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PPP loans for self employed individuals using gross income 

OPS Accounting & Tax Services
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20 окт 2024

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Комментарии : 29   
@Fedgov
@Fedgov 3 года назад
They need to extend the gross because many banks are still NOT using Gross! Only ONE day left for sole proprietor! Boy this is rough!
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
That’s outrageous. Thanks for sharing. The priority window might close but they’ll still process. The off thing is that this program ends 3/31 so what the heck are the doing?!
@rthilson
@rthilson 3 года назад
But you can get ertc too where schedule c filers can’t
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
Sure but I’d rather have a ppp loan based on 2019 gross income that might be forgivable but we’ll take whatever relief we can get at this point. I’m extremely happy they did this for the self employed. Better late than never
@rthilson
@rthilson 3 года назад
@@opsaccountingtaxservices2324 for sure !!
@tbd1613
@tbd1613 3 года назад
So if you filed a 1040 Schedule C and line 7 was $500k, do you still divide by 12 and multiply by 2.5 or is there a cap? Thanks,
@jaffawise3190
@jaffawise3190 3 года назад
100,000 cap
@tbd1613
@tbd1613 3 года назад
@@jaffawise3190 Thanks. I thought that was the ruling.
@John-ZZound
@John-ZZound 3 года назад
People with ITIN number must also wait until March? What happens then with those 14 days? Thanks!
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
It’s everybody whose waiting for these supposed changes to use gross receipts It’s truly unbelievable they would roll out this window and want to make a great change but have given us no clue when.
@SN-sy1jb
@SN-sy1jb 3 года назад
How would this work for for an LLP with k1s? Would it be box 14c instead of 14a?
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
good question, i'm not really sure, we are waiting for more guidance
@ismailmustafa848
@ismailmustafa848 3 года назад
Hello, best website to apply for the PPP loan? Every place Im trying to apply is asking Line 31 or so from Schedule C (NET) and not my gross. My gross is approximately 10x higher than my net. Thanks!
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
there are a lot out there so i would just google PPP lenders or talk to your bank
@ismailmustafa848
@ismailmustafa848 3 года назад
@@opsaccountingtaxservices2324 I looked at Lendio, Kservicing/kabbage, Smartbiz, nav, etc, all of them asking for net not gross. Do the systems just need to be updated?
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
@@ismailmustafa848 exactly. They’re all waiting for the actual approval. It’s so frustrating. Everyone is on hold based on what ifs
@ismailmustafa848
@ismailmustafa848 3 года назад
@@opsaccountingtaxservices2324 Ohh okay got it. Thanks so much!
@kimjeffersonloverio2804
@kimjeffersonloverio2804 3 года назад
so for scenario 2 is it given that all the PPP will be forgiven?
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
Great question and no. Sigh.
@danielnargiso2614
@danielnargiso2614 3 года назад
Hello thanks for video,I'm an scorp & I am only employee for the scorp 100%share holder ,with no payroll service can I still apply,what's your opionion
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
If you meet the gross income test in my opinion yes. Get on a payroll service or reach out to me for help. You have to file wages as an s Corp owner so if you haven’t yet you need to for 2020 as well
@danielnargiso2614
@danielnargiso2614 3 года назад
@@opsaccountingtaxservices2324 on my personal taxes I have a schedule c, thanks again for responding I'm not use to that on you tube,send me your contactl info
@danielnargiso2614
@danielnargiso2614 3 года назад
@@opsaccountingtaxservices2324 we can do business
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
sounds good! reach me at info@opsaccounting.com
@danielnargiso2614
@danielnargiso2614 3 года назад
@@opsaccountingtaxservices2324 will do,thank u
@bigcasino98
@bigcasino98 3 года назад
So, because I am organized and acted fast on my PPP 1 & 2, I am punished with less money? Brilliant move government! 👏 🇺🇸
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
"i'm with the gov't and i'm here to help"...oh okay, hahahaha
@petermitchell6974
@petermitchell6974 3 года назад
Called my bank on 2-25. And they still told me it’s all based on line 31. Will their attitude change on this in March ?
@opsaccountingtaxservices2324
@opsaccountingtaxservices2324 3 года назад
That’s what we’re all waiting for now. What a joke
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