Received first draw into bank last night. No emails or any notification from Womply. Checked my online banking account and the money had been deposited. Signed my Promissory Note on April 1st . Thanks for all of your help.
I don’t understand how one can be given a PPP loan without having provided any proof of having filed taxes for their business in the past??? Kind of like claiming income tax without producing a W-2. But 🤷🏽♀️
If you have a legit business then you know back then they loosened the requirements because money needed to be sent quick. They ask for documentation. It’s not their fault that people are lying and forging documents
At the time I myself didn’t have a “legit business,” but was watching this unfold just like some others who have commented. I also had the pleasure of speaking directly with a “legit” business owner who shared their family’s frustrations of being DENIED the PPP loan that according to your statement had laxed standards to make it easier to get. Thus out of empathy for those who were denied despite these “loosened requirements” while so many others misrepresented their business or just plain lied, I commented. My comment doesn’t reflect any difficult restrictions, by the way. Any business owner would be able to produce the basic most recent tax record if it is a “legit business.” Having done so would’ve prevented this expected overflow of potential felons. Thanks so much for taking the time to reply.
Jesus this is sad, I was offered to pay half of what I get approved for to the person that wanted to get me approved. I was like wtf NO, I legit need the money to run a real business. Sometimes I really hate people of America lol.
Thank you someone was trying to charge me to due a loan/grant. Im not sure if im going to apply i have been hesitate. Because of people who do lie and commit fraud on innocent people.
Thanks for posting this, I was hesitant to get the pppl but went ahead per the recommendation of my accountant and after watching some of your earlier videos. I've applied for forgiveness and admit I am still a little nervous about it because I haven't gotten confirmation yet. I know everything was done correctly and it should not be a problem, but did I dot every "i" and cross every "t"? When I hear they are going after fraudulent claims it still makes me a little anxious, but then when I hear about the kinds of fraudulent claims they are pursuing, it a bit of a relief knowing I used the correct numbers and filed everything correctly.
Rich, I just received my 1st draw PPP loan yesterday from Womply-Harvest Small Business Finance LLC. Waiting for 2nd draw on a little while. Womply was just great!
@MrKC you're not going to prison for 5,000 they are getting ppl for 50,000 or more like he just said on the video 100s of thousands of dollars. Now I agree with you do it the right way but don't put a lie out about $5,000 lol
I put in for my PPP in March 30 with Blue Acorns and was approved by SBA April 1 and been waiting for funding ever since. They been saying funds will be in my bank account in 2 days, well that's been 2 weeks. I'm legit I know how to apply and get approved, but I'm thinking it's a scam. I'll keep everyone updated
@@takitshaevans4729 I hope so girl I applied March 30 they keep saying it will be deposited in my account. Thanks love we should subscribe to each other
hi rich so if u got approve for the ppp loan u can make a new checking account (chase acc) and just write yourself a check from your original account (i have bofa right now the sba will deposit the funds there soon) and deposit to the new one checking account (write on the memo: "payroll") and just let it sit there and then wait to apply for forgiveness correct?
Hope all is well with everyone I wanna share my experience with you all I applied for the ppp loan and I got approved but one Important thing I wasn't told was you have to have a business account I applied with my personal account and that threw up a red with my bank they closed my account and I'm on a waiting game not know if they going to send the funds back I don't know this new to me what to do I'm trying to be patient it's hard .
Hey Rich, First, I just wanted to say thank you fo all the PPP help. Ive been trying to get in contact with Womply, The SBA, and Fountainhead to try and get an answer to some questions I have about PPP2 but it seems impossible to get anyone to respond to an email or to pick up the phone. I was curious if you have a way to reach them or possibly know the answer to my question. "I am curious, If I just received my PPP First Draw 1.5 weeks ago and have deposited my Owners comp in one lump sum into my personal account, do I need to wait until my 8 week covered period is over to receive my PPP Draw 2 in order for it to be eligible for forgiveness? If not, can I receive my PPP2 now and leave it in my bank account and then use it once my 8 week covered period is over? " If you can help me understand this I would appreciate it so much :) -Moorea
@@carmencurillo3748 since 5/5/21 i look on the ppp list my name first one on there. And its so bad they requested more money for me like holding my money ransom. Smh do sad
I know so many who are committed fraud and betting on not getting caught. Crazy charging 20 percent for loan application for Spanish speakers. Application sharks.
I was a contractor with an LLC and lost my business do to COVID restrictions in my state. The first round of PPP, I was told I wasn’t eligible for. Now I’m told I am.... what gives???
Well I have a cleaning business but the work was really slow so I started working for someone. But I would love to try and start it back up so can I used this load for that Rick
I just looked over the list of ppp loans for my town and there is like 12 gift shops and 8 salons and 11 beauty supply places on a very short residential street in my small town that’s maybe .2 miles long and I have lived here all my life .......weird ...... and all in total apparently we have over 1000 salons here which o have only known over maybe 12-14 total and that’s men’s n women’s ...... weird
If you pay it back then it's technically not forgiven, you just paid it back. Forgiven means you don't have to pay it back, and you can only show proof of that with the right business documents for either a payroll, or rent or lease for an office space.
Hey Rich, I just want to start of by saying I appreciate you taking your time and helping everyone in this difficult time. I followed your steps on receiving the PPP loan for self contractor. I applied through Womply and opt in both PPP’s. I received the first PPP and 3 weeks later I got the same application in my Docusign about the 2nd PPP. My question is should I sign the 2nd PPP when I recently got the first PPP? Or do I have to wait until I used all the fund for the first PPP? Thanks!
You had a business since 2019 that wasn't on file??? DO NOT GET THIS LOAN unless you want to go to jail....that loan carries heavy penalties and interest if you aren't forgiven even in the event you don't go to jail......government debt will ruin your life forever bro.
@@richsmithedu Hey I started my business in January 2020 I got my EIN Number Feb 11 2020 i didnt know about you having to also register your business through ( Gov Ms Sos) I just got it register may13,2021 Would i still qualify for the loan qualification and receive the PPP Forgiveness PP
HELP!!! So should I put my money back I my account and start paying myself I withdraw the funds and was gonna put it another account and pay myself from another account??????
i applied through Chase and got denied because of the business checking account i just opened with them wasn't established long enough. So, I decided to file a new application with Womply. I just recieved my Disbursement from (Foutainhead) the Chase application, after they said i was denied !! Should i cancel the other application, now that i received my first and second draws?
Are You talking about individuals through the Facebook PPP groups that are charging up to $4000 to complete and file an application insinuating a promise that you will get a loan! It’s ridiculous because people are actually paying these fees but several of us are saying don’t pay for something you can do yourself. Do you know who these people are all you have to do is go to one of these groups and do a search for “my client” and suddenly everybody is a professional application processed 🤣🤣🤣
@Bryan Estrada it’s up to you to pay or not, but they have some important information of yours. Probably would want to pay you don’t know what these scammers would do.
I applied on mar 19th and was approved within the week but from March25th till today it’s been stuck on LENDER FUNDING everyone says it only takes 2-3days once you get to this point but it’s been over two weeks now... is this normal? Still no funds
Hi Rich, I have a question. Once I deposit the PPP loan from my business account into my personal account paying myself over 10wks period like you said. Do I need to also withdraw that money from my personal account? If so, do I need to withdraw that money as well over a 10wk period or can I leave it in there if I want? I’m confuse on what to do or how to spend the money once I get it in my personal account. Thank you
@@richsmithedu Perfect. 1 more question than I promise I’m good. In order to get loan forgiveness for the entire amount, as a sole proprietor do I need to show documentation that I used the money for rent, mortgage, utilities? I just don’t want no surprises on tht part
@@richsmithedu Rick im a victim. I pd 1350.00 and the person changes ny email and banking information. The only way I knew about the loan was through a text message .just like you said crickets. How fo I get in touch with blueacorn the person sent my application # covered and asked for more money and now I don't know who it actually is and I can't talk to anyone. I looked on the ppp list and saw my name first at my old address on my license. But udk where is the money. Please help me.im so frustrated and upset
is PPP loan considered INCOME before it is forgiven? Many people who get unemployment will stop collecting when they get the PPP loan. What happens if they do not forgive it?
Hi Rich,I would like to know, if I received a PPP loan for $10,711.00 for the first draw on last week,and a second draw loan for the same amount is being processed for the same amount. I am an independent contractor, and my total gross was $51.147.00. should I divide my salary for 52 weeks which came out to be around $984 weekly and then times that by 10 weeks, and pay myself that amount? So that it can be forgiven. Also i heard reports about, I'm able to spread it out for a 24 week span as well, somewhat confused? If you can get back with me with a response at your best convenience, I really would appreciate it. thank you so much! DG! Also I would like to let you know I appreciate you for taking the time out and sharing your knowledge with the public pertaining to this matter, something you don't have to do. So don't worry about the haters out there, just continue to do what you're doing cuz you're helping me just by this one video. Take care, and GOD BLESS!
Is it ok if you paid yourself the entire amount as an independent contractor? Can you still get loan forgiveness even if you paid yourself at once and not 10 weeks?
Here's my guidance on how to pay yourself - also check with your lender to see what documentation they are going to want: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/
I live in a small town. I know over 50 people who have lied and gotten PPP. Most of them have gotten $20,833... It's rediculious! Their buying cars and all kinds of things.
Thanks for the video. I'm a sole proprietor and was awarded a PPP loan for 20k on March 2021. I'm a US citizen (currently in another country on a business assignment since 2018). I was planning to return to the US in June where I would have utilized the PPP loan proceeds. But now, the country I'm currently at is experiencing a new Covid outbreak and there will be long delays in getting vaccines for foreigners. Will this cause issues with the SBA concerning the US being my "principal place of residence?" I'd planned to spend the PPP funds when I returned to the US. I want to make sure that a "force majure" situation like this does not lead to scrutiny. Thank you for your help.
I received 1st ppp fund 04/02/21 to my business account then 2 weeks later I transferred of one lump sum amount to my existing personal account which has under $50 balance. My question is Am I ok to use that fund in existing my personal account for anything I need (leave the fund there) OR do I have to transfer again back to my existing business account to use it OR create new personal saving or checking account to trasfer that fund each week total 10 weeks? Thank you so much in advance.
Hi quick question what if my Womply status reflected lender funding yesterday (all ✅) promissory signed and today it reflects funding failed. Can you please tell me what this means. (Harvest)
Wait till it says Borrower funded. After that it takes a few days depending on your bank. I did mines through Womply in March. I got my first draw April 2nd. I just received my second draw April 21st
I have been selling on ebay and amazon for years Can I apply for a PPP loan. I would like to hire employees to expand into other internet opportunities.
I am a sole proprietor and I applied for a ppp loan but have decided that I just don’t want the debt. I was just informed that the loan was approved. If I refuse to sign the documents, what will become of the loan?
Is it a problem to file for a PPP with estimated tax 2020 ? With an schedule C 2020 1099 amount of which one will file soon ? … or only taxes that you already filed like most people 2019
Thank you for educating me. My boyfriend applied for the PPP loan and was approved Through blueacorn. And estimated his expenses. However. he looked at his 1040 taxes schedule C ahe did not add in his side gig as income. He did not have a schedule c fir that year. Will his ppp be forgiving?
New subscriber! Iam currently collecting PUA benefits. Iam planning to go back being an Uber driver again and I plan to apply to the eidl loan. Do I have to tell PUA or Edd that I got the eidl loan if ever I receive it ? Do I have to stop recertifying? Shall I apply to the eidl loan or Ppp? Need your expert advise. God bless you
If you apply and get the PPP and pay yourself with the PPP, it is ur responsibility to report that to the state you are getting PUA from. So on your weekly certification when it ask if you worked, or got paid you would check yes for EVERY week you pay yourself from the PPP money! If you have employees and you pay them, then its not your income and you still can get your PUA and complete your weekly certification like you've been doing. Please remember how you applied...sole prop, llc etc because this determines how you should spend the money and how its reported. You can apply to both the EIDL and the PPP but you CAN NOT use them for the same expenses though!
Enjoyed your video someone did my application but the income they put was not accurate and i already signed the application. Not sure how to go about this any info would be appreciated
Well it sounds like you should play the waiting game. Did you receive the cash? If you did, I would advise you to not spend it and pay it back if you provided incorrect information on your application. That in itself is technically a crime, but you should be fine if you did not receive the funds or if you just pay it back in full, they may not check to make sure your information was accurate. Hope this helps.
I don't know how important this issue may be but I received a second PPP loan, it was applied in my business name of course and funds were deposited in my account. I'm not going to put my personal info on here but the second loan was deposited to my account with one word different from my business name. Let's say I'm DBA as "Petes Home Improvement", the loan was deposited in my account under "Petes Home Insurance". I didn't even notice this mistake when I digitally signed the forms. I called Wells Fargo several times, one gentleman said it needed to be fixed, another told me if it reached my account I had nothing to worry about and they would fix it on their end. I've received no confirmation from anyone at Wells Fargo regarding this issue. None of the people I talked to seemed to care about my issue. I put the funds in a different account and am trying not to spend yet. Any advice? Thank you.
You are screwed brother if you got that money fraudulently. And come on man!!! Pete's Home improvement and Pete's home Insurance?? LOL... Sounds like a scam someone is going to jail for soon.
@@paulbrasfield1594 I don't thinks so Paul. I contacted my bank immediately and have put the money aside in a newly opened account at the same bank, I haven't spent the money and am waiting for a response from the bank before I do so. This was an honest mistake, the miswording was on the banks part, (I didn't apply in a different business name) I've contacted them and advised them of the problem, they are aware, although they have not given me any response so I will continue to hold the money until I'm certain all is good.
Question? I got fir ppp womp,y really smooth second ppp womply both with fountainhead but I noticed on my second ppp promissory there was no ACH request form at all. Will the lender just use banking info from the first draw. Thanks
You need to address the FACT that a tax PERSON Does not have to work for FREE!! so if a client comes to me for a consultation and assistance with documenets for the PPP I can charge and WILL Charge a fee.. I dont work for free
Hi Rich thanks for all the useful information in all of your videos. I have a quick question. I just received my first PPP loan but would like to submit for a second draw before the money/time runs out. How soon can I apply for this second draw? Can I do this right away, or do I need to wait until my first draw has been spent?
Some guy wanted me to apply for a ppp loan under my name and SSN with the info he said and told me “I’ll give 8k out of the 20k cuz I have to pay 6k to the banker” good thing I didn’t do it didn’t sound right to me
I received the check and was approved but I’m not touching that money cuz I don’t even own a business and don’t got Time the law ain’t nothing to play wit especially in NYC....
Bruh...be honest and give it back...even though you can still be charged....but maybe they give you a slap on the wrist you never know....but if you lie....get ready for hell from the govt bruh....its gonna get real fast.
Have signed all docs thru Wombly and have seen my finished SBA Loan Doc with the loan number but still in "Lender Funding" for over a week now. Received last night an email from Wombly requesting Identity Verification. Uploaded a Driver's License to them and this uploaded ok. Then had to upload pictures of my profile too. Kinda like a couple of mugshots ! As mentioned my first draw has been approved and I have an SBA Loan number but no ACH funds transfer yet. All banking info has been verified so any idea as to hangup??
You aren't in the "funding stage" yet. I just went thru the identity part taking pics and uploading ID as well. Once in the funding stage it's usually 7-10 days from that you will get the funds. Hope this helps.
I am confused. I just applied for PPP1 and PPP2 loans thru Womply and my application is in process. I am now reading up on the specifics of how I can use the loans to qualify for forgiveness. I used my 2020 schedule C and they show income based upon my home daycare which I had to close due to Covid in March 2020 and my delivery driving. In 2021 I am only doing gig delivery driving. As such I do not have a home office or utilities related to business and it appears the loans cannot be used for car payments or cc debt....but if I apply 100% of my loans for my own income, it sounds like I can apply via a 3508s for complete forgiveness of both loans and if used 100% to pay myself as income, can't I then use the funds whichever way I please as I would do with ordinary income? What receipts would I need to submit then? Also, I don't have a separate business account and never even did with my home daycare, I just used my regular checking account so the loans will be both deposited into and paid out to me as income from my checking account. Will that present a problem when it comes to income forgiveness? In this scenario, do any of the stipulated differences between forgiveness on PPP1 vs PPP2 make a difference or can I use both loans as pure income and request forgiveness along same lines or are there additional hurdles for forgiveness of PPP2? Finally, since the amount of my loan is based upon my combined Sched C income for both jobs in 2020 (one of which I have shuttered) and the driving I continue to do...if I use PPP loans for 24 weeks as income after dispersal, can I continue driving during that time and essentially double+ my income or will THAT mess with forgiveness considerations? Please help me better understand how all this applies to my situation which is likely not unique at all and how I can best secure full forgiveness.
If you have a LLC and the ppp was deposited into your personal account what can you do if u don’t have business account or u tried getting one but turn you down because of past history
