than 50 in fact) over 8 week period, and previously received original reduced grant in April 2020). The entire SBA process has been the most frustrating thing I have ever went through and thanks for all your attempts to keep people updated and informed.
Thank you Mr. Max for the update! I am an Uber Driver, and I got my first draw the second week of April. Then 2 weeks later I got my second draw. I haven't spent any money yet, but I will. Will I be okay with the forgiveness?
The main phrase that's listed on a different SBA document, that is causing the most confusion is where it says and I quote: "covered periods cannot overlap " This is the single phrase that is the root of the ultimate confusion, if that makes any sense
@@MaxMaher Hi Max, so does that mean I can pay myself on Monday with 1st draw, Friday with 2nd draw during the same week for 10 weeks and still get 2 draws fully forgiven? "The Covered Periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap", Isn't this talking about forgiveness? I am sorry to continue asking stupid questions.
@@MaxMaher So are you saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
@Max Maher I’m a little confused so in your previous videos you said you could apply for ppp 1 draw and second draw loans just apply but you could apply for both at the same time….are you saying now that is not the case?
So my question is I am on the fourth step for blue acorn waiting for my funds to hit my account my funds still have not got to my account so like now what ? How am I even going to do a forgiveness when I have not even received any money or anything?
So if we are sole proprietors using a schedule C, it is ok for our time periods to use the ppp1 and ppp2 to overlap? I got my 2 loans deposited 4 weeks apart. So do I put March 24 as the first deposit date and April 16 for the second and then still use the 24 week time period to get full forgiveness? The 2 time periods will overlap. Is that ok?
Ok. The problem is …. How do we tell Womply not to release 2nd draw funds until 10 weeks are done. There is no way to contact Womply or the direct lender. This is very frustrating to think Womply will fund too soon!
I retired by the age of 24, All my family members would talk behind my back saying I'm crazy & cheap when I would save every penny I could, I worked hard & invested my $ early, now I'm traveling with my kids & wife living the life I always wanted to, Who's the crazy 1 now ya simps !!
@@gracerashford7869 That's if your circle in adulthood isn't about discussing about starting a business, invsting, escaping 9-5 life , fitness , self development that means you will retire living from paycheck to paycheck , relying on the government for stimulus , even run into major debts then the IRS wont fail to cease your properties or throw you behind bars to rot. Remember Network = Networth.
@@CarlosAntonio-br3xq i thought doing 9-5 with a salary of $20k and saving $6000 is good before retirement until the lockdown i loss my job and started depending on my savings, right now I'm in financial crisis, I'm willing to learn anything provided it saves from losing my mortgage and shut of utilities. I am trying to find courage to make the right decisions since i receive my check, what do they think we can make out of such peanuts? No kidding the crypto market is never stable. This beats me too.
@@sallymclam4455 Some people here in the USA are the same. They are essentially zombies, only concerned with their 10,000 calorie a day diet, getting tattoos, and watching Netflix. I offer to help them, but they are lazy or not interested. Some people deserve to be poor.
Do I have to pay myself with in the 8 week as a self employed in order to get forgiven and also receive the 2nd draw just to be safe, or is it anywhere between 8 to 24 weeks since I picked the 24 weeks coverage? Plus do I actually have to transfer my payment from a checking to a saving in order to show that I paid myself or can I just keep the money on my checking where it originally deposited and just spend it from there since I am just self employed ?
Yea but some of theses CDFI's have horrible service. For instance, go look at the BBB Reviews for Lendistry. Every single review gives them one star and say they are rude as hell and rarely you are lucky if they send your loan in for processing. Some of the CDFI's refuse to do PPP's anymore at all. This one CDFI told me I had to switch my business bank account over to them before they let me do the PPP Loan. That is not in the PPP rules.
For the first time Max didn’t do a great job explaining the eight weeks period between the first and second Draw. To apply the second draw, First thing SBA ask is the first Draw loan number. So if it hasn’t been eight weeks then SBA won’t recognize the loan number And will tell you to wait for the eight weeks to be completed.
There's a big elephant in the room called overlapping coverage periods. A minimum of 8 weeks covered period when applying forgiveness. Getting the 2nd draw before 8 weeks will therefore disable its forgiveness. This is the concern. That everyone has. Not getting the second draw. It's getting forgiveness. Sure the banks are happy to lend you money you'll have to pay back. It's like you're doing all these videos and really avoiding talking about this. No offense but that seems shady. Even if I can pay myself all at once I still have to use a minimum 8 week period. I hope those Womply referral fees aren't motivating a misleading narrative. People are getting set up for a rug pull.
I emailed him asking this awhile back and he wanted a fee to answer my question 🤦🏻♀️. He got so many people signed up for Womply now Womply screwing us all over.
What about me , i’ve received the first draw but the sba caweb says undispirsed ...so i can’t even move forward and now womply is saying identity check error and funding instruction error ...what??? i’ve been funded i need to do the second ...
Here’s my question...the actual 3508S Forgiveness Application states on the bottom of Page 3 that “If the loan forgiveness application is being submitted for a Second Draw PPP Loan ... and have used all First Draw PPP Loan amounts on eligible expenses prior to disbursement of the Second Draw PPP Loan.” Also, thought I read somewhere that the covered period can’t be concurrent. I’m still so confused. Seems like the SBA is confused because what your video states is also true.
I've been writing checks to myself for payroll. I'm at the beginning, so I have only written two checks. Is this okay to do or so I need to set up ACH deposits?
I’m still trying to figure out what’s going on with my second draw. Since I applied through fast lane and I’ve received my first draw and have signed the origination DocuSign for the second draw. There was a bank named with my second draw application and now it’s not there since the day the Sba announced the ppp was out of money I just want to know if there’s anything I need to be doing right now to try to get the second draw funded. It seems like by doing nothing it’ll probably be forgotten but I haven’t been able to actually communicate within actual person about this. Should I apply somewhere else ?
Let me know what happens. Same situation including the bank disappearing. Only difference is I've signed origination 26 days ago. Sba processing since then.
All I can say is avoid NEWTEK Lending like the plague. They are awful. Just last night they withdrew my loan approval that I received on May 1st. Stated that my Net Income did not meet requirement. That doesn't make sense! Pretty sure the SBA put provisions in place to approve loans based on Gross Income in early March. How can I appeal this or report unfair lending to the SBA?
I applied for second round funding before the 8 weeks and the lender couldn’t find my first round information in the SBA’s system. Applied again at 8 weeks and the info from round 1 was updated. However, funds ran out before my app was done processing.
What do you do if Womply gave you Both loans AT ONE TIME and then funded it again? I do t want to commit fraud. Please advise for anyone who got too close together or too much.
I was never asked for 2nd PPP if I had a reduction in gross receipts between 19-20. I actually didn't. Currently says borrower funded for 2nd, so when I actually get the funds, I have to return it. The thing is, I went through Womply, and applied for both rounds at the same time.
@@911preety It just has to be 1 quarter in ‘19 compared to the same quarter in ‘20, not the entire year. Also, for the 2nd draw you can either pay the funds back right away or keep the funds at the nearly free rate of 1% and don’t apply for forgiveness on the 2nd draw and just pay it back over 5 yrs 🤷🏾♂️
I received my first ppp early April, paid myself 100% the next day applied for the second ppp and Wells Fargo denied my application due to this reason: “Unable to validate the PPP First Draw SBA Loan Number associated with your initial PPP loan” I’m so mad at WF. I think they screwed up the second application.
Thank you Max. I have been waiting on my second draw from Womply/Bentworth for about a month now. The status on Womply was stuck on sign & hold for the entire time, and just today it updated to Application Denied. Do you have any idea on what I should do next? Womply is of no help & I really need this funding as an a gig worker/independent contractor. Thank you !
I have a question why is it all this time I have had all green check marks and now today a orange sign is showing up next to the identity thing and I have already completed that. So I have no clue what is going on this is all messed up.
Mines also I’m already in borrow funded and now today it’s an orange check by Identity check it resubmitted it says check back in an hour hope all is well
Just do the identity thing again.... go through the motions... maybe there was a glitch.... I have had to multiple repeat things when receiving my ppp draw 1 and 2. Just go through the motions and do it again and again if they ask for it.
CPA UA-cam Jamie Trull outlined the US Department of Treasury LAW - it is 100% against the law to take second draw less than 8 weeks. Period. No exceptions. And she sent legal requests to WOMPLY for enticing people to Break the law. Better check your facts more carefully.
last year 2020 one of the biggest criminals sba scandals is approving some business for 1 $ PPP. Loan first draw . And max never bothered to talk about it or to dig deep like always tell us or at least asked his lovely sba contact .
This dude was shoving Womply down peoples throats. Now look he wont even bring them up or even SAY A WORD about people being backed up almost a month waiting on funds. Max where is your contacts at womply?? Thats right you have none. Thats why you sit and edit 10 videos a day. I am starting to seriously doubt this guy even has a business. How can you be a business owner and beg for people to click on your links below. Max hasnt made a single comment back to me yet.. Lets see if he continues to ignore us calling him out!
Hey! Sorry I know this is kind of off topic but, a bank account that doesn’t have my name in it anymore got approved and today my application went to “lender funding” status. Does this mean the money will be transferred to that other bank account even though my name is not in it? P.s: if it does go to that account it’s not really an issue since it’s an account I had with my mom so I can just ask her to transfer me the money
So if it says you have been funded but do to the bank you have they should let you know when the funds hit within a few days? But it’s been sometime now. They ran outta funds right after that email. Is it possible that it will go through? Or it’s a waiting period?
I checked my loan this morning and it tell me I was approve trying to verify something on docusign and it telling me that envelope account activation not found please someone tell me what it means?
Hello Max Maher: I got mine first PPP deposited on April 14th, And now I'm in Womply Processing everything was green check mark but this morning the identity has a (!) on it. Do you think we will still receive the 2nd PPP drawn. And why we can't correct this?
I Emailed Them “ Do you know when your website will be back up and running? I filed my PPP loan almost one month ago and still haven't got anywhere it's been stuck on '' Application Submitted - We are Processing and Underwriting '' for weeks. I would just like to know a timeline where I would get approved & receive my funds that's all I'm wondering. “ Haven’t Got Anything Back Can You Let Me Know Anything
Thanks for the info. Anybody knows how to change loan amount on the portal? I chose less amount than my max in the sba loan. How can I change it to my max? In my portal when I had the choice to increase the amount of the loan to my max about $300k I chose $200k because I thought I have to put realstate as a collateral. I called them operator said the only way is to email them then I emailed them, but they kept sending me automated general emails. How can I change the loan amount on my portal? Thank you in advance for anybody who help me.
Max: Can you ask Womply about their system not accepting Picture IDs for identity check. I did this before with my first PPP using the same photos. Something is wrong with their system. A few people and I are going though this; can you help us.
My second draw Womply says my bank info is wrong or my bank denied my incoming 2nd draw. Both are lies. I stop trying to verify my account because it was copied and pasted. Womply or the Funder is trippin. Womply will not fix it. The Funder wont respond after a week of me creating a ticket with them on their website.
So I’m confused now . I have a small business no employees . My loan was deposited into my business account . So do I have to transfer the money to a personal account or am I ok with keeping it in business account.? Would that be considered paying myself if I left it there ?
If you filed with no employees leave it in either account. If its in your pocession you have paid yourself already, really dont matter because you have no employees.
Just got approved for the restaurant revitalization fund 🙏🏽!!!! Deposit in 3-7 day’s!!!
How did u apply and who did u apply through
@@justmoney9704 I did it through the square app...
Me too
@@russiandoll5858 how
How long between the application and the approval
Thank you, Max. I was able to get both dispersements from your link, and this helps clear up my questions about forgiveness. I am a self employed free-lancer, gig worker.
The video still doesn’t really clarify the “overlapping coverage period” aspect of first and second draw. If during the forgiveness process, I list my 8-10 weeks coverage period for draw1 and my draw2 was dispersed within that period, doesn’t that “overlap”? Max, can you provide some details about this? It’s as if you’re saying the “overlapping” doesn’t matter but I believe it is one of the rules from SBA.
Would like answers too
Yes. This. You can certainly get the 2nd draw before the covered period on the 1st draw expires, but the rules for forgiveness clearly state that the covered periods cannot overlap if you want the 2nd draw forgiven. So if you get draw 2 before the covered period for draw 1 expires, good luck getting that 2nd draw forgiven!
This is what i needed to hear!!! I was so confused with self employment forgiveness im a private chef
You’re right on the disbursement... but at least I received round 1&2 within two weeks of each other. This was simplification at it’s finest.... I have no worries now
So are you saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
@@Rjay1888 I’ve been wanting an answer to your exact question.
I have a feeling that this video came out because some licensed CPAs were calling out Womply because it was giving first and second draw PPP without waiting the 8 weeks. The SBA guidance also discusses a 25% reduction in income. That's what is not getting said in these videos. I would go straight to the sba.gov and read because ultimately the loan recipients would be the ones accused of fraud.
Good morning Max! Your great in giving information that you share with everyone! Slot of people need this info. Your appreciated! Have a wonderful day! Blessings to you and your businesses!💖❣️🤗🤩🌟
Thanks for this. No one has reported on % of PPP forgiven (for sole props using PPP for owner comp), in relation to length of covered period. There is a sliding scale of % forgiven between 8 weeks and 24 weeks on payroll, but little guidance on the forgivenes % on say week 12, 15, 18, etc. Impact is not just for deciding when to start/end PP1 vs PPP2 periods, but also when to pivot to state UI, to avoid perception of "double dipping." Coverage of this would be appreciated greatly.
i got my 1 st and 2 draw thank you 🙏 for all your knowledge and advice and your time , i am a follower for Life 🥰 .
Thanks so much for highlighting all the details makes it a lot easier for all of us 🙏🏿
Are you sure about paying yourself extra, I was told that you can’t pay yourself no more than you would normally pay yourself.🤨
Thank you thank you for all your searches. And all your time
It comes down to your individual Bank as far as the covered period.. a lot of banks won't let you do second draw without 8 weeks
What about the IFR (which is the official ruling)....it still states "covered periods" cannot overlap. Period. I think the SBA should come out with an FAQ that CLEARLY addresses this specific question. There are lenders and banks both saying it is ok to get both within an 8 week timeframe, but isn't the IFR still the official ruling? Bottom line is that it is GRAY! We will just have to wait and see how this is addressed when people finally go to apply for forgiveness.
The way I'm doing it: I'm writing myself checks for first draw and on my 3rd week or 3rd check of paying myself I received the 2nd draw. I broke down my 1st draw payroll into 11 weeks and will not be writing myself checks until I run out of money of my first draw (11 weeks) when those 11 weeks are done I will begin doing the same thing with the 2nd draw funds which would make it 22 weeks of paychecks for both 1st and 2nd draw and even though I have the money I can prove I did not touch it by transferring the funds into an account I purposely opened for both draws that show the money being paid out throughout the 22 weeks or 11 weeks for 1st draw and 11 weeks for the 2nd draw. Never overlapping my payments
@chris jar this is what i considered doing have you watched @clara cfo group video on this? She shows us the guidance of how the covered period works. It starts when the loan is dispersed into your account. What are your thoughts?
RRF update. I received from the SBA today “SBA Restaurant Revitalization Fund - Congratulations - Award Approved”. Anyone else?!
🙋🏽♂️
Yes me too!! That was waaaayyy took smoothe I couldn't believe it
Awesome! How long did it take for the sba to respond back after application being submitted
Yes our business got approval Saturday morning. Never did I ever think that would happen so quickly.
@@vapekingz619 applied May 3 resolve back was May 8th
Good video! Nice, brief, easy to follow, simple and plain.
Why is nobody talking about Cruptocurrency at this moment? It's on a bull run and a lot of people are defintely gonna miss out on that just like the last time
@King Candy Yeah no doubt the crypto market has earned me alot you just gotta understand the market
Crypto is the new gold
@@patriciasarah9324 Yeah investing in crypto is a big chance to make money nowadays
@Victoria Sere that's why you need the help of a professional who understands the market and how it works very well.
Yeah these investors understands the market like it's there own farm and make maximum returns for investors
Hello
What happens when you receive First Draw & Second Draw two weeks apart
Would like an answer to that too
You just have to make sure you spend according to the rules of usage.
Help Max! Any idea what to do that Womply did both at one time?
omg thank you 🙏 max thank you your the best 😇
You are the best! May God bless your efforts!
So are you saying that both the first and second draw PPP 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as I’m on the 4th week of payments from the first draw and the 1st week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused.
Hey Max, I’ve been in SBA processing for 4 days and after hearing the funds have been exhausted I lost hope. This morning I was approved by the SBA and sent a prom note to sign. I signed it this morning, have a loan number now and I’m in “lender funding”. In saying this, they are still processing applications but am not sure why giving the information and news we all received.
Hey good morning. I feel like you right now. I’ve been in sba processing for almost a week. Since there’s no more funding I’m losing hope even the fountainhead logo has disappeared. Did this happened to you too??
@@cfobandoable yes that happened to me. I have fountainhead as well and the logo disappeared and I was still in SBA processing. But I was then approved! Sent a prom note on the 8th, signed it and move to lender funding for a day and then borrower funded just for half a day and I received my funds already yesterday. Don’t loose hope, try not to check on it too much and stress out. Your application is already with the SBA, if you weren’t with the SBA then I would be worried because they aren’t accepting more apps but they are processing the applications they have like mine and yours.
Ok now I'm happy again! Thanks to Max! Thanks Man!! I was a little worried but now I fully understand!!
@@larrywhite9009 I'm good to go, received both PPP Draws but was a little worried as a single member llc with no employees the guideline for forgiveness but now I fully understand it. Good explanation by Max.
@@3shotsproductions is he saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
Womply forgiveness? How will. Be the proses ?!!
Thank You So Much 4 Ur Information 🙏🏾🙏🏾
Thanks for the update Max. 🙂
Sole proprietor no employees. 1st draw 4/21/21 2nd draw 5/13/21. Can I go ahead and apply for 1st draw forgiveness or wait full 8 weeks?
Max, very nice job in explaining this! Thank you!
Mr Maher, as a self employed solo practioner attorney with a 1099 paralegal and answering service with loads of deductions off of line 7 PPP was not a very attractive alternative for me until the rule change from line 31 line 7. When my normal bank took forever to update their application to reflect the change I ended up following your advice and applied through Womply April 7. I was funded on 1st draw 2 weeks later. I submitted 2nd draw application on May 1 and was in "Submitted to SBA" status when the hammer dropped May 4. Like so many other self employed folks I got into the game late because it wasnt a viable option until late March with the understanding that as long as applications were submitted prior to the May 31 deadline they would be funded if all qualifications were met. I have never been able to contact Womply for any questions. Its impossible to contact them. I know you're an endorser of them and have communication channels with them per your prior videos. I have 3 questions that seem to being asked by many of your viewers that haven't been answered and I hope you could shed some light or make a video to address them. 1. The main question. Is funding gone now for everyone who was SBA submitted and under approval review but not yet approved and given a loan number and promissory note? 2. I was funded on 1st round by Harvest and they were showing on my 2nd draw status. They have now been removed from 2nd draw status and no lender shows. Does that mean there would be no lender for SBA to send approval code to for a promissory note should they continue to process submitted applications and as a result there be no way to have loan processed? And 3. Like many others have mentioned, for some reason my Womply portal now shows an (!) on identity check. When I try to complete it I get a message which says "Identity check has been previously completed" and the error (!) doesn't change. Is this something to be concerned about? Any insight and answers would be greatly appreciated.
PS (And don't get me started on EIDL Grant issues and still being in "Submitted" status since late February even though I meet every qualifications (less than 10 employees, greater than 30pct reduction (much greater than 50 in fact) over 8 week period, and previously received original reduced grant in April 2020). The entire SBA process has been the most frustrating thing I have ever went through and thanks for all your attempts to keep people updated and informed.
So if funds are gone we won't get a 2nd draw right? Or were those funds accounted for and held back for the 2nd draw?
You will get the second payment I just got mines
Thank you Mr. Max for the update! I am an Uber Driver, and I got my first draw the second week of April. Then 2 weeks later I got my second draw. I haven't spent any money yet, but I will. Will I be okay with the forgiveness?
The main phrase that's listed on a different SBA document, that is causing the most confusion is where it says and I quote:
"covered periods cannot overlap "
This is the single phrase that is the root of the ultimate confusion, if that makes any sense
Per a lender I spoke with “Best way to think about this:
Once you are eligible for forgiveness on one loan, the covered period is irrelevant “
@@MaxMaher Hi Max, so does that mean I can pay myself on Monday with 1st draw, Friday with 2nd draw during the same week for 10 weeks and still get 2 draws fully forgiven? "The Covered Periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap", Isn't this talking about forgiveness? I am sorry to continue asking stupid questions.
@@MaxMaher So are you saying that both the first draw and second draw ppp 8 week forgiveness starts on the day it was dispersed to you. So if I received the first draw on 4/1/21 and the second draw on 4/30/21 I can look at it as the 4th week on the first draw and the first week of the second draw? So the first draw will end 8 weeks after 4/1/21 around June and the second draw will end 8 weeks after the second draw around July? Thanks I’m a bit confused
@@Rjay1888 Have you started paying yourself with the 2nd draw? Assuming that you have with your first draw. Thanks.
@Max Maher I’m a little confused so in your previous videos you said you could apply for ppp 1 draw and second draw loans just apply but you could apply for both at the same time….are you saying now that is not the case?
So my question is I am on the fourth step for blue acorn waiting for my funds to hit my account my funds still have not got to my account so like now what ? How am I even going to do a forgiveness when I have not even received any money or anything?
Waited 10 days after signing documents
20 days all together
7:15-7:50 SUPER SKETCHY LOL show me we where is says that in the documents lol. if u applied late take the first ppp and run.
So if we are sole proprietors using a schedule C, it is ok for our time periods to use the ppp1 and ppp2 to overlap? I got my 2 loans deposited 4 weeks apart. So do I put March 24 as the first deposit date and April 16 for the second and then still use the 24 week time period to get full forgiveness? The 2 time periods will overlap. Is that ok?
You rock, Max! Thank you!!!!
Thank you so much
Ok. The problem is …. How do we tell Womply not to release 2nd draw funds until 10 weeks are done.
There is no way to contact Womply or the direct lender. This is very frustrating to think Womply will fund too soon!
Exactly. I received both draws less than 8 weeks
Thank you
Can't wait to retire and just live off of dividends one day
I retired by the age of 24, All my family members would talk behind my back saying I'm crazy & cheap when I would save every penny I could, I worked hard & invested my $ early, now I'm traveling with my kids & wife living the life I always wanted to, Who's the crazy 1 now ya simps !!
retirement causes people to decline incredibly rapidly mentally and physically. you should never retire. your life will be pointless.
@@gracerashford7869 That's if your circle in adulthood isn't about discussing about starting a business, invsting, escaping 9-5 life , fitness , self development that means you will retire living from paycheck to paycheck , relying on the government for stimulus , even run into major debts then the IRS wont fail to cease your properties or throw you behind bars to rot. Remember Network = Networth.
@@CarlosAntonio-br3xq i thought doing 9-5 with a salary of $20k and saving $6000 is good before retirement until the lockdown i loss my job and started depending on my savings, right now I'm in financial crisis, I'm willing to learn anything provided it saves from losing my mortgage and shut of utilities. I am trying to find courage to make the right decisions since i receive my check, what do they think we can make out of such peanuts? No kidding the crypto market is never stable. This beats me too.
@@sallymclam4455 Some people here in the USA are the same. They are essentially zombies, only concerned with their 10,000 calorie a day diet, getting tattoos, and watching Netflix. I offer to help them, but they are lazy or not interested. Some people deserve to be poor.
Success is a process, if you fail, choose to win by investing in yourself and working hard to be successful, life is not a bed of roses.
Stocks are good but investing in crypto currency right now will be the wisest thing to do as the market is much favourable now.
Yeah sure Crypto yields more profits with the favourable market rise
I've been an investor and I can tell it changed my life for better 😊😊 Investing in Forex and crypto will be one of the wisest thing to do
I had intrest in investing in crypto but I was discouraged by friends and family, I was being ignorant though
@@andreabenson6815
Exactly ! That's definitely ignorance , they are good Markets to invest in and earn profits of your investment
Off topic. But do we know when irs is starting to send out our unemployment tax credit for us who filed before the legislation came our?
Do I have to pay myself with in the 8 week as a self employed in order to get forgiven and also receive the 2nd draw just to be safe, or is it anywhere between 8 to 24 weeks since I picked the 24 weeks coverage? Plus do I actually have to transfer my payment from a checking to a saving in order to show that I paid myself or can I just keep the money on my checking where it originally deposited and just spend it from there since I am just self employed ?
Yea but some of theses CDFI's have horrible service. For instance, go look at the BBB Reviews for Lendistry. Every single review gives them one star and say they are rude as hell and rarely you are lucky if they send your loan in for processing. Some of the CDFI's refuse to do PPP's anymore at all. This one CDFI told me I had to switch my business bank account over to them before they let me do the PPP Loan. That is not in the PPP rules.
You the 🐐
i filed once and that's it, no more! this crap is so confusing
For the first time Max didn’t do a great job explaining the eight weeks period between the first and second Draw.
To apply the second draw, First thing SBA ask is the first Draw loan number. So if it hasn’t been eight weeks then SBA won’t recognize the loan number And will tell you to wait for the eight weeks to be completed.
There's a big elephant in the room called overlapping coverage periods. A minimum of 8 weeks covered period when applying forgiveness. Getting the 2nd draw before 8 weeks will therefore disable its forgiveness. This is the concern. That everyone has. Not getting the second draw. It's getting forgiveness. Sure the banks are happy to lend you money you'll have to pay back. It's like you're doing all these videos and really avoiding talking about this. No offense but that seems shady. Even if I can pay myself all at once I still have to use a minimum 8 week period. I hope those Womply referral fees aren't motivating a misleading narrative. People are getting set up for a rug pull.
I emailed him asking this awhile back and he wanted a fee to answer my question 🤦🏻♀️. He got so many people signed up for Womply now Womply screwing us all over.
Exactly I got both draws before 8 weeks so will it be forgiven? If not they can have it back
Yeah as usual he completely skirted around the issue of covered period overlap when it comes to forgiveness. Dude is totally in bed with Womply.
What about me , i’ve received the first draw but the sba caweb says undispirsed ...so i can’t even move forward and now womply is saying identity check error and funding instruction error ...what??? i’ve been funded i need to do the second ...
@@angelamorgan6664 lol no
Thank you I should only watch your canal instead of confusing
Yeah, those other canals can lead you in the wrong direction…
Here’s my question...the actual 3508S Forgiveness Application states on the bottom of Page 3 that “If the loan forgiveness application is being submitted for a Second Draw PPP Loan ... and have used all First Draw PPP Loan amounts on eligible expenses prior to disbursement of the Second Draw PPP Loan.” Also, thought I read somewhere that the covered period can’t be concurrent. I’m still so confused. Seems like the SBA is confused because what your video states is also true.
I've been writing checks to myself for payroll. I'm at the beginning, so I have only written two checks. Is this okay to do or so I need to set up ACH deposits?
Ive been paying myself 1st draw 4 weeks each week i divide my gross by 8 put that in my payroll
I’m still trying to figure out what’s going on with my second draw. Since I applied through fast lane and I’ve received my first draw and have signed the origination DocuSign for the second draw. There was a bank named with my second draw application and now it’s not there since the day the Sba announced the ppp was out of money I just want to know if there’s anything I need to be doing right now to try to get the second draw funded. It seems like by doing nothing it’ll probably be forgotten but I haven’t been able to actually communicate within actual person about this. Should I apply somewhere else ?
Let me know what happens. Same situation including the bank disappearing. Only difference is I've signed origination 26 days ago. Sba processing since then.
All I can say is avoid NEWTEK Lending like the plague. They are awful. Just last night they withdrew my loan approval that I received on May 1st. Stated that my Net Income did not meet requirement. That doesn't make sense! Pretty sure the SBA put provisions in place to approve loans based on Gross Income in early March. How can I appeal this or report unfair lending to the SBA?
Question. I thought the PPP was off the table and out of funds.
I applied for second round funding before the 8 weeks and the lender couldn’t find my first round information in the SBA’s system. Applied again at 8 weeks and the info from round 1 was updated. However, funds ran out before my app was done processing.
I received my first ppp loan from blue Vine a month ago, and they're telling me that I might be eligible for second draw after the right weeks period.
Too late for this info! I could have applied for ppp2 earlier and would have gotten it before funds ran out!!!!!!
Seems like a lot when it isn’t ... had a buddy who wants to return the funds without forgiveness or waiting ..is that even possible?
What do you do if Womply gave you Both loans AT ONE TIME and then funded it again? I do t want to commit fraud. Please advise for anyone who got too close together or too much.
My bank didn't report to the sba my ppp1 was disbursed which is preventing me from ppp2. This is the banks fault. They disbursed back in February
I was never asked for 2nd PPP if I had a reduction in gross receipts between 19-20. I actually didn't. Currently says borrower funded for 2nd, so when I actually get the funds, I have to return it. The thing is, I went through Womply, and applied for both rounds at the same time.
@@larrywhite9009 Scammer.
@@911preety It just has to be 1 quarter in ‘19 compared to the same quarter in ‘20, not the entire year. Also, for the 2nd draw you can either pay the funds back right away or keep the funds at the nearly free rate of 1% and don’t apply for forgiveness on the 2nd draw and just pay it back over 5 yrs 🤷🏾♂️
I received my first ppp early April, paid myself 100% the next day applied for the second ppp and Wells Fargo denied my application due to this reason:
“Unable to validate the PPP First Draw SBA Loan Number associated with your initial PPP loan”
I’m so mad at WF. I think they screwed up the second application.
Thank you Max. I have been waiting on my second draw from Womply/Bentworth for about a month now. The status on Womply was stuck on sign & hold for the entire time, and just today it updated to Application Denied. Do you have any idea on what I should do next? Womply is of no help & I really need this funding as an a gig worker/independent contractor. Thank you !
I have a question why is it all this time I have had all green check marks and now today a orange sign is showing up next to the identity thing and I have already completed that. So I have no clue what is going on this is all messed up.
You might want to take a screenshot and post it in our discord
@@MaxMaher People have already been talking about this issue in the discord seems like a lot of people are having issues
Mines also I’m already in borrow funded and now today it’s an orange check by Identity check it resubmitted it says check back in an hour hope all is well
Mine too
Just do the identity thing again.... go through the motions... maybe there was a glitch.... I have had to multiple repeat things when receiving my ppp draw 1 and 2. Just go through the motions and do it again and again if they ask for it.
So if someone made more money in 2020 then why would the bank approve ? Isn’t it their responsibility to deny? 🤔
Do you have to file ppp loan on your next year taxes?
No
When are the SBA going to process the Lender secondary review
I heard if u can’t compare quarterly u can compare annually like both year tax files
CPA UA-cam Jamie Trull outlined the US Department of Treasury LAW - it is 100% against the law to take second draw less than 8 weeks. Period. No exceptions. And she sent legal requests to WOMPLY for enticing people to Break the law. Better check your facts more carefully.
Can u put a link to the 100 page document that u r referring to on tgis video. I would like to read it
last year 2020 one of the biggest criminals sba scandals is approving some business for 1 $ PPP. Loan first draw .
And max never bothered to talk about it or to dig deep like always tell us or at least asked his lovely sba contact .
This dude was shoving Womply down peoples throats. Now look he wont even bring them up or even SAY A WORD about people being backed up almost a month waiting on funds.
Max where is your contacts at womply?? Thats right you have none. Thats why you sit and edit 10 videos a day.
I am starting to seriously doubt this guy even has a business. How can you be a business owner and beg for people to click on your links below.
Max hasnt made a single comment back to me yet..
Lets see if he continues to ignore us calling him out!
Hey! Sorry I know this is kind of off topic but, a bank account that doesn’t have my name in it anymore got approved and today my application went to “lender funding” status. Does this mean the money will be transferred to that other bank account even though my name is not in it?
P.s: if it does go to that account it’s not really an issue since it’s an account I had with my mom so I can just ask her to transfer me the money
What if I paid myself over 60%? Instead of the full amount?
🕵♂️ you the man Max... I just loves you ❤. Stay sweet my friend
I was approved second draw April 30 by SBA but still waiting for next step after that.
So if it says you have been funded but do to the bank you have they should let you know when the funds hit within a few days? But it’s been sometime now. They ran outta funds right after that email. Is it possible that it will go through? Or it’s a waiting period?
It will post in 2 or 3 days
@@theresamcwoodson999 you sure was right. Thank you..
I received ppp today
THIS 2021 will be the best year ever because spechackers on !g is really helping me and my family in this Covid-19 way
I checked my loan this morning and it tell me I was approve trying to verify something on docusign and it telling me that envelope account activation not found please someone tell me what it means?
@Michelle Ribalta was u on sba processing before getting approved this morning?
Same question but also I think there is a glitch happening there give it until Monday to resend the document you have to sign
I’m still waiting from a application I submitted in February to Biz2 credit.. I think they are being fraudulent
Hello Max Maher: I got mine first PPP deposited on April 14th, And now I'm in Womply Processing everything was green check mark but this morning the identity has a (!) on it. Do you think we will still receive the 2nd PPP drawn. And why we can't correct this?
Hi I just checked my womply and I have a (!) identity as well.
@@jemillebruce3274 Did you get your first PPP loan?
@@monstermax1230 yes I did.
I do as well. Was not there yesterday 😕. And when I try to do it. It tells me it is already done.
@@jaymie8082 same here. I think it’s a glitch I want to see this on Monday.
Max can you please talk about the first ppp retroactive base on gross income
Thank you
Just tried to call the SBA hotline option 1 for English then option 1 for having turned in an application then routed to wrong number.....HELP
Did anyone get though the Womply problems of identity not accepting IDs?
Perfect!!!
I Emailed Them “ Do you know when your website will be back up and running? I filed my PPP loan almost one month ago and still haven't got anywhere it's been stuck on '' Application Submitted - We are Processing and Underwriting '' for weeks. I would just like to know a timeline where I would get approved & receive my funds that's all I'm wondering. “ Haven’t Got Anything Back Can You Let Me Know Anything
Thanks for the info. Anybody knows how to change loan amount on the portal?
I chose less amount than my max in the sba loan. How can I change it to my max? In my portal when I had the choice to increase the amount of the loan to my max about $300k I chose $200k because I thought I have to put realstate as a collateral. I called them operator said the only way is to email them then I emailed them, but they kept sending me automated general emails. How can I change the loan amount on my portal? Thank you in advance for anybody who help me.
Hi Max, with reference to mortgage interest forgiveness on PPP, is it only on interest ? Not your monthly mortgage?
Max: Can you ask Womply about their system not accepting Picture IDs for identity check. I did this before with my first PPP using the same photos. Something is wrong with their system. A few people and I are going though this; can you help us.
What is the day you’re covered. Starch is that the day the money hit your account or is the day the SBA says it is disbursed current?
First day of your covered period is the day your funds are deposited into your account
My second draw Womply says my bank info is wrong or my bank denied my incoming 2nd draw. Both are lies. I stop trying to verify my account because it was copied and pasted. Womply or the Funder is trippin. Womply will not fix it. The Funder wont respond after a week of me creating a ticket with them on their website.
What about if I pay myself a monthly? Instead of a weekly?
What if u plan on moving? Your business is that apart of rent as well ?
PPP ended correct? Didn’t it run out of money this week?
Super helpful, you’re the best Max!
So I’m confused now . I have a small business no employees . My loan was deposited into my business account . So do I have to transfer the money to a personal account or am I ok with keeping it in business account.? Would that be considered paying myself if I left it there ?
@@larrywhite9009 I don’t get it. What is that ?
@@matinezjohnsonjr5222 I don’t get it what is that ?
@@marvindavisjr7849
That's a scammer. Ignore it
If you filed with no employees leave it in either account. If its in your pocession you have paid yourself already, really dont matter because you have no employees.
you can get the 2nd draw doesn't mean you can get the forgiveness on the 1st draw.
So if you’ve been in underwriting waiting 2 months with no denial notification could you still get approved even though you didn’t get the first loan