5 tips to make PPP forgiveness easier (and audit ready!)

[@lorrietimberlake7721]

Thanks Hannah! Looking forward to Wednesday's workshop.

[@ClaraCFO]

Great! Excited for it too! If anyone still wants to join us, you can sign up here: claracfo.podia.com/2f166e1b-3ce1-41fd-8321-d492f733df2c

[@alonzolopez6264]

You are the Best The Best God Bless You. Thank You

[@ClaraCFO]

thanks for being here!

[@daniellesanders1374]

If I just received it do I still need to do the forgiveness now if all the money isn't spent or can I transfer all funds into my personal account then submit forgiveness

[@flee78]

Can I use a quarterly profit loss to show reduction of revenue from 2019 to 2020?

[@charlesmartel7255]

Should a self employed person use 8, 24 or some number in the middle, of weeks when filing for forgiveness? The idea in favor of 8 weeks: I’ve read the SBA seeks to have the business maintain the payroll amount per week. ( but this is a fiction as you say, as there is no formal “payroll” here.) In favor of 24 weeks: a longer time to have used the money and thus claim more expenses. The reality for myself is I cut expenses and it probably took me longer than 24 weeks. My concern is my bank’s web form does not let me go back after entering this information and I’m worried I’ll choose it “wrong” - I've also heard various things about taking the entire amount as "salary" vs explicitly citing use of it for rent, etc. My reality is that I simply used the money to keep my life and business going -

[@jamiemeyer1441]

Thank you very helpful as always!!

[@ClaraCFO]

So glad! thanks for watching!

[@jaydawg2616]

Thanks Really enjoy the podcast, very helpful and you make it understandable to a simpleton (me)

[@ClaraCFO]

I think we ALL need PPP broken down to be simple...what a crazy program this has been! Glad it helped!

[@aleksb4185]

Hi Hanna, I heard that SBA is preparing their own portal for forgiveness to skip lenders. should I wait until they complete this thing ? also , if im self employed loan less than 50 k spending means only to pay myself which I did . ppp was sent to my checking account and I transferred to separate checking account where there is only ppp money . Do I have to do anything else? its been 12 weeks my covered period is finished. what is the best way to handle this? I really appreciate your advice Hanna!

[@ClaraCFO]

I heard that too! I'd go with your lender if your portal is open, just because we don't know how long the SBA portal will take to be active. Sounds like you have done what you need to Aleks! Just make sure to save your bank documentation showing where you transferred that money to your personal account.

[@mdforlife]

@@ClaraCFO fantastic. thank you. same situation. Lender keeps saying "were not ready, not yet not yet." - Ready Capital

[@ClaraCFO]

@@mdforlife lol! that's ironic, huh :D

[@nwvp08]

According to this article from Politico, it's supposed to be up and running by August 4. www.politico.com/news/2021/07/27/paycheck-protection-program-ending-501046

[@ivecuba1952]

pero porque en ingles ,no entiendo,

[@danperkins1798]

If you have spent all but $5 of the money from your business account, can you apply fir forgiveness or do I need to withdraw the $5 and spend it first?

[@sherriw8282]

Isn't a certain percentage of you loan automatically forgiven? The amount one is responsible for getting forgiven is a smaller amount?

[@ClaraCFO]

Nope! There is no automatic forgiveness! You still need to spend at least 60% of the loan on payroll (including owner compensation), but 100% needs to be spent on eligible purchases in order to get full forgiveness.

[@lisabradley5852]

@@ClaraCFO my husband is a contractor sole proprietor truck driver with a schedule c. No employees. Can the 40% of the non payroll expenses be used for fuel, repairs and maintenance and permits and taxes for his truck? I just want to make sure. Thanks!

[@Jerseylance1]

Good video, but if it came into your personal account like 8000 do you pay yourself?

[@ClaraCFO]

this might be helpful for you! kzbin.info/www/bejne/bIHYY2qCmNugnbc

[@DenverRealtor]

Hi Hannah, I got my first PPP1 on 3/30/21 and my second PPP2 on 6/16/21. In my opinion this is 2.5 months? I have one employee and myself. I paid myself all of the first loan. So my forgiveness should be pretty easy, correct? I Just show the canceled checks to myself for the forgiveness applications? Although, the last check I paid to myself was cashed 7/ 2/ 21 for a small amount of $1500. I did write it on 6/16/21, I just forgot to deposit it till today. ugh! Thank you for all your help and the great videos. OH! Also, I still have my employee. She is under 18 and only makes a $1000 month, so I just use a 940 at the end of the year and pay her with cash, usually from my personal funds.

[@AliVlogs1995]

Hi Clara, I got PPP as an uber driver 1 month ago I’m planning on using it as owner’s compensation. Can I use week 16-24 as my covered period?

[@chadmiah880]

Hi Clara I took ppp loan & same time I took the unemployment money. The money is on my hand, I didn't take ppp as my salary. Now the unemployment is over. Can I take the ppp money as my salary.

[@bocephusjr31]

What do I do if I never got any money from ppp but was sent out then sent back help me find my money

[@ceejcollections716]

Since 1099 independent contractors automatically get qualified for loan forgiveness do we still have to show that we paid ourselves?? Payroll cost. I have no employees and paid myself the full amount in to a different account. Im worried I did it totally wrong.

[@ningdu6037]

My bank said that they are not start to do PPP2 forgiveness yet right now , they want to wait their email, could l just do myself from SBA link? Thank you very much indeed 🙏

[@ClaraCFO]

Yes, this is still pretty common. The SBA direct forgiveness portal isn't available yet. If you got PPP2, you still have lots of time to apply for forgiveness! So my advice is to wait for now.

[@ningdu6037]

@@ClaraCFO Thank you very much indeed 🙏

[@onealchrissyandjakoberobin3056]

Stop

[@ClaraCFO]

🤔

[@bocephusjr31]

@@ClaraCFO help me please