I hope this live walk-through helps all of you! Please like and subscribe, and share with other groups and individuals you know who will be doing this.

@jack8688gmailcom

4 жыл бұрын

Thanks for your video, it is really helpful ! Can owner's SEP IRA contribution be forgiven? How can I do it if the answer is yes?

@BrassHorseStudio

4 жыл бұрын

My apologies for the late reply. For some reason I'm not being notified of comments??? Can you tell me more about the business structure/form? How is it organized?

Thank you for the wonderful detailed video, you've been a great help to the community of Sole Prop's! Bless U're Heart!

@BrassHorseStudio

4 жыл бұрын

You are so welcome! Thank you!

Thank you. Just received my loan this week.

Thank you much for making it easier and clearer to fill out.

@BrassHorseStudio

4 жыл бұрын

Thanks for watching and commenting!

Great video!..I sincerely appreciate you helping people like me! I was so worried about this..You have took a lot of stress off of us. Thank you again for all the help!

@BrassHorseStudio

4 жыл бұрын

Glad I could help!

Well done video. Very easy to understand. I wanted to take a moment and tell you I very much appreciate yo9ur videos. Good work !

@BrassHorseStudio

4 жыл бұрын

Thank you so much! Thanks for watching and commenting!

Super helpful! Thanks for taking the time to make this video for us!

@BrassHorseStudio

4 жыл бұрын

Thanks Lisa. Bear in mind that there is VERY STRONG support in both houses of Congress, and across the aisle of each to potentially vote next week on making the changes I mentioned in this video. Lots of media attention today about those changes (extending the 8 weeks to longer, extending the loan terms to longer, and extending the percentage flexibility). I'll make a video if/when they do!

The BEST video around! Thanks!!!

@BrassHorseStudio

4 жыл бұрын

Thanks so much!

Hey Steve....You are keeping true to form with yet another awesomely informative, helpful, well presented video. THANK YOU!!!! I hope that everyone watching your videos enjoys them as much as I do. You are a TRUE PROFESSIONAL!!!! I have grown to trust your advise and so far, you have been 100% perfect with everything that you have you have said. I have followed your advise and everything has worked out as I think it was supposed to. If I could see you face to face, I would ABSOLUTELY shake your hand, even though that is "not allowed" right now. Thank you again for everything. Scott Curtis - Curtis Custom Carpentry - Mt. Wolf, PA

@BrassHorseStudio

4 жыл бұрын

Thanks so much for all the support you've given this channel, Scott. I hope your business thrives. If I'm ever in that area, I will certainly let you know! We can elbow bump, at least.

@scottcurtis1887

4 жыл бұрын

@@BrassHorseStudio That's a DEAL Steve. I would enjoy that very much.

Thank You!!!!!

Great Step by step video for Sole-Prop PPP Forgiveness

@BrassHorseStudio

4 жыл бұрын

Thanks Neil! Glad you liked it. I'm going to ask that you consider waiting a week or so before sending anything in (if you were going to). There is VERY strong movement on both sides of the aisle in Congress to make modifications to this program that I mentioned in the video. There will possibly be a vote next week about it. If it happens, I'll make another video highlighting the changes, but the ones they are considering are: extending the 8 weeks (not sure how long) and changing the percentages to perhaps as much as 50%/50%. I'll let you know!

@Neilkopplin

4 жыл бұрын

Brass Horse Business Ed I Won’t be filing for Forgives until July. So no worries.

Thank you very much for your help. :)

@BrassHorseStudio

4 жыл бұрын

You're welcome. I hope your business is doing well.

Thanks for the wonderful help!

@BrassHorseStudio

4 жыл бұрын

Thanks for stopping by! I hope your business is going well!

@janedy7565

4 жыл бұрын

Hi. What is your advice on how to document forgiveness for a partnership with no employees and only the two partners are working in the busines?. We formed our LLC in August 2019 and did not earn any income. We have some client's payments from January 2020 until now. Thank you. I have been trying to find a video on this but there is no explanation on this situation. Thanks.

@BrassHorseStudio

4 жыл бұрын

@@janedy7565 Hi Jane. There are some lenders I heard about who have submitted loan applications to the SBA system who had no (or negative) income in 2019, but then started to be profitable in 2020. I believe the documentation you will need will be the same: cancelled checks or records of digital payments, statements showing payments, etc. Utilities should remain treated the same way as well (as long as they existed before February 15). You should be able to show owner's payments to the two general partners, as well as the utility payments and/or mortgage interest or rent. One thing to bear in mind is that it is your LENDER who will determine forgiveness (not the SBA), so you should consult with your lender about their own requirements. They will very likely have their own version of the loan forgiveness application. I hope this helped. Let me know if I added to the confusion!

@janedy7565

4 жыл бұрын

@@BrassHorseStudio thank you so much! That is reassuring. More power!

Hi, You mentioned Line 31 on Sch C for Line 9 for Total Pd to Owner is this correct? Line 31 is $ then you would divide by 52 (for weekly) then multiply by 8

The most comprehensive step by step video I have watched so far. Thank you! I have two questions.1) how home business expenses will be addressed? Many self employed work out of their home. 2) how the IEDL advance of $1000 is ultimately handled in the calculation you just show?

@BrassHorseStudio

4 жыл бұрын

Thank you so much. My answers to your questions are unqualified opinions (but with some research). First, if you could write it off on your 2019 Schedule C, and it fits the categories eligible for forgiveness, I *believe* you can claim it on the forgiveness form (some people claim percentages of their mortgage, bills, etc, for home based businesses...my opinion is that these should be allowable if they fit the category of mortgage interest, rent, or eligible utilities). Likely a CPA could provide a better answer, or possibly your lender. As for the EIDL advance, I'm not sure why they're asking for that??? My understanding was that any outstanding EIDL LOAN was going to be rolled into the unforgiven amount. But it is possible that any EIDL advance may be subtracted from the PPP forgiven amount. I would've thought they would've carried that down onto the form, though???

@esotericacademia4200

4 жыл бұрын

@@BrassHorseStudio My thoughts exactly using the percentage of the home office for the utilities + rent + communication bills as one normally does at tax season. For the EIDL, the reason I asked is that on my loan application, a paragraph states: "If applicant is refinancing an EIDL: Add the outstanding amount of an EIDL made between Jan 31, 2020, and April 3, 2020, less the amount of any "advance" under an EIDL COVID-19 loan, to loan request as indicated on the form". I did not receive an EIDL doing that period but like many self-employed, we got the $1000 advance. So now with this SBA form for forgiveness, they ask for that but is it added to the non-forgivable amount at the end of all computations?

@BrassHorseStudio

4 жыл бұрын

Esoteric Academia Thank you very much for the question...I just read on the loan forgiveness application the following: If applicable, SBA will deduct EIDL Advance Amounts from the forgiveness amount remitted to the Lender. That’s pretty awful news, in my opinion.

@BrassHorseStudio

4 жыл бұрын

Sylvia, to follow up, I just read on the Loan Forgiveness Application: If applicable, SBA will deduct EIDL Advance Amounts from the forgiveness amount remitted to the Lender. In my opinion, that is very awful news for small business owners. It doesn’t make a lot of sense to me.

@sylviesteinbach562

4 жыл бұрын

Yes it is questionable since the advance does not cover the same 8 weeks period as most of us got it the month before. It seems to me that SBA is attempting to take any money back for any reason. We were told originally that the advance was a grant that would not need to be paid back, right? And now, it is applied against the forgiveness amount! Seems like a bait and switch to me.

Thank you for making it easier. I am have a question, it is asking for SBA PPP Loan # where do l get that? Also it is asking for Lender PPP loan number. I do not have a lender.

This video was so helpful! Thank you so much! Is there anyway you could make a video with one employee on record?

@BrassHorseStudio

4 жыл бұрын

Pants Thanks! I am working on other videos about the other portions of the application, including for employees. Stay tuned! Also, I would note that there is a lot of talk in both Chambers of Congress, and across the aisles, about making some significant changes (favorably) to the PPP loan repayment terms.

@Shyliillazn

4 жыл бұрын

Brass Horse Business Ed thank you so much!!! You have been of so much help!

So where do you submit application too if you received it from the sba

Why wouldn't I be able to complete line 7 & 8 of the PPP Schedule A if I set up a 401k for my LLC and I paid self-employment taxes as well, as part of my payroll calculations? Thank you in advance for your assistance.

@BrassHorseStudio

4 жыл бұрын

Sorry for the late reply. I'm not being notified of comments 🤔 Can you tell me more about the organization? Are you a sole proprietor with no employees? Or do you have employees? How is your LLC taxed (single member or multi-member LLC taxed as a corp)?

I called sba, all you need is the Application, rent and electric Expense alone with your schedule c. I was told sba and your bank have all info your just verify again same way u got the ppp loan. You dont need to write checks to yourself they will use ur schedule c line (31) to determine your 75% and 25 % is expenses. Again, my opinion from SBA customers rep 1. APPLICATION 2. Two months of rent and electric 3. Schedule Send it to your bank.

@BrassHorseStudio

4 жыл бұрын

Ali Haji This is great information, Ali. Thanks for contributing!

Great video Steve !! Sure appreciate it ! I'm a self employed independent contractor. So if I use all of my PPP loan $$$ on Payroll (100%),, I should be good for 100% Forgiveness,, correct? The 75% means minimum of 75% not maximum of 75% , correct? Thanks !!!

@BrassHorseStudio

4 жыл бұрын

J Reeves That is my understanding, but if I were you I would confirm with your lender, as your lender will decide forgiveness. Also, I think Congress may soon be making changes to this in the next week or two...favorable changes similar to what I mentioned in the video.

hi I need huge help , I am schedule c no employee, I got ppp loan for 9622 also got a edil grant for $1000. can I use home gas water electric interent as utilities for forgiveness if I cant should I use 100% payroll then?.. plus does the grant I have to include or is it free since its a grant? I heard only 73.68% loan can be forgiven for schedule c is that true?

@BrassHorseStudio

4 жыл бұрын

Hi Vincent, see my earlier reply. It is NOT true that only 73.68% of the loan from Schedule C numbers can be forgiven. Whatever amount your lender allows to be forgiven will have any EIDL advance subtracted from it. So, if you received a $1,000 grant, your forgiven amount will be lessened by that much. As I said in the earlier comment, stay tuned for potential changes happening this week as Congress votes on The Paycheck Protection Program Flexibility Act. This would make it much easier to get forgiveness.

Very good job explaining step by step. I have question about my lender situation. I got my loan from BofA, they are saying I have to go through SBA to submit forgiveness application. I'm not sure what I should do. thanks

@BrassHorseStudio

4 жыл бұрын

A. P. Thanks! What I understand is that you will apply to your bank/lender for forgiveness. They will decide the amount of forgiveness and then submit that to the SBA for verification. I expect since the SBA is now involved it will be a mess and will take a prolonged amount of time (just ask folks who applied for EIDL!).

On page 4, The dollar amount for which forgiveness is requested: the 4th bullet states "does not exceed eight weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual." so how can you take more than 8/52 of line 31 of 2019?

@BrassHorseStudio

4 жыл бұрын

Thanks for asking this Steve. Your question sent me into several documents and publications, one of which was the guidance by the Treasury Dept on 4/20/2019. To be honest, there are several places in it where it sounds very contradictory. I first read that bullet to be the limit of the "Payroll" portion that you could have forgiven. I'm seeking some further guidance on this issue. In the end, as I state in all my descriptions, I think it best for you to consult financial advisors, including the lender of your PPP loan. That lender is ultimately going to decide on the amount forgiven. Just explain to them that the form looks contradictory and unclear about whether you can claim mortgage interest/rent/utilities. I think it might be possible that the 5th bullet is referring to the maximum payroll claimed as "Owner's Compensation Replacement" not exceeding 8 weeks worth (maxed-out at 100,000/year pro-rated at 8 weeks). However, I'm seeking further guidance and I'll update. Thanks!

@brisque81567

4 жыл бұрын

@@BrassHorseStudio The Treasury Dept released 2 more Pdf's on May 22nd, and I am starting to believe that it is indeed for the "Payroll" part. Still a lot grey areas!

thank you so much very helpful. I get monthly ( end of month) commission, I received the PPP in May, so do I put 5/31/20 on alternative payroll covered period? would you be so kind to make the form you filled out be available for download so I can make it as template? thanks again.

@BrassHorseStudio

4 жыл бұрын

Thank you Denking. The form is available for download in the links in the description. I believe you are correct that you can move your alternative payroll period to your first paycheck draw.

@nanay456

4 жыл бұрын

@@BrassHorseStudio thank you. Do you know how they calculated your PPP loan amount based on your income? thanks

@BrassHorseStudio

4 жыл бұрын

Hi Denking. I made a video about that here: kzread.info/dash/bejne/p4eTlsaOnLSqYrQ.html

Great video! Question: for sole proprietor that makes more than 100k the calculation is with 100k anyway. Is that right?

@BrassHorseStudio

4 жыл бұрын

Hi Isabel. My understanding is the same as yours: it is capped at $100K per year, prorated to 8 weeks (which is $15,384). Please stand by before submitting your application. There is strong support and movement to vote as early as next week to make modifications to PPP forgiveness guidelines in your favor. I'll make another video if/when they do, but it's looking more and more likely they will (and I don't easily make those kinds of speculations...you could probably tell I'm more low key 😂😂😂😐).

@isabeldafonseca9275

4 жыл бұрын

@@BrassHorseStudio I have a restaurant in a college town, when the pandemic started the majority of my employees (servers) went home cause the school closed. We have been open just for delivery and curbside, so I just kept the two locals employees. I would REALLY APPRECIATE if you can help me to fill out this form. My situation is one sole proprietor plus three employees. Thank you in advance. It's hard for family small business to have all this paperwork.

Hi Steve, I received my PPP loan on 05/07/20. My hair salon is still closed due to the shelter in place order. That mean I can not use it for payroll. Will I still get the 25% toward rent & utilities to be forgiven even though I didn't use the 75% of it for payroll? Thanks!

@BrassHorseStudio

4 жыл бұрын

Thanks for writing, Sophie. I'm going to ask that you consider waiting a week or so before coming to that conclusion. There is VERY strong movement on both sides of the aisle in Congress to make modifications to this program that I mentioned in the video. There will possibly be a vote next week about it. If it happens, I'll make another video highlighting the changes, but the ones they are considering are: extending the 8 weeks (not sure how long) and changing the percentages to perhaps as much as 50%/50%. I'll let you know!

@sophiepen9817

4 жыл бұрын

@@BrassHorseStudio Thank you very much Steve for your response! I really appreciate it! Please stay safe! I look forward to hearing from you with a good news soon! :)

Quick Q: Say you are a "Bobby" but you made 90k for the year 2019 (less any business expense)and you follow your exact model (again, less any business expense), you would exceed the $15,385 listed on page 4 under the first line that needs to be initialed. Does that line state that as the owner this whole thing is capped at $15,385 regardless if you made under 100k for the year? Following your model it would seem that you should actually have $18,461.53 forgiven in PPP funds... but they cap it?

@BrassHorseStudio

4 жыл бұрын

Steve, thanks for writing. Because of your question, and that of another commenter, I'm going to do more research into this and follow up with you, very soon I hope. And if needed, I'll take the video down and remake it. I think that there is a *chance* that page 4, bullet 5, refers to maximum Owner's Compensation Replacement in lieu of payroll costs, but again, I'm getting some more guidance on this. My advice to you would be to get clarity from your PPP Lender, as they will ultimately decide on your forgiveness amount. I offered these instructions to the best of my understanding based on a lot of reading and discussions with other professionals, but I'm not a PPP lender nor a CPA.

hi I heard schedule c only can get 73.68 forgiven is that true? also since I work at a nail salon, can I use my water gas phone interent for utilities ? if I cant can I use the whole loan as payroll?

@vincentfried1356

4 жыл бұрын

my home utilities

@BrassHorseStudio

4 жыл бұрын

Sorry for the late reply, Vincent. I wasn't being notified of new comments on my channel, and I missed it. I'm not sure where that number came from. There also isn't current guidance on the use of home expenses like water/gas/electric, etc. However, stay tuned because an important vote is being taken this week on The Paycheck Protection Program Flexibility Act. This could provide more flexibility. Stay tuned!

For clarification...if it is for 8 weeks...we are only not deducting the expenses for the 8 weeks on our taxes....correct?

@BrassHorseStudio

4 жыл бұрын

Thanks for writing, Rene. It is 8 weeks (56 days). For payroll expenses only, you can use 8 weeks starting at the first payroll distribution after you get the PPP loan money. For utilities/rent/interest you must start the 8 weeks calculation on the date that you received the loan money. I also discuss this in the Part 1 video a bit more.

what if u got eidl grant and also if u buy gas with it for work can u still claim ur miles

@BrassHorseStudio

4 жыл бұрын

Both great questions. If you received the EIDL Grant, it will be subtracted from the loan amount. I think that's horrible, but it is what the guidance states on the loan application. For your second question about miles, I don't know the answer to that, and I think it would be best for you to check with your PPP loan lender, and perhaps a CPA. I'm not giving financial advice on this channel.

@unseenhero7498

4 жыл бұрын

@@BrassHorseStudio also i got my ppp money may 2. can i start my pay rfor the week of may 8 - 15 and start paying myself on the 15 and if so will my 8 weeks start at may may 8 or 15?

Say my PPP loan is $4000 and I have a $1000 advance on the EIDL. Can I just take the ~ $3000 automatic forgiveness, pay back the $1000 and not worry about the 25% part. Now, can I still write off the mortgage interest and utilities? In other words, where is the EIDL advance "taken off" from the PPP forgiveness part of the loan?

@BrassHorseStudio

4 жыл бұрын

Great question, Clutch. Sorry about the late reply, but for some reason I wasn't being notified of new comments 🤔. Any EIDL advance (in your case, the $1,000) will be deducted from the total forgiven amount by the SBA. So, let's say all $4,000 you received qualified for forgiveness because of any amounts you claim. When the lender forwards that decision to the SBA for verification of forgiveness, the SBA will tell them to deduct $1,000, and forgive $3,000. Your goal should be to try to get all $4,000 forgiven. Having said all that...stay tuned, because today the House Votes on the The Paycheck Protection Program Flexibility Act that could make forgiveness accounting much more flexible and easier.

For clarification...if it is for 8 weeks...we are only not deducting the expenses for the 8 weeks....correct?

@BrassHorseStudio

4 жыл бұрын

I'm going to ask that you consider waiting a week or so before coming to that conclusion. There is VERY strong movement on both sides of the aisle in Congress to make modifications to this program that I mentioned in the video. There will possibly be a vote next week about it. If it happens, I'll make another video highlighting the changes, but the ones they are considering are: extending the 8 weeks (not sure how long) and changing the percentages to perhaps as much as 50%/50%. I'll let you know!

Can we claim commercial insurance as well, if so, which line?

@BrassHorseStudio

4 жыл бұрын

That's a great question, Rene, and I haven't seen any specific guidance on that at all. I know that it is a question in limbo for people with transportation-related businesses. I would ask your lender, as they are the ones that will ultimately decide on your forgiveness status and amount.

Can owner's SEP IRA contribution be forgiven? How can I do it if the answer is yes?

@BrassHorseStudio

4 жыл бұрын

Jack Ho My understanding is that it cannot be forgiven. However, I always advise double-checking with your lender, as your lender will be deciding on your forgiveness.

i use to sell stuffs on the flea market and now its closed because of covid 19. i have sale tax certificate and identification number to do this business. is this activity can be considered as a small business? can i apply for ppp loan ? thank you

@BrassHorseStudio

4 жыл бұрын

Hi Sarah, so sorry for the delayed response, as I wasn't notified of your comment for some reason. It does sound like you would qualify to be considered for a PPP loan. You should consult a small bank or credit union in your area, or possibly PayPal or Square. See my video on this kzread.info/dash/bejne/k4aN1cyelqTXkrA.html and check the links in the description.

Sole Proprietor here: Can I write a check to myself for the 8 weeks amount or I have to doit weekly as I usually earn my money. (Uber driver)

@BrassHorseStudio

4 жыл бұрын

ALFREDO ALEXANDER PEREZ Absolutely you can. It’s not going to matter how frequently you do it, they are going to forgive 8/52 of your line 31 of 2019 schedule C. There were several changes that just passed Congress that I’m going to make a new video about that will work in your favor. You have longer to spend the money, and longer to pay it off.

@ALEXANDERPESA

4 жыл бұрын

Brass Horse Business Ed thanks for clarifying... I got a 10k loan but so far 8/52 of my line 31 equals 2.6k. With the new legislation if I’m not wrong the forgivable amount will raise to 24/52 and 60/40 payroll/expenses ratio right?? I think that would play a lot in my and many others favor.

@matthewmorganphoto

4 жыл бұрын

RE: Forgiveness Documentation for Sole Props : How important is it to "write a check" vs other methods (i.e. transfer money from business checking to other account)?

This is Karen Lee and business is C-Corporation, I am M/WBE bidding on contracts with the Federal Government which took me long time and still on going and not had any revenue. I invested own capital and enormous time hoping to be awarded with the contract. Am I eligible to apply PPP ? Thank you so much...

@BrassHorseStudio

4 жыл бұрын

I believe you likely are eligible for a PPP loan. The best move would be to talk to your bank’s commercial loan representative. There is still quite a bit of money left in the program.

In 2019 I made much more than the $100k max of the forgiveness. Do I enter $15,385 for Line 10, or my actual payroll costs?

@BrassHorseStudio

4 жыл бұрын

Dustin Hetrick Either $15,385 or your actual payment to yourself in the 8 weeks after receiving the funds, whichever is LESS.

@dustyh2371

4 жыл бұрын

@@BrassHorseStudio Thank you! Although I do look forward to the more favorable update for forgiveness. Thanks for your great video. It's the best one I found on KZread!

@BrassHorseStudio

4 жыл бұрын

Dustin Hetrick Thanks so much!

@allaboutrentalproperties5855

4 жыл бұрын

@@BrassHorseStudio I agree! Just the video I was looking for!

My Business name WHITE HORSE THUNDER I'm working on to get PPP Loans. My first time on your KZread Channel..Thank you

Owners do not count as employees, hence 'employees at time of loan application' and 'employees at time of forgiveness application' needs to be zero (0)

@BrassHorseStudio

4 жыл бұрын

Minh H I understand that many are saying to do so. My own commercial lender instructed me to do it as I showed it. Because the lender will determine forgiveness, I passed along what the lender said. That’s why I labeled it “self.”

@instaminder

4 жыл бұрын

Brass Horse Business Ed No problem, Steve... I got this information from 2 CPA’s. But think the SBA hasn’t really made a forgiveness application geared towards the sol prop without employees. You’re info is great and appreciated though.

Got a notice from SBA to set up a portal.

@BrassHorseStudio

4 жыл бұрын

That means you got an EIDL loan, correct?

@kaowtruck3900

4 жыл бұрын

Brass Horse Business Ed no we did not get EIDL but we did get a PPP that was just funded about a week ago.

@BrassHorseStudio

4 жыл бұрын

KAOW TRUCK Just curious, did you apply for an EIDL loan?

@kaowtruck3900

4 жыл бұрын

Brass Horse Business Ed yep, I did when the program was 1st announced. It was like a 3 page application. But we never got any confirmation or acknowledgement of the application. Then started hearing our colleagues said they got funds in their accounts and since we did it we just assumed we did not get approved.

@BrassHorseStudio

4 жыл бұрын

@@kaowtruck3900 That SBA invitation to open a portal is for an EIDL loan. The SBA wasn't very reliable about communication. You apparently were approved for an EIDL loan, and they are inviting you to open a portal to view your documentation and decide if you want to accept it. The SBA didn't handle distribution of the PPP, just the EIDL. Please let me know what you find out! I'm excited for you!