Need help filling out your PPP forgiveness 3508S form? Hannah did a training on how to fill out and calculate your PPP Forgiveness - it's available for only $47 here: claracfo.podia.com/3508s-course-how-to-get-your-ppp-loan-forgiven-loans-under-50-000

@frankjordan8594

3 жыл бұрын

Does this course cover figuring out payroll loan forgiveness, for a sole proprietor, with no employees, using form 3508S?

@ClaraCFO

3 жыл бұрын

@@frankjordan8594 yes!

@KB-uv7nz

3 жыл бұрын

Does this training give guidance on those of us that had a YOY 25% reduction in revenue in 2020 and therefore were able to received the second draw in less than 8-wks from the dispersement of the first draw? Obviously, the calendar dates overlapped, but the covered periods cannot.

@ClaraCFO

3 жыл бұрын

@@KB-uv7nz No it does not. Right now we believe that both loans will not be fully forgivable unless the SBA speaks up about this.

Thank you so much. It was very helpful, specially how you broke down the owners compensation.

@ClaraCFO

3 жыл бұрын

Awesome! thanks for watching!

Great.Finally someone who explains it so us dummies can understand. Thank you Clara...

@ClaraCFO

3 жыл бұрын

It is a complicated subject! Glad it was helpful!

@taujc.8355

3 жыл бұрын

@@ClaraCFO How do we “close our cover period?”

@latarshawinston7529

3 жыл бұрын

Sorry 😞 guys I’m still confused 🤷‍♀️ but I’m a gig worker so I would like to pay myself

Thank you, thank you, thank you so much for posting this video. I was racking my brain trying to figure out how to show payroll cost as a sole proprietor. I am sending you a great big internet hug. Thanks again.

@ClaraCFO

2 жыл бұрын

So glad it's helpful!!! 🤗

I have been looking for a breakdown like this (namely whether or not I could transfer from a business checking to a personal checking out and if I could do it in one lump sum) and couldn't find that specific information. I also wasn't really sure what the deal was with the covered periods and when to apply. So, you seriously just answered all the questions I've been researching for hours in less than 8 minutes. lol THANK YOU!

@ClaraCFO

3 жыл бұрын

Awesome!! Happy to provide some clarity

This was so helpful. So many people are saying we are unable to pay ourselves. Thank you for this video! 💆🏾‍♀️

You’re awesome and so smart to keep this so simple for everyone to understand

@ClaraCFO

3 жыл бұрын

Thank you!! Thanks for watching!

Thank you this is the only video on youtube that clarify the forgiveness process for me😘

@ClaraCFO

3 жыл бұрын

You are so welcome

Sending virtual 🌺 🌹 to you. No one has explained any of this as clearly as you have. Thank you looking forward to hearing back on my questions on this and other video

OMG thank you!!!!!! I would have been totally lost had it not been for this video!

@meccawebb9050

3 жыл бұрын

I’m confused 🤔

Big respect to this lady, well explained and straight to the point and not like other videos too much talk and nothing explained. Thank you again

@ClaraCFO

3 жыл бұрын

Thanks so much!!

@azzedinedz8324

3 жыл бұрын

@@ClaraCFO hello, I just recieved the loan of 15559$ and I am sole proprietor refrigeration business repair without employees.what do you suggest to qualify for ppp forgivness with 0 problem. Also if I a write myself a check what should I write on memo?

Listened to hundreds of videos and got tons of great info. Thank you...you're the only one who answered this question/subject clear and concise!!!

@ClaraCFO

3 жыл бұрын

You're very welcome! Thank you for watching!!

I love this video and it was very very helpful for me as a SP. thank you so much

@ClaraCFO

3 жыл бұрын

Glad it was helpful! Thanks for watching!

Thank you for helping us and I know you are explaining it well, And I know it's me that getting confused on how and when to pay myself, but I will watch your video again to see if I can understand better the second time.

@ClaraCFO

3 жыл бұрын

Hope it helps!

@sabrinachin5251

3 жыл бұрын

@@ClaraCFO please held me! I just got my first drawn ppp fund money today, but I am really nervous about using it the wrong way and it get forgiven. I wanted be able to get 100% forgiveness, otherwise I won’t have the money to pay back once I use the fund. On your video I can pay myself 100% the full amount? My question is that I am sole proprietor, but I don’t have a business name, LLC or DBA that register through state. I file taxes return on schedule C with SSN. Also I just opened 2 business account back in April of this year right before I applied for ppp. (Account 1 ) it for ppp fund money. (Accounts 2) it’s for my business income coming and out. So I planing on use it for 11 weeks for cover periods. I planing on paying myself by transfer from ppp account 1 to my regular personal checking account. And also thinking transfer monthly from personal checking to business checking account 2 to pay supplies and rental station. Would I be able to get forgiven base on the information I mention here? Please help and thank you.

@jeancarlosmendez1842

3 жыл бұрын

@@sabrinachin5251 Hi pretty don’t over think it just pay your self like you said one bank Account to another if you have checks better if you have 24 weeks pay you self every week or like she said 1 lump sump ;)

3:40 mark 🤌🏾 Haven’t touched my funds because I’ve been on the hunt for the answer to this question. Thank you!

@ClaraCFO

3 жыл бұрын

So glad that's helpful!

Very helpful info!!! I was doing this all wrong but I can recover. Thank you!!!

Love your smile, thanks for all the value

Just what I needed to know, thank you!

@ClaraCFO

3 жыл бұрын

So glad!

Thank you so much for this! You just answered my question!

@ClaraCFO

3 жыл бұрын

I'm so glad!

@ronaldthompson6246

3 жыл бұрын

THANK YOU!!

You are awesome girl. Thank you very much! You explained it to the tea

@ClaraCFO

3 жыл бұрын

So glad! Thanks for watching!

Thank you so much for the clarity!

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

Thank you so much for very helpful information. I just like the video, follow and subscribe.

@ClaraCFO

3 жыл бұрын

Awesome, thank you so much!

Thank you sooo damn much. I looked through a shit load of vids and I found this video. Very helpful!!! ❤

@ClaraCFO

3 жыл бұрын

So glad it helped!

Absolutely awesome. I was so confused until I found you, Clara! That was so very clear. The only thing I didn't understand because I am so thick headed is what do you mean by "keep your cover period open"? Is that something I do on a form or what? How and when do I declare a "cover period." Sorry, no one would ever want to hire me as a bookkeeper. :)

@ClaraCFO

3 жыл бұрын

I'm so glad I could help!! The covered period can be a minimum of 8 weeks after receiving the funds and maximum of 24 weeks after receiving the funds. When I say "closing the covered period" this just means the end date of your covered period. You don't declare the end of the covered period to anyone until you fill out your forgiveness application.

Thank you for explaining! Liked and subscribed.

@ClaraCFO

3 жыл бұрын

Thanks so much!!

The only thing I’m confused on is coverage period.

Thank you Ms clara

@ClaraCFO

3 жыл бұрын

Thank you for watching!

So simple.Thank you!!

@ClaraCFO

3 жыл бұрын

Thank you for watching!

Wow great video ,answered all my questions,thank u

@ClaraCFO

3 жыл бұрын

Glad it helped! Thanks for watching!

Very helpful, thank you! I am still a bit fuzzy on the the 2.5 months to keep open account prior to applying for forgiveness. I am self employed with no employees, so I will just transfer 100% of loan now, how do I calculate the 2.5 months and what if I wait longer? I do not want to miss window, I do not have other expenses. Anyone with knowledge on this, I would appreciate you sharing! Thank you!

This was good and straight to the point!! Thank you 🙏

@ClaraCFO

3 жыл бұрын

Thanks so much!

very informative and clear. Thank you

@ClaraCFO

3 жыл бұрын

Thanks for watching!

Great information! Thank you so much.

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

New subscriber you are so helpful and beautiful ☺️ Thank you for the clarification 💪

@ClaraCFO

3 жыл бұрын

Thanks for the sub!!

Wow! Thank you!! This is exactly what I needed! A Like and subscribe for sure! Question: When you say “Close your covered period” are you referring to spending the total amount of your loan? So for example the day you received the loan would be the start and the day you spent all of the money would be your closing date of the your covered period? I know my bank did the full 168 days on the promissory note I signed. I plan on doing one lump sum for owner compensation well before the 2.5 month cutoff.

@thatmansetta94

3 жыл бұрын

So you have to wait 8 weeks before you spend the whole thing?

Thank you, you made it easy to understand

@ClaraCFO

3 жыл бұрын

Glad to hear that!

You're Great Thanks for the clarification

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

Great video. Clear and specific information. Thanks so much!

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

The best information I get so far, thank you so much.

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

@russelltate1394

3 жыл бұрын

I agree

Thank you for helping us all!

@ClaraCFO

3 жыл бұрын

Happy to help!

Wonderful explanation! The others are chock full of confusion!

@ClaraCFO

3 жыл бұрын

Happy to provide some clarity!

Can soneone who's business was closed and had a full-time job when they applied and received the loan and apply for loan forgiveness? And what would happen if it is found out that the person that applied for the loan used an address on their application that was not the location of their business?

Soooo please help me. 60% the payroll cost can go to me for bills etc thats pretty much whatever I wanna spend it on and the 40% has to be specifically for the business correct?

This helped so much! Thank you!!

@ClaraCFO

3 жыл бұрын

I'm so glad!

Great information! Great video. Thank you ...

@ClaraCFO

3 жыл бұрын

Thanks for watching!

Subscribed great channel!

@ClaraCFO

3 жыл бұрын

Thanks so much!

Thanks for the video! I received the first loan in August of 2020 and paid myself over the next 19 days but I paid about 90%. I just paid myself the rest of the 10% (April 8th 2021) but am I only eligible for forgiveness for that 90% because that was within the 24 week period?

Thanks for clarifying

@ClaraCFO

3 жыл бұрын

Thanks for watching!

Hello, so how long do I have to wait to pay myself the 60% as a sole proprietor? Also the funds are coming to my personal checking, can I transfer to savings or just write myself a check a be done?

Excellent information, just subscribed. I believe that before you apply for the 2nd draw you have to prove you've spent the 1st draw. For a SP, does the act of transferring to a personal account for Owner Compensation count as spending or do you have to prove how you used that money from your personal account. Thank you.

Super helpful, thank you!!

@ClaraCFO

3 жыл бұрын

Thanks for watching!!

Best info on KZread 1❤

@ClaraCFO

3 жыл бұрын

Wow, thanks so much! Thank you for watching!

hey so im still confused can someone help me please...So if i pay myself what does the check needs to say? and how do i know how much to pay myself weekly? and i pay myself for 8weeks then apply for the forgiveness?

I have a question if my ppp loan was based on 3.5 is my cover period 3.5 or 2.5

Best video !! Thank you !!

@ClaraCFO

3 жыл бұрын

Thanks so much!

Thank you very much. I appreciate you..

@ClaraCFO

3 жыл бұрын

Happy to help!! Thank you for watching!

This a great breakdown of how to 🙌

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

I have a question. What if you because of the lockdowns, had no income in 2020? I had income in 2019 as a seasonal worker. Lockdowns in 2020 kept me from working in the spring/summer which I make my money. So basically I would have 100 percent income loss in 2020. I have not been able to find any info on a situation like this. Thank you.

Thanks for helpful tutorial

@ClaraCFO

Жыл бұрын

Happy to help! Thank you for watching!

@HamidurRahman

Жыл бұрын

@@ClaraCFO I really enjoyed your instructions, do more and covered everything pls

Again thank you sis, and I’ve got 8540.00 keep making great videos.

What is the covered period mean. I know it’s 2.5 months but does that mean I can’t make additional income during this time? What does it mean? Thank you

Thank you!!!!!

@ClaraCFO

3 жыл бұрын

Thanks for watching!

HI! GREAT VIDEO I'm self employed can use the whole PPP loan fund 100% to pay my self for 10 weeks without expenses

Clara. You were great in explaining but I need to know to to pay my self from the personal checking account that my ppp loan was deposited too. My personal account is what I use for my contractor busisness. Thanks Clara

@ClaraCFO

3 жыл бұрын

Great question! I was getting this question a lot, so I made another video to answer it: kzread.info/dash/bejne/aISplJmFk9nTl7g.html

From all I’ve seen is that as a sole proprietor/schedule c filer we are technically not an employee according to the irs and in turn technically don’t have “payroll”. So from what I’ve seen is that we can use the loan all at once and when the 11 weeks come we should be able to apply for forgiveness based on the same document used to get the loan which is just the schedule c.

@ClaraCFO

3 жыл бұрын

yes basically!

@ivanchorojo

3 жыл бұрын

👍

@jaykold11

3 жыл бұрын

What do you mean all at once?

@jaykold11

3 жыл бұрын

@@ClaraCFO what does you mean all at once?

Thank you Clara I appreciate your time Blessings 👏

@ClaraCFO

3 жыл бұрын

Thanks for watching!!

@fabricioalmeida348

3 жыл бұрын

@@ClaraCFO I got a question! I’m a S-Corp but don’t have a payroll. Is that a way to get PPP???. I don’t think I filed a scheduled C,my is K1 and 1120 form.

@angiea7482

3 жыл бұрын

Could you address the period after 8 weeks? What can you do or pay in that window of 10 weeks to 24 weeks?

@ja201764

3 жыл бұрын

Thank you very much for the info!!

excellent explanation. Thanks for sharing!

@ClaraCFO

3 жыл бұрын

Glad it was helpful! Thanks for watching!

Thank you!

Great Video. Q. What if you want to RETURN/REPAY the PPP Loan "if you changed your mind" ❓

@LadyB.lovely

3 жыл бұрын

Following

@DJCoffeeBlack

3 жыл бұрын

following

Thank you so much! I’m assuming similar “payroll expenses” can apply to a sole proprietor paying independent contractors?

@ClaraCFO

3 жыл бұрын

No - only the amount you pay yourself as a sole proprietor can be counted as payroll costs.

Helpful! Thanks!

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

Very helpful. Thank you

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

GREAT info, thank you! Are there a lot of applicants under $50,000 getting their loans forgiven?

@ClaraCFO

3 жыл бұрын

Yes!

@LexyNaee

3 жыл бұрын

@@ClaraCFO so basically as a sole proprietor, just withdraw the money from one account , deposit it into another account an then apply for forgiveness?

You have provided such great detailed information here. One question about bank accounts. What if you are a sole proprietor and your business and personal funds are co mingled in one personal bank account? How do you pay yourself?

@opsemail5529

3 жыл бұрын

Interested in this answer ?

@geeman9252

3 жыл бұрын

@@opsemail5529 so am I - I don't think it's known, I hope there is a cut and dry answer - I have all my monies going to the same account, I can't pay myself if my PPP goes to that account, its already there.

@russelltate1394

3 жыл бұрын

I would suggest opening another checking account and writing a check or transferring the money to that account.

@ClaraCFO

3 жыл бұрын

Great question! I was getting this question a lot, so I made another video to answer it: kzread.info/dash/bejne/aISplJmFk9nTl7g.html

@nionil3154

3 жыл бұрын

I simply opened another account with my same bank (Chase) and set up weekly account transfers for the same day for next 9 weeks.

Thank You Ma'am.... Much Appreciated

@ClaraCFO

3 жыл бұрын

My pleasure 😊

So helpful!

@ClaraCFO

3 жыл бұрын

Glad it was helpful!

Hey Amazing video! But I suggest you doing a video clarifing what happens with people who received the loan under Schedule C line 7, they should get the forgiveness with line 31? There is a lot of confusion around the gross and net income. Or should they use all the loan as payroll in 10 weeks and apply for forgiveness after 24 weeks?

@Naimden

3 жыл бұрын

you will get forgiveness for gross income.

Is the 8 weeks pay based on the $100k cap or your Schedule C line 7 total if it’s less than $100k?

I got a little confused. Could you please give me answers to these questions? 1. The lending company deposited my PPP loan in my checking account. Can I pay myself by transferring the money from my checking account to my savings account (same bank)? 2. 60% payroll 40 % business expenses How could I prove that 60% of my PPP went to my payroll when I make the transfer. Should I just transfer ONLY the 60% of the loan and LEAVE the 40% from where it was deposited (checking)? Thank you! Your video or very helpful.

Thank you so much!

@ClaraCFO

3 жыл бұрын

Thanks for watching!

Hello I have a question. So what your saying is as a sole proprietor I can pay myself all the money from my loan ? I do not have any employees, so I can get forgiveness correct ? Please help haha thanks

When applying for forgiveness, are both business and personal bank statements required? (Or simply the business bank statement showing disbursement to the personal account).

Thank you so much for this explanation. It is extremely helpful! I only received the first draw. Then, I heard the money ran out. 😆 Because I only received the first draw, should I consider that the full amount of the loan?

Wow you’re absolutely right we are very confused from others that don’t know what the hell they are talking. In Florida are even saying we can’t do that as sole proprietor but you have really answer all my questions you are so kind and helpful Thank you very much,now how can I contact you and hire you to help to get my PPP ?? 👍👍👍👍👍👍👍👍👍👍👍👍👍

Hey thanks so much for this video! I just have two questions: if we pay ourselves will we be taxed on that pay? & Is it possible to still be eligible to receive both the First and Second Draw PPP Loans?

This is line 7 on Schedule C for Gross Income, correct? Just wanted to make sure. Thank you SO much for this!!

@MsJulieAnnBrody

3 жыл бұрын

Oh! and when I'm rounding up the week to be 2.5 months, do I round up to Sunday? Or Friday?

Great information.

@ClaraCFO

3 жыл бұрын

Thanks for watching!

Hi! Could you pls address the awkwardness one applied for the second draw before the new guidelines came out in March that allows the gross revenue used to calculate the loan amount? Unfortunately I was among those who got the loans funded earlier. When does it get retroactively adjusted? Thanks!

I have a pet care business. I collected a percentage off my pet sitters and walkers plus the work I do. We are all 1099s. How would I pay myself like this and be part of the forgiveness?

So can I just show on bank st that I took out my portion of payroll cost . At the end of 8 weeks In one lump sum and keep it else’s where ? Know what I mean ?

Thank you for making this video. It's very helpful! I am paying myself monthly via check for 2.5 months.

I wrote a check to myself with salary in the note section of the check and deposited it in personal checking for the loan amount

@ClaraCFO

3 жыл бұрын

perfect!

@mikep6014

3 жыл бұрын

For the whole loan amount?

@ronfamous1

3 жыл бұрын

I screwed up and had my ppp deposited In my personal bank account and not my business account. I wanted to also write myself a check for the whole amount. Should I just write a check from my personal to my business account?

@gerrisummers6057

3 жыл бұрын

@@ClaraCFO but is it ok to leave it in your business account? My loan was initially deposited into my personal & then I went & opened up the business account. I’m currently a Lyft driver.

So after you transfer your weekly pay . You can use those funds for regular uses . The bank statement just have to show the weekly deposits correct

@charlesellis8244

3 жыл бұрын

Yes

@seangay62

3 жыл бұрын

My understanding there was you can just deposit it all at once as well. Didnt she say that around minute 3?

@Bceemack1

3 жыл бұрын

@@seangay62 that's what I heard

Hello Clara and thank you so much for your content. It is extremely helpful. I have two questions, I just received my disbursement for the first PPP loan as a sole proprietor. If my loan amount is low, is it possible to use 100% of it towards payroll? Also, how low does the loan amount have to be in order to exhaust 100% of it in just eight weeks so that I’m able to apply for a second loan quicker? Thank you in advance for your response!

Thank you for these Videos. Are you saying that you must use the PPP money within the covered time period ??

So Basically I Can Pay My Self With The Loan (doesn’t matter if it’s every week or lump sum) Transfer from business account to personal in check form and as long as I keep them payroll statements to myself I will be forgiven ?

@seangay62

3 жыл бұрын

That was how I understood it.

So what do I put in memo field? Which dates to include? I'm intending on making one transfer.

@mityazdorovetskiy4049

3 жыл бұрын

I put Owner compensation

@lisaberger2994

3 жыл бұрын

@@mityazdorovetskiy4049 I realize that. Do you add dates, and if so which dates.

Thank you! This was really helpful! So the only question I have left then is can I still have "paychecks" from my business during those 2.5 months as well? Or is this meant to be the only pay that we are allowed?

Hello..thanks for this awesome for the ones that are completely confused like myself. Question..when you get your loan, do you have to pay yourself before spending anything? And is the covered period for everybody 2.5 months?

Clara, may I ask you to show us how to fill out the Forgiveness Form for sole proprietors? That would be very helpful! Thank you.

@ClaraCFO

3 жыл бұрын

Here you go! kzread.info/dash/bejne/pp1q06d6qLOsmLQ.html