PPP Gross Income For Self Employed Schedule C - Rules for Using Gross Income to Qualify for PPP Loan

♥️🌙🌞🌻🌈🌕🎶🎵🎶💡

should we apply with multiple lenders for a ppp or just one?

Hi Ginny I have a question about the PPP Loan I am located in CA, I applied through Lendio. I was wondering I am on unemployment how am I supposed to report the income to Edd? Is this true that the amount of the loan 60% is payroll and the rest I could used the money for my mortgage interest payment and utilities?

Gunny, thank you so much for these videos. What do I put in where they (the bank) asks for q2 sales and q2 deductions? Do I need to put anything in the deductions? This is to show a 25% loss for 2nd draw.

Thank you Ginny.🙏

Thanks for sharing your knowledge and insight. Question:can we get the ppp if we're getting the pua unemployment??

Deadline just got extended three months. SBA should allow approved loans to reapply with new gross and deduct any funds that have already been paid out. That seems like the easiest way to handle this. Great info as usual.

CAN I APPLY FOR PPP LOAN IF I HAVE UNEMPLOYMENT BENEFITS CURRENTLY ??

Hey Ginny,,, hope you are well pretty lady!! 🌼Trent S.

Ginny!.. I am so mad.. for the past 3+ weeks I've been waiting for my 11 week extension.. and have received nothing... tier 2 people said I did not qualify for a new claim.. I called today and they said that I still have earnings made to qualify for a new claim.. at a lesser weekly benefit.. now I have to reapply for a new claim.. that's why a month has gone by.. and nothing has changed.. thats why I called.. to see my status.. because I hadn't recieved any extension.. wasted time!.. now I have to file a new claim.. after tier 2 experts told me that I didn't qualify for a new claim.. and they would submit extension.. I think EDD.. has no clue in what they are doing.. 😫

Got caught on this change with net and gross.... should have waited a week I guess

Is the PPP Loan a forgivable loan?? Does this mean that we do not have to pay it back if you are self-employed?? How long does the process take before we should see funds deposited into our bank accounts?? You are doing a great job Ginny!!

I have a question Ginny, I applied for ppp fast lane and approved. I have Scheduled C, I gave them 2019 Tax return. I was Uber Lyft driver. Once I get paid. How can I use that amount? I don’t have no employee. If they send money to my bank. I want to cash the money from bank. I’m thinking about forgiveness loan. I can pay my rent and utilities. I’m unemployed right now. How can I use that money???

😁👍👍👍💰

Hi ginny, whatever happened to the 10k EIDL grant that they were going to let people reapply?

👍👍👍

Thank you

chase is still not accepting gross income can you find out if they will be allowing gross income?

PPP is not taxable an not considered income. So for the self-employed, so you can get PPP and CA unemployment (UI) at the same time?

Wanted to let everyone know... remember they said that they wouldn’t take anything out of your stimulus check for child support etc. Well they lied to you. Mine was a very very small amount that was withdrawn from my $600 stimulus. Now mind you I didn’t mind paying it. As I said it was a very very small amount. The idea is they stated that they wouldn’t be doing any kind of withdrawal from your stimulus payment! For a debt. As I said above that is not true.

This is what it said on the refund app statement.
IRS tax refunds and Congress authorizes BFS to conduct the Treasury Offset Program (TOP). Through the TOP program, BFS may reduce your refund (overpayment) and offset it to pay:
* Past-due child support;
* Federal agency non-tax debts;
* State income tax obligations; or
* Certain unemployment compensation debts owed to a state (generally, these are debts for (1) compensation paid due to fraud, or (2) contributions owing to a state fund that weren't paid)

thanks

you help so many..... blessings

great job!

How do you what type of claim you have

Hi Ginny, would obtaining a PPP loan affect my UIB if given one and how?

Is there a minimum gross income required?

Currently as EDD rules state if your benefit year has ended you need to file a new claim. But if you're on PEUC or PUA the law basically states you're on extension. So if you're benefit years ends but still are on PEUC do you still need to reapply and file a new claim or will that rule be ignored.

Subject not applicable to me but I always listen. Thanks. Welcome Kat. I'll put your name on the list for the wrap party at Ginnys house once this crap is over.

Hi!! Thank you for your videos! Please can you give me a little advice. I would really appreciate it. I am a self employed newborn photographer, but I don’t pay myself and my gross income is 38k. Can I apply to any help at all and if so which one please. Thank you!!

Ginny now that the ppp 2nd draw loans are being based on gross income vs net income how will that change the formula for determining how much to pay yourself as self employed ?
for full owner compensation for forgiveness, obviously will not be using net income as before .

Thank you for all the information. Is there a list of exactly what I can use the PPP on as a sole proprietor with no employees? I have always taken owner draw. I want to make sure I use the PPP properly. TY

Hello i received my first ppp loan last week should I apply for second before 3/21 I was able to use gross or will i have to wait

Hi ,
I already got my second ppp loan over gross income and withdraw to my bank account so is there any chance request to lenders gross income ?

I know gonna be a lot to ask. Can you do a walk thru for the ppp second after receiving a ppp first draw in 2021. I’m so confused.
Newtek is requesting DBA filing, is that mandatory for sole proprietors?
Also are gross receipts required for those who qualify for less than $150,000?

Hi, I just want to say thanks for this video post. Yesterday was the last day to submit ppp loan application to Wells Fargo and I was in a panic about the question of "Best option to choose about self employed with or without employees using line 7 on schedule C, etc. Your video was immediately helpful and I qualified for more money than the first time I completed the application but got denied bc I didn't have my business checking account open. I opened a business account, filled out the application(thanks to your post; very helpful), and qualified for more money. Thanks for taking the time to post this information. :)

I submitted a PPP app in February using my net income and I never heard back from them so I submitted another one with a different bank using my gross income. What happens if I’m approved with the new bank. I’m confused

Citi won’t approve my loan based on my gross they counter much smaller based on my net schedule c as of March 26 2021 I am waiting a call back from them

Hi Ginny! Thank you so much for all your hard work 🙏🏼😓💕!! Is there any update from the SBA on those whose loans were approved and deposited during the week that gross income came in to play?? I’m one of those applicants who was funded that very week, so my loan was based on my net income and still awaiting an email back from lender regarding an amendment/additional application for the remaining amount 😩

Hi Ginny can you give me a reputable bank that can process my ppp application. I’m nervous about some of these websites like blue acorn. Thank you fir any help

i need a help on second i put again net income instead of gross
i get ppp on net income
how do i fix and get real income is there anyway

Game changer. Now on gross income

can you tell me if anyone applied on feb 2020 he get everything on net-income?
_cz i get everything on net income is there any way i can get mine ppp on gross which already creidted

Dear friend, we are several people who apply for the first PPP after a while we get the signature then we send it and after a few days it asks us to verify identity but we only have passport from our countries of origin and ITIN to declare our taxes but it is not valid for them and they reject the application as we do so that they accept it please help us with some solutions thanks

Does PUA count towards gross income on a schedule C?

how do we sue the SBA because they were encouraged to file 2nd PPP early using net instead of gross

hi is there anyway who get their ppp on net income instead of gross

What about us who just opened our business, and do not have a gross income? I just put everything into openning my business on march 1st 2020, and was mandatorily closed 23 days later due to covid19 shelter in place. I owe personal loans, and i am out all my expenses. Where can i get help? Nowhere. Thats my reality