How to Apply PPP Gross Income for SELF EMPLOYED

[@richsmithedu]

Many lenders are still catching up with these new rules. The SBA provided guidance and new applications on March 3, 2021. For those of you that already applied, contact your lender to ask about requesting more PPP funds using gross income, and please help each other in the comments 👇

[@billythekid7237]

Great info Mr. Smith! I have a question over ppp loan. I am confused on the maximum loan amount a sole proprietor, with no employees can receive. I have read in other places that the maximum is $20833. What if monthly gross income is more than $8333? Any clarification will be appreciated.

[@TheWilferch]

I did ask my bank (Bank of America)...they are clueless that this is even in-the-works, and simply say they (the bank) can't change the rules offered by SBA, and that I should review the SBA webpage for details. Idiots. I respond telling them there is a new gross-vs-net angle, and how does one "correct" this if they already applied on the old basis? Again... "look at SBA webpage" is their answer, as if they ( the banks) have no role in this. Absurd idiocy and cluelessness......

[@robertkomisar1638]

My bank informed me today that their new application for the gross amount PPP won't be available from them until March 15th. I had to send them this information about the changes. They acknowledged this morning that my application under the net amounts could be processed but this would reduce the amount by almost $8000.00 dollars. I told them to withdraw my app and I will resubmit on 3/15. Sad that we are aware of these changes before the banks.

[@TheWilferch]

@@robertkomisar1638 ...more sad that the govt can't get any kind of roll-out right even as a second program done one year after the first.....this was poorly "thought-through" as to recognizing the variety of scenarios. I had to write specs for the corporate world, and if I had to re-do and re-edit as often, I'd be fired.

[@DeaDEye.21]

@@robertkomisar1638 Banks Are Aware of it. They just Don't follow the law and They think they make the Rules. Banks are the Fraud problem

[@michael_zarbo]

Big fan of the work, keep it up!

[@zachnavratil8791]

Me too! This is very helpful!

[@gavingamet1816]

Thanks man! I think you are doing a great job educating us about PP. It's really helpful! 😀😀😀

[@woodenwall8835]

The content is great, just discovered your channel the other day and I’m LOVIN the vids! 😎

[@GetBaked2421]

This is epic

[@ryanmeaser7922]

i agree michael zarbo

[@johnlobertini]

Rich, I applied through Womply on the day this news hit in late February and my application was almost immediately rerouted to a company called SMARTBIZ. They've been responsive and professional. On 3.2.21 they informed me my loan would be based on line 7 and provided the amount I've been expecting. There weren't as many steps or demands - as you indicated - during my turn with Womply & SMARTBIZ. But they did approve the initial phase of my application and said they'd circle back if they needed any more documentation. Appreciate you're help through this process.

[@richsmithedu]

John, this is great to hear! Thanks for updating everyone.

[@tameekay]

Thanks. Use blue acorn and my application is has an issue but the login onto the site is broken. Nightmare.

[@ryanmeaser7922]

Love the advice, thanks Mr Smith!

[@thuylam5857]

so i get a eild loan i wont quantify for it please let me know thank u

[@richsmithedu]

Newest updates as of yesterday allow everyone - you can apply even if you got EIDL

[@dshep7850]

How can an error be corrected, if the finish button was touched by mistake?

[@richsmithedu]

You can edit the application if it’s still “under review” ... get in touch with the lender’s support.

[@dshep7850]

@@richsmithedu Thanks so much

[@juliamaldonado1331]

Happy almost 1 year anniversary of KZbin mr.smith! see I do pay attention in class.

[@allcryptoallthetime7893]

how do we sue the SBA because they were encouraged to file 2nd PPP early using net instead of gross

[@ambarpereira9142]

I’m new to all this and stumbled across your page!!! So informative!! Thank you so much for all your work!!!! Truly appreciate!!!!!!

[@richsmithedu]

You are so welcome!

[@teresal.holder4836]

What if I don't have a schedule 1040c for last year I had a loss it was better to not turn in my wages

[@richsmithedu]

Must have Schedule C.

[@jon_koury]

I love the videos! Can you share what opportunities small businesses have for economic relief if they started after the PPP deadline of February 2020? I started mine in September 2020 and am trying to see if there's anything available to me? Thanks!

[@nkaujhmoobyang3436]

Hi Mr. Smith, what about no schedule C but had schedule K-1 instead? It's sole 1 owner but established the business as limited..how do I go about filling that PPP Loan Application? Thanks in advance

[@forsfullcommunications1561]

Just checking in, Rich, wow, what an update: I live on the North Pole and I will get 10K. I wish we could sit down and enjoy a Green Beer, ur doing a fantastic, thorough job, God Bless!!

[@tameekay]

Wonply still not working for gross income. Only net

[@richsmithedu]

Fast Lane is all gross now. I'd give them a call: 855.540.9512

[@TheTheraMat]

Thank you Rich! Great information!!

[@julieannapena]

I got approved for the first draw and they just sent me the email for the 2nd draw but don’t I need to wait 8 weeks before I sign the 2nd one? For the loan forgiveness..

[@richsmithedu]

Some lenders are gathering everything in advance.

[@unboxedthoughts519]

There is a shortage of videos for us that we’re doing a side business but did not do schedule C for lack of knowledge. I want to apply for the PPP Loan but I do not know what to do in regards to the schedule C form. I have my square account that shows transactions I did in 2019. Any help and/or suggestions will help.

[@richsmithedu]

You need that Schedule C for all forms. I'd content with a local tax person to get one so you can apply.

[@aeelolz2009]

Thank you your videos have been very helpful 👍🏻😍

[@sillygirl0274]

So my question is with using line 7 now do we use the same formula to make sure we are getting the right forgivable amount .

[@richsmithedu]

Exactly ... yes

[@chroniclesofawarriortv003]

I did my magic 😂 thank you for the great info

[@varietyhomemadefoods1118]

Can I pay myself from my business account to my personal account for the 10 week period? This will be my first time?

[@richsmithedu]

Yes - I still recommend a brand new account because it's the government. Here's my article on how to pay yourself: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

[@broddybounce]

Hey Rich - thanks for the video and thanks for linking again to that great article you posted last year about how to pay yourself. And, so, wow, now using gross instead of net, but still paying over 10 weeks, that makes for a nice income for a bit! One clarification tho: these loans are, besides being forgivable, also tax-free - but that also means when I'm transferring the money from my PPP account to my regular checking account, as if I'm "paying myself" (me being my own employee, so to speak), each weekly amount is still tax-free, right? I considered it as such for PPP Round 1, but that's one question I forgot to ask you about previously to clarify. Thanks again, Rich - appreciate your taking the time to think through all questions from and for us self-employed, independent contractor folk!

[@richsmithedu]

@@broddybounce yep, no taxes ... NOT taxable income.

[@jtriggs36]

I can't get past the "affiliated" business tab in the disaster loan application. I do not understand the "affiliated business" area. I've already listed my LLC as the applicant, myself as the 100% owner, but the "affiliated business" tab requires me to list an affiliated business for every owner. Please advise.

[@richsmithedu]

This sounds like EIDL application through SBA. I made this video about PPP loans through lenders - backed by the SBA.

[@cesarpineda4187]

My question is I keep checking my status on my PPP loan and it keeps BARROWER ACTION REQUIRED - SIGN APPLICATION. I have not received any type of email. Under documents to attached there was open fields to upload copy of ID and voided check which I did. It also asked for bank statement but I just opened the SoFi account and couldn’t get a downloadable statement. Who or how can I contact to be able to continue?

[@richsmithedu]

Call this number and leave a voicemail: 855.540.9512 Someone should call you back within 24 hours or so.

[@cesarpineda4187]

@@richsmithedu thank you!

[@cristravis3586]

How would I calculate my gross income for the year if I only had my business for 5 months in 2019? I think my lender gave me my loan based on a full year calculation or what was on my 2020 schedule C.

[@richsmithedu]

Hi Cris, check out these guidelines about your business starting in 2019: home.treasury.gov/system/files/136/Second-Draw-PPP-Loans--How-Calculate-Revenue-Reduction-Maximum-Loan-Amounts-Including-Documentation-Provide1192021.pdf?fbclid=IwAR2xK6eDTg4UbZWbKSAFqv5eVKJJfSclna6QgaqRpEV-JoBe-SQhY1JtHe8

[@andrerobinson4327]

Seasonal business take a 12 week time period between feb15 2019 to Feb 15 2020. Dived by 3 then times 2.5.

[@KimNguyen-jq7um]

K serving lender still using line 31 on schedule c today. Not line 7.do u have any idea about that? Thanks

[@richsmithedu]

This is not updated...I'd reach out and request an updated calculation.

[@dienle5782]

I did apply to my chase bank three days ago but denied .can I apply again with Womply?

[@richsmithedu]

Yes -> here's the link: richsmithedu.com/recommends/ppp-2/

[@ThinhNguyen-mn4li]

We have to fill out with Womply first? Thank you

[@richsmithedu]

You can process this with any lender, but Womply has a Fast Lane for people brand new to the process: richsmithedu.com/recommends/ppp-2/

[@groove1486]

@@richsmithedu Rich, I have applied on 02/28 at 9pm actually through your Womply link, fast lane 1 and 2 with gross amount line 7, however I have never received a confirmation email nor have I heard from them yet. The program is ending tommorow, should I be worried? Are we gonna get approved even though the program for gig workers and others is ending today, March 9?

[@richsmithedu]

@@groove1486 I'd call them at this number and ask about your application: Womply | 855.540.9512

[@halleybass5391]

If I did receive the eidl loan last year, will this not work for me? Thanks!

[@richsmithedu]

This now works for everyone...was updated recently!

[@HitTheMat]

Would unemployment/PUA need to be counted when referencing the 25% reduced income period?

[@richsmithedu]

Nope

[@HitTheMat]

@@richsmithedu Thank you!

[@angiejas1579]

How about the business already received the fund based on schedule c line 31? Should they reapply?

[@richsmithedu]

Right now, we don't know how to request the increase, but you can email your lender and ask ... they already did this for farmers.

[@angiejas1579]

@@richsmithedu thanks! So it’s ok to apply with different lender

[@richsmithedu]

@@angiejas1579 yep, you can apply with different lenders and even more than one. SBA will only approve you once per draw.

[@angiejas1579]

@@richsmithedu thanks

[@Khloe99919]

Question, I just applied for PPP but when I filed my taxes my CPA has me as an S-Corp and my Income for 2019 was $ 81,168.00 also add the $ 12,000.00, the $12,000 is what is on my schedule C, I'm super confused how my taxes are being filed. This company that took my app and used my current 1099 income for 2020 which was $97000+ and they had created the "Schedule C". Does the S-Corp filing do something different? I surely don't want to get into trouble and I have not filed taxes for 2020 yet but I do have my 1-099's. Any advise would be helpful. thank you,

[@richsmithedu]

Schedule C uses Line 7 gross income now, but S-Corps are different. Not sure what you mean by "created the Schedule C" ...

[@millionairemomlikesubscrib5059]

Do you have to have receipts for business for 2019 or 2020 business transactions

[@richsmithedu]

They ask for proof of business, so bank statements work best.

[@ruththomas7164]

Do I have to bank online to do this?

[@byefelicia8632]

You can bank in the toilet and still get it. lol..

[@rodeofather5847]

Rich can I get the PPP loan if I work at chili’s? And would I eventually have to pay this loan back? Sorry I don’t know too much about this stuff but I’ve been seeing my friends asking people to do the PPP loan

[@LexMugga322]

I have the same question

[@dillo416]

Hello many thank you for all the videos and info you provide so it helps a lot ... question : I received PPP 1 , EDIL and a Loan from my small business then several months later I had to shut down permantly closed so I didnot apply for PPP 2 .... but Now I am trying to apply PPP as a Self employed from my deliveries as working for shipt and instacart getting a 1099 ... I also got a Small Loan last year as personal , in these case I can apply on woomply for the short way ? ...

[@richsmithedu]

Yes, correct - the application accepts all sole proprietors now.

[@deesdream7883]

Are these loans meant to replace lost revenue for 2020 due to Covid? i.e YOY loss in revenue in an LLC sole proprietor travel agent?

[@richsmithedu]

Yes - 2.5 months of average monthly salary ... twice.

[@deesdream7883]

@@richsmithedu Thank you!

[@mikequick1441]

🌴🤙🌴Thanks Rich for a great update & the guidance on applying for PPP 1 & 2. Great video & very helpful...!👍🌴🌞

[@richsmithedu]

Glad it was helpful!

[@paullemiremusic3101]

Idea for a video at some point soon ... Those who are trying for 2 draws in PPP2. How the process goes since the first loan must be spent b4 getting the 2nd. How is, say Wompley getting applicants approved twice? There must be a delay you’d think. Thanks as always, Rich. Love your easy going, clear, and informative teaching style

[@richsmithedu]

Great idea. Lenders are saying two weeks on their end, but the SBA can take up to 8 more weeks. That wide of a range needs to be addressed.

[@paullemiremusic3101]

@@richsmithedu It's alarming bc, for instance, an 8 week delay would bring us into April crushing hopes of a 2nd draw

[@richsmithedu]

@@paullemiremusic3101 I'm predicting an extension, but we need to wait for that too - lots of waiting, right?!

[@paullemiremusic3101]

@@richsmithedu Any news on this? I learned the lender must report disbursement of the loan within 20 days on a "1502 form" to the SBA. But when they do this, the initial loan # is not necessarily recognized in the portal when trying to apply for a 2nd draw. I'm currently in a holding pattern with a local lender who's taken my "gross receipts new application form" but can't do anything until my First Draw loan # is recognized in the SBA portal. Wish I knew when this might happen. Lender tries daily ...

[@richsmithedu]

@@paullemiremusic3101 will you share your lender? This sounds very proactive. SBA is still deferring but an extension is expected soon.

[@stephenromeo5372]

hi, my current application through smart biz lender is still asking for line 31 from my schedule C. should I start the process over? anyone know a lender who is accepting gross income yet?

[@richsmithedu]

They are actively reaching out to adjust to Line 7. I'd contact them right away to adjust your application to gross.

[@daniellekingsbury9175]

I think I am a little confused-- so previously when applying for forgiveness if you were using the PPP as salary for the owner/sole prorietor wasn't the forgivable amount capped off at what your net income was /12 x 2.5 in 2019 schedule C? So now that the loan amount possibilities have changed has the forgivable amount changed? OR was I misunderstanding the amount forgivable from the beginning?

[@richsmithedu]

Yes, the forgivable amount changed too.

[@AryanAli0007]

I did not get it do we need to upload full 2019 tax returns and schedule C

[@richsmithedu]

Yes

[@juliapalos5433]

What’s the highest amount a small business owner who hasn’t received a pay check in a long time and his son the employee who gets a regular paycheck. Also my mom stopped getting a paycheck a few years ago because they were struggling prior covid... can I add my dad the owner and my mom the book keeper and pay them? What’s the largest amount they can apply for? If my dad claims that he paid himself... can he remodel his home with that money or only remodel the shop?

[@isidrolopez6698]

I'm considered self employed when doing my taxes my income from 2019 and 2020 were the same but this year(2021) they're going to decrease What year should I use for the ppp loan Thanks any info would be appreciated

[@ilanashanasirova9612]

Hi Rich, we applied to this loan on may 5 when funds are run out already through womply, the question is why this website requires additional information for identification such as photo, drivers license etc.?

[@richsmithedu]

It’s one of the fraud checks. They want to make sure people are real and their addresses match their taxes.

[@ilanashanasirova9612]

@@richsmithedu so it’s quite safe to download ID and provide photo? And the second question...how do you think if funds will be increased this year and we will have a chance to apply?just your opinion

[@nguyenhoangminh304]

Thank you Rich, also, you recommended the CiT bank before, now you switch to SoFi, so which one is better in your opinion?

[@richsmithedu]

Loving SoFi lately because there’s a $50 sign up bonus. Still, recommend CIT too because the interest rate is high.

[@mariamoises9177]

If the rules say you have to finish the funds of the first one before applying for the second why would they offer at wompley?

[@p05esto]

do not use wompley....no no no

[@gogorjan1994]

@@p05esto why?

[@active2442]

QUESTION! I received Loan Doc for my PPP2 with Biz2credit. but they didn't use my Gross from line 7. Should I reject the offer and reapply? it's a difference of 12k

[@richsmithedu]

Yes, I'd contact them and tell them to use Line 7 or you're not signing.

[@agasalmans]

Many thanks for these awesome informative videos and frankly your more helpful than the banks. My question is we haven't applied for PPP yet but what can we use PPP for other than payroll ? Is there a video or a source your can provide?

[@richsmithedu]

Once you “pay” yourself you can use it anyway you choose - it’s your money then.

[@shunnie313vv4]

I applied with womply it says loan requested then when I check status it changed to lender undefined. Why does that mean?

[@richsmithedu]

I'd contact them on Monday. The lenders are still catching up with the new changes.

[@rosalynrandall6820]

My business is an LLC with my husband as 50/50 managing members. My CPA does not do a Schedule C when they file our 1040. So what Schedule should I look for?

[@richsmithedu]

Sounds like a partnership, so look for K-1 for each of you.

[@lizandabel]

I tried applying today with us bank and their application still asked me for line 31 what should we do? Does anyone know?

[@richsmithedu]

Tell them to update your application using Line 7 or go elsewhere.

[@smileyfacegianna]

Hi Rick! just want to be clear... do I open 2 accounts one to transfer the whole amount PPP to one account and transfer my weekly pays to another new account right? /After that i use my pay to transfer to my personal account for spendings? Thank you so much

[@richsmithedu]

One NEW account per PPP loan. Here's my article explaining: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

[@zeeshanshaikh8890]

Q1. To show that you were in business as of Feb 2020 will the bank statements suffice? Q2. If one doesn’t subtract the salary out monthly from a single person LLC, can we attach the P&L statement with the application? Q3. What is required for forgiveness if you use your home as part office and don’t pay yourself explicitly on a monthly/quarterly basis?

[@richsmithedu]

Yes, bank statement works. The easiest way is to get Line 7 gross income calculation then pay yourself the entire amount as owner's compensation. Here's that article: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

[@juliapalos5433]

I have some questions... my parents business was struggling PRE COVID and both my mom and dad didn’t receive a paycheck. Can I add them on as employees to pay them or can it all go directly to my dad as ownership payment? He can do what he wants with the money right? Like build a new shop, but cannot fix his house? If it went into his personal account, he could do whatever with it? Can he add me as a consultant even if I’ve never been employed “officially”? What if I’m a small business consultant?

[@richsmithedu]

These loans are based on 2019 and 2020 tax documents, so they'd need to already be on your payroll, etc.

[@pjre4998]

Is it possible to get 2 PPP loans in 2021 as an independent contractor?

[@richsmithedu]

Yes - this video is exactly for that scenario.

[@islamicfoundationcenter2324]

I applied with womfly fast lane on march 1 but i haven't heared from them yet , however, they are saying we will email you back in 24h but they're not . Amd the weird thing is my line 7 is 48k but they estimate me 40k PPP loen with both drew .

[@shondavv1138]

Same

[@richsmithedu]

I'd email to see if they need any documents and ask if your application is being processed.

[@shondavv1138]

Have you received an update? I applied with womply same day March 1st. I emailed today they responded with they just got the updated info from SBA and will be proceeding with applications.

[@richsmith-teachingmilliona886]

@@shondavv1138 SBA gave the lenders permission to use Line 7 on March 3, so things should be moving along these next two weeks.

[@varietyhomemadefoods1118]

Since you spoke about new account, when applying should I give the new account information or old account information to receive the money?

[@richsmithedu]

Give the new account if it's already established. Otherwise, use an old one and plan to make a transfer.

[@varietyhomemadefoods1118]

@@richsmithedu Ok great, does it have to be a business savings or checking account? I’m thinking of using your link to apply with sofi for account.

[@richsmithedu]

SoFi is great, and does NOT have to be a business account.

[@shondavv1138]

My app still says requested with womply fingers crossed

[@richsmithedu]

I'd email to see if they need any documents and ask if your application is being processed.

[@shondavv1138]

@@richsmithedu thank you

[@shondavv1138]

@@richsmithedu hi it now says TBD what does that mean?

[@KimNguyen-ox8mf]

Can I apply for PPP 1 with 2020 schedule C?

[@richsmithedu]

Yes

[@kingnate1213]

What if I did not file in 2019 as I started my business in 2020

[@richsmithedu]

You can apply too so long as you were in business Feb 2020.

[@californiarealestate]

nice video.. for ppp2, ready to apply. in 2020 i qualify based on qrt reduction. now, line 7 shows 110k.. i am capped at 100k for self employeed, no employees. what to do.. sba will make those adjust for me at $100k or what?

[@plancaster8367]

Will the Sba deny me because I've done my fast lane and have never recvd my ppp 1 or 2. I submitted my 2019 tax returns however they are asking for bank statements the only thing is that bank account closed in Nov of 2020. I have a fairly new bank account and I called my green dot account they r mailing me supposedly my banking statements from 2020 this week but will I be denied??

[@richsmithedu]

No, sounds like they need more information then you'll be good.

[@plancaster8367]

@@richsmithedu what does the pay off date mean on the sba website it is dated for today?

[@irmaherroz3636]

Hi I got a question hopefully you can answer . I've been trying to get help. Ok so if I'm negitive meaning no gross income . So does that mean I don't qualify. Oh plus I haven't did my tax return yet filed . But I'm going to. So if you can please give me some guidance I would appreciate it?

[@richsmithedu]

Did your business bring in any money yet?

[@josephdeinz342]

My business was a upstart in 2019 and had no income and showed net loss. Will they accept my bank statements for the first quarter of 2020?

[@richsmithedu]

You can use gross income for the new calculation, and the Feb 2020 statement will be needed too.

[@concernedcitizen1705]

Hey Rich Great information here, thanks s much !!! When uploading PDF, can it be in 3 PDF's (2019Taxes in one PDF).....and drivers license in 2 PDF (front and back)

[@richsmithedu]

Yes, I had the option to add additional files.

[@concernedcitizen1705]

@@richsmithedu 🍺

[@seyedhroughani9810]

I applied for the second PPP on February 24,2021. I have received my loan but it is calculated based on line 31 instead of line 7 of schedule C. Can I ask that the loan be recalculated base on line 7 and get paid?

[@kimberlybrenner6331]

That is my question

[@richsmithedu]

You can ask and if they say no, then you don't have to take the funds. There is a small window after SBA approval where you can tell the lender to cancel. However, as of now there isn't yet a way to request an increase.

[@ribe3434]

How does wonky make money or they do it to be nice?

[@miketony8152]

I applied and received the 1st PPP loan through Citibank. The amount I received was based on my schedule C net income. It has been forgiven. Am I allowed to reapply using my gross receipts? FYI> Both 2019 and 2020 incomes are virtually the same.

[@richsmithedu]

Contact Citibank ... you need to see if they will process an increase.

[@cadillacvibes]

Hi Mr. Smith, great content thanks for the video. I have started a business in 11/2019 but had no activity until Jan 2020 and ongoing. What do you think I should do to apply, should I wait to see if the app is updated to accept 2020 returns ? I have already filed and would qualify based off of what I understand from the rules.

[@richsmithedu]

I'd check with a few lenders ... you can use 2020 documents.

[@cadillacvibes]

@@richsmithedu thanks for the reply I believe I found one “smartbizloans” I was redirected from womply when o selected I didn’t have the 2019 tax docs

[@americanguesthouse9187]

You are awesome - so easy to understand and follow. I am applying for my PPP1 forgiveness, I am a sole proprietor and had no employee. Should I put 1 employee counting myself? What if I had employees, would I add myself as an employee as well? Let's say I had 3 employees, would I add myself as an employee as well, making it 4 employees?

[@richsmithedu]

Count yourself as one person - W2 employees increase that number too.

[@georgio9910]

Hi Rich, i applied today using Womply. On my application i requested both the first and second draw loans and i was eligible for a total of $6,486.66 My question is now that I have selected both the first and second draw at the same time, do I follow the same procedure and pay my self weekly for 10 weeks (in my case $648.66 weekly) in order to make sure I receive forgiveness, or is there a different procedure when doing both the 1st and 2nd draw loans as the same time?

[@Eyl279]

Hi, thanks for this info...I'm having a really hard time finding online lenders who are supporting gross income applications especially since it would be great to get this is in before March 9. I'm worried about using Womply because it has so many bad reviews....

[@richsmithedu]

You can direct any lender to the SBA site now and tell them to use Line 7. The new information is out there...

[@Eyl279]

@@richsmithedu Well not really. Chase came out saying they are not able to accommodate line 7.

[@joshuaturner6838]

So if you have 2x separate business, One and LLC,(EIN#) and the other an Independent Contractor (DJ SS#), can you apply for both entities? If so, when you apply for each on Womply would you put that you never received a loan for each one? I have gotten both round 1 and round 2 for the LLC, but never applied for the DJ business, since Independent Contractors were not allowed last year?

[@richsmithedu]

Yes, separate application for the SSN, and you can apply for both.

[@joshuaturner6838]

@@richsmithedu Ok Great, so my next question then is, when applying through Womply, when it ask's if I have ever received a PPP loan, would that be no, since this would be the first time I am applying for my DJ business? Secondly, when filling out the application, for Business Name, do I use the business name or my Personal Name in there? Thanks for all the great videos...

[@richsmithedu]

@@joshuaturner6838 match your Schedule C for business name Line 7 and tax ID - so same info for SSN on one app, then other info from other Schedule C on other app.

[@christopherjoyner6865]

I read there is a Max of 20k across all entities without employees. Is that correct. So if you got the full 20 as the sole prop ssn, then you would get zero for the llc .

[@richsmithedu]

@@christopherjoyner6865 not exactly. do you have EIN?

[@georgio9910]

Hi rich, do we have to pay ourselves weekly for 10 weeks or is the minimum required 8 weeks weekly?

[@richsmithedu]

The guidance is muddy - here's what I suggest: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

[@1219ess]

Even if I have a w2 job along with my schedule c 1099 job on side?, with proof I lost 25% in income in 1 quarter of 2020 compared to 2019

[@richsmithedu]

Yes, the PPP would be based on the Schedule C income only.

[@cptkennels]

"Did the applicant receive an SBA Economic Injury Disaster Loan between January 31 ,2020 and April 3 ,2020?" What if the applicant received a EIDL after that date range ? For example the applicant received a EIDL in May 2020 ?

[@TheWilferch]

Follow the instructions to the letter....if you didn't...then you didn't ....within the date range THEY ASK FOR.

[@abrahamdelapaz7287]

I started doordash delivery on 8/15/2020 can i still apply for the pp loan and how much can I apply for I made 3500$ in 4 months I only have a 2020 1099 not 1099c

[@richsmithedu]

They require you were in business by Feb 2020.

[@solargiousa]

Does this higher amount ppp loan have to be paid back- or is it still where 60% must be used for bsns expenses? My gross was $110k and my net was $21k. It would make sense for me to get it now , if this is the case?.??? Thanks

[@richsmithedu]

The higher amount would be forgiven also: Here's my article about the changes: richsmithedu.com/ppp-loan-based-on-gross-income-for-self-employed/

[@sandracc3741]

So if I made 21 thousand how much do I put on schedule C? Can someone help me??

[@richsmithedu]

$27,000 would be Line 7 on your Schedule C.

[@OmarTru777]

My Llc received a PPP a PPP last year for its employees. I am a self employed individual when applying for this should I say that is my first PPP or second one?

[@richsmithedu]

It's based on your tax ID. What'd you use for your LLC for the first loan?

[@OmarTru777]

@@richsmithedu yes I used my LLC for the first one, and only got enough to cover employees' pay but nothing for me.

[@richsmithedu]

@@OmarTru777 so your Schedule C SSN can be used for different app as sole proprietor

[@OmarTru777]

@@richsmithedu also my LLC got an EIDL can I do this?

[@AryanAli0007]

what if i m unemployed do we still need to show how much we make a month?>

[@richsmithedu]

Do you have business income and filed taxes?

[@hotpinkchill423]

Hello, I’m a bit lost on what to do. I am currently collecting unemployment benefits. I started a side business in Jan of 2020 along with a full time job. My side business was making money up until March when COVID hit. I filed my 2020 taxes and am currently in the process of amending them to file my schedule C. Does applying for a PPP loan affect my Unemployment? Or do I even qualify for a PPP loan? Thank you

[@richsmithedu]

You need that Schedule C to get the PPP loans - the best guidance is not to use both funds at the same time for the same purpose.

[@taha197979]

Hi Smith I apply for ppp but I have not finished the application because bluevine still asked for the net income you think should I finished the application or wait for the update

[@richsmithedu]

SBA released the new guidance already, so I reach out and make sure you request the updated amount.

[@concernedcitizen1705]

Hey Rich.. I applied through Womply, 4 days ago.. PPP Just got denied from Chase, due No Account History... I just set up this business account 2 weeks ago. I’ve been using my personal account, last 7 years. Chase said, on 3/15 my account should be available for eligibility (ppp) should I just wait and try to re-apply then, or should I ding another lender from Womply. ?? (sole proprietor, 7 years in business, no employee’s) Thanks

[@richsmithedu]

I'd give Womply a call first thing on Monday - 855.540.9512 You CAN apply with more than one lender, then see who gets you paid first.

[@matthewmcewen1557]

I just was approved for the first draw, can I apply for a second?

[@abaynes28]

Wondering the same thing.. Guess we can only try again and just apply for the second draw ..

[@richsmithedu]

Yes, the fastest turn around time I'm hearing is two weeks to be able to apply / process the second application.

[@stevenmiller1031]

I have a pending request to join your Facebook group. Thank you very much very providing this extremely helpful information. I have been looking for some time for this information. I was laid off permanently at the end of August last year. Plant shut due to COVID19. The company was very generously paying the COBRA premiums until the end of February. A few days after that lapsed, it was announced that the stimulus bill would pay COBRA premiums, but it was too late for me. It is very disheartening that that government is spending trillions of dollars and there are no programs I have qualified for except the stimulus check. Re: Question: Will this affect the weekly unemployed money I got each week? Answer: Depends on your state's UI policies - best guidance is not to use both at the same time for the same purposes. That is not a no, and I have the same question. Could you apply for and receive a PPP loan and keep the money until after September and use the money then? Or could you use the money for a different purpose such as health insurance or inventory? I have been selling on eBay for, about 10 years. Not making much money at it at all. I have really ramped up that effort and have an independent website now (not making any money or even getting any traffic yet). I plan on drawing unemployment until it runs out in September, while I try to get a business going. My gross in 2019 was about $3000. In 2020 it will have been at least $50,000, and maybe $200,000 gross for this year. I will do my taxes this week for 2020 so I will know the numbers. Right now, they are educated guesses. When should I apply for PPP and for what year?

[@richsmithedu]

You are allowed to apply for First Draw and Second Draw during 2020 now using gross income Schedule C Line 7. During the application process, you can use 2019 or 2020 Schedule C. You have 24 week from the date of deposit to use the funds, so you CAN wait to use the money so long as it's within those 24 weeks.

[@zachbb5458]

Do you upload business tax or your personal tax documents ?

[@richsmithedu]

This application is aimed at sole proprietaries with Schedule C, so it's 1040 all pages - personal and business.

[@fareedonoryakhail3304]

Hi, I have a question. Does the loan automatically forgivable or not? I’m using schedule c. Thanks bro!

[@sami5187]

No. You have to apply for forgiveness with proof of expenses where did you use the money for.

[@vahidtayyari2292]

Rich. Schedule C Line 1 ( gross receipt) or line 7 ( gross income)?

[@richsmithedu]

100% Line 7 gross income. Here's my article explaining more: richsmithedu.com/ppp-loan-based-on-gross-income-for-self-employed

[@vahidtayyari2292]

@@richsmithedu Thank you so much for all your information.

[@andrewsaruna8657]

I am receiving unemployment benefits now, as a self-employed with my own business. Schedule C. Can I apply for a PPP loan?

[@richsmithedu]

Yes

[@mislandi10]

Hi, Does this information apply to an LLC? And if I didn’t get anything for the PP1 and I just got approved for a PP2 is there anyway I can go back and re-apply for PP1?

[@mislandi10]

And also I have an LLC but I’m also a 1099 because I am a realtor can I apply differently or do they fall into one category because I’m one person

[@richsmithedu]

Yes, applies to LLC. First Draw is one amount, then Second Draw is also available as another amount.

[@mislandi10]

@@richsmithedu thank you

[@mislandi10]

@@richsmithedu do I need to have a business bank account to qualify for the llc?

[@richsmithedu]

@@mislandi10 some lenders were only working with their "business" clients, but that's NOT a requirement from the SBA. You can apply without a business bank account.

[@yousufayaan6890]

Hi! Few questions: Does it matter to go with 24 weeks covered period or 8 weeks in order for loan to be fully forgiven 100%?? Can I use all the money for personal expenses? And what happens if spend all money soon than the weeks covered period? Please tell me I really need to know this.I'm an uber driver, independent contractor

[@richsmithedu]

It covers 10 weeks, so I'd plan on that ... here's my article on how to "pay" yourself: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

[@yousufayaan6890]

@@richsmithedu thanks a lot!

[@jonimetcalf5737]

Please let us know when you know for sure about the people who have already applied. I went through all the pages tonight and O think it said No 🤦😞 Politico did a article about it too where lots of democrats and Ben Cardin said it's not fair to amend the rules to only the people starting March 3. 😞

[@Swara96]

Quick question, I only applied for second ppp and last week they only gave me 500 because it was based on old rules. Will I get the difference or can I return the funds and start over because I should have received 7k? Thank you

[@richsmithedu]

I'd email to see if they need any documents and request the change. Some lenders are already doing this and others are playing catchup.

[@carlosh.riddle5056]

If I received a ppp first draw on feb 22, received the $ and spent it on payroll can I file for a ppp second draw right now if I qualify? Or do I have to wait 8.5 weeks??

[@richsmithedu]

Lenders are saying as fast as two weeks, but the SBA is saying longer. We need to keep asking/trying ...

[@carlosh.riddle5056]

Thank You. I appreciate your help.

[@piperzak3871]

Hi Mr. Smith I didn’t know you had a KZbin channel, and it has almost 20k subs

[@gunrightsmafia9867]

What if u didnt file for 2019 yet and never filed for my business!!! And i never did a 1099 before but i already got the money!!! Somebody did my application for me and i still am unclear about how to go about the situation because am not trying to get into something i dont really need and it was explained to me that it was a loan to start a business but after doing my research am seeing its for business who were open February of 2020 and 2019 am a self luxury barber who goes to people houses i cleared alot of money in 2019 i can show everything but most thru papers i got thru a record book i spent like 5 thousand on new equipment and to get licenses to get a real shop but i have 15,000 left from 19,875 i moved the rest into a new account already and i tried calling my lender but they never answer and there mailbox is full and i went thru womply if i have to pay anything back i will appreciate the advise based on my situation!?

[@arehebu5936]

I already got first round PPP loan, and fIrst round SBA EIDL Grant $1000 as well as the loan. I also applied for second round SBA EIDL Grant. Am I eligible to apply for second round PPP loan? Thanks

[@richsmithedu]

Yes

[@Kaylawayla_8]

Womply hasn’t gotten back to me, no follow up email, and I applied a week ago 🤔

[@georgio9910]

same here, a lot of bad rewviews recently i have been reading about them. many people saying they have not heard back and they said within 24 hours they would get back to me. they didnt even send me a confirmation email saying i submitted the application which was weird

[@Kaylawayla_8]

@@georgio9910 do you know of any alternatives similar to womply? My cousin told me to try PayPal.

[@georgio9910]

@@Kaylawayla_8 well womply isnt exactly a lender. they are basically the middleman they connect you with a lender. i think it would be better to try your bank, or try googling bluevine

[@richsmithedu]

Hi Shia, try this number for Womply and leave a voicemail. They called me back ... 855.540.9512

[@Kaylawayla_8]

@@richsmithedu thank u 🙏🏾 ☺️