PPP Loan Fraud | DON'T Do This If You're Self Employed

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Here's what you can do if you are self employed and got too much PPP money. PPP Loan Fraud is something you don't want to do. Enjoy!
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This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn’t be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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29 сен 2020

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Комментарии : 303

@richsmithedu 3 года назад

What questions do you have about your PPP loan? 👇 Let me know in the comments!

@bomysouk 3 года назад

I recently applied for the 1st draw of PPP on Jan. 20th 2021 and was sent an email with matching lenders. I called and emailed them. Haven't gotten any response. Any idea what I should do next? thanks

@richsmithedu 3 года назад

@@bomysouk give Brian at Womply a call - you might need to leave a voicemail, but request a callback - 855.540.9512 Ext 0050

@julienhan7146 3 года назад

Hey, so I got ppp1 and my amount is off I do appreciate this video! Thanks! Now, I haven’t put the funds in a separate account. It’s about 10 months+. .. do you suggest I still go ahead and do that as of now? And, go from there? What’s your suggestion?

@julienhan7146 3 года назад

Is CIT bank legitimate? Why did you choose that bank? I read that’s it’s only online , better interest. But, how do you know it legit?

@hotpinkchill423 3 года назад

Will PPP accept Schedule C 2019 1040x Amended tax return?

@designhub360customapparel 3 года назад

This is why I wont do PPP. Nobody got time for that.

@sandiburwell878 3 года назад

Finally someone who has integrity 💯 Thank You

@joairandjonyiutube9 3 года назад

Subscribed and I’ll receive all notifications! I am thankful for the extension but I need to make sure I am doing everything correctly! Thanks for content.

@MichelMawon4982 3 года назад

Wonderful! I did it by hand and got the same numbers. Good to know I can still follow a formula. Thank you.

@feebaby 3 года назад

If you transfer your loan from one account to the next, be prepared to get audited. I would suggest keeping your current bank account for business and open a second account for personal. Transferring a large amount might create a red flag and freeze your account till you get things sorted out.

@mervinsecure1cambricsecure957 3 года назад

this doesn't help for companies that had to use the alternate calculation because their business hasn't been opened for a full year or before January 2019.

@cmahatoo 3 года назад

I’m just trying to get approved..they asked for a little bit more information last Wednesday..still waiting..

@kevinbell1138 3 года назад

Your advice is awesome, this can even be applicable for what to do with a general "over payment" - DON'T SPEND IT! Deposit and collect interest, and you can pay it back if/when necessary. This way you can still legally benefit, if you haven't gotten it through FRAUD.

@essayousafzai9867 3 года назад

With the new rule, if you have used line 7 as sole proprietor schedule C... How much are you entitle to as owner compensation and when should you transfer funds from that business account? Thanks

@Angela-po7cr 3 года назад

thanks i contemplate this every day

@rmexpressdjsrmexpressdjs4124 3 года назад

What if you received your first draw, and haven’t exhausted, all of your funds, and your lender keep sending emails to sign the second draw, and it haven’t even been the eight week period yet, what do you suggest I do?

@sewinlovebyebony4106 3 года назад

Thanks for the information

@PopovskiDarko 3 года назад

My first draw PPP loan trough Womply is on the way being deposit to my personal checking account as of today, it’s not there yet, 2nd draw is being processed, however my credit union says they can reject and return it because it’s not business account , they said I can’t open business account if I’m self employed, , I’m sole proprietor Uber Lyft drive 1099, should I be worried?

@abdouelhardoul73 3 года назад

Hi thx a lot for helping people my question is I’m uber driver I got my unemployment and get my edil advance grant did I have to apply for ppploan forgiveness or not right thx so much for you your help.

@belalkhan8868 3 года назад

If I just received the eidl loan can I still apply for and receive the ppp at the same time?

@tictac9367 3 года назад

Wait so i cant use this to pay my credit cards that i accumulated debt on because of no work im a uber driver

@tru2love610 3 года назад

Thank you for this video

@MohamadAman1 3 года назад

Thank you sir👍👍👍🙏🙏🙏

@tictac9367 3 года назад

Is the automatic deferred payments bad for credit?

@donnagreene1735 3 года назад

Ive been searching all over to get info on how to spend the funds. Thank you

@richsmithedu 3 года назад

Here my write-up on some options for spending the funds: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

@carlel121 3 года назад

60% on payroll and 40% for any business expenses that you can prove

@bambi3777 3 года назад

@@richsmithedu can I ask. I read a lot comments on all different one. Seem like everyone got PUA, ppp1 , pp2 then target grant. Or SBA loan. May be state grant. So many free money in for 1 person. ( how they can use all to be capital expenses or pay roll. Too much ppp became Loan for 5 years 1% ? For myself I’m sole priority. I only apply SBA loan still waiting for 9 k. But I did get 5000 from state( allow only use capital expenses). How about target grant. Same right? My thinking too many grant I’m still working. My grant use capital. Working for my pay roll. If I got ppp in I can’t get forgiveness. But I do have SBA loan big too ( capital expenses too). I don’t think ppp work on for people still working and have too many grant. Turn back you pay ppp back. Am I right.

@richsmithedu 3 года назад

@@bambi3777 the double or triple dipping is what people need to aim to avoid. The SBA and the Treasury still need to provide more guidance too.

@YaffaKedarZion 3 года назад

The first draw how much do I use to pay myself or just put all of it in another account and pay myself? The second draw I need to know how to use it because I hear the rules are different. Please explain. Thank you.

@Roni62 3 года назад

Thank you!

@paulbini7488 3 года назад

The bank gave me too much of a PPP loan by using my gross income amount BEFORE that was permitted. It was less than $50,000. I used all the money for business expenses. Is there going to be a problem when I file the 3508S if I only ask for forgiveness of the amount they SHOULD have given me and repay the rest?

@VC-nd1uk 3 года назад

What if someone created a business just so he or she can get the loan, and applied for the ppp loan? And if it's a real business, what is the business start date or when is the time frame of when the business is up and running to be eligible for the ppp loan?

@juliocastaneda320 3 года назад

I’m a electrician I don’t have mi license but I do my income taxes like a self employer can i apply for ppp

@Faith4me44 3 года назад

Thank you for this great advise! I received my PPP loan a few months ago and haven’t touched it for reasons you just described. This video is very helpful and a great tool. Thanks again.

@richsmithedu 3 года назад

Welcome 🙏 thanks for watching too.

@polishking4372 3 года назад

Then u should return it if dont need it .

@jameskubeck6915 3 года назад

I did Uber for over a year full time in 2019 and pulled 50k. Switched door dash as of last year and made 20k. I got the 10k first draw. Can I pay my rent, utilities, phone bills, ect in the sum of $6500? That would be roughly 3 months business expenses. All coming from my business account. Would that be doable to have my loan forgiven? Or do I actually have to pay that 60% in that 8-24 week period?

@legobrianskywalker12 3 года назад

Hi Rich! What should I do in my case? I only file a schedule E. I established a S Corp 2 years ago and only report losses as the company is not fully active. I am lost here, what can I do? Love your channel, I just subscribed. Thanks

@richsmithedu 3 года назад

Lenders were not suppose to use Schedule E for PPP loan amounts and cannot use Schedule E for the purpose of forgiveness. I'd contact your lender to seek guidance on how they want you to proceed.

@legobrianskywalker12 3 года назад

@@richsmithedu Thanks 🙏🏽

@carlel121 3 года назад

If you only have loses you don’t qualify period

@willie707 3 года назад

My net income from my dba business was very low in 2019. With the new rule, I was able to use gross income line 7. If approved can I use the ppp loan to pay for my own Compensation Replacement given my business low net income? If yes, then what's the limit in order to be forgiven? Thanks for your help.

@suijurismalikbey3986 3 года назад

Yes

@deuntegalloway2025 3 года назад

Wat if you got the loan or grant to help you with rent, moving to another place. Can you pay it back? Or is that wrong.

@richsmithedu 3 года назад

It meant to pay yourself. Here's how: richsmithedu.com/how-to-pay-yourself-ppp-loan-self-employed/

@FarahAbdul 3 года назад

As a truck driver I just paid $5,000 dollars to the IRS today from a net of $35,000. The guy who was preparing my taxes make it sounded like it was very simple and as a Muslim I was wondering if there was interest involved with this money. For the past 27 years I have lived on cash never in my life have I finance anything or owned a credit card. Thank you for your wonderful advice and I will pass this triple p.

@QtvNOW 3 года назад

Ramadan Mubarak

@KevinP32270 3 года назад

THANKS!

@Pernection 3 года назад

So you have to wait 6 months before you use it?

@georgeaubrey6459 3 года назад

Good job rich thank you for rolling up your sleeves to help us through this So i have a savings acct just sitting there and i was going to transfer my first draw out of my only checking acct and then redeposit my funds back into my only checking acct that i use for everthing Will this work for documentation

@georgeaubrey6459 3 года назад

I am suppose to use all my first draw In 8 weeks before my second draw to get my second draw is my understanding So if i dived by 8 weeks will this work

@richsmithedu 3 года назад

Yes, that should work.

@percyflores7517 3 года назад

How come I got less? Isn't supposed to be 2,1/2 months of what you make or?

@lisamartin5645 3 года назад

Same here. Because you didn’t lie like most people are doing.

@bmg40 3 года назад

Hello, and thank you for the info you deliver to us. I wanted your guidance on an issue. I've got a friend that recieved their ppp loan. The bank (capital one bank) has held on to those funds and personal funds they had in their account. There saying its fraud and are asking me for theie tax documents. They've provided them with 2019 which is what they used to apply for the PPP loan. They're still asking them for 2020. What advice would you offer?

@K3NTCLARK 3 года назад

A friend?

@Realironman42 3 года назад

my question is if your friend is in trouble, but they’re asking you for their tax forms which don’t make sense. You mean they’re asking you for your tax forms

@Realironman42 3 года назад

Submit the tax forms that’s all you can do🤔😳

@ChristianYepez 3 года назад

Now, My schedule c, real taxes income shows less than original loan amount formula prior filing taxes. Cpa says I am okay since I have proof of my rent payment, utiitlies, pay to myself, might be 100% forgiven.. Self employed here. Is this sounds right? Or need to return the difference

@fredypanduro3405 2 года назад

How does the bank calculate the interest on ppp loan that was not forgive?

@dinajones2761 2 года назад

What if someone applies for a ppp loan for a beauty salon they don’t have?

@zakcasablanca3516 3 года назад

Hi Rich thank you for helping us we realy appreciated . My question is as a delivery driver can i keep working and receiving my ppp weekly payment . Thank you

@richsmithedu 3 года назад

Yes you can!

@futurecatastrophes9533 3 года назад

Yo watch out for those PPP loans, or should I say 666 loans. The devil needs more people in hell or should I say jail. Don't be tempted XD

@margienovember 3 года назад

as Uber driver can I keep working and receiving PPP weekly payment?

@richsmithedu 3 года назад

Yes

@choongta 3 года назад

Hundreds of thousands $ extra: OMG. That's the bank's fault for sure. They must have been blind.

@richsmithedu 3 года назад

Banks got paid ....

@shirleytimura2721 3 года назад

It is setup scam run by the banks upon the gulible

@mssha1980 3 года назад

@@shirleytimura2721 no it’s not a set up. The government made it easy to get because people needed money fast. No one told dummies to commit fraud

@shirleytimura2721 3 года назад

@@richsmithedu the banks always get paid a few keystrokes would reveal that the recipients do not have those businesses. Another scam run by the evil entities who control the banks. They enjoy victimizing the desperate criminals

@marufsamiaworldtravelers7148 3 года назад

Lots of confusion 🤔 CPA can’t explain how to use gross income PPP loan fund. 1st CPA 👨‍💼 say 60% payroll 40% utility other expenses as Uber driver. 2nd CPA 👩‍💼say ppp full money can use payroll as Uber driver. 3rd CPA say ppp gross income total fund we have to calculate net income how much?then net income we have to use payroll and other whole money we have to use utility or 1% loan as a Uber driver.

@SearlesHernandez 3 года назад

This is great information. When setting up a PPP bank account is a personal checking account okay or should it be a business account? Thank you.

@richsmithedu 3 года назад

Personal works with your SSN. I like SoFi right now because there’s a welcome bonus.

@elijahdigg7567 3 года назад

I get unemployment and I drive four Uber for the past 3 years. I got eidl grant for 1000 and I took the sba loan . Can I still get the ppp grant

@richsmithedu 3 года назад

PPP 2 is based on your Schedule C. You can see if you qualify here -> richsmithedu.com/recommends/womply/

@elijahdigg7567 3 года назад

Thank you

@hazeleyesgreengrey8438 3 года назад

Yes

@mvega2010 3 года назад

Thank you for all your videos. I really appreciate your clear instructions. Very informative. I have a question. I was given too much PPP. I had the money transferred to one of my bank accounts. I'm going to follow your recommended plan as in Im going to leave the excess funds in the account until told what to do by my lender. However, I want to withdraw the rest of the funds from that account and leave only the excess PPP money in that account. Will that cause confusion with the SBA when I have to apply for forgiveness and are they unlikely to deny my request for forgiveness? Thank you!

@richsmithedu 3 года назад

The withdraw of your correct PPP Loan forgiveness amount should actually help make it clear to all parties that those "excess" funds have not been touched.

@sankaratvsankaratv2625 3 года назад

Hey I really need your help someone use my information to take the ppp loan how can do to find the person

@modran504 3 года назад

The same with me

@901kaii5 3 года назад

how do you find your lender

@robertmohr628 3 года назад

Thanks you cause this is really confusing

@HersheyKay 3 года назад

Hi there. I’m in the process of applying for the PPP loan. I have an at home business, and my husband does as well. I started my business mid 2020, and my husband started his early 2020. Last year we filled taxes, but we only filed for his business. Can I still apply for the ppp loan without having a schedule C for my business? Lastly, I was an independent contractor in 2019 and filled taxes, but I’m no longer an independent contractor. Can I still file a PPP loan for 2019?

@keith77mn77 3 года назад

Get a job.

@HersheyKay 3 года назад

@@keith77mn77 ignorance is not bliss. My husband and I are employed. But you wouldn’t know because you assumed which made a dummy out of you. Thank you very much.

@moneycolor1286 3 года назад

Hi I’m business owner since last year March 2020 I’m I eligible for this PPP program? I filed taxes already for last year. Also can you help with process ?

@moneycolor1286 3 года назад

@Matthews Lesko is this still valid? I know the deadline is couple days away.

@allabouthelenawithgoldenwe904 3 года назад

For sole proprietor I’m told to use line 7 on the schedule c...please advise

@richsmithedu 3 года назад

Yes, here are some of those rule changes: richsmithedu.com/ppp-loan-based-on-gross-income-for-self-employed/

@wizardfones4113 3 года назад

Is it too late to apply for dependent stimulus check from IRS ($1200) ?

@carlel121 3 года назад

You can do it with your tax return, however if you have a balance due with the IRS they will offset your stimulus to pay it

@Buttrcreamqueen 3 года назад

@@carlel121 How would they do that?

@carlel121 3 года назад

@@Buttrcreamqueen by filling their tax return, not another way, if they filed their taxes already they have to amend it

@luanebastianelli3472 3 года назад

@@carlel121 is it correct that this was only true for the first round the sr nod stimulus is not suppose to be affected by owed taxes

@TalhaLeoable 3 года назад

Thank You for your informative videos...really appreciate it. My question is if I can apply for PPP (first round) with my 2020 Tax returns?

@richsmithedu 3 года назад

You can apply using 2019 or 2020, whichever is in your favor.

@Boss0Leeny 3 года назад

So when you move the ENTIRE amount (anything over $10k) is reported to the IRS correct ❓

@richsmithedu 3 года назад

Those amounts are tracked for patterns of money laundering.

@mill3ronfir3gaming51 3 года назад

@@richsmithedu i have a business but after going over everything my numbers are off same with my loan and i already sign papers for it i this was the first year i did my taxes and put my business on my taxes because i made money in 2020 but when i was doing my taxes i didnt have the right amount on what i spent or how much i made im new to this type of stuff so i just put the best idea on what i made. even when i did the ppp i put the wrong amount after looking at the paper work any ideas on what should i do?

@jessicarousseau252 3 года назад

I read in the contract for the PPP loan that in order to transfer the loan to a different account, you have to get permission first.... did I read that wrong?

@richsmithedu 3 года назад

Hi Jessica, will you share those terms here?

@majohn43 3 года назад

What should you do if you applied for ppp from different companies and received a first draw deposit from one company, and then a second company sent you another first draw deposit (not a second draw, but receiving two first draws)

@richsmithedu 3 года назад

You can contact either lender about giving back the extra money.

@springerpetitbois9838 3 года назад

If by your income amount you should get approved for $24,000 and then you get prouve for $20,000 what you can do with that please!?

@Liz-ic6jb 3 года назад

Be grateful you got what you did. You're not entitled to a loan. The SBA doesn't owe you anything.

@rudeboirae780 3 года назад

@@Liz-ic6jb sftu

@jackpotjackie75 3 года назад

I'm so confused. I quickly applied for 1st what I thought was pretty loan for our business but was denied. I don't know what to do or where to start now since another ppe loan is out. Is it worth applying for since I was denied 1st time? If so where do I even begin? Appreciate your videos!!

@richsmithedu 3 года назад

Hi Jackie, you can apply using my guide here: richsmithedu.com/where-can-i-apply-for-second-round-of-ppp/

@michaelbynoe9550 Год назад

I know a ton of people who had record sales at Walmart and took millions. Lake Houses, Ferraris, etc

@metroskating 3 года назад

I work for both Family Dollar and Doordash on the side. Would I be eligible for a ppp loan to buy a house? Or am I in the wrong place?

@MultiBuck23 3 года назад

You crazy 😝

@tamjeanell 3 года назад

In the wrong place....

@Hilchey5 3 года назад

Can I make this clear the average person cannot apply for the ppp loan people that do not have a business am I correct?

@richsmithedu 3 года назад

No, if the lender is requiring a business account then apply elsewhere. It is NOT necessary.

@whyididthisbiz 3 года назад

their going by gross now not net have you updated your calculator

@richsmithedu 3 года назад

Yes, my latest video has two new calculators

@deniseb1782 3 года назад

Can your ppp be in your name if u have a scheduled C in your name?

@richsmithedu 3 года назад

Yes

@crazedhippiecult1071 2 года назад

once ppp loan is deposited into your bank account...isn't it true from that moment on you are free to spend it as you need be?....if its a pay check to yourself you can use the bank account to pay bills expenses, anything you would normally use the account for.

@richsmithedu 2 года назад

They want you to "pay yourself" first then use the funds. Here's my guide on that: teachingmillionaires.com/how-to-pay-yourself-ppp-loan-self-employed

@sintanaleaks1475 3 года назад

I wonder why it was only for businesses in place 1/30/2020 but this was actually the time we began the pandemic really..and we're still in the pandemic so why aren't businesses created after 1/30/2020 not considered for PPP loans ?

@richsmithedu 3 года назад

They want to help businesses impacted because of the shutdowns.

@stackywarbucks 3 года назад

If I gave someone my information for womply do they need to pay for the documents to start my ppp application or is it free.. question

@richsmithedu 3 года назад

Applying through Womply is free.

@stackywarbucks 3 года назад

@@richsmithedu thanks will any places charge for my documents when I'm putting it in

@joannlewis8101 3 года назад

I just filled out an application for my business...can someone please tell me what is the forgiveness amount and why isn't it listed in the application process?

@richsmithedu 3 года назад

This should be based on your Schedule C.

@michaelmichael1225 3 года назад

Less than $150000k

@siobhanrenee2901 3 года назад

Could a person just give it back without waiting? Like can you call the lender and give it back?

@richsmithedu 3 года назад

Get in touch with the lender to see if they will work with you.

@stephjohnson5824 3 года назад

I have 2 1099 jobs. Do I use one application for both?

@nelne533 3 года назад

If im already on pua,can I apply for sba or ppp since im 1099 worker too(independent contractor)?

@richsmithedu 3 года назад

New PPP applications are closed for now, but stay tuned to see what’s in the next stimulus package. I’ll address how it might impact unemployment too.

@thecreativeyouthsociety547 3 года назад

I was at an SBA info session where it was stated if you receive any UI or PUA benefits and are approved for a PPP loan, you would have to freeze your UI until you have used all of your PPP funds as the loan would be acting as a "paycheck salary" you draw. Please by all means research this, but I am just telling you what was stated.

@westcoastsunsation 3 года назад

@@thecreativeyouthsociety547 what does it mean "freeze"?

@thecreativeyouthsociety547 3 года назад

@@westcoastsunsation Freeze meaning your unemployment is placed on hold for the 8 - 11 week period you are given to spend your ppp loan. Afterward you would contact the Dept. of Labor and they would start your Unemployment payments up again from that date you ask to start again (not retroactively). Therefore it is best to do your own calculation to see if the amount you are entitled to for PPP is less than what you would receive in unemployment of the 8-11 weeks. If it is, the PPP may not be the best option.

@westcoastsunsation 3 года назад

@@thecreativeyouthsociety547 Yes. But why would one have to call the state UI and ask them to hold the payments? Why not simply skip those weeks by simply not certifying them? I guess it's a state by state basis?

@achildofgod2706 3 года назад

I have a friend who says they can get me this loan I pay 5k to the person doing all the paperwork and give him 1000 for the referral. He says I don't have to pay nothing back and it's 100% free money. In a nutshell is this wrong?

@achildofgod2706 3 года назад

Of course they want my social and all my personal info to get this done please tell me not to do it as I feel it's too good to be that true and some BS

@jamesjonesthethird 3 года назад

Real talk i was talking to a friend who said he knew someone for 5k could do the exact same thing lol and give him something for referral as well you and me are thinking the same thing to good to be true but i hope to get more info from someone who knows...

@achildofgod2706 3 года назад

@@jamesjonesthethird I know right I mean I hope we get some clarity cuz even if I have to pay it back I will but I wanna make sure the process is legit I don't want to get approved for the loan then they took the money already lol I never done something like this and I ain't no dummy if I won't get in trouble and I get the funds legit then cool but it's too good to be true

@michelletalbert6303 3 года назад

DONT DO IT! That’s a person running a crime ring. My sister n law is doing the same thing trying to gather ppl to pay her to do a ppp loan. That person wants u to pay them to falsify information and then send ur friends to them to do the same thing. If you are legitimately eligible for the grant, do it urself after lots of research bcuz when that person does it, ur left holding the bag, trust me. I know a lot of scammers who lied and said they made $10k per month just to qualify for $20k+ loans and the problem is gonna be when they get audited and the bank and SBA wanna know why u didn’t make 10k BEFORE the pandemic. I also think they’re gonna wait until next year after tax season and see what salary you claimed to have and if it’s not at $120k for the year, they got u there too. There’s so many ways to get caught up in this.

@carlel121 3 года назад

As a tax practitioner I know exactly how this work that’s the reason I only ask for 10000 the first PPP loan and 13000 the second one, and I promise I have all the proof that it was for my business and payroll only

@ramallah2012 3 года назад

Lol its all fraud from an accountant view its all wrong and slot of businesses do not needed and just get forgiven hire kids and family members lol

@carlel121 3 года назад

@@ramallah2012 well maybe your friends do that, is not my personal case, and isn't a fraud, maybe your family is a fraud, not mine, not everybody is the same

@valval5265 3 года назад

Hello, My loan was calculated with 3.50 months instead of 2.50 months, please advise me of this. Thanks

@richsmithedu 3 года назад

Are you a farmer? They got more money.

@valval5265 3 года назад

@MJ-rf2gu 3 года назад

My loan amount was correct. I am my only employee. I am paying myself from a "way to save" subsection in my checking account. Will they judge "what" I spend my paycheck on? I recently used some of my pay for investment. Is that frowned upon? Thank you for your quality advice.

@godisgood5038 3 года назад

Good question. I have the same one too. I just received mines yesterday. Scared to use it🤣.

@richsmithedu 3 года назад

No, after you "pay" yourself, then it's yours to use. I wrote an article about best practices on how to "pay" yourself: richsmithedu.com/category/stimulus-money/

@jasonchan12138 3 года назад

i got ppp loan and unemployment at the same time, can i return my ppp loan and keep my unemployment? i just got ppp loan today

@RK4LIFE78 3 года назад

You have to return the PPP Loan as soon as possible to avoid the felonies.

@nauticaaafash9974 3 года назад

@@RK4LIFE78 why they are 2 different thing and moreso it depends on there state and when applying for ppp no one said u can’t get both

@RK4LIFE78 3 года назад

@@nauticaaafash9974 hello dear. When we file a unemployment weekly claim in any 50 states including Washington dc. There is a question did you apply for PPP Loan if yes enter the Loan amount there. If someone Lies and submitted the unemployment claims it called double dipping state fraud. it’s not a SBA federal government fraud. SBA nothing to do with it but states do a charge a felony and in between 1 to 5 years prison along with the fines as well. So I don’t recommend nobody to do that. Good Luck Thanks.

@nauticaaafash9974 3 года назад

@@RK4LIFE78 not in my state asking that kind of question

@nauticaaafash9974 3 года назад

@@RK4LIFE78 if asked that kind of question when filing ur weekly cert definitely that is a yes answer , but u are not asked that kind of question so why say yes to something u ain’t ask

@godisgood5038 3 года назад

Wonderful video! New subscriber! Do you divide THE PPP loan amount by 8 weeks?

@richsmithedu 3 года назад

I've been saying 10 weeks because it's 2.5 months owner's compensation. Here's the article I wrote explaining: richsmithedu.com/category/stimulus-money/

@godisgood5038 3 года назад

@@richsmithedu THANKS SO VERY MUCH FOR YOUR RESPONSE!! I made a mistake & divided by 8 since it was 8 weeks. Should I take withdraw additional amount out to equal 10 weeks or just start next week with new 10 week amount? Thanks for your response. You are very kind. God bless you ABUNDANTLY.

@richsmithedu 3 года назад

@@godisgood5038 it won't be a deal breaker so adjust moving forward. Hopefully, all the documentation won't even be necessary ever ... just in case though.

@shaimordekhai6385 3 года назад

Hi rich. Question: if I received an EIDL loan from Sba for my business can I still apply for ppp? I have a small business win no workers just me as worker on file. Thank you.

@ahmedgaming7677 3 года назад

Yes you can

@shaimordekhai6385 3 года назад

@@ahmedgaming7677 Shukran Ya Zalame

@richsmithedu 3 года назад

Yes you can!

@shaimordekhai6385 3 года назад

@@richsmithedu thank you

@prettylove1407 3 года назад

You would only get 1000

@mustafhassan625 3 года назад

Can I pay off car intest loan please respond

@onesocialunited 3 года назад

There is a cap for self-employed at 100k from 2019 which would amount to $20,832. Total that any ppp self employed from a 1099 . That is because the PPP loan is qualified by taking your annual net income from 2019 ( 1040c line 31 ) divided by 12 months, and use 2.5. Months for PPP loan amount. So the most anyone who is a independent contract worker would be 100k divided by 12 = 8,333. Times 2.5 = $20,832. How would a self employed revive hundreds of thousands of dollars ? The only way this could occur would be taking out multiple loans fraudulently using other peoples social sec numbers. Since the original PPP loan was before 2019 1040 tax were filled it was based on what you put-on line 31 on 1040 form. If that estimate was too high, then the over amount would not be forgiven and be able to be used s a loan at 1% interest at a 5 year loan. That would not be considered fraud.

@ginger7778 3 года назад

Your right most self employed no employees won’t have a such a very high schedule C .. also I’m hearing some say if you have zero employees you take now line 7 and x by 2.5.. and get your PPP amount and some say divide by 12 and then 2.5..

@Buttrcreamqueen 3 года назад

@@ginger7778 You are your own employee

@peppathebullydog69 3 года назад

If you are a soul proprietor and you hired someone as a subcontractor can you pay them with the PPP money and it be forgiven

@richsmithedu 3 года назад

It's meant for your own compensation. After you pay yourself, then you can use it as you see fit.

@peppathebullydog69 3 года назад

@@richsmithedu ty What if I already did so!! I put all the money in a separate account And gave my wife a check for half she is not employed but helps me. Should I put the money back into the account and write it out to myself ? Ty for your reply

@peace-1712 3 года назад

I received my ppp loan. When is it best to start paying it back? Are the payments going to be monthly? & lastly how is the 1% interest calculated? Thanks a bunch!

@richsmithedu 3 года назад

This PPP can be forgiven, meaning you don't need to pay it back. So long as you got the proper amounts. Contact your lender to confirm your numbers.

@peace-1712 3 года назад

@@richsmithedu Thank you for the prompt response. I am aware that it’s forgivable but in case it doesn’t get forgiven, what should I do to put myself in the best position to pay it back responsibly? Thank you!

@manman3792 3 года назад

Do not do the PPP loan. It’s a trap.

@audreymay9378 3 года назад

In what way?

@budzmckenzie6606 2 года назад

What if I applied for like 2000? I know I’d have fee’s but would my ass go to jail? 😭

@chachouben6383 3 года назад

My tax guy convinced me to fill for the ppp loans,I don’t have a business,he did it as self employed and charged me 120 for the application and 7% from the ppp fund smh......I got the first draw,I don’t know what he put in my application,I m very worry I want to return the money back to the lender ,but I don’t know how.....

@girllolsmdhsatisfying8432 3 года назад

How long did it take to receive after he filled it out

@nicolemcgee1260 3 года назад

If you dont mind, how much did you get? Im thinking about doing it also.

@nicolemcgee1260 3 года назад

Did you already file your taxes before he did it?

@richsmithedu 3 года назад

Contact your lender. Taking 7% of the loan is illegal.

@LeeAnn20008 3 года назад

If you don't have a business you knew you weren't supposed to get that money.

@lilwhoopy345 3 года назад

Did the PPP actually end on May 31st

@richsmithedu 3 года назад

Yes ... for now.

@briijuicy1221 3 года назад

If you don’t work can you still do this?

@sweetp7320 3 года назад

@boanergemorales9676 3 года назад

Can you go by your 2020 taxes if business started in January?

@boanergemorales9676 3 года назад

Nevermind I saw a reply on someone else’s question. Thank you

@richsmithedu 3 года назад

No problem. Yes, though. Use the 2020 draft Schedule C ... doesn’t need to be filed yet.

@lynoxroyal9587 3 года назад

@@richsmithedu will we have to file on our own or does the sba do this?

@tyriquehenry864 3 года назад

Mines wasn’t it was only 5,000

@elibrw 3 года назад

Should have used excel.

@Afterthehealing 3 года назад

If you started a business in 2020 of January but it's now closed can you still file for a loan?

@CoachCreesh 3 года назад

@andreabailey6984 3 года назад

Yes

@jeffmckale133 3 года назад

ItsJudysLife got $91,000 in PPP and then bought a Lexus SUV 2 months later. Also had a few staycations, bought a Peloton, new fridge and a few other pricy items. Where does one go to report PPP fraud?

@janjISMYname 3 года назад

I'm just curious how you know she's committing fraud? Independent Contractors, Sole props and Gig workers all qualify. Not sure what she does, but be sure it is indeed fraud before reporting someone!

@ositoaero 3 года назад

🐀

@Chicago-ye3pj 3 года назад

@@ositoaero lmfaooooooo

@Nellybellyjellynelly 3 года назад

Did she cheat on you or something? Why are you being a rat 🐀 Jeff ?

@emilydouglass32 3 года назад

So I went through wombly and they found me a lender my lender is Hearvst small business finance llc out of california. I was approved I signed loan docs march 25th 2021 I can't get ahold of the middle man wombly nor my lender hearvst. I have a SBA loan number but I've never received my funds who should I talk to about this. Please help me!

@zulaazundui7319 3 года назад

i am self employed and lost my job. can i use ppp money for my rent, car payment and other bills? i am behind 3 months for all of my bills and how soon can i use the money in order to be forgiven? what if i save some of the money?

@richsmithedu 3 года назад

There are many rules about how to use these funds. I'd check out my reference page for more detailed information: richsmithedu.com/category/stimulus-money/

@carlel121 3 года назад

Unless you used your entire house as a place of business, but still only that part (specific room used as an office will qualify) but not you can’t use it for personal expenses it has to be for Business expenses only and payroll

@Buttrcreamqueen 3 года назад

@@richsmithedu You just told the woman (platinum blonde hair) above that it’s your money, so you can use it for whatever you need.

@ddurr2765 3 года назад

Pay yourself using Gusto or quickbooks. Once you pay yourself you can pay your bills.

@joejohnson1361 3 года назад

Calculator doesn’t work

@richsmithedu 3 года назад

Hi Joe, I checked the link and it's active.

@orawhorton8778 2 года назад

Why so many peoples getting these loans and don’t even have any businesses period ,they work every day!!!

@papichulo8658 3 года назад

They giving out money like water

@johnrogers4168 3 года назад

What do you do when you got money and you don’t have a business,never had a business and you never worked more than 2 months in your life. You know that you’re getting it fraudulent and you don’t care you state that you won’t get caught

@richsmithedu 3 года назад

Give it back ASAP

@elvissamunderu4421 3 года назад

Surprisingly you have 74% bad reviews online on how the location of your business is a mall in Arizona. How 74% of your feedback says people are being approved but never gets the docusign document weeks after approval. How in your TC you explicitly say you are liable for anything and cannot shed light on things further if (in this case people don’t get their approved loans..) It is odd to have so many bad reviews and some of these reviews are as recent as a couple hours ago. April 3rd 2021 April 10th... Not looking good man