How to Pay Yourself with EIDL Loan | How Much Can You Pay Yourself with SBA EIDL Disaster Loan

[@thevegg3275]

So if you have no work but have 20k in the bank, you cannot pay yourself the amount on line 31 schedule C from the EIDL???

[@WLNS4Life]

Thank you for your dedication to keeping us up to date with all the updates and changes related to PPP and EIDL. Are there any additional updates for 2021 regarding Self Payment with EIDL funds?

[@phyllistheweaveanista8892]

Thanks so much for your detailed videos!!! You are now my go-to for things that I need to know. God bless you and the work you are doing!!

[@TheMixingBowlHomestead]

I was going to subscribe because I found your content to be consistent with SBA standards. But when the video got to the end and I saw and hear you speaking of the Lord, I had to hit that subscribe button 😊 God bless you and continue to prosper you in all you do.

[@tonyahall2181]

Same for me I hit that subscribe button aswell.

[@s.h8838]

Thank you for this valuable information.Is there any possibility of EIDL forgiveness if yes ,than what percentage and on what basis it can be granted ?

[@noThankyou-g5c]

The loan can't be forgiven but the grant is free obviously

[@russpeaknuckel9525]

If I got EDIL loan in 2021, can I pay myself using my 2020 schedule C ?

[@pistolpete4736]

Ever find an answer to your question? I am also needing this answer.

[@elmergaray9124]

So can you use schedule c line 7 now as pay to your self or line 31 seen they change the rules.Thanks

[@jaaziel9]

According to JJ the CPA (check him out) you pay yourself using the amount on Sch C Line 31. Divide that amount by 12, multiply by 2.5 and that is the amount you can pay yourself. Use the remaining for amount to pay "ongoing" business expenses.

[@gail1684]

@@jaaziel9 This is Not JJ the CPA.

[@pistolpete4736]

@@jaaziel9 Yeah but where the hell does the 2.5 number come from?

[@firekindler777]

I'm sorry, but please don't follow this advice. This is incorrect information. The information quoted from JJ the CPA is relevant to the PPP loan amount, not allowable EIDL funds to pay yourself. Not only that, it is outdated information. Stick with Schedule line 31 divided by 12 to figure an amount to pay yourself a monthly amount or get some advice from an accounting or financial professional.

[@MDForTheCulture]

I’m in a partnership, can you pay yourself one lump sum, or do you pay yourself weekly or monthly?

[@marwanshidawa744]

I am self-employed , I have a small business as a landscaper without any employees and I use my home as a business place .So can I use the Eidl loan to pay the rent ? ( notice ) my Eidl loan is $9.700 only .

[@icecreambeats101]

From what I’ve been told you can use it for rent if your home is where you operate from

[@SpiritualGuu]

You broke this down good nice video

[@SOTOWAYTRUCKYAUTOREPAIR]

Can you just use bank statements as receipts? have a business card I use and them pay it from the checking account with my EIDL. also for schedule C payroll, I see I have to use the same formula as PPP but can I pay myself that amount all at once? thanks

[@freedomgroup]

Hello Chris....in order to advise properly we would need more information about your case. You can call us at 407-344-1012 to schedule a consultation. Best regards.

[@Propertyexit]

I have a car loan, I use my truck for my business, can I pay off the loan or do I have to keep paying it monthly?

[@drzchulo20]

monthly

[@JackieJustice]

What if the number has a negative sign on line 31 ...what do I pay myself for example -6000

[@Docttyler1]

Action Jackson, what did you end up doing for this?

[@daboiskittz17]

Any update on this did you pay yourself out?

[@s.h8838]

Thank you for this valuable information. I have a question , if a business proves its existence and functionality through filing a tax and if it is a loan and will be returned back according to the SBA terms and conditions doesn’t offer forgiveness options either than why SBA needs the audit and receipts and all that stuff from the borrower??

[@WuCandice]

This is helpful, thank you. Do you have anything on how to pay taxes if you have paid yourself with eidl loan funds?

[@freedomgroup]

Wow...this is a tough one, since there are many factors to can determine this....it will mostly depend on your business legal structure. We will need more information about your case to properly advise. You can call us at 407-344-1012 to schedule a consultation. Best regards.

[@WuCandice]

@@freedomgroup thanks!!

[@gail1684]

@@freedomgroup Is this a FREE consultation?

[@WayneStratton]

@@gail1684 Why would it be free?

[@Younotus455]

So if I make for example. $4000 on my line 31. 4000÷12×2.5 = $833.33. Can I pay myself this amount weekly until I reach $4000?

[@risingresults]

I have two business accounts under one LLC and in the same bank (Business LLC Acc & EIDL Business Acc). Do I pay the office rent straight from the EIDL account or continue to pay that using my Business LLC and reimburse my business from the EIDL fund? What is considered the best practice on that? Thanks!

[@oscarreal7662]

Since different CPAs giving similar but conflicting information can the borrower still be held responsible because CPA gave wrong information?

[@AlexG-zi6jr]

Hi thanks for your videos. Can you or someone help? I am an independent contractor who does Postmates part time. I reimburse myself last 2 weeks of payroll after my covered PPP period expired 2 weeks ago? Can I pay myself more payroll slightly than I was paying myself with ppp? Can I reimburse myself for business expenses I had to cover since Feb 2000 if I can prove receipts? Going forward, if I am going for a business dinner. Can I use my eidl bank account to pay for it?

[@schipa456]

Sole prop 1 man shop you seem to recommend spending all savings before paying oneself the line 31 2019? I have to spend my.savings while no sales ?

[@tashaburton35]

Every accountant or h and r block person I talk to don’t know anything about this loan and I need help.

[@dek2000utube]

Have you done an update?

[@gail1684]

apparently not

[@tashaburton35]

If this is 2021 I used 2019 taxes for the loan can I pay my self the amount on line c in one lump sum or is that monthly? I did not use 2030 we were negative $45 dollars? Also I paid one lump sum for my rent in the amount of $8,000 to the complex for rent that was for previous and future rent as I needed help with rent and water payments. I paid $500 to the electric as that will equally about a month and a half of the bills for the winter in Wisconsin is that okay? Also I did this from a personal account because my credit union said they don’t do business accounts for Uber people last year they said I didn’t need it?

[@tashaburton35]

Also can I pay myself back for the car expense I paid out of pocket?

[@russpeaknuckel9525]

Can I use it to buy supplies for projects to sell ?

[@wandeehirunvaranatee1656]

Hi, What periods can people who receive EIDL loan spend that funds? refer to only expenses in 2020? or they can use funds for current monthly expenses as well ? Thank you so much for your advice!!

[@freedomgroup]

There is not time limit on what you can use the EIDL loan funds. Best regards.

[@jesusteama7777]

Hi, I got a K-1 but in the Section 14 I have a letter A and C, which amount I use for the EIDL?

[@freedomgroup]

We would need more information about your case to properly advise. Sorry we cannot answer your question at this time.

[@jod5834]

Thank you!