PPP has since closed

[@yuksel381]

Overall the other KZbinrs , u explain very deep and with more clear English. I appreciate it.

[@berniceholmes9657]

Thank you. GREAT job in explaining the process. I wish that I would have seen this a few months ago. Hopefully I will able to use it in the next go around, if there is another go around.

[@ilkaoliveira2617]

Great explanation! thanks JJ The CPA

[@grahamwinn8989]

It was really helpful video. Thank you so much.

[@MrAlithom39]

It would be helpful if you showed actually filling out a PPP form for a 1099 contractor. I have some confusion because it asks for Number of Employees? 1 because it's just me, or 0? Then it asks for Applicant Ownership? etc. It would be helpful to go through the form step by step.

[@oluwadare12]

Thank you Sir, you did a great job explaining This!

[@carmenhuertas6147]

So here's my question on this because the PPP is only forgivable if you use the money towards the qualified expenses. At least in my case most of my sole proprietor clients work out of their homes so the rent they pay is their house rent or mortgage and the house utilities and only a portion is considered an expense for the business. Most of these individuals do not have payroll for people working for them. Just to give an example a truck driver. So right there you lose out on 3 huge qualified expenses rent and utilities along with employee wages. So more than likely you would have to end up paying almost all of it back granted at a very great interest rate and with deferred payments which is still not bad but it hasn't been made clear.

[@kc10e]

My question also

[@rosesarered3904]

Good point!

[@alisont.6940]

Thanks. I'm a sole proprietor in that situation and trying to figure out if any of this makes sense for me. Your comments are helpful. I was hoping I could use it for home mortgage but was pretty doubtful.

[@OberonK.A.Adjepong]

Thank you so much!!! You're a wonderful teacher!!!

[@fredfredricj.lowecfp-tm3299]

Amazing advice JJ. Thank you for providing this to all of us. I am continuing to learn and hopeful that all of my unanswered questions are answered in subsequent videos. Based on what I have learned, I am confident they will be!

[@donesecarr3570]

1099 folk under $40k, how do they decide if EIDL is better than unemployment? How can they determine how much EIDL do they get? Is that a flat $10k or is it up to $10k? Could unemployment be better?

[@battle-techs]

Your videos are the absolute best for sole and independents. Thank you sir!!!! And, I have a question. If my business has been registered for a couple years as a sole p', yet doesn't have any 1099's due to inactivity, or not enough activity. Can my business participate in either of these programs? Should I still apply for either with a Schedule C form?

[@bradkn]

For Self Employed on the PPP program, will bank look at your schedule "C" during the process and end up using your net income for the starting number?

[@KL-jn9ce]

What about unemployment? They are adding 600.00 to as much as 365.00 (regular upper limit amt available) for up to 39 weeks. So making 40k 1099 I would do best with the unemployment correct?

[@toufichaddad909]

Thank you JJ the CPA

[@edb2078]

Great info. your giving me hope. thanks

[@TheDocrwm]

Thanks. Sharing this with my contractors!

[@krisqueen5939]

I thought that the max pay to have it forgivable is $100,000? So the example of 120,000 is above the limit. Whay do you think?

[@harps9683]

Kris Queen no true

[@patricksalazar7474]

Thank u .God bless

[@Mel684]

Wow!. Thank you so much for the in-depth explanation JJ. I appreciate your invaluable time. P.S. you’re easy on the eyes 👀

[@xilinjordan5898]

Thank you Jay Jay. It is very helpful. Are there any limitations to the income for eligibility as applicants?

[@hairobsessions1]

Thank you so much for your time and the information that you share greatly appreciate it

[@sangdang9123]

JJ, great video as always. Just a correction, $120k will be cap at a max of $100k, then divide by 12 mos. and time 2.5 mos. I also believe that you have to use NET profit and not gross revenue in your calculation as well.

[@IVAN-zm8pz]

that would be unfair to business that make only around 35k gross then.

[@DVD-FROM-OITA-LY]

Hi and thank you for the video, very clear. I am a small business owner in the Chaffeur limo services. I did apply for EIDL and the $10,000.00 and I did not received any answers yet from anyone. I did try to apply for the PPP, but without success. Today I filled out the unemployment as well. I have an S-Corp. if I get the $10,000 and the unemployment it is something doable?

[@jtg1465]

Thank you SO MUCH for this cideo, Josh! SO HELPFUL!🙏

[@Gluluman]

Paycheck Protection Program was scam from inception, intended to transfer over $2 trillion from hard working Americans to 1%. Of course they sprinkled a few crumbs along the way, but the vast tranche went to the CCC [the Corrupt Criminal Class] .

[@nathanjensen2536]

@jjthecpa .... your comments are turned off on your most recent videos so I hope this still reaches you. The memo you referred to was released on the SBA newsroom on Feb 24th. They do not have the formula released yet. I have been looking all day at a few youtubers that cover this topic and at the sba site for information about that being released. I will say I was happy when I watched your video because I hoped you found something that I did not. But I just wanted you to know the release date of the memo you referenced and hope you inform your viewers.

[@ryanmclaughlin2775]

Thank you JJ

[@taabityaresongs875]

Thank you for the information that was really positive absolutely you explained very much clear thank you 🙏🏻

[@JJTHECPAusa]

Somehow coming acroos your comment today! Thank you! I appreciate you, and all the support! Hope all is going well now! We made it!

[@TraceyPoland]

This is a good vid, thanks!...I did the EIDL app the other day to see if I would get it. I wondered if there is restrictions on what you spend the 10k on if you get it?

[@rosesarered3904]

I am wondering the same thing but the site doesn't state any. Did you get a confirmation email or have received an email from sba after submitting your app? I haven't received any notification from sba.

[@markwcpa]

Use Line 31 of Schedule C-Income subject to self employment, NOT total income.

[@markwcpa]

Per the AICPA

[@timswen5280]

Thx a lot! What if you were an W2 employee in 2019 and you started your own biz in 2020

[@LadyFairfax33]

You should apply for EIDL and get the $1000. They base the ppp loan on your 2019 net income.

[@dreamrealize642]

Mr JJ CPA, aren’t you supposed to use gross income? You should use net income, that means that you need to use the amount after your deductions.

[@michaelshea669]

Hey JJ, thanks a bunch for the insights! I have about 10 employees and thinking of bringing most back, is there a set # of hours they can make & still get the Fed $?

[@djamaraLA]

awesome info. What if I have 1099 from my sole prop events business and I have rental income (AirBnB) (schedule E) do I add both of them together for my total income?

[@JLayne-kk7qo]

Indep. Contractor 1099 employee of Oneself - I applied 03/31. EIDL all day long! im glad i understood it just as you explain it. EASY online application ever... i answered more questions for foodstamps and unemployment takes 3-6 months in my state when times are good...

[@JLayne-kk7qo]

And it says clearly online anyone who checks the box they are an IC they aren't starting to process those until 4/10

[@tonyacamel1085]

Can a 1099 employee file Unemployment and PPP Loan

[@JLayne-kk7qo]

@@tonyacamel1085 Yes, they are unrelated to eachother.

[@MrFree006]

Hello JJ, is there a the best way to pay yourself, (best way to avoid income tax) when you are a sole proprietorship. Thank you.

[@rromero2924]

I see the issue with going with gross for PPP is that even if you get the money from the gross but the government calculates the forgiveness on the net, you could end up owing that back. So if you do calculate the PPP on gross, you may only want to spend as much as the net in case you have the pay the rest back.

[@melissalee5954]

You are Awesome , Thank you 🙏

[@danalebel4]

What about the SBA Advance Injury disaster relief for 10K is that the same as EIDL?

[@allthingsandmore4613]

So I worked for a w2 company, and they also paid me a small amount for w2.. i was granted a loan for 2200 but I have not signed the document because I am not sure if I can being it came from my same w2 job, but a small 1099.. thoughts?

[@juanacaballero460]

The eidl gave me 9,600 not the full 10,000 but I also received the 1,000 grant so I'm happy. Would have liked that other 400 though.

[@StreamingF1ydave]

I think your last example of $5k forgiveable is wrong. You deducted $10k twice. Additionally the EIDL is labeled as a grant that can be forgiveable. Since it's part of the same SBA 7a program, I am advising clients to use the funds for the same PPP qualified expenses.

[@jasonbronson672]

I agree, he deducted the $10,000 twice.

[@MetalBum]

It appears you can do both EIDL get $10k credit. AND do the PPP loan

[@Samantha-ys2pp]

Exactly. Don't know why he's saying it's illegal to get both. Sorry but skipping this video.

[@marwanshidawa744]

I have own self-employed business without workers , so Can I apply for the EIDL and I have unemployment benefits at the same time because of Covid 19?

[@jtg1465]

Do you take on clients outside if TX & OK, JJ?

[@bassmusicman2034]

hi I run a band and have 9 employee's on and off... and I didn't 1099 anyone for the last 3 yrs, and I hadn't filed my taxes in 3 yrs I have went to a tax place and getting ready to file everything next week, would I still qualify for any of this, a friend of mine did the same thing and he got $6k not really understanding how he got it but he did what are my options

[@saikyaw4092]

Thank you

[@thebrazilshow]

I heard this application is going to done entirely online because in many States are closed due to Covid-19. Here in California. Banks are closed.

[@Lanatus]

The Brazil Show I know Chase has already setup online application portals in some State. They will be open once the PPP comes out.

[@MetalBum]

The Brazil Show It appears you can do both EIDL get $10k credit. AND do the PPP loan

[@thebrazilshow]

Metal Bum I already knew that. But thanks

[@MetalBum]

@@thebrazilshow are you doing both? If you do both one can cancel the other's ive heard

[@MetalBum]

@@thebrazilshow What bank did you use? I can't get chase or wells fargo

[@katyanasalvador1142]

JJ good evening i got a question very simple can i just use my EIDL only for rent, utilities, commission my self and only one employee both we get 1099 and if i got $150,000 if in one year i used less than $150,000 i will only pay for what i used?i hope I'm clear on my question thanks very much for all your inf.

[@crazybox7326]

in your 2nd PPP example you use $120k , isnt the PPP capped at $100K / individual ?

[@rodolfomedini9931]

You're right on the application of cap of 100k per employee for payroll... In this case for the independent contractor/sole proprietor without employees inflating the number.

[@soundmeds6319]

EIDL only allows for $1000.00 per employee = 1K for self employed! so apply for both. The EIDL money that's not forgiven you got 30 years to pay it back Vs 2 years PPP.

[@tskaesha2540]

I'm hearing that applications for the EIDL are about 20-40 times the available funds. Hence getting $10k isn't realistic. Wouldn't I be better going for the PPP at $7600?

[@bogdanardelean792]

Hi JJ , great videos . Thank you . What about if someone already apply for EIDL and did not get the money yet or they decide they don't want the money from EIDL , instead they want to apply for PPP ? What we do in this situation?

[@localchief]

keep em coming JJ

[@brucerandall7507]

I used my 1099, I applied for PPP as Sole Proprietor and elected a seasonal business (Feb 15,2019 thru June 30.2019 or 4.5 months) which is allowed . We will see?

[@rsitch1]

Very good!

[@jasonguldaman1376]

Your a cool guy, I really appreciate your knowledge

[@HoneyBadger_DontGive_F]

What about Independant contractor with S corp single owner.? All my 1099 is to the S Corp.

[@shawnhanson5763]

The business (s corp) would apply since the owner is required to be on payroll. Then the PPP would be 2.5x monthly W2 wages.

[@raulgarcia7587]

hello JJ im confused im a sole prop with a non employee that i give a 1099 Misc I have a schedule C which line do i use line 1 or 31

[@DungNguyen-us5pc]

Some one please help me with the question on PPP and EIDL. My salon only have 1 W2 employee, and the other 6 are 1099. So do I just count monthly payment on that W2 employee and only put 1 for number of employees? Or i can list all of them W2 and 1099 employees. Please help me to understand more. Thank you

[@timzheng1746]

1099 workers doesnt count as worker, so you have 1 worker

[@LadyFairfax33]

One bank based it on net and another based it on the gross. I was approved for the one based on net. 😫

[@J-DUB-F1]

Thanks so much for all this, much appreciated. My yearly gross income is less than $40k. I'd love to apply for the EIDL loan....unfortunately at this point the $10 billion(allocated in the CARES ACT) is tapped. So I'm going to apply for the PPP loan. I believe the amount allocated for this loan is $150million? NOTE: if you're with Wells Fargo(like me), their site says they are NO LONGER ACCEPTING PPP LOAN applications. Now I just read that the fed gov is having them lift the cap?. Not sure exactly what that means at this point?. Things are changing on the daily!

[@itsyoboyike8271]

JJ first of all thank you I learned so much just listening to your videos you help me out alot. I have a very important question that I can't seem to find too much help on I'm probably going to go for the EIDL LOAN. I had planned on filing independent contractor it says if I am delinquent on my child support payments I do not qualify i if I own 50% or more of the company what if I only own 48% of the company just throw a number out there under 50 what do I do in this situation do I stilll file for under independent contractor or do I have any other options please if you can help me with this question i change my life in the last two years and I'm a single father also now I'm just trying to fine the best information I can get so I can start heading in the right direction thank you

[@rodneysutton4132]

JJ, If I take the PPP as an independent contractor, will it be taxable income? Said another way, will I have to report it as 1099 income to qualify for the forgiveness??

[@garyzak4983]

If we got our PPP money I know we need to have the same number of full time employees but, do they have to be the same employees or can they be 3 different full time employees?

[@Towerdawgg1979]

I've been watching a bunch of people's video that does what you do and they update everyday on it but never has one mentioned anything about 1099 workers

[@hameedazeez6981]

Hello , Iam uber driver and got approved for SBA loan about $6000 and I got PPP loan two months ago ,so what do you recommend me to do with SBA loan , accept or deny it ?

[@JB-jy6fw]

I received a Email From SBA And it says : the Older system are no loner valid ..That I need to Reapply..I Submitted on the first day that it was Open 03/28/20 and received the e-mail on 04/15/20..by the way this was the only e-mail that I Ever received from SBA

[@betino7]

Can you an itin number as self employed ? , also is the EIDL $10000 for free im kind of confused if free , forgivable or have to pay back ? Thanks for the great info you are the beat for sure Man👍👍

[@StreamingF1ydave]

The EIDL is technically a grant. It falls under the same SBA 7a program. I am advising all clients to use it towards qualified PPP expenses.

[@anneraso5621]

Dave D Does the EIDL have to be used all on business related expenses? If so, does the maintenance that I pay on the NYC coop that I live and work out of count? Thanks!

[@StreamingF1ydave]

@@anneraso5621 it's designed for payroll and 25% of the 2.5x calculation from payroll can be used on other qualified expenses. The EIDL and the PPP are part of the same program, just rolled out in 2 different times. The rules are already changing. Now the SBA is limiting the $10k max to $1k per employee. I don't think many people will end up getting the $10k now.

[@anneraso5621]

Dave D I am speaking of EDL only. I do not have a payroll as a journalist but I have expenses like transportation, coop maintenance and utilities. Are those good enough?

[@StreamingF1ydave]

@@anneraso5621 they will deny it all now. I wouldn't be surprised if Congress or the president will have to step in and fix the SBA debacle that is forming

[@Encore-Entertainment]

Can you cancel your EIDL Application if you already did it online or can you or do you get a chance to decline the loan??

[@juliegilland8869]

Will I still qualify for either of these if my credit isn't very good?

[@toshibavoodoo]

GOOD INFO.

[@getthefacts672]

Can I file for either of these if I have a 1099-K? Please advise and thank you in advance.

[@getthefacts672]

@@JJTHECPAusa Thank you kindly.

[@awfudgecreator7]

Can a self employed individual who has only been self employed since June of 2019 and not file 2019 taxes apply for this PPP loan or EIDL?

[@kawaiimilkshake3196]

Am I qualified to apply ppp? I am an uber drive, Self employed. Thanks.

[@MrYester69]

I have the same question but can’t seem to find an answer

[@anthony5612]

Do you have to pay back the PPP loan.? Please answer

[@frankcabrera2696]

Great job JJ, quick question, i owned 2 different business, can i apply for PPP in 1 business and for EIDL on the other separate business that i owned?

[@laurenschultz9781]

What box do I check if I’m an s Corp and I have 1 employee? On the sample application it doesn’t appear to be a place or a drop-down for LLC is or corporations , which should I do ?/ thanks for these great videos my friend, this It’s really stressing me out I hope someone can answer this question for me please

[@grth3929]

LAUREN SCHULTZ new form just came out has s Corp

[@stellastella2595]

I took a loss on my business last year. So my net profit on the schedule C is $0. Do I still qualify? My 1099-K says that I grossed $36K... but after expenses I’m upside down :-(

[@JLayne-kk7qo]

They don't care what your profit/loss is - they just want you to "qualify" by answering their application questions truthfully. If you are a 1099 self employed/IC and don't lie on the application you should be good based on their outline. If they have questions they will ask trust. Don't forget we pay taxes - and are usually excluded.

[@JLayne-kk7qo]

But I felt odd too... like they never show any love to us am I doing something wrong here?

[@miguelalva884]

I ⁸ started in 5/19 and yet to pay a 1099 employee. Do I still qualify for the ppp

[@ficklee86]

What if you were independent contractor for less than a year. Do you still qualify to get PPP?

[@coachwilliamsbhs]

Should i wait and see if i get the eidl money before i apply for the ppp?

[@rafaelsermeno1952]

Good Morning JJ your videos are amazing thank you for all the information, now my case is a little bit different, I have an LLC I work with the LLC as an independent contractor (1099) and do my own jobs too(wedding industry), I also work for a company (9 to 5 job) which is a W2. My wife has the same situation she used to work as W2 but she became a realtor on October last year, I would like to seek advice from you for my particular situation, do you have a contact email or website where I can send you my information? and also your rate either is for consultant services or CPA services, idk if you can help me with be being in TX. Thank you

[@lt5640]

You don’t get a flat 10k with eidl!

[@psal23v]

Was anyone approved for either of the 2

[@mustafhassan625]

Can someone tell me how applications

[@greeneyedcatwink]

Can you cancel your request for the EIDL if you decide you can get the PPP now?

[@Djweidberg]

I'm wanting to do the same, did you find out if you can?

[@luicarlos882]

Im a uber drive can i apply i have 1099

[@laurieannelizares1434]

JJ, thank you so much for your invaluable videos! I am an Uber driver. My 2019 1099-K from Uber shows $22,882.52 in box 1a (Gross amount of payment card/third party network transactions). If I also had in 2019 four “Cancellation of Debt” (1099-C) totaling $20,543, will I be denied the PPP and/or the EIDL?

[@jeandissmore8149]

PPD I TOOK A LOSS ALSO ON MY SCHEDULE C.

[@jayroc0109]

Use your gross on your 1099

[@Chris-mx4tx]

What if I took a loss in 2019 right now line 31 (Net Profit or Loss) shows -10,396 as a independent contractor

[@stellastella2595]

Chris let me know if you ever get an answer on that

[@Miamibeachlifestyle]

I hear you we in the same boat. My understanding is that you can just state your gross income. And use your 1099s there’s no reason to get the schedule C and if you haven’t filed that for 2019 and the bank requires it you can just give them a draft schedule C with minimal expenses.

[@stellastella2595]

Juan Leal - Miami Beach Luxury Real Estate 👆yes! This is exactly what I’m gonna do

[@jeandissmore8149]

I also took a loss of over 8000. On schedule C. I'm self employed without a 1099. Could I still qualify??

[@stellastella2595]

Jean Dissmore hmmm everything I’m reading is $0 x 2.5 is a big fat $0. Your best bet is the EIDL loan unless they release new rules soon on the PPP.... I’m hearing that people are receiving a $15,000 loan offer amount on the EIDL no matter what. I could be wrong but that’s what I’m hearing. Let us know how it works out for you.

[@prodigal357]

So I started my business April 4 2019 and haven’t filed me tax return for my business as yet. Is my business still eligible for any of these loans?

[@jennykim6622]

prodigal357 you are but banks are not opened except for drive through. I believe you have to apply online.

[@SOTOWAYTRUCKYAUTOREPAIR]

If you applied for the EIDL can you cancel it? Or turn down the loan??

[@rosesarered3904]

The EIDL is a grant, not sure if it can be cancelled since once approved they will automatically deposit the funds into your account.

[@RonsRaccoonFunHouse]

I became an independent contractor in September of 2019 and haven't filed taxes yet. So for the PPP I only have 4 months documented income do I still divide by 12 months to figure monthly payroll or do I divide by 4 ???

[@rafaelvillarreal229]

What never if u file taxes in the last 12 years I'll it work I'll do it

[@JS-jr1fo]

That’s definitely not how EIDL works.... you don’t just get $10k

[@mspitstoptoyou]

I'm still confused because I thought you had said - but at least one other CPA said - that you need to show "qualifying expenses" to cover the $10k for the EIDL, otherwise they will not give it to you, is this correct?

[@Sullivanserves]

If you ever been convicted of a crime or placed on probation in your life you will not qualify for either loan

[@ghsGuitarStrings]

What happens if you're a 501c3 non-profit and you're only 1 person = 1 employee. I operate a non-profit Music School and pay myself $200.00 week but I put it right back into the non-profit bank account because I'm a start up business from 2016 and still in the build out phase of my business. I have no 1099, etc. What do I do? I applied for The PPP and the EIDL. My non-profit music school grossed over 72K from last year from 1/31/19 to 1/31/20. Can someone please help me? Thanks - Eric

[@AlbertDelacruzrealtygroup]

Where’s my 10k eidl, it’s been 1 week now

[@bobysize]

its a scam lol

[@irynadellamorte5421]

Here just received requested reports from ADP to collect requested papers for PPPL. They are not including 1099 workers also. "The report does not include the following items because they are not considered “payroll costs” under the CARES Act: - Employee gross pay that exceeds $100,000 - Payments to independent contractors - Workers compensation premiums - Federal unemployment tax - Compensation of employees whose principal place of residence is outside of the U.S - Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act " What should I do now? We have 7workers W-2, and 8 workers 1099.