My PPP was deposited into my personal bank account! What do I do?

[@ClaraCFO]

The other video I mention in this video is here: kzbin.info/www/bejne/eX7HgKCegpanqpo

[@oloubabee]

Can I use a 100% of the loan for payroll

[@grantberdell4872]

My bank froze my account for doing this. I don't know if, and when I'm getting my money back....

[@vuelveatuscarnes7683]

@@grantberdell4872 my bank didn’t freeze my acc but For the first draw the money was deposited in my saving but when I called the bank about my 2nd ppp loan they said they rejected the deposit arguing it was going into my personal acc. I asked about why was the first loan deposited into my savings without problems and since I still had money there they automatically removed that money and was told by the banker they will be sending back that money to ppp lender.

[@flyyywayyy6072]

I’m confused so if I’m a sole proprietor and it got deposited into my personal account , all I have to do is save my bank statement for loan forgiveness?? Bc I’m lost

[@purifiedpages]

I just received my first ppe loan from leader bank, it was deposited into my personal account, I filed a Schedule C im a doordash driver and Instacart shopper. What do I do next im lost.??

[@tommytommy7825]

YOU GO GIRL YOU GO!!!! THIS WAS THE ONE AND MAJOR QUESTION WE ALL HAD AND YOU JUST HAVE MADE OUR DAY!!! YOU ROCK GIRL!!!!

[@ClaraCFO]

Haha! I try to pay attention to what yall want to know :)

[@valerief911]

Yes!

[@natesearcy2976]

So if its deposited in my personal account, what steps do I need to do to get 100% forgiveness, and do I need to worry about how much I spent and how I spend it?

[@brandonmccain362]

Wow...had such a hard time trying to find somebody that would give you a straight answer on PPP loan questions! You made it so simple to understand and was able to complete filing my taxes finally... Also a plus to have a beautiful and very knowledgeable person to explain it! Thank you sooo much.....

[@Douda81]

Thank goodness we have people like you

[@ClaraCFO]

Aww thanks!

[@wandasmith2269]

Thank you so much . I deposited this in personal checking yesterday. Am I understanding right , it can be used on anything even not business related ? Such a relief . We need a roof on our business . Thank you

[@RickyPistone]

So how does forgiveness work if this is the case? Do I just send in my statement of my personal account?

[@mixmakmax2847]

Thanks for clarifying this. For years I've used my personal account for both business and personal expenses, not great to do, but many gig workers do this. I got my funds there and decided to make a true personal ONLY account with a bank. I've been moving at least the 60% to my new personal account and spending what remains in business related expenses for my gig work, spending it mostly on the car I use, repairs, maintenance, etc. However I keep reading that it's best to do 100% as owner compensation when applying for forgiveness. So as you say, I can just use the bank statement showing the PPP money deposited into my account as full 100% paid owner compensation.

[@shawandanorman5402]

She basically stated once it is deposited in your personal checking account, it is considered a lump some payroll. Meaning you can spend it on whatever you like. Save your bank statement though. It’s proof that it was a personal account and not business account. On the other hand if it was a business account you would have to pay yourself the required % amount and pay for related expenses to your business.

[@iSpoiledRed]

Thank you so much for this i got the loan deposited into my savings account 3 days ago and started freaking out on how i was gonna pay myself since i applied for the loan as a uber driver i was gonna transfer the funds from my savings to checking and just memo it as payroll for my records

[@deloreshicks3461]

Thank you so much again. Your videos are awesome. You've helped me so much. Sending another big internet hug.

[@ClaraCFO]

Happy to help!

[@willisrogersjr7909]

If it's deposited in a personal bank account & we're able to use the funds as needed, what will be required of us individuals to present to the lender or SBA, to have the loan forgiven?

[@durrellodom592]

The number question I've had for a month that came with clearest answer.

[@ClaraCFO]

Happy to bring clarity!

[@patrickr.452]

Same, thank you!

[@reedstutz]

Really helpful- thanks for this, Hannah! One question: when the money goes into a personal account, does that immediately count as it being "spent" on payroll? As in, would that mean someone could immediately apply for forgiveness based on the fact that it's been officially "spent” on eligible expenses?

[@Reckless_Shinobi]

Owners compensation fam

[@blainegreen5798]

I would also like to know this as well

[@daniellewalker5681]

Me too

[@gmacc201]

Me 3rd

[@nicolegarcia6142]

I’d like to know this also

[@XquisiteLife]

Okay I moved mine to another personal account within the same bank. And only used that account for PPP stuff. My loan was really small compared to others so i just spent it on bills and household stuff.

[@ClaraCFO]

So make sure you keep track of your bank statement showing that money deposited into your account! You have paid yourself with PPP funds :)

[@soccercoach9803]

@@ClaraCFO Awesome video...I did the 10 weeks of pay but still have remaining funds. I based my funds on my weekly pay from PPP first draw since the loan was based on the same 2019 schedule C. What do I do with the remaining funds..small loan under 10K so should be fully forgiven? Thanks

[@Chanaeg08]

I got my money into my personal account and it wasn't that much do how do I show I payed myself?

[@XquisiteLife]

@@Chanaeg08 if you’re a sole proprietor or independent contractor and dont have any employees you can use the money however you want. You can pay yourself all at once by depositing a check or money order in another personal account or you can do weekly payments. I just transferred my money in one lump sum into another account. But honestly like i said if you dont have any employees you don’t have to do any of that. You can just spend it out of the account its in. That’s what I learned out of all this. Mine was only $2700.

[@Chanaeg08]

@@XquisiteLife ok mine was 3998 but if I spend it out my account what do I need to show to get it forgiven? Can we draw money out or we only can spend it??

[@joeguthriePIANO]

Thank you Clara! Was looking for this answer. Your channel is great - please keep it going!

[@ClaraCFO]

Glad it was helpful!

[@sidneya.4330]

So once this is in our personal account is the bank statement the only thing that needs to be provided when applying for forgiveness? Thank you for this valuable content!

[@1983bigfrank]

Thanks Clara I personally asked this question myself didn't see your video in time I started transferring the money from that personal account to another person account just to show the payment history but I guess it doesn't matter

[@QUiNTiNBANKS]

same

[@Onehottherapist]

I’ve been doing this too. My husband and I have a joint personal bank acct that the PPP was deposited into. I opened a solo account and pay myself weekly. We’re both sole proprietors and file together.

[@maryhemje7467]

Thank you so much for addressing this issue. I was so concerned about how to pay myself and you made things very clear!

[@ClaraCFO]

I'm so glad!

[@dorisharristimmons6807]

@@ClaraCFO Clara I am just seeing this video... Can I deposit it from my Personal Checking Account into my Personal Savings Account and actually save the money or write myself checks and deposit that into my savings account. I have $4,540 can I write myself four $1,000 checks for four months as payroll and deposit into my savings then spend the $540 as maybe rent???

[@GigMom]

What I did, had it deposited into one account, & weekly I transfer my compensation over to a different account with the same bank. That way I can prove that I’ve paid myself. I have heard from other people that even though it was deposited into their personal account, once they tried to use it the banks would freeze their accounts or when they tried to get forgiveness the bank would say that it was not used for payroll or what not. So I figure that doing it this way there’s no question about whether or not it was employer compensation replacement. For my second draw, for some reason they are giving me issues about depositing it into that same account so I opened a business account and have requested that it be deposited into that account. My only problem is that with this particular business account, I do not have checks yet. I was trying to figure out how I could or would send the money to myself. Would I be allowed to withdraw a weekly amount & deposit it into the other account & keep all proof to show them, & do it that way? What would you suggest? Would it be worth ordering checks?

[@dianaarroyo5063]

I too was concerned about it going into my personal account. You have put that concern to rest. Thanks for all you do

[@ClaraCFO]

Glad to help!!

[@sannettashields672]

Did you put your business account number on your application or your personal account on it?

[@derrickhutchinson2316]

Did it go to your personal account

[@princewilliam8256]

Hi

[@JoseMarquez-ml7lc]

Hi Clara thank you so much. That did answer my question, I really appreciate everything you do for our community! God bless you!😃

[@ClaraCFO]

You are so welcome! Thanks for watching!

[@Jthrillz24]

@@ClaraCFO Clara great video, I’m not sure if you seen my comment? About my bank being under my name, the loan docs show my account name: my business name for the deposit info. Blueacorn said it should be fine. What’s your thoughts?

[@KattDaBoyFromBog...]

Hi, what to do if my bank account get frozen

[@nishas8566]

OMG!!! You really settled my nerves with this vid. Thanks so much

[@anthonyalaniz1383]

If I paid myself all at once what do I put for the cover period on the forgiveness form?

[@Angelimprint]

Me too

[@raymab9725]

Me too

[@kendakenaturals]

Following

[@nishas8566]

2 1/2 months from the date of deposit

[@anthonyalaniz1383]

@@nishas8566 thanks for replying, from the date it got deposited into my account from ppp or the day I transferred to my personal account?

[@johnannoreno07]

So do not go into the bank and ask for money directly out of your account because they will show that it was a PPPSB a deposit and you will not be able to access it access it only by way of ATM or Zell

[@igorchak48]

what do you mean directly from your account? She just said it goes into your personal account, you spend it how you want. You can cash the whole thing out if you like or pay personal bills or whatever...it's basically your salary

[@johnannoreno07]

@@igorchak48 Exactly what I said if it’s not a business account that the money was deposited into i.e. your personal account do not go into the teller and ask them to withdraw money from that personal account because they will see that you had a wire transfer they will ask you about it and they will say that it needed to be transferred into a business account and they will freeze it therefore if the money gets deposited into your personal account no worries withdraw as much as you can per day or transfer it all to a different account they will not know the lesser this happened to me I had to go file a schedule C for 2019 in order for them to release the monies to me that’s all I’m saying.

[@igorchak48]

@@johnannoreno07 Oh ok, so the issue with you was that Schedule C, which makes sense from a Bank side. I always file a Schedule C, so I misunderstood your sentence. Now it makes sense, glad you got your $$$ released!

[@unpocodetodoconbettyalmira8579]

That’s awesome information because I paid myself with a check weekly for 7 weeks and deposit in my personal account but one of my clients asked me about this he doesn’t have a business account so you answered my question thanks 🙏🏻

[@CharisseDancy]

This was good, because I tried to add my business account and it wouldn't take, so I had to add my personal account.

[@ClaraCFO]

You aren't the only one Charisse!

[@camellion5329]

Got my ppp loan deposited in my personal checking account, but the next day I transfered the whole amount to a separate account I opened solely for this loan & didn't touch it until I got checkbook & a debit card to get it all documented I assume that'll work? Thanks for another informative video👍

[@samuelod2659]

I'm doing it the same way you're doing, and I think that is the safest and wisest way to do it. I don't think mingling the money with your personal acct money and using it any how is prudent. It will be difficult to prove that they PPP money was used for the sole purpose it was given.

[@QUiNTiNBANKS]

good idea

[@youngcaliniggadaygo8024]

Did u run into any issues with the bank giving u a hard time doing this ? Or was it pretty simple

[@philsmith3842]

What my bank did was cut me a check for the total amount of my loan and I took that check to my local credit union and put it into a new account period once a week I go to the credit union and they cut me a cashier's check for 1/8 of the loan. I then cash that check and take that cash and deposit it into my personal account. My lender told me that all I needed to show was that I had eight withdrawals during the eight-week. My proof to the SBA is the 8th receipts from the credit union

[@paular3535]

Thank you you really com my nerves down I've been so shaking up thinking im going to jail are something but I applied for a ppp loan up under sole per.and self employed and they put the money direct in my personal acct I dont have no business so what do I do give it back are what please let me no.

[@ladiabla2406]

If you have no business then you need to give that money back. The money is for SMALL BUSINESSES and SELF EMPLOYED PEOPLE. Do you get 1099s? Do you have an LLC? If you’re getting W2s then you do not qualify.

[@paular3535]

La Diabla I already sent the money back okay I'm good my bank did that slready

[@Jackwitdashifts]

This video just earned you a like and a sub! Thank you for your diligence in serving the entrepreneurial community and providing us with valuable content that will help us survive. I appreciate you!

[@ClaraCFO]

So glad I could help. Thanks so much!

[@cosmik7149]

I opened another checking account, transferred the ppp money into that account so I can have a separate debit card and checks but now my bank is making a big deal about it because I'm using the account as a business

[@DedeYoung23]

My bank let me do it for this exact purpose. For me to have a paper trail. It’s a personal account used for business purposes. I wish I had seen this video tho before I did all that

[@NoName-sp5qj]

I have a separate account that all my gig work money goes into and it is the one I used for the money to go in to. My question is do I need to wait 10 weeks to write myself a check for the full amount?

[@marionoglesby6725]

Thank you for the clarity! I was worried about this. I just opened a new personal account and moved the money there.

[@sannettashields672]

Did you put your business account information on your application or your personal checking account on your application?

[@marionoglesby6725]

@@sannettashields672 personal. I’m a 1099 contractor

[@lookfeelbehealthy6320]

What additional steps, if any, do we need to do in this case for the loan be forgiven?

[@Neecietheentertainer]

So I'm independent contractor. How do I show that 60% has been towards payroll? It's just me. I don't have a LLC or anything.

[@ellakatesurpriseme4104]

Very BIG help! I do instacart and I worried I would have to itemize my bank transactions which I use for daily purchase for my home and family.

[@paperboy255]

They froze mines how do I get it released

[@s.n.7913]

Question. Can you write a owners compensation check to a separate personal acct to draw the funds instead of taking it from the personal acct the funds are in. Thank you

[@jeaninerosa7078]

Can you move it into a new checking account and then pay yourself every week over the 10 weeks? Also if you're 8 weeks doesn't end before the end of May will you still be able to apply for second draw?

[@AR-zm3xe]

Take it in on shot. It really does not matter.

[@ClaraCFO]

You can do it that way too. With applying for the second draw....I have a video on this. I'll post it here.

[@hairstylesbyshanequa]

Just spend it and don’t buy property cars with tho

[@chrissymarie7903]

Our bank has put a hold on PPP because it was put into my husbands personal account. He is scheduled C independent contractor

[@flyyywayyy6072]

I’m confused so if I’m a sole proprietor and it got deposited into my personal account , all I have to do is save my bank statement for loan forgiveness??

[@mariegreen1113]

Thank you so much! I haven't touched the money due to it being deposited directly into my account.

[@WHYH8TE31]

If this is your 1st PPP Loan and it has been deposited into your personal account. Is it considered 1st draw and is it 100% forgivable with owners compensation?

[@wealthabundance6344]

I'm glad they allow people to apply 2 ND draw without having to wait the full 8 weeks also,keep up the great info it's always a pleasure listening

[@ClaraCFO]

We still aren't sure how this will affect forgiveness getting two loans so close together.... but you know I'll inform yall when I know!

[@wealthabundance6344]

@@ClaraCFO lol well it's better to try than wait last the deadline lol

[@glorywalkerkitchens9324]

Wat if u have a llc

[@michaelgladney9657]

Can i send it from my personal account to another personal account i have?

[@rinacooks7119]

Can you talk about loan forgiveness if the funds went into your personal account

[@ClaraCFO]

Hi @Rina Cooks we will be having a webinar on June 9th going over forgiveness for Sole Proprietors and I'll be doing a Q&A, you can purchase here: claracfo.podia.com/e69045ee-fc55-474d-b914-66a974730aed There will be videos coming out about forgiveness on this channel as well. Make sure you're subscribed so you will see when they come out!

[@oldworldapothecary4736]

I filed as a SP and it went into my personal account and the bank has frozen my account

[@shirleywordmiller158]

Wow! That was totally my concern!! You Rock!! Thanks 😊

[@ClaraCFO]

Happy to help!!

[@sannettashields672]

Did you put both your business account info and personal bank account on your application?

[@sidneya.4330]

So much clarity provided‼️ Thank you

[@ClaraCFO]

So glad!

[@marlenedesi8622]

PPP loan you can’t use all for payroll. You have to use 60% for payroll to pay yourself. The balance of 40% you spend that on what you use to run your business. Open a bank account and transfer all in there and keep records on how each funds are spend.

[@ClaraCFO]

This is incorrect. You can use 100% for payroll. The rules state AT LEAST 60% MUST be used for payroll.

[@marlenedesi8622]

@@ClaraCFO for sole proprietorship they should use 60% on owner compensation. Other business that have more employee yes they could allow more than 60%. So to be safe with SBA forgiveness it is better to be safe and follow what they ask of the sole proprietorship owners to follow the 60% rule.

[@lynninspires4572]

Wow thank you 😊 I wasn’t sure how it worked but you made it so clear!!

[@ClaraCFO]

Glad it helped!

[@abu-hubaish-khan3891]

Some other experts are recommending to open a brand new account and transfer all your ppp loan amount into it and then write yourself a weekly check. So every you-tuber has a different explanation !

[@ClaraCFO]

Once it is in your personal account, I think it's overkill to move it somewhere else and pay yourself again. The SBA has not given guidance on what to do, but they say that you need BANK STATEMENTS to prove your payroll costs. So in my opinion, your personal statement showing direct deposit from the lender to yourself is proof enough.

[@abu-hubaish-khan3891]

@@ClaraCFO thanks for your reply. Now its much clear 👍

[@ClaraCFO]

@@abu-hubaish-khan3891 we are all about clarity here! Thanks for being here!

[@tommytommy7825]

I truly believe this video has nailed it of all the information I've heard I believe this one is the bottom line I'm going with it I trusted 100%, this girl is amazing!!!

[@aidensztroin5155]

Thank you SO much your videos are SO helpful!!!!!

[@ClaraCFO]

I'm so glad!

[@TT-nf4qx]

Hi Clara , Can some get PPP and unimportant benefit at the same time ?

[@franklinmcclellan3473]

So my PPP loan was deposited in my savings account. Capital one placed a freeze on my savings account said now they need to investigate my loan they will not grant me access to my loan funds. So I said send the money back they said they would but they don't know when. I am stuck .

[@thebigkid222]

Awesome. Thanks for solid information So with not touching it. How would I prove that I used to to pay myself to get it forgiven?

[@capcaptain7316]

thats what I just asked.

[@JazzyMarineVet]

I got a bank check cut for 100% of ppp 1& 2. I put. Owner compensation on the bank check. Then cashed it. Sounds like i did extra, more than what is needed. , i can show a cancelled check with ppp and owner compensation during audit or forgiveness

[@ClaraCFO]

when the money was deposited it into your personal account, this was essentially proof that you took 100% of your PPP money as payroll cost (owner compensation). In the eyes of the SBA, this would look like you have been PAID 100% of the PPP money as payroll cost. So you don't need to do ANYTHING else to prove you have been paid besides keeping your bank statement and keeping your schedule C that you filed for the loan with.

[@thebigkid222]

Will we be paying tax on this “income”

[@ClaraCFO]

@@thebigkid222 nope! Ppp is tax free when it is forgiven!!!

[@jagervais7]

My loan was deposited into my personal checking account but all my Doordash pay every week is direct deposited into that account, I received PPP round 1 funding this past Monday and I just opened a personal savings account and payed myself I hope i did the right thing.

[@ClaraCFO]

Sounds like that will work - just save bank statements!

[@ms.helpmeet4753]

Okay so if it goes into a personal account and I am a sole proprietor then I do not have to transfer into another account in order to pay myself in small increments? As a sole proprietor the ppp loan going into a personal account is able to be spent as is?

[@nikkichen6452]

I have been follow you since last year when COVID hit . So glad see your viewer is increasing . Can’t to see you update for new RRF grant .

[@ClaraCFO]

Thanks for being here! RRF video will post tomorrow!!!

[@texardan]

What bank accepts it into personal. Mine Saud tgey are sending back

[@nolifesimmy305]

So when applying for forgiveness I just need to show them my bank statement of the money from the loan being deposited?

[@QUiNTiNBANKS]

yes

[@sharah71]

And then what

[@carderplug4ontelegram595]

Thanks I just got mine from the right plug 🔌 carderplug4 on telegram he is cool and legit

[@aliarslansyed7347]

Hey thanks Clara for your time and efforts to help people understand the whole PPP process. I have a really quick question, My Dad Got PPP2 and PPP1 at the same time in his personal Account through Womply, He's wondering how he can process the Loan Forgiveness and what the covered periods it would be for both PPP Loans, Will truly appreciate if you could take out time time and answer this question.

[@ClaraCFO]

It's my understanding that the PPP1 and PPP2 covered periods SHOULD NOT overlap. I am not sure why womply was doing this, but he is not alone. Stay tuned. I am hoping the SBA will give some clarity here. Womply has been negligent on this in my opinion.

[@aliarslansyed7347]

@@ClaraCFO Thank you so much for your reply. I'll stay tuned.

[@56deboblue]

Simple and straight to the point thanks👏

[@ClaraCFO]

Awesome! Thanks for watching!

[@torreywilliams1496]

I received my deposit in my personal acct, I paid the mortgage and paid myself from my personal. I didnt know I needed to move the money into another acct. Should I move the remaining funds?

[@asmaakhter8659]

Questions# my husband received ppp loan. he choose to payroll himself by weekly with ppp Can he able to work full time & earned money or he have to wait until ppp payroll finish? He drives Uber! please reply to my questions. We are so scared... don’t know what to do

[@miamor8506]

Okay I did that and went to the bank to make it into a personal account and they wouldn’t let me change anything and now my account is frozen

[@racquelclarke8905]

SBA loan was funded into my personal account and my CU accepted the funds and then froze that money and is asking for me to prove that this is my business. Can they do that? It’s been 11 days today. I filed a complaint with the CFPB

[@billelbedaida1369]

Do you have an idea on when to receive the second draw of the fund? I have received the first one but still waiting for the second one. (Note that both draws come from 2 different borrowers)

[@ClaraCFO]

when did you apply for the second one?

[@billelbedaida1369]

@@ClaraCFO 8 days ago. About a week after I applied for the first one.

[@donaldhogan4244]

@@billelbedaida1369 wait. You can apply for more than one simultaneously?

[@lordagnew3513]

How does that effect the second draw? How do you apply for forgiveness?

[@kiarrapacheco569]

Do u know. Someone to help me to fill up the application

[@ReelLife97]

Ok good! I don't have to do anything if deposited into my personal acct except to save that particular bank statement. I was originally paying myself weekly to another checking acct.

[@justicetay6543]

So your still not paying your self weekly to the checking account?why not?

[@ReelLife97]

@@justicetay6543 It says u don't have if it was deposited into ur personal acct but i decided to continue doing my wkly transfer for 10wks. It doesn't bother me.

[@RELLTHAMAN1990]

Hello I keep reading things on Facebook but the reason I’m writing you this is bacause I really wanna know can I receive my funds I don’t have business account and I applied for the ppp loan and got approved and I only have a checking and saving account through a credit union may you please help me Clara?

[@manz400]

Yea that’s what she saying

[@vedales8670]

What is the timeframe to apply for forgeveness once the funds are deposited into your account??

[@ClaraCFO]

You have 10 months from the end of your covered period to apply for forgiveness!

[@toyap3]

Hello..I applied for a PPP and I am a independent contractor...I only have my personal account and I was checking to see how I can pay myself and also get the loan forgiven.. Thank You

[@derrickhutchinson2316]

Me as well will they need a business account?

[@savoeunpho4055]

11 weeks covered period for full forgiveness you can start using the funds as you like now

[@dawalyr1]

Thanks for the info Clara. Also I'm assuming that the PPP money went directly to personal checking account is forgivable, correct?

[@theholymask3365]

So once it's in my personal account I dont have to right myself a check or obtain a money order and deposit it into a separate account for 11wks just let it sit you say? Could it still be forgiven to as well.

[@tippsemo1822]

Good question

[@sharah71]

I wanna know this too

[@taylormaidbeatrcetaylor1265]

Thanks it makes sense. Your great ! So how to apply for the second ppp loan? And how does that work? What documents do u need? If you received less than 12,000 dollars. With no employees and independent contractor or sole proprietor. Thanks

[@AryanAli0007]

Can we collect unemployment and ppp together?

[@justicetay6543]

Hey Clara, if I’m a sole proprietor (gig worker) and I got the ppp loan deposited to a new checking account I haven’t really used,would the best/ok thingto do for payroll is transfer weekly payments to my other real personal account??

[@junewhitlock6064]

My money was put in personal account and the bank sent the money back to lender ☹️☹️☹️ how do I get it back 😖😖😖 hadn’t even touched the money

[@treylontaphinizee8173]

Can we pay ourselves in a full lump sum to another account instead of doing Monthy/Weekly equal payments?

[@ClaraCFO]

yes! did you see this video: kzbin.info/www/bejne/eX7HgKCegpanqpo

[@serfaces]

Great info , so since is in my personal account, one of the requirement is to use 60% of the money in payroll , how do I pay myself from my personal account ? Or should I just spend the money as months goes by and not pay myself ? I’m a Uber driver and pay my car , gas , oil change , and I’m sure that count as utilities

[@kevinvalcin]

I have a question I used chime online is that ok?

[@Vane-is4ye]

When is the best time to ask for the loan forgiveness when you’re sole proprietor ? Any web page we have to go or filled any paper and send it to the bank. Thank you

[@ericagarrison9142]

hi,my question is I BANK WITH NEIGHBORSFCU BANK,but the bank will not release my money into my account i dont no what to do

[@mcole288]

How do I claim owner compensation Repayment on my forgiveness form?

[@ibrahimhamid1312]

Thank you Clara!! I was going to ask you same question but you got me, Stay blessed!

[@ClaraCFO]

You are so welcome, glad I could answer your question!

[@jere3981]

Thank you so much for your help. Your PPP post have answered all my questions.

[@ClaraCFO]

I'm so glad!

[@naser0725]

Thank you for clearing this topic

[@ClaraCFO]

My pleasure

[@KellyElliottonline]

Mine was deposited in my personal account so do I only spend a weeks worth of pay at a time?

[@lisareeves5836]

My husband's ppp was deposited into our personal account. Does all the money need to be spent in the 2.5 month time period?

[@capcaptain7316]

If you leave it in a personal account how do you get forgiven for the 60% payroll?

[@ClaraCFO]

You would apply for forgiveness saying you used 100% for payroll costs if you are a sole prop with no employees.

[@capcaptain7316]

@@ClaraCFO ok Thanks pretty lady

[@trishasmith236]

What if you are an independent contractor. What would you do then.

[@dinanobile3609]

Once the deposit goes in my personal bank how soon can I use the money. I am independent contractor and I want to catch up on my bills

[@ClaraCFO]

Right away!

[@Jthrillz24]

What if I’m a LLC, and I used my personal bank. And the loan docs show my business name for the account name for depositing the funds. Do I need to change this info to my business account? It was an accident. But I am a single member LLC.

[@foxybox2948]

Bank of America reversed my deposit because it was deposited to my personal account and not my a business account which i dont have

[@daniellesanders1374]

Can we transfer more than a thousand a week

[@dukdan7029]

My bank account got closed because they think I don't have a business. I work on 1099 uber, doordash etc. What do I do?

[@dlove7141]

I'm sole proprietorship as well and loan was deposited in my personal acct..I have 8weeks cover period..so I have 8 weeks to distribute the entire loan ? can I pay myself (transfer 60% lump sum) into another acct and leave 40% to pay rent and utilities ?