TOP 3 PAYCHECK PROTECTION PROGRAM QUESTIONS ANSWERED

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If you first question is what the heck is the PPP??

PPP- PAYCHECK PROTECTION PROGRAM 

The PPP is an SBA loan that helps small businesses keep themselves and or employees employ during the Coronavirus (COVID-19) crisis.  In other words the Payroll Protection Program is a forgivable loan from the government that’s available to small businesses through the SBA. Click HERE to find a lender to apply. And check out the full post about the PPP >>> COVID19 SMALL BUSINESS GRANTS AND LOANS PROGRAMS.

AND guess what? As long as you can prove that you used at least 75% of the PPP on payroll it WILL be forgiven!! Apply now and Thank Me Later ;)

Ok, now let’s talk about how to prove you used the money on payroll….

I don’t want my fellow small businesses to miss out on getting the help they need to keep their businesses up and running. And unfortunately, I notice a lot of Small Businesses are NOT applying for the Payroll Protection which is why the money has not run out again. It ran out the first round because BIGGER corporations were applying and getting MILLIONS at a time. There’s still $120 BILLION left and a lot of small businesses still have not applied because a lot of them think they MUST have employees to apply or, they have not file their 2020 tax return or simply don’t know how to prove the funds were used on the payroll.

So today I hope to answer those 3 questions and hopefully help someone get the answers they need to move forward and apply ASAP.

How do I pay myself?

1: If you did not apply because you don’t know how to pay yourself, this is how you can prove the money was used on payroll;

• First, when apply send the money to your business bank account
• Signup for Square Payroll as a self contractor 
• You can Pay yourself weekly, bi-weekly or monthly
• Then when it’s time to apply for forgiveness just download your Square Payroll Reports.

Do I need to have employess?

2- No, you don’t need to have employees to apply for the PPP. You can use the loan to pay yourself by applying as a self-contractor.

Do I need my 2019 Tax Return?

3- Yes. If you already file your 2019 tax returns you will just need to upload the requested pages. But if you have not filed your 2019 tax return you will need to prepare your tax use draft. (Do keep in mind the deadline to file your taxes is July 15th)

I truly hope I was able to help you guys with getting the help you need to stay in business beyond this pandemic. Let’s chat about ALL things wealth building, stocks, and credit on the gram ;)