PPP Loan FULL Forgiveness for Self Employed, Sole Proprietors and Independent Contractors Updated for 2021

Updated: June 3, 2021

Ultimately lastly ultimately we got the information that we have actually all been waiting to listen to the ppp for my single proprietors my independent specialists my consultants my gig economy employees available my uber lyft chauffeurs all you people for us we lastly got the bailout that we’ve been searching for the ppp will certainly be 100 excusable let’s jump into it what’s going on everybody welcome back to the channel if you’re brand-new here my name is jonathan moore i’m a professional photographer filmmaker and also an innovative entrepreneur and also i like to make video clips like these for various other professional photographers filmmakers as well as creative entrepreneurs who are attempting to construct a life on their terms and get it just how they live so if that sounds like something that you’re into do not hesitate to have a look at a few of the other video clips on my network where i discuss digital photography filmmaking as well as what it’s like to build an organization on your terms so this just in a couple of days ago the sba and also the treasury ultimately brought out an upgrade for the ppp the income protection program for the single owners the independent professionals which is good news because what just recently simply happened was they passed the ppp adaptability act which enabled you to expand the pay week or to pay period from eight weeks to 24 weeks and then they changed up the ratios from 75 25 you know 75 payroll 25 qualified expenses to 60 40 which was 60 payroll 40 qualified costs as well as this left a great deal of us puzzled and also questioning where does this leave us so originally when this update came out they really didn’t have anything for the single proprietors or the independent service providers but simply a few days ago they came out with a brand-new formula an all new forgiveness application as well as on this application and also this formula we will certainly have the ability to attain 100 forgiveness so this is excellent information for all of us the sole owners and the independent professionals when it pertains to the ppp because the formula that they had provided us at first was is you had to take your line 31 your web revenues you had to divide that by 12 and then you needed to increase that by 2 and a fifty percent and also what that did was it identified your overall funding quantity that you were eligible for today with the ppp versatility act they have changed the formula as well as the formula is you take your line 31 divide that by 12 multiply it by two as well as a fifty percent boom that’s a hundred percent forgiveness it’s the same precise formula that we make use of to establish our max finance quantity so as long as your line 31 your web revenues on your 2019 routine c which you’re mosting likely to file matches up with the formula that you’re going to make use of for your forgiveness you’re going to achieve 100 percent forgiveness currently if these lines don’t totally match up maybe you know you obtained a little bit more than you were meant to or whatever the situation might be that’s all right you’ll still have the same formula it’s just that additional will not be forgiven as well as you’ll need to pay that back but you still can not beat it due to the fact that it’s at a one percent interest rate and instead of paying it back over 2 years they prolonged the pay period or settlement period till five years likewise at first you had a six month deferment duration but with the ppp flexibility act they transformed that from six months to 10 months and they also made it that you weren’t called for to repay any cash up until you got your forgiveness determination back from your lending institution or the sba now what additionally makes this brand-new upgrade excellent is that you are allowed to get mercy at any moment you do not have to wait the eight weeks you do not have to wait to 24 weeks you can still pick the eight week alternative if you want to but i imply there’s no factor right because if you can choose the 24 week you can obtain 100 mercy and you can do it any time you do not have to wait till 24 months you do not need to wait until it’s time to pay the funding back you can simply send that paperwork now the sba in the treasury came out with an upgraded version it’s like the ez form or something like that whereas the preliminary version of the forgiveness car loan application was about 11 web pages currently for the sole owners the independent professionals we actually didn’t require every one of those 11 pages however instead of being 11 pages currently it’s just down to 3 so congratulations to all my people that did get the ppp financing that went for it perhaps you weren’t certain you understand you were a little unclear there was a great deal of gray area taking place well if you made that relocation you made the right move right because now you can get that hundred percent forgiveness so basically you simply obtained a good huge fat grant keep in mind as long as your line 31 net profits pair up with uh your mercy amount which is your line 31 you called long as you make use of that formula on your line 31 your web to determine your car loan quantity when you most likely to apply for forgiveness you’re going to get the entire point totally forgiven now if you’re enjoying this video clip as well as you haven’t looked for the ppp program but you are qualified to do so i would certainly encourage you to do so reason being is since there’s just so much time left it expands or it goes till june 30th where you can apply and also get approved for the funds so if you haven’t done it yet you are qualified perhaps you’re on the fence perhaps you’re a bit worried i would say proceed and do it see to it that you know you utilize the proper numbers and the right formulas because it is self-certifying so i suggest basically you can simply tell them whatever and they’re just mosting likely to give it to you however see to it that if you got your numbers correct you’re going to get you a wonderful little give into your service currently on a fast side note i have made a video prior regarding ppp and also the pua right can you collect ppp and also the pua at the same time i have actually been doing some research as well as you know it’s just an opinion and also i’ve seen a few of these out here yet i do not know you understand i’m not a financial expert i’m not a tax planner you understand i’m not a lawyer however what i’m saying is this that the ppp is you understand it’s essentially it’s a finance right today with this brand-new formula it’s mosting likely to be a give and also remember that the ppp is not gross income so if it’s not gross income it’s just cost-free money right and so will certainly it you recognize disrupt your pua your unemployment insurance perhaps it will certainly perhaps it will not that’s all mosting likely to depend upon your state now some states are inquiring about it some states aren’t asking about it some states are asking that you reveal it some are possibly asking that you divide it up over the over the weeks yet you know hey who knows so you understand it’s just a little something to chew on i’m not telling you what to do i’m just you recognize putting it available so something to think about also too prior to i end this video clip i simply wish to remind you individuals that the e i d the financial injury disaster lending portal is back open to all organizations which one thousand up to ten thousand buck grant is back and also it is in complete effect so if you feel like you could gain from that too i would recommend that you go use head over to the sba.gov that’s where you will look for the eidl lending as well as keep in mind if you’re mosting likely to obtain the ppp funding you wish to undergo a lender so you intend to go through a financial institution attempt a little neighborhood financial institution possibly something like paypal cabbage square due to the fact that in this manner you can obtain your loan process faster since at the time of this recording there’s just mosting likely to be a few days left as well as if you missed out on the window you missed it the boat has sailed you lost out if you gave the cash back due to the fact that you were nervous i’m sorry to hear that but you just missed out on a huge old fat grant as well as uh hopefully you understand you men obtain the money if you have used if you’re still waiting in the line you understand with any luck you obtain that money hopefully you put your numbers down right due to the fact that if so you will attain 100 mercy to ensure that’s it for me today men with any luck you discovered this video clip beneficial as well as useful as well as exciting because this is terrific news for the single proprietors the independent specialists the job economic situation employees we in fact obtained a the real world bailout and also we obtained a big old fat give right into our organizations to ensure that’s it for me today individuals and also for all my individuals available who are attempting to develop a life on their terms as well as get it just how they live this is your guy jonathan moore and i’m signing out tranquility