PPP 2 has since closed
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- PPP 2. PPP Loan 2. Second Round of PPP. How to apply for PPP 2. How to qualify for PPP 2.0. How to calculate 25% reduction in gross receipts for PPP 2. Self-employed PPP 2. Other Key words to find my videos: EIDL. EIDL Grant. PPP 2.0. Stimulus Check. Stimulus Update. Payroll Tax Credits. PPP Second Round. PPP 2.0. Unemployment update. PPP loan forgiveness. PPP Loan. How to get PPP? How to get PPP Loan? How to get PPP 2.0? Where to get PPP 2.0? How to apply for PPP? Sick Leave Tax Credits. Unemployment update. Housing assistance. Child care assistance. How to apply for PPP 2.0? How to apply for PPP Loan 2.0? PPP 2 calculator. When is PPP loan application due? How to apply for PPP loan forgiveness. PPP Loan. PPP loan forgiveness application. PPP loan forgiveness update. SBA PPP loan. PPP forgiveness. PPP update. PPP loan forgiveness rules. PPP loan forgiveness application due date. PPP loan forgiveness calculator. PPP loan forgiveness application instructions. PPP loan forgiveness requirements. SBA PPP loan application form. SBA PPP forgiveness application. SBA PPP FAQ. SBA PPP forgiveness. PPP Loan Forgiveness Application for PPP. When to file for PPP forgiveness.
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JJ the CPA covers PPP, Self employed PPP loan, How to apply for PPP loan forgiveness and the PPP Loan. Self employed PPP loan forgiveness and PPP application for self employed. PPP loan for self employed as well as How to apply for PPP loan (PPP 2?), SBA PPP loans, PPP loan for, PPP loan application as well as SBA PPP loan application. Self employed PPP loan application and PPP loan forgiveness. Self employed with PPP loan forgiveness application. PPP loan forgiveness update for SBA PPP loan. PPP loan application online and PPP forgiveness. Self employed PPP loan and unemployment. How to apply for PPP loan online. SBA PPP, PPP loan forgiveness rules & PPP update. EIDL loan, EIDL loan and PPP, PPP lenders, PPP loan forgiveness guidance, EIDL loan status, Self employed PPP loan calculator, EIDL and PPP loan together. EIDL vs PPP loan. SBA PPP loan status, PPP loan search, PPP loan forgiveness rules, SBA PPP loan application form. Also the EIDL loan forgiveness (none), EIDL advance. PPP loan forgiveness status, PPP loan forgiveness application due date, PPP loan forgiveness calculator. EIDL loan application status. PPP loan forgiveness application instructions & PPP loan forgiveness requirements. EIDL status, EIDL SBA, SBA grant, SBA login, SBA EIDL, SBA PPP loan application form, SBA PPP forgiveness application, SBA PPP FAQ, SBA PPP forgiveness, SBA PPP loan requirements, SBA PPP loan number, SBA PPP loan application online and How to get PPP loan (hopefully PPP loan 2 or PPP loan 2.0).
Please watch JJ the CPA's daily news updates on PPP, how the Self employed get the PPP loan, tips on how to apply for PPP loan forgiveness as well as the PPP Loan. Self employed PPP loan forgiveness and the PPP application for self employed as well as PPP loan for self employed. How to apply for PPP loan along with SBA PPP loans. PPP loan for and the PPP loan application. SBA PPP loan application with the Self employed PPP loan application. PPP loan forgiveness and Self employed. PPP loan forgiveness application with PPP loan forgiveness update. SBA PPP loan and the PPP loan application online. PPP forgiveness and Self employed PPP loan and unemployment. How to apply for PPP loan online, get SBA PPP with PPP loan forgiveness rules. PPP update. EIDL loan as well as EIDL loan and PPP. PPP lenders with PPP loan forgiveness guidance. EIDL loan status and the Self employed PPP loan calculator. How EIDL and PPP loan together with analysis of EIDL vs PPP loan. SBA PPP loan status with PPP loan search. PPP loan forgiveness rules and the SBA PPP loan application form. EIDL loan forgiveness and EIDL advance. PPP loan forgiveness status with PPP loan forgiveness application due date. PPP loan forgiveness calculator and EIDL loan application status. PPP loan forgiveness application instructions with PPP loan forgiveness requirements. EIDL status along with EIDL SBA.
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Hi JJ can you do a video solely for self employed? Ty.
JJ you have never met a subscriber like me lol great channel and content bro
nice!
Do I get any CE Credits for watching your videos?
Thank you TeamJJTheCPA
I appreciate your time
JJ dropping videos 👍
Blessings
Where is the gross receipts data coming from? P&L? Is gross receipts business done or business collected?
Thanks for all your comments and suggestions JJ! We just got our PPP loan forgiven!! Your guidance has been valuable.
Thank you for all the great advice you have shared with your viewers. I applied to the SBA the first time for my small business and received $3,000. Needless to say, I was very thankful but it didn’t go far. My question is... what would be my best route to apply for the second round? Should I try applying to the SBA again or the EIDL ? Any info is appreciated. Thank you !
what if you started your business December 2019
What are the special provisions for those who have limited business history and can't compare to 2019?
Hi jj. From 140k i returned 30k immediately to the bank from the ppp loan thinking i had to spend it in 8 weeks... also now i still have 2k left in the bank. Does this disqualify me from.ppp 2?
Jj always there when you need him 🦸♂️
I am so grateful for my friend who turned me on to your videos. I have been working as a public accountant for 5 years while I am finishing the Macc at Rutgers - Camden and on to the CPA. I am only one person and can only read so much at one time between the SBA guidelines, class, and CPA study........I Thank You. Your videos and tutorials are right on time. This tax season is going to be epic.....Cheers Mate
Great video as well as your earlier ones. I linked my CPA into your channel and he is enjoying them and sharing with his other clients. Very well done.
Does this method apply to the self employed with no employees?
Yes, it does.
All you have to show is that for at least one quarter in 2020, the amount of money you had come in was at least 25 percent less than it was for the same quarter in 2019.
@@brandonkick Thank you
Have they mentioned how they'll calculate the amounts the business will qualify for....I"m guessing it will be based on your quarter loss?
It will likely be 100% the same as the first round. The new provisions are likely just to reduce the amount of businesses and people getting the money who really don't have a great need for it.
Hello, I need a good CPA . Do do take new client from different state?
Glenda, from BobbieGlen Hair Salon
I have nothing but love for you JJ.
Hey JJ - if my business began in Q2 '19 but wasn't in business during the entirety of Q2 '19 and if Q4 '20 sales are more than 25% below Q3 '19 (first FULL quarter business was operating in '19), does this meet the criteria? My reading of the language of the law is that for a new business that operates DURING Q2 '19 it can then compare Q2, Q3, or Q4 '19 sales against ANY 2020 quarter. Since my business wasn't operating during the ENTIRETY of Q2 '19 would the language of the law allow me to compare Q3 '19 v. Q4 '20? Thanks!
very informative....if only I could get CPE for this
Necessity? Let's take a look at that last relief bill and ask them the same thing!!
Thank you. In the PPP application it does not indicate the 3.5 x multiplier for business with a 72 NACIS code. Do we just multiply by 3.5 in the field or will they automatically multiply?
Please help. What if in 2019 I sold 2 houses and was an independant contractor bartending as well. I am no longer selling real estate my liscence expired, and since covid shut down food and beverage industry I havent been able to work . How would I fill out Ppp? Please help. On my 2019 taxes I have 12k in RE ,2k independant contractor and another 10k in food and beverage w2.
Okay I need a little help please. I have been on several lender sites to apply for second round of PPP as a independent contractor and close to the end or at the very end after filling everything requested and downloads I get one last required document to Download a IRS FORM 940 which is broke down to 3 pages , to verify the amount of employees including myself which is one for my self employment . Or a report to verify from a payroll provider the same. Now first what independent contractor with only one employee their self would have a payroll provider ? I am 1099 I pay myself out of my 1099 contract wages or income I wouldn't hire a separate payroll company to handle just me ! Second a form 940 can only be filled out by a registered IRS Business with a Federal EIN . Independent contractors by law are not required to have this they can use their SS# number instead. I am a little lost for ideas ? MAKES NO SENSE ! Even if the company I contract from wanted to fill out the form 940 they can't list me as a employee to verify amount of employees in my business I am not their employee ! I am a contract independent worker
Thanks JJ! Very helpful.
So if I haven't gotten ppp1, can I still get ppp2?
Yes that’s for sure.. my first one came in with $2k when I applied through Dominic I got the remaining $8k
I appreciate your content, thank you. Good stuff man, keep feeling loved, you've earned it.
Working hard for the little man ! So committed to us,..Thank you brother !
JJ has provided a wealth of information, and has done a great job at doing so in a clear and concise manner. I really hope all this effort has landed him some great clients!
Awesomeness!!!
What if you were down more than 25% during March, April, and May, and these months overlap calendar quarter 1 (Jan-Mar), and quarter 2 (Apr-June)? Thanks for all the info.
I have the exact same question.
I don't think there is yet "concrete" language on this... but likely they will have you compare traditionally defined quarters between 2019 and 2020.
In order to do what your talking about, they'd word it something like "show during any 3 month period" that gross receipts were down 25% or more.
Hi John and Victoria, @Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
@@tonydong26 @Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
Hi I am self employed contractor and have LLC . I don’t do quarterly taxes so how can I apply for ppp loan . I only do annually taxes
We need answer for this ?
I never paid taxes before just opened LLC last month can I still apply for loan??
U can use ur taxes to apply
@@krystalsteele9271 I’ve never paid taxes before
Would bank statements work?
JJ. You have never met a private educator/tutor like me :-)
You, and a few other high-quality TH-camrs, have inspired me to create an
educational channel
that provides the same type of services
in the academic areas.
Simple,
detailed,
step by every step,
lots of examples.
What if your doors have been closed and you haven't made any money but you want to reopen your business?
Another great video! Thank you !
Thank you again JJ! (By the way, my PPP 1 was 100% forgiven!).
- EIDL grants :)
How did you get it forgiven already?
@@victoriachanel2493 I filled out the forgiveness application on my banks website and submitted it. A week or so later someone called me from the bank to clarify a few things then about a month or so later (last week) I received a notification from my bank stating that the loan has been forgiven in full.
@@paulchoate1 were you able to write checks or make payments via the internet from the PPP? Or did you use other income you already had to cover expenses? And now you just have to show how you used the funds?
@@victoriachanel2493 I applied for PPP. I was approved. The bank transferred funds into my checking account. I kept track of all my expenses (as I always do) and submitted them with my forgiveness application.
Great Videos! I appreciate your hard work to educate us to take care of ourselves in our business!
I started my business February 2020 do you think I am still qualify for PPP
GROSS RECEIPTS FOR 2020 & 2019 GROSS RECEIPT QUARTER COMPARISON IS BEFORE DEDUCTION OF EXPENSES CORRECT? FOR BOTH YEARS
@@JJTHECPAusa You could’ve just responded right now in the time you took to write this reply. But thank you anyways you guys been a big big help
I live you JJ CPA you have taught me so much
JJ what documents do you think borrowers will need to show gross receipts?
@Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
Hi JJ - quick question, I am struggling to find an ethical balance with this item. I have had some questions by clients who do B2B - the qtr over qtr decrease was in 1 but the increase was in the next... total year over year was an increase... The intent of the relief is for negative impacts of covid & my values don’t align with compromising from the intent ... plus the money belongs to the public which is also who I am ethically committed to protect ... sorta struggling ...
I'm 1099 Self-Employed. Does the date a check is received/written determine which quarter it falls in, or is it determined by the date which it is deposited into my account?
Just subscribed! Thank you for your videos! I have a quick question and hope you can answer. If we didn’t apply for ppp #1 can we apply? But more importantly are the rules the same for the first round or for the new round with the decrease in sales by 25%??? We heard if you’re first time applying, rules will be the same are ppp #1. Thanks I’m advance!
Im in florida. How is the self employment calculated? i file at the end of year with 1040 and schedule c. There asking for 2020 year wages what do i have put? do i figure out for whole year my taxes to put in boxes? How does this work?
Is the application now open? Also I was working as W2 and got laid off in March 2020 (Covid), however I opened my LLC in October 2020, any way I can qualify for the full amount?
Following
Any thoughts?
I am waiting for more details on that.
Great Info, thank you.
I work as a travel agent, my gross receipts (which is commission from my suppliers/vendors) , is essentially a "report" of my total commission for the various vendors/suppliers I work with. This is reported weekly by a host agency. Will this be good enough to show as my gross receipts?
For the 25% gross reduction decline, can the months of March, April, and May be used as the quarter to compare to those same months in 2019?
Great job JJ! Do the gross receipts have to match quarter to quarter? Say, March April may 2019 to March Apr may 2020? Or any months anytime of the year?
Everything i need to know , awesome job 👏
I run a 501(c)(3) for Wounded Warriors, Veterans and their families. Can help us with PPP proper filing ?
Stop keyword stuffing your videos descriptions It does not help your SEO!!
I'm a contractor....I assume receipts are checks received? How do they want us to prove?
Whatever you use to prepare your taxes at the end of the year. If your using a professional CPA service, or tax service, it would be whatever you provide them with that they use to put together your tax return.
I did work as an independent contractor for a contracting group. They paid me, and provided me with a 1099-MISC at the end of the year. H&R Block used that 1099-MISC to create a schedule C that was attached to my own personal income tax return. If you had a schedule C created, or created one yourself, you would use whatever information that was used to create that document last year.
I have an LLC, and a self employed with payroll as well
Will taxes show quarterly's?
What is the current necessity test?
Great video, How much will they qualify you for if you are below that 75% number? Will it be a catch up to the 100% number or catch up to the 75% number?
Will I qualify since my 4th quarter is the only quarter that shows a 25% reduction?
I am out of California and I am seriously feeling the shutdown this quarter.
Is there any ppp for landlords, people that have rental property or people that have Airbnb with out an LLC. Just sold proprietors.
Can you have an "8" week period within a particular quarter with a 25 % decrease in revenue or does it have to be the full "12" weeks of the same quarter with a 25% decline? Thanks
JJ, you may have explained that earlier already, but does the entire full-time equivalency thing still apply for PPP loans under 50K with the new form? So in order to have the full forgiveness, are you STILL required to have the same staffing level as before the crises?
Is it true that there is a safe harbor date of 12/31 (and that you only have to hire for that ONE day?)
@Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
what method of accounting is used to see if you qualify for the 25% reduction in gross receipts? Cash or accrual basis?
If my business did not receive any money from PPP round 1, which form do I use to apply?
JJ-
I cant find any videos to elaborate PPP2.0 vs retention credit or can one business receive both , please help point in right direction
From one JJ to another, thank you for this information.
What will the bank ask for to see these numbers? Bank statements and profit and loss?
Is it not better to hold the seminars after the SBA releases more guidance? Will attendees get updates after SBA releases more guidiance?
Hi JJ, thanks for your explanation! You provided the answer that I was looking for and did not expect to find! I get that the gross receipt would not include PPP or IEDL, but am just wondering if the congress, senate, or SBA would interpret it otherwise... This question is important to me because if I exclude PPP, I would qualify, which is good news, but if I include it, I would not qualify. I'd appreciate your insight. Thanks!
Hi John, @Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
Hey JJ Great information and knowledge that you are providing..
You are always doing great videos JJ 😀😀😀
QUESTION: We have NOT applied for the PPP before. As per what I understood from this video, only whom have applied before will be able to go for PPP round 2, is it correct?
I do not think that is correct.
I think the only impact PPP1 has on PPP2, is that you cannot have leftover PPP1 money sitting in an account somewhere and qualify to apply for PPP2. I suppose the thought process is... you don't need PPP2 if you haven't even had to use all of PPP1 yet.
Quick thought, interested on your "opinion" JJ. Your the MAN!
I had a self employment gig, in addition to a full time W2 job in 2019. I worked like a man possessed. Two full time jobs. Just me doing side hustle, no "employees".
Independent contracting job paid me in excess of 100K a year. Closer to 120K a year. W2 work paid me about 75K or something like that. So in April of 2020, the virus hit and the sole contract I was working on cut all spending and essentially canned all the contractors working on it. I haven't worked on it, or any other self employment gig since, though I have tried to get contracts just haven't been able to do it.
I can show for Q3 and Q4 my income compared to 2019 meets the provision in terms of 25%. My self employment downturn is actually 100%. I made tens of thousands of dollars in those quarters last year, I made $0 in those quarters this year. Only W2 income, and way substainally smaller.
I can attest that I did lose my business income directly because of the virus. The company stated to the person I was contracting for that they shut us down, to allocate funds elsewhere, because of the economic impacts of the virus.
I can attest that I have gone down way more than 25% in at least 2 quarters of 2020.
I did get PPP 1.0 and I did use all the money as I should have. I have just filed for forgiveness.
Do you feel that in your "opinion", I would meet the needs basis criterion?
Hi Brandon, @Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
That translates into you closed business and haven't been able to operate since. You will definitely qualify
I swore I heard someone say that you can still get a PPP loan even if you can't show a 25% reduction, but you can only get 2.5 x payroll of employees from January and February. Doesn't make sense, but I swear I heard that.
@Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel so relieved . This could help.
I started my company 4 months ago [Sept 3d]... I take it I don't qualify for any small business LLC-C
You had to be in business on or before a date in Feb (or Mar) of 2020. Your business is too new. You won't be able to participate in PPP 2, at least I'm 99% sure.
What if you have not filed 2019 taxes
File them
You can simply use the data that would have went on 2019 taxes. Just make sure your being accurate and honest. Prepare the forms just as they would be if you DID file them, and use those figures to do the PPP math. The forgiveness portion is another thing. They will likely want documents that were actually filed with the IRS / on a tax return and not your rough drafts.
They ran out of grant money when I applied will I get that chance this time?
what if my business opened in jan 2020?
Anyone who was on unemployment could not apply for a PPP round 1 loan, so I guess that cancels us from applying in this round>? Not gonna have a problem showing I made ZERO income from my business people just arent having remodeling done these days, had 3 oral contracts they all backed out because of all the uncertainty.
That's not true
U can get ppp.and unemployment
U just have to claim the ppp on ur weekly certification
@@krystalsteele9271 which would cancel out my unemployment by making too much , sba told me that was double dipping and would be considered fraud. They even sent me a letter warning me to not do both thats in Texas they said one or the other.
I love Mr. JJ,
When I was so terrified and unsure about being qualified for the EIDL grant and the PPP, his videos practically compelled me into taking the steps at the last minute to apply for both, and to my surprise I was approved for both. Thank you sir.
After that. I became a PPP crusader to total strangers because of the help I received from him.
If I didn’t apply for PPP1 can I apply for PPP2?
❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️👍👍👍👍👋
I have a business in hospitality. Been reading and I should be eligible for a 3.5x loan amount.
My closest quarter is Q2 where I am down %24.96, or $30 over the minimum. I am wondering if they can make an exception?
Haven't looked at the application but I would think I need to provide a quarterly tax report to compare the 2.
im in the same boat. have you found out anything?
@@murrsimp8228 my bank said they will start giving PPP loans out next Tuesday.
My representative just gave me the documents she has, more or less the same as round one. PPP questionnaire, SBA loan application, PPP application. Then a checklist of items needed. Drivers license, 'documents that demonstrate %25 reduction in Quarters 2019/2020' relevant tax forms.
She said by Friday she will know more. Not sure yet about the "slightly over" requirement.
My bank I use is United Business Bank. They bought out my local community bank last year. Compared to other lenders, they required more documents than needed for 1st round.
What if I changed my hours of operation to be less than it was in 2019? It looks like a %25 drop anyways.
Doesn't matter to them if you work 1 hour a week or 15 hours a day. Quarterly income is Quarterly income.
Also, can we use bank statements form q4/19 to compare to q4/20 as support or do we need to have physical receipts?
Merry Christmas my guy blessings to the family n you
Great contents, thank you sir!
Any information on restaurants?
Great concise explanation JJ!
What if your business fell over 25% during 2020 does that still qualify? I never applied for ppp1 can I still apply for ppp2 even though?
It says "25% or more" so yea. In some quarters mine was reduced 100%. I lost my sole contract, and now have only W2 income.
You will be fine to apply for PPP2 if you didn't get PPP1.
The thing JJ mentions is that if you DID get PPP1, you have to have used all the money from PPP1 to qualify to participate in PPP2. Since you never got PPP1 money at all, that rule doesn't apply to you.
@@brandonkick Thank you!
Love ya JJ!!
I just gathers my eBay sales reports
What about unemployment insurance? Since it's taxable, would this be part of the gross income receipts?
He mentioned this in another video and said no it's not because unemployment is not business income.
@@beth8532 Thank you Beth! 😊
Boooooooomer
Can this be applied for a landlord’s loss of rent due to vacancies and non payments?
Peter, yes but if you are like me, we landlords do not show a profit after depreciation and other deductions. The only way to get PPP as a landlord was to show a profit on a schedule C
Good stuff, JJ. You rock buddy!
So MUST we file for forgiveness before we apply for ppp2?
No. You must have USED all the PPP1 money in order to be able to apply for PPP2. So you can't have money left over from the first round just sitting in a bank account and then apply for PPP2. There is no requirement or discussion on the forgiveness portion of PPP1 being considered when applying for PP2.
Does anyone know if a self employed/sole prop who has a side hustle but no separate tax ID number (so it’s income attached to the same SSN as the main business) would count toward the gross receipts? They’re different business activities but not different tax identities, so, unfortunately I’m guessing it would count as gross receipts for this PPP2 qualifier?
If you don't have different methods of filing those business activities on different tax return vehicles, I'd bet the goverment will consider it all the same thing.
So, lets say I am self employed selling and fixing bicycles. Half way through the year I decide I'm going to start fixing computers as well. The only way these incomes wouldn't be lumped together, is if I had registered two different business entities. So I made 25K fixing and selling bicycles, and 35K fixing and selling computers. When I file my personal income tax return, I report all that income on a single schedule C. Both business activities would technically count for PPP2.
@Businesszcreditz on Instagram aided my swift qualifications for the PPP loan forgiveness. I feel relieved .
@@brandonkick yeah this is about what I was thinking. I kind of on a whim started doing this other thing and it ended up being worth like $10k sort of all of a sudden. 🤷♂️ If I continue, I’ll probably set it up as its own identity to have its own return vehicle. Although, if it ever matters again with respect to achieving pandemic economic disaster relief, I think the world has much more serious problems. Thanks so much for your comments! Have a great holiday!
Thanks JJ 👍
I sound!
Will this mean I qualify for the same amount of my first PPP loan?
The first round of PPP was based upon payroll numbers. Second round PPP is based upon gross receipts.
You are the best!!!
Show me the Money JJ !
😊