$unDay FunDay| Let's Talk About the PPP Loan & PPP Loan Forgiveness

Go tell them girls to be quiet.

Hey, this is TJ with Solutions by tj. And listen, today is going to be an amazing day. I have some beautiful guests for you guys. We are going to be talking about this infamous PPP loan and how notaries can get it. Now, I know a lot of you have just started this business in the last, I'd say, six months to a year. Have no fear, because if you have done any type of side hustle before now, if you've driven for Uber, if you've done Instacart, if you have babysat kids, whatever you've done, you still might qualify for the PPP loan. But don't let me tell you, because I brought the experts to tell you. How y' all doing today? Hey, Ms. Yolanda and Pamela. Ms. Ashley, Keith. How y' all doing?

So we have some more people coming into the room. I'm going to let the room fill up a little bit before we go ridiculously live. So until we get there, I know I have a lot of people who are on Facebook. Hey, Ms. Denise. How are you?

Santia.

How are you? Who is Troy Little? Cynthia.

So I just want to, you know, get some more people in the room because I want everybody possible to be able to take a look at this.

Hey, Melody. I don't want to start too fast for y'.

All.

Hello, hello, hello. Like I was saying, we have somebody to talk about the PPP loan in the house. Hey, Sandra.

Y' all come on in the room.

That's Nico. You know, Nico do the most. She in the crowd, doing the Most.

All right, Mr. Little, how you doing? Come on to the family.

Mr. Troy. Hello.

Hello.

Hey, Thomasina. Ms. Libby.

Pamela Pollard. Pamela Branch. Oh, the Pam's in the house. The Pam's are in the building. Ms. Congeniality, greetings to you as well.

Thank y' all so much for coming. All right, so.

Today was an example. Well, this last week was an exciting week. This weekend I had a book house with my short term rentals. I have. I have a total of nine rentals. Right. But six of them, only six of them are furnished. We're. We're gonna furnish the other two more this coming week. But I had a booked house, so I was excited. This was the first weekend. My very first tenant was, I think, on this last Wednesday, every. Everybody that I've talked to so far said that it was excellent and amazing, and I'm really appreciative. It was really an experience. You know, I'm gonna. I've decided that I'm gonna document everything for y' all as I'm going through this. I mean, do I know everything about it? Heck, no. I don't claim to be the genius or the guru of anything. This is one of those things where I have a mentor and I'm learning as I go. But, hey, y' all can come and learn with me, right? Just so that you can see. So.

I am going to start adding videos to my other real estate channel on that. I believe that y' all will really, really enjoy it. You know, Nico and I, she makes me pull stuff up that I don't even think of. And so from February. What was it? 2020. February 28th. And then we're at April 16th. 16th. And I'm up and going that fast from nothing, from talking to somebody on Clubhouse to up and going. Adam built all of this in that short amount of time. And when you see it, it's gonna be like, God, T.J. wow. So I'm pretty excited about that. It's a real, real good look. Let me see if I can. Hey, let's. Let's go see them. Y' all want to go see them real quick? I have some guests in the house that I'm going to share, but for right now, I'm going to share my screen, and I'm going to take y'.

All.

We're going on a trip on our favorite rocket ship.

Y' all know I'm retarded, so just bear with your girl. You know how we do. All right, so this is.

This is Airbnb.

I'm gonna show you one of my favorite units first.

And walk through the pictures with you. Let me hide this. Now, you know, when I'm live, this thing starts tripping. So we. We gonna see how it does. It's going slow. Okay, But I want to show you the pictures. So this is the living room.

Hello. What happened? Okay. There you go. So that's the living room kitchen. We have stack dryers. This is one of the bathrooms. I wish you could really see it. Pictures just don't do this place justice at all. But in the. This is the master closet where we have, you know, just everything you need. You know, the ironing board, iron, extra pillows and sheets. This is one of the bathrooms. This looks like the guest bathroom. This is a master bathroom. Master bedroom. I mean, this is the guest bedroom. This is the master. And then you have all of your amenities and stuff, right?

So we did it. These are my two favorites. So unit seven and unit three are, I think, my favorites. Seven. Because I have. I've kind of dedicated unit seven to my family. Right. Milton Hopkins, who is a famous blues singer, is my uncle. He's my mother's brother. And so I wanted to dedicate something to our family. He doesn't even know that I've done this. He's in his 80s, so this is like the blues. Third Ward in Houston is like the blues mecca. Everybody who was anybody came through Third Ward, Texas. So you see the. The albums on the wall. And I have a cousin. His. His name was Lightning Hopkins. He was also a famous blues singer. And we'll have a picture of him and then family photos with my uncle. But just to give you a little idea, this is what it looks like.

These are the bedrooms. Think this is the master, if I'm not mistaken.

The living room. And I'm gonna get some more pictures that look a little bit more.

A little bit better than these. But this is it, y'. All. So I have six units right now. The other units are. I have three units, 4, 8, and 10. That should be coming on very shortly. So I'm excited.

Excited, excited.

Thank you, Miranda. Thank you, Yolanda. I appreciate it. So, yeah, man, that's from something to nothing from February 28th, when I spoke to my mentor the very first time. And then I've been off and running since then. And we're up. Crazy. So the good part about it is I'll be able to tell y' all how to do it. The bad part about it is, of course, like, with any business, I'm gonna bump my head, right? And so this last weekend, a couple of things that happened. I was hurt. My feelings was hurt. Because us.

Sometimes, yeah, we don't know how to appreciate each other and take care of each other's stuff. So I have some of us who were smoking weed in my brand new place with all of my brand new furniture. Like, why would you do. Would you do that to your mama's house?

Okay. Nico said they would. Okay, So I wouldn't do it to my mama house. I was not raised like that. I would not do it in front of my mama. I mean, I don't do it. But I'm just saying if I did do it, you know what I'm saying? I'm gonna respect other people's stuff because I know you just can't go places and just smoke weed anyway.

Did you charge them for that?

I am gonna charge them for it. I talked to my mentor, so I do have a mentor for this.

My mentor is Jay Massey, and.

You know, all of this is an experience. I'll tell you more about it as we go, but it is an experience. So I am going to charge them for it. And so I have an alarm system. And you know how you have the keyed entry for the alarm.

For some strange reason? What does that know? It. I don't know. For some strange reason, the. The people could not get them doggone door pads, right? So it was alarms going off in the middle of the night and they were calling me saying, I'm locked out. So of course we got to figure that. So I kept my. My ringer on and I think it finally calmed down at like 4am and I was like, so I should be tired. But it's all gravy. All gravy. Absolutely. Libby. Thank y'.

All.

Thank y'. All. Thank y'. All. Yeah, so we are, you know, we are up and running. We're getting everything together. I'm appreciative. But I have Ms. Leslie Lawson Dawson. I'm sorry, Ms. Leslie Dawson, who's coming on with us today. Ms. Dawson, can you unmute yourself, please?

Yes. Hello.

How are you?

I'm good. How are you tonight?

I am perfect. Oh, boy. I'm just having one of those senior moments, y'. All. Y' all know. Hold on. I gotta come out of this wall. Wait a minute.

I'm here, y', all, but I gotta come out of the wood. All right, so, Ms. Leslie, tell them what you got for them today.

Absolutely. Well, my partner and I, Renee Ditman, we're so excited to be with you all tonight. We're gonna talk to you about the paycheck protection program. It is forgivable. And from here on out, we'll just refer to it as the ppp. I'll tell you a little bit about me. I am a licensed real estate broker in north and South Carolina. I'm the owner of a development group which is a full service firm and also a loan signing agent. So I can definitely relate. And my partner is an accountant by trade and she owns a loan signing agency. So we're excited to bring to you all the information that we have in regards to the ppp. We definitely wanted to help our fellow notary community, let them know if they were eligible for the program or not, and answer any questions that you guys may have tonight.

Awesome. Awesome, awesome. So thank you, ladies, first of all, for coming because this is important. Like, you know, I've thought about the PPP loan myself. Like I explained. Explain to y' all what's going on Here. Okay, I gotta. I gotta get on the camera. Okay. So like I explained to y', all, I've thought about it myself, and I just. You know what? I just didn't want to mess up. So I think there are a lot of people who don't have a good understanding of, one, what the qualifications are. Two, what can get yourself sent to jail? Hello. Yes.

Absolutely.

Hold on.

Wait, wait, wait. Number one, what can get you sent to jail? Number two, what can get you sent to jail? Number three, what could get you sent to jail?

And here we get that one more time for the people in the back.

What can I do to go to jail? Whatever that is, I don't want no part of it. So that's the very first thing I need for everybody in the. In the audience to know. What will get you sent to jail? Because we've all heard some of those stories. Early on, I heard of people who were misusing the PPP loan and they got some type of federal time or whatever. Yeah, whatever will get you sent to jail. I don't want no parts of it.

So that's one of the things. But, I mean, there are legitimate things that we have done as notary public, loan signing agents over a certain period of time that qualifies us for this money. Because, let's be real, Whole market shut down during COVID Whole market at a minimum from March to June. Everybody. I mean, we did not leave the house. It felt like when we left the house for the first time in June.

The whole world looked different. We were in amazement. And other people were out like we were. We had not left our neighborhood. It was crazy. So it was. It's just interesting. So. So tell us. First, either one of y', all. Hey, Miss. Miss California Notary with your pretty self. You look like one of my nieces.

But. Hello. So tell us. Tell us a little bit about what the requirements are.

Absolutely. I'll be happy to go over that. So the requirements are, number one, you needed to be in operation prior to February 15, 2020. Okay. By operation, that means you needed to at least have your structure in place, whether you're a sole proprietor or llc. And you needed to be bringing in income. If you've done that, you've met requirement number one. I'm getting hiccups all of a sudden. Let me drink a little bit of water.

Okay. And then secondly, you needed to have brought in at least $5,000 in gross revenue for your business either in 2020 or 2019, if you met those two requirements. And it was Income brought in either through a 1099 gift work or how we as notaries are mostly paid 1099 through our vendors or if you brought it in as another business under your LLC or being self employed it any of those ways, you are automatically eligible for the first PPP loan as long as you've met those requirements. Those are the only two things you needed to have done.

So, number one, you have to have made a minimum of $5,000 in either 2020 or 20 or 2019, correct?

Yes, that is correct.

And as long as that income was made prior to February 15, 2020.

Actually, the full 5,000 did not have to be made prior to that. You just had to already have started bringing in some of it. You had the entire year to make that minimum.

Okay?

Yep, absolutely.

Awesome, awesome, awesome. Okay, so as far as. So it sounds like, I mean, if that's the only two requirements, y' all can ask any questions that y' all have. So, you know, okay, the number one question again, how do you go to jail?

Okay, that is quite simple. You will go to jail if you just outright lie. You cannot have, for example, if you only made $500, do not create a tax return saying you made 5,000. Okay? The government can track that so that that would be a lie. So what we recommend what they do ask for, I'll tell you the documents. They're going to ask for proof. Okay? They're going to ask for a February 2020 bank statement, number one, to see if you already had a bank account established. They will ask for a March 2021 bank statement to see if you are, if you stick have a current bank account established. Okay? They will ask you for your full tax return either for 2020 or 2019. They're going to want a voided check for the account that you want the funds deposited into. Or they will also ask for either a direct deposit form for that account. All of those are things to make sure that the application you're putting in is a valid one. If they feel for any reason there's a discrepancy on the application, then they're going to ask you for further proof. So we have had some cases where people have tried to commit fraud. Unfortunately, they haven't filed taxes in years or they were working under the table or they weren't true entrepreneurs. Right? But they know that this was an opportunity to be able to access capital. So they have created fraudulent returns just so they can get the maximum amount, which is $20,833. They will catch it because we had so many people committing fraud previous to now, back when this was first released in April and May of 2020, that the SBA has cracked down on what they want you to show. Previous to this year, you did not have to have your taxes completed, but now you do, because they need to be able to verify that this is truly a genuine business and that you have been operating. Another thing that they're going to do is ask you when you establish your business. So that start date is very important. If you fill out your application and you really know you didn't start until May, they're going to look at that. They're going to look at that farther in detail and scrutinize it to see, okay, what proof do you have that you were operating prior to maybe. So that's why they are asking for the bank statements.

Gotcha. Okay, that makes sense. So lying, like. Like Thomasina said, what can get you to go to jail? Lying. Lying.

Yep.

Pretty much.

Simple as that.

We can barely hear you. Can't hear you.

Renee, can you hear me now?

Barely.

Can you hear me now?

About the same.

But yeah. So while she comes up. So, okay, so it sounds really, really easy.

So as long as you have your paperwork in order, so it doesn't matter whether you're a sole proprietor or an llc. Is that correct?

That is correct. You can be a sole proprietor or an llc, or you can even be a corporation. As long as you paid yourself and show a Schedule C in your tax return, or you have W2 employees, then you meet all the qualifications.

Now, I will tell you if you are a sole proprietor, for example, so if it was me, and I work under Leslie Dawson, okay, if that's how I operate as a sole proprietor and I get paid under my social, then in that case, my bank account should match that. It's okay for me to use a bank account that has my name. If I operate under an llc, and let's just say I'm ABC, llc, then my bank statement should match that as well. There are some cases where you can use your personal. But if you have a bank account, for example, some bank accounts are declining these deposits because they're supposed to go to your business and you have a personal account. So it is a lot easier if everything matches up. But if you feel like you're in a situation where it does not, we definitely ask you to reach out to us so we can take a look at your specific situation so we can see how we can assist you so that everything is done properly and that Your application does not get denied. A couple things I do want to highlight in regards to this forgivable loan, because it is 100% forgivable. I definitely want to make sure that is clear because I have found just in our community, a lot of us are afraid to take advantage of this program just because we're worried that it may not be forgiven. As long as you use it for the things that it's forgiven for, then you're fine. And I'll list those out for you. If you use it for payroll, which does include paying yourself, it's forgivable. If you use it for the operation costs for your business, which us as notaries that can include gas, printers, ink, paper, envelopes. All of those things are things we have to purchase in order to operate our company.

So 40% of it can be used for operation costs and be forgiven. 60% of it has to be used for payroll. So that's just paying you, right? Long as you do that, there is going to be forgiven. But a couple of other things that you can use it for as well is you can use it for mortgage interest or payments and rent and utilities as well. Those are things that we already have to do just to survive. If you're using it on those things, you are going to have this 100% forgiven. So I definitely don't want anyone to be worried about if they're going to incur any debt to apply for this program. There is no credit check. It's not going to show up on your personal credit. It is a true business loan from the sba. So that is definitely a benefit as well. Because typically if you're getting a loan from the sba, they are going to check your credit, but this one does not. So everybody is eligible for it.

Awesome, awesome, awesome. So.

Ms. Kayla said, what is the deal about the PPP2? What is that?

Absolutely. I'm happy to talk about that. Okay, so for PPP1, as I mentioned, the only requirements for that one is that you were in operation prior to February 15, 2020 and that you made a minimum of at least 5,000 dol to be eligible for the program.

Those same requirements are still in effect for PPP2. However, there is one added difference. With PPP2, you need to show that there was a decrease in revenue for your business from 2019 to 2020 of at least 25% and it only needs to be in one quarter. So. So I'll give you an example. If in 2019 quarter two.

You made, let's say $10,000 in income for your business. That's before any expenses. And in 2020, in quarter two, you only made 7,500 because we were shut down or your kids were out of school, whatever the case may be. That is a decrease in revenue of 25%. So. So if you show that in any quarter, 1, 2, 3, or 4, from 2019 to 2020, you become eligible for PPP 2, that is the only additional thing that you have to show. And what we have is an Excel sheet, which makes it easy for you to be able to prove that you would just enter the amount of income you made in each month, and it'll let you know which quarter that you had the 25% drop or more in, or if you did not.

Okay, gotcha.

Okay. Ms. Renee, your. Your mic working?

Can you hear me now?

We can hear you.

That's better. Yes.

Okay, excellent. So I just wanted to add to a little bit we like back. Back. Some of the proof that they do ask to not make sure it's jail time that we talked about is your 2019 taxes. So if you made more money in 2020, you want to take advantage of the PPP1.

Right.

Which may not make you eligible for the PPP2 because you made more money in 2020 when Covid happened, just to make sure, you know, there's no jail time is. They may ask you for your 2019 taxes. So you may. You have to have a schedule C reporting on your 2019 taxes. Ideally, even if your business was created in 2018, 2019, that's only applicable for those that businesses were preexistent, you know, many years prior. And they just want us to show. So I just wanted to add to that.

Okay, so if I can show that I made more in 2020 than 2019. Is that what you're saying?

So we were going back to, like, the gel comment.

Yeah.

Right, Right.

So, for example, if you.

Oh, I made less in 2020 than I did in 2019. I had it backwards. Correct.

So, okay, to be eligible for PPP2.

Right.

Less in 2019. I mean, 2020.

Than 2019. But for some people, they just like they're creating businesses. Hey, my business was established Feb. 15. If for some reason during that process that they think twice about it, they will ask you for your 2019.

Gotcha. Okay, so let me look at the questions over here.

They'll give you money based on the amount you report and proof. Ms. Thomasina said she got approved for a small amount, but it'll pay for a printer, paper toner, and Gas money. It was very easy and fast.

Okay.

So I guess My question is, Ms. Dawson, what is the advantage by going through a 10 capital?

Absolutely. I have to talk about that. Okay, so Ms. Denman and I, we have partnered with Aten Capital as the lender to apply. Now the reason we did that is because we went through larger lenders ourselves at first, whenever we applied to and we saw that, number one, there was a lack of communication with where we were in the process or if we got stuck, there was no one to be able to immediately answer our questions. Number two, it was taking on average about six to eight weeks for people to be approved just from other people that we know, like our friends and family.

So we reached out to a smaller lender, which is a 10 capital, and we've been able to have direct access with the owners so that we can know exactly where everybody is at in the stage of the process whenever they are applying and we can answer questions. And we have a more one on one, hands on approach when it comes to helping walking people through the application. But also, most importantly, we've been able to cut the time down to about seven to 10 days from time of application to the funds being deposited in the account, which is definitely beneficial. As of right now, as the funds are close to running out, we believe there's about a week and a half to two weeks of funding left. Even though the deadline for the program is May 31. As last count, I believe there's about.

$30 billion in funds, but about $2 billion are being used per day or more just from people applying. So the faster, faster is better. And also with the lender that we've partnered with, it gives you quicker access to be able to apply for PPP2 if you're eligible because as soon as PPP1 funds hit your account, they do not have a waiting period for you to apply for PPP2 if you're eligible for it.

So what exactly do you guys do? Ms. Leslie, what is your role?

Absolutely. So we assist with, number one, answering questions. If you need help with completing your application or if you just have questions on whether or not you're eligible for it, we're there for that. If you need somebody to walk you through your application, hands on, then we do that as well by setting up a one on one zoom meeting with you where we walk you through your application, help you answer the questions that are on there and help you with getting your documents uploaded. That is our main goal in the process, is just making sure you do it right. The first time.

So there are some people who are charging folks 5,000, 10,000. What do you guys charge? How does it work?

Yes, we actually do not charge anything on the front end or the back end. So we're not asking you for a fee to assist you. We're not asking you for a fee once you get your loan. We personally just thought that approach was not something that was ethical because most people who are applying for the ppp, they actually need these funds due to the pandemic. So we just didn't feel like that was right if we are being compensated directly by the lender and the sba. So that is where we're being compensated from, but not at all from any of the applicants.

And how can people get in contact with you?

Absolutely, they can reach us by going to www.notarypp.com. we have a link where they can schedule a one on one session with us via Zoom. We are also mostly accessible via email@infootarypp.com.

As wellotary ppp.com okay, so that's www.notarypp.com and infootarypp.com. real quick, guys, let me give a disclaimer because I know my family. My name is Latonya Johnson. I raise my right hand. I have not done business with them yet. So do your own due diligence. I am going to do this through them. I am going to take her up on her offer. But do your own due diligence. Don't just trust everybody that comes through me without doing your own due diligence. Yes, I am going through them, but I'm just saying I got to put that out there for my own legal reason.

Okay, absolutely.

They'll be saying, oh, TJ Said you told me.

Yeah.

Ready before we contact them, what is the paperwork that they want us to have before we contact you?

So, so my, my Nico in the room over here that won't come on screen is saying, what paperwork do we need to have before with you? So if I understand you correctly, number one, you have to have your tax return.

Yes.

Two years tax returns. Just in case gone and have two years, have your.

Bank statements correct.

So I will say two years tax returns if you've been in business that long. If you're someone who just started in January, for example, so don't stress too much about that. If you have other ways to document that you were operating prior to February 15th bank statements, most definitely February 2020 and at least March of 2021 from.

A business account or does it matter?

It Depends on how you're structured. If you're a sole proprietor and you're operating under your name, then a personal account is for. Fine. We would really just need to look at the schedule C on your tax return to let you know if you can use your personal or your business account.

And then the. The other thing you're going to want to have is a copy of your driver's license, which most of us notaries have, because we have to upload that anyway on a lot of platforms. And then also avoided check for the bank account that you want to have your funds deposited into or. Or a direct deposit form.

So I guess a question that we always get is, I'm interested in going through your platform, but do I have to be a notary?

We can't. We can't hear you real good. Hold on, hold on real quick. Hold on real quick. So I have bank statements. February 2021 and March 2020. Avoided check or direct deposit form. A schedule C. Oh, tax returns.

Okay, so it's going to be 2020 tax return or 2019 tax return. We need one or the other. The next thing we need is February 2020 bank statement and then March 2021.

Okay.

Hold on.

February 2020. Yes, and then March. I'm trying to write this in the doggone thing for everybody.

Oh, okay.

So 2019 or 2020 tax returns.

Correct.

Okay, so bank statements, February, February 2020 and March 2021, voided check or direct deposit form and driver's license. Yeah. Okay, let me put that driver's license.

They haven't filed two years back. Do they not qualify for.

If they have not filed taxes, do they not qualify for it?

If you don't have a 2019 or 2020 tax return, you would not be eligible at this time because that is the requirement going forward to have at least one of those filed.

Okay.

Anything else? What happens if. Oh, that was somebody else. What happened? If you file taxes but you were in business, you have. You just said that you have to have one of those. One of those years tax returns for one of those years.

Absolutely.

So somebody is saying.

Sandra Wright, I don't know if this is a question or statement. They don't have a loan for the ones who started later than February.

Unfortunately, as of right now, they don't. But what I would say to that is continue to check SBA.gov all of the updated information will be on that website. They do continue to change this program as time goes on and the pandemic lasts longer and longer. So that may very well, change. Just continue to check there. I can give you, for example, one of the changes that they did make that was really huge since Feb. Since last year, in 2020, was that now for small business owners, they're going off for our gross income to calculate our loan amount instead of our net, because they were finding that we were at a disadvantage because, number one, we tend to write off everything that we can to lessen our tax liability. But when they were using our net number, of course, we weren't qualifying for much. So as of February, they implemented the change to now go off of our growth. The other change they made was In December of 2020, they decided that we can now use the funds for our operational costs, but still file them on our taxes previous to December. If we use the funds for any operational costs for our business, like printer or ink or anything like that, we couldn't write those same expenses off. So as time goes on, it's becoming more and more beneficial for us as they change the rules. So that's something else that they may change.

Gotcha. Okay.

Okay. Okay. Anybody have any other questions?

You have any other questions, Nico?

No, I was just.

Oh.

Is it true that this fact or fiction, you can apply for more than one bank and get different approvals?

So Nico said, is it true that you can apply for more? That. It don't sound right, but she said.

Can you apply for more than one bank and get a different approval?

Yeah, you're wrong.

Nico is actually correct.

I ain't going to jail you up by yourself. No, Nico be gonna. Gonna be talking about, come on, y', all, they got us.

Hell, no.

I'm. Come on, y'. All.

Yes, she is correct. So what I will say about that is this. You can apply with any. Any lender that is approved by the sba. Keep in mind, however, if you apply for multiple lenders, once one of them submits you to the sba, they submit your application, and you are approved, and you get what's called an PLP number. You must then withdraw any other applications that you have in.

Right. Because they want to make sure that you're not getting more than one loan. So. But you can apply with multiple lenders, Right?

But you could. You can only get one loan.

Yes.

And once you get that loan, all other applications are null and void.

Yes.

Go over here. Get 10. Go over there, get 10. I knew what my friend was talking about. No streets.

I heard it in the streets. They've been just living there.

But I'm like, these are people.

They gonna be like, this. They gonna be like this.

No. Come on, y'. All. They got us.

No, ma'. Am.

Get asked all the time. Can you hear me?

We can, but you are super low, so scream a little bit.

She can loud.

One of the questions that we get a lot is can. Do you have to be a notary to apply through our channel? You don't have to be a notary, right? So that's one of the things that we just want to.

Don't have to be a notary.

Through there. So what she said was, you don't have to be a notary to apply through their platform, through their channel. If you've done any kind of gig work, like I said, if you've done Instacart, Uber, shipped.

Babysitting, whatever, if you've done some type of job on the side during this time frame and you meet the requirements that I put up above, which are you have. You can provide bank statements for February 2020 and March 2020, one avoided check or a direct deposit form, 2019 or 2020, tax returns and a driver's license. Those are the qualifications. So.

So do you have to use the.

The money?

Can you come over here?

You got one chair, man. One chair. I'm doing pretend.

Can y' all hear her? Jeez, we can hear.

So basically, when you do, if you do receive the loan, do you have to use the money on. Is it requirements? Do I have to use it a certain way? Do I have to do, you know, document every the way I spend the money, what I, you know, I mean.

What I spend it on? So she said that 60% has to be used toward personal compensation. Is that correct?

Yeah, that is correct.

So how do you show that? Would that show by it going in your personal bank account and then the other portion, the other 40% going in your business bank account? Like, how do they know that?

No, absolutely, absolutely. It can be shown a couple of ways. The way that we normally recommend is that once the funds are deposited, that is that you write a check to yourself and write in the memo of that check, owners draw and deposit into a separate account than the funds went into. That's the number one way. If you don't have a check that you can write, then the second option is to do an electronic transfer to a separate account, and in the memo of that transfer, put owner's withdrawal. Now, if you have two personal accounts, you can still show it. I'm sorry, what was that?

I don't know what that was. That wasn't on my end.

Oh, okay. If you have two personal accounts. You can still show that by doing the same two things, either writing a check for to yourself from one account to the other or doing the electronic transfer. The main thing is that when you do it, you notate what it is. The other thing, for example, if you're using it for operational costs, have all of those transactions come from that same account so that it's documented. Or if you're using something like notary gadget or notary assist, put your expenses in there just so you have that track record when it comes to time to apply for forgiveness. For us small business owners, most of our loans meet their threshold of being under $150,000. And as long as your loan is under $150,000, our application for forgiveness is very streamlined. It's a five minute application that you'll fill out online from the lender, basically certifying that you did use the funds correctly. You just want to have it documented because they can come back and audit you for a few years just like they normally can with your taxes anyway. So just do your normal documentation.

She mentioned a good question. Forgiveness.

How is the loan forgiven?

Now, does everybody qualify for that forgive for that forgiveness or do we have to do exactly what she just said in order for it to be forgiven? Once we apply, we apply for the forgiveness, correct?

You apply for the, you apply for the forgiveness, is that correct? It's not automatically forgiven.

It's not automatically forgiven. You do have to apply for it, but your lender will see send you out the application and it's five minutes. So it's like a one page application where they're asking you, okay. For example, it might say, did you use your funds to pay yourself? You're going to certify, yes, I did. That's pretty much the whole application is asking you did you use it for this? And you say yes, they can come back later and ask you for proof, but if they do, you just want to have it also documented. Just like if you did your taxes, they can come back and say, did you really spend $5,000 on food? Yeah, it's the same thing.

And also on our website, if you go to notary PPP and you go to forgiveness Resources, you can see the actual one letter, I mean one page document that the SBA give to lenders of what they require. And that same form can be from your lender. So we have it on notarypp.com if you just go to the tab that says forgiveness resources and the form is right there posted and you can see exactly what is asking any lender that's going to.

So how do you know the time frame of when to apply for forgiveness?

Okay, absolutely. So whenever you first receive the funds, they give you up to 24 weeks to use them. Now, does that mean you have to spend them all? No. If you pay yourself with them, then at that point you can save it. But you at least got to initially pay yourself with the funds. But after 24 weeks, anywhere from 24 weeks to 10 months afterwards, you will receive notification from the lender to go ahead and apply for forgiveness.

Okay, perfect. So Santia is asking, where do you find documentation that lists how to find how to make sure your first PPP loan is forgivable? Do y' all have that on your website?

Yes, we do. If you go to notarypp.com and click on forgiveness, you will see the requirements there.

Awesome, awesome, awesome. So this is awesome. I mean, that was one of the reasons. One of the things that sold me to say, yeah, come on, let's. Come on, y', all, let's tell everybody was that, one, they're doing this and they are not charging because, I mean, I don't feel it's ethical either. Two, because I'm using them because, like, you know, When California notary Ms. Renee contacted me, I was like, girl, look, you were looking at my shoulder because I wanted to apply but was like, I don't wanna. I don't wanna go to jail. I don't want to mess nothing up. Amen. Hello?

Yes.

You can keep your money. Oh, no one.

You're not tricking me. No. So I was. I'm very appreciative that y' all reached out to me. And I know, you know, for my family that's here, man, for the last. Oh, for a minute now, I'm hard to get in touch with. So thank you, thank you. Thank you from the bottom of my heart for reaching out to me more than once. I think Ms. Renee reached out to me about three times. So thank you for your diligence because I was. I'm not ignoring nobody. I'm just like, man, you do what I'm doing and see how many people it's gonna take.

Can we do, like, the truth of the true way? Facts and truth and myths about the PPP loan. Can they just do something quick another time?

Because they can probably do it now. You need to put it up there.

Facts, truth and myths.

Okay, Nico. Nico. See, Nico needs a chair. But I don't know why she don't just bring her Own chair. So she said, can we just do a Facts, true truth and myths about the PPP loan. What are the facts, what's true, and what are the myths? So, I mean, maybe you can tell us what are some of the myths that you've heard. Can you please get a chair and come to the screen?

Yes.

Here, you can have my seat. How about that? We are all family here. So if this seems a little raggedy, I mean, you know.

Oh, no, we're good.

This seems gonna be hot.

She talking about my booty hot. She don't want to sit in that.

Mean it's good and ready. N.

Is good and ready.

Where do I look?

Am I looking.

Where am I looking at? I'm over here.

You look right there.

But I want to look at. Okay.

Hey, y'.

All. Hello.

I can't see myself.

This is making me nervous.

I don't know what's right and what's not right.

Hey.

Okay, so facts, truth and myths. I hear a lot because I want to apply for it. But I'm around a lot of people that have gotten the PPP loan, but they've bought Schedule Cs. I mean, things that they didn't file, they had done by professionals. I have an acquaintance that paid $1,000 to get things done, but they were actually. They were also denied, but they didn't get their money back as well. But now they're going through another person and they're actually. They got accepted and they've never. They've been in business, but they've never filed taxes or filed a Schedule C of any kind. So I'm hearing a lot, and I'm also seeing a lot that has been accepted. Now they're going to be able to catch everybody. I don't know, but I need to know the truth about that. So if we have not done the two years back taxes, but you still. You still qualify kind of because you've been in business, you just haven't gone about doing it right as far as, like filing Schedule C ein, all that. What is that important?

So you can file taxes up to seven years, can't you? You can file back taxes up to seven years. So just because you haven't filed up until this point, it's still time to file, right?

Three to four years, if I'm correct.

Okay, you're right.

Seven years to be audited. So it's kind of not great, but yes, you have about three. Three years, if I'm not mistaken, to file your taxes from the prior year. However, you have seven Years, years that you have to hold on to them taxes before the IRS comes.

Because my heart is like, I don't want to do nothing wrong. I do want the mute de niro. But I'm like, I don't want to do nothing wrong. And I was thinking, I'm like, okay, if I get approved for the amount that I'm asking for, I'd like to pay the a lease up for some.

Rent for the whole year because it's.

My office space, I work out of it, also live there. Is that okay? You know, is that okay to do, you know, because I'm like, I'm nervous because I all kind of, all the wrong people are getting and I'm like, I'm so. I'm hating on them a little bit.

I'll tell you what. So to answer your question in regards to the taxes, number one, if you haven't found and you still need to file, for example, if you didn't file your 2019 or at least your 2019, because that's the one, they are at least need that one, you haven't found it. If you're a true business and you know you were earning money, then it's okay to go ahead and file those. It is okay. What's not okay is if you didn't and you making up that you made this money and now you're creating a fake return, that's not okay. The next thing is can you pay your lease up for a year? The answer to that is yes, if it meets the if you're only using at least 40% of your loan amount to do it. So if you get $10,000 back and 4,000 of that will cover your lease for the year, then yes, you can pay it up for the year. If your lease is going to cost you more than that 40%, then you're not going to want to pay that full thing up for the year because you do have to use at least 60% of the funds to pay yourself. Now what I will say is this, if you use that 60% to pay yourself, once you pay yourself, you can use those funds how you need to with that 60%.

Okay, because that was a concern because I see people in the furniture store, they are going crazy and I'm like, I want to match the fifteen hundred dollar mattress too.

The one that you know, just vibrated this rocky to sleep at night. But I'm just so concerned, I'm like, don't we have to keep track? And they're like, no, you don't have to do that. And these are people that are doing the loans for people. People and getting them approved. And there's so many myths and there's so many lies and misconceptions about the PPP loan. And what's the other one, Ed?

Something.

Oh, you're gonna talk about. Oh, so tell us how to get the money the right way.

The right way is just not to lie. That. That. That is the right way. That's the only way to be able to do it. Now, if people are saying that, oh, they're not gonna check. I mean, nine times out of ten, they may not, but I prefer to operate on the side of caution, as if they are gonna check. And if you operate with caution, as if they may come back and audit you and you use the funds the right way, then you don't have nothing to worry about. So that's how we recommend people use it, is use it what it's for, what it's supposed to be used for, and document everything. That way they can't say anything. Because if you think about it, if you have this extra money coming in that's supposed to pay you and cover your business expenses, you're still running your business. You still have all the money coming in for your business. So use those funds to do what you want to do. Okay, I don't have anything to worry about.

Okay, I'll give you an example. I've been. I've never not been in business, but the last. I've been here in Houston about five and a half years now.

So for four of those years here.

I have been, as they used to call me, the bag lady. If you needed a bag, you come see me. Because I got it all. I got it for him or for her. For him to buy for her. That was my. And I did it. And I had other things, too, along with Clothes Boutique, but I never really reported anything like I should have. But I did have a bank account. Still have the bank accounts going.

Everything is going.

But that was basically the business. And then notary came around September, I think for me.

I can.

Can I file back taxes on that?

But I'm like.

Because I made a. I made a lot. I'm not gonna tell the truth on that, though.

Can we edit that?

That's gonna be up to tj.

But can we. Can we do that?

Is that okay to. Because I didn't follow on that, you know, but it was good.

I don't know. I can't hear you no more. I done got nervous.

Talk to you.

Oh, God. Okay. You can file back taxes on that. Just keep in mind that you want to consider if your tax liability is going to be worth what you're getting for this loan. I guess I would say that. But you can file the back taxes because I'm assuming you have a way to show proof that you were in operation through either bank statements or maybe you were accepting PayPal or something of that nature to show that those transactions were valid. As long as you got some kind of documentation like that to show your sales and receipts, then yes, you can file your back taxes and apply.

Can we use it for the for the Cash app as well? Because I have PayPal and Cash App.

Yes, you can use either one as long as you can show it. Yes.

For the Eidl I did hear that mentioned. We don't really talk much about it, but I will speak on it briefly because there are some questions about it on the PPP application. Application for the Eidl that is a totally different product being offered during the pandemic from the SBA that one does in the beginning anyway, it did require a hard pull on your Experian for a credit check and they were denying people if their credit was not at least a 600 they were denying you. They do now have it open to where you can apply for reconsideration to see if they will approve that loan. And they are right now offering what they call a targeted advance. If your area is considered low income and you had a reduction in business income of at least 30% for that targeted advance, which is a grant from them, they are sending that out to the people who are eligible. You will get an email directly from the SBA asking you to complete a form that shows your income for each month from 2019 all the way until now in 2021. So it'll ask you to put your income from January 2019 until March of 2021 and they'll let you know if you're eligible for the advanced portion of it. Right now they're only sending it out to the people who applied prior to I think the date is December 2020. Once they have went through all of those initial applicants, they are going to open it up for new applications. What I would recommend for the eidl, since that is a totally separate program that has to be done directly through the sba, is not done through any third party lenders, is I would call them directly if you have any questions about it because the representatives that they do have now are more than able to answer those questions, whereas they weren't in the beginning when the program was new.

Okay, gotcha. Okay, so Ms. Robbins says that she received her notary Commission December of 2019, did not start earning money until February of 2020. Is it possible that she'll still qualify? She did get her business license in.

2021. February 2021.

Okay, my answer to Ms. Robinson would be, if you collected or started your doing your notary work prior to February 15th of February 2020, then the answer is yes. Your business license is not a requirement because that means you were just operating as a sole proprietor prior to 2021, and your tax return would just need to reflect that. So your schedule C would most likely say your name and your social, and that's how your 1099 should also reflect for your notary work.

Let's dial into that a little bit more. If you had an EIN number, because I know that in the notary world we really stress of EIN numbers. If you register an EIN number after February 15th and you receive receive your 1099s from all of these loan signing agents, title companies, and they were in your tin number, then that will be a no. If your 1099s are in your social, like if you look on there and they produce by Your social everything Ms. Dawson said is correct. But if you had them pay you under your EIN number and your EIN number was.

Received from the IRS after February 15, then that will be a no.

So I highly recommend, because of your particular case, set up a zoom call for us, for us to look at those documents to give you in your particular case the right and correct answer for your particular case. Because there's a lot of other moving pieces, right? But for a general yes, if you use your social, if you use your EIN number, if that EIN number was not registered before February 15th, and you got paid from your 1099 from all of these lenders from that, then no. However, there are some cases you have EIN number paid from you from your EI, you have 1099s paid from you from your EIN number, and you have 1099 paid from you from your social.

If they.

Yeah, if you're social was paid out more than $5,000, even if you got two, that's just two schedule fees, right, reporting to the IRS. But you do qualify. So even if you have 1099 paid from your EIN number, 1099 is paid from your social, long as the social volume of your revenue is over 5,000, then yes. But I once again highly recommend, hey, let's set up a zoom let's talk.

Awesome. So I have another question for the ppp, would you. Why am I hearing echo?

I know. For the ppp, would you have to make a minimum or maximum to apply?

Yes. So what I will say about that is this. So our lender has set a minimum. That's what we keep saying, $5,000. Our lender wants you to make at least $5,000 to a apply for the PPP. There's only one lender that I know of, and I don't mind sharing, that will allow you to apply if you have not made the minimum of $5,000 for the year. That is smartbiz.com if for any reason you didn't make over the $5,000, please go apply there. Just understand that it may take you longer to get through the process, but otherwise it does need to be at least $5,000.

Okay, I'm typing this, y'.

All.

All right? Absolutely. Y' all have great information. I thank y' all so much for reaching out. Thank you for coming.

Ms. Janice, and anybody else who has questions, I highly recommend that you contact these ladies. Ms. Janice is saying that she became a notary public loan signing agent June of 2020. Would she be eligible for the PPP.

Loan June of 2020? You would not be eligible for your notary income. However, if you did any other kind of self employed work, whether that was service work, maybe like beautician or anything of that nature, or if you were a 1099 gig worker through Uber Lyft doordash, anything like that, then yes, you would be eligible, but not for the notary work.

And so we were talking about, I remember you said some people will get the 10,000, other people can get the 25,000. What's the difference?

Absolutely. Okay, so that number that you get, your loan amount is determined by your gross income. So for example, let me just. I can't really share it on the screen, but I'll bring it up just one moment. Okay, so if you made $5,000, the way they're going to calculate your loan amount is they're going to take that $5,000, they will divide it by 12. Okay. Once they divide it by 12, they will multiply it by two and a half. So by 2.5, that will give us approximately $1,041. That will be your loan amount. Okay. Now if you made $50,000, if we divide that by 12 and then we multiply it by 2.5, you get $10,416. So your loan amount is in direct relation to the amount of revenue you brought in for your business. Now there is a cap on that. Let's say you were doing really well and you brought in $120,000. If you brought in $120,000 and you are the only person in your business, you're your only employee, what the SBA is going to do is cap it at 100,000. So they're going to not look at that extra 20. They're just going to say you made 100,000. And the maximum loan amount you can receive in that scenario is 20, $20,833. That's whether you made 120 or 200,000. That's the maximum you can receive unless you had W2 workers for you.

Awesome. So thank you. That's a good answer. So Miranda wants to know if you have, if you were in multi level marketing such as Mary Kay or selling tea, do you qualify?

Absolutely. Long as you meet that minimum income threshold you do, most multi level marketing companies pay you 1099. Or even if they don't pay you 1099. Because some companies are not, I'll be honest, they're not on top of sending out 1099. I've heard that a lot this year. Well, Uber didn't send me a 1099. Well, as long as you still met that stress hold, you can still apply. So let me give you an example. Say you did Mary Kay. You made a thousand dollars with Mary Kay. You are operating that under your social. Then you made $2,000. With Uber, you were operating that under your social as well. But then you also did doordash and you made your other 2,000. So you had $5,000 combined between those three businesses, all paid to you under your social. Then you're eligible because what they do whenever you apply, they add all of your schedule C's together. As long as your social matches, or if you did them all under the same llc, they add the incomes together.

Okay. Well, ladies, thank you so much. I am extremely happy that y' all joined us this evening. I think we all got a lot of information. I know I did. I have to get my 2020 taxes done. I was trying to get it done this weekend and my guy won't be back till Friday and I don't want to miss money. So I'm trying to find somebody else to do my taxes like tomorrow. So I'm definitely going to be in contact with you for 2020. And I appreciate y'.

All.

Thank y' all so much for coming. Some people wanted to know, you know, we've already said if you want to get in touch with them, schedule on the website@www.notarypp.com. that's in the comments. Also, they wanted to know if y' all are on Instagram and how can they reach you on Instagram. Best way y' all versus having these ladies go to 29 different places is do what they ask and go to the website. Because some people try to direct message you, and it just gets to be too much. So let's just do what people asked us to do and go to go to their website and schedule an appointment. Okay.

Oh, yeah, yeah, yeah. See, they gonna be emailing me, and I don't know nothing. And all I'm gonna do is say, go to www.pppnotarypp.com. all right.

Yep.

Okay.

Beautiful.

Absolutely. Well, I love y', all. So thank you again, Ms. Dawson. I'm gonna talk to the family a little bit right here just to close them out. We've been on for an hour, and so I got a few announcements to make. But thank you so much. Thank you and Ms. Renee for coming. We do appreciate it, and I know a lot of people will be reaching out to you.

All right, we look forward to helping you all. Thank you for having us.

Absolutely.

All right, so got a couple of announcements to make if you purchased the training. My guys in India are having 353,000 new cases of the coronavirus per day. However.

My brother Burris had the coronavirus. He didn't have a whole bunch of symptoms, but he and his family, everybody in his family, got it from a wedding that they went to, family wedding. And then he came and gave it to the staff. And then one of their staff members was in icu. It was real bad. So he has been going through a lot. However, he told me tomorrow, I will have it in my inbox in the morning, so I'll be able to upload the documents portion of that training. Thank you guys so much for.

Being patient with me. For those of you who have not been able to be patient, y', all, it's not my fault that you couldn't make it to the live. I'm sorry that it's taking a while to get the replay, but I didn't force nobody not to come to the live. I'm. I mean.

I mean, you know, I don't know. I'm trying, but I. I'm not over the coronavirus. I'm doing my best. All of it is coming, and it's coming quickly, but when you pay for something, if you can't make it, of course I'm trying to get the replay up. But if, hey, I don't know, I don't know. I'm doing my best, just want y' all to know that. So please, yes, on the way.

And I.

I don't know. I don't know what else to say. So it's on the way, just it should be here in the morning. Good Lord says the same. I know that they are working feverishly trying to get it to me because I've asked them to do so and, and they always oblige whatever I ask them to do. So with that, thank you all for coming. I love y' all to life. Please keep me lifted up in your prayers because I am making some moves on this end. But don't get it twisted. Y' all know I'm bringing my family with me. So y' all will be seeing the videos and everything of me going through the units. And of course I am going to make more videos here. You know, I'm still real big on the basics of notary because what I see in a lot of people, a lot of people still don't know the lingo of, of the notary world. And in this industry, when you go to any industry, you need to know the lingo, right? When you're at the closing table, you need to know what an affidavit is, what a jurat is, what an acknowledgement is. What does it mean to make an oath? Do you actually have to ask somebody to raise their hand? Do you have to go through the actual motions of this business?

My view is yes.

If you're doing multiple oaths, then you can have them raise their hand one time and use that as, you know, for the other documents. But yeah, you go through the motions as you do with any other business. So I'm going to be doing more videos talking about the basics. I've done those videos before.

Please, please, please, if you have ideas for videos that you want me to create of information that you want me to provide, email me at Support Solutions by cj.com Again, Support Solutions by tj.com and I'll be more than happy to create a whole 12 minute video just on whatever topic you're telling me about, if you, if that's what you need. But I love y', all, man, and I appreciate you loving me back. I, I'm really, I mean, I don't know how other people do, but with my whole heart, I'm just trying to serve you know, trying to serve.

Building myself up, building my business up at the same time, and then trying to drag everybody else who wants to come with me along. I mean, that's the.

That's the gist of who you. Who I am, you know? So I appreciate y'.

All.

I really, really do. Thank you, Kayla. I appreciate it. Awesome, awesome, awesome. Kayla just brought up Legal Shield. She just signed up for Legal Shield. Now, let me tell y' all something. In this short amount of time, I, latonya Johnson, believe that everybody should sign up for Legal Shield. And if you have not watched the videos with Mr. Me and Phil Shannon, his contact information is in those videos. Look at the doggone videos. Go back. Because this ain't no sales pitch. I've actually had to reach out to them. I don't know what happened around Coke. Well, okay, so Covid happened or Corona, whatever.

In my opinion, the NNA started hiring a whole bunch of new people, and the accuracy of the information changed. So things that I knew I could call the NNA and they were going to give me the right answer for, I didn't feel so comfortable with that.

During the pandemic.

So it is good to be able to contact an attorney with those questions. Legal Shield is not expensive. It's a business write off for your business. So please, by all means, get in touch with Mr. Phil Shannon, go back and look at those videos that he and I have done, because they are awesome. So I would definitely, definitely ask that you do that. And my dog.

Hold on, Ms. Miranda.

She made that $10,000 a month?

Yes.

Man. $10,000 a month. Yes, y'. All. It is possible. It is doable.

It is, it is. It is.

So I am extremely excited for you. I'm glad that you stuck with it and listened to me. I appreciate it you for trusting me and just following my lead. So thank you. Because I told you, you're gonna get there. Just keep going, Keep going. So now she's on to that 20k, and when she gets some title companies where she could just sit down and just make money, and it's 200, 200 a pop, then you're in the money.

Then you're in the money.

So Ms. Robin, Ms. Robin Davis said yes. I'm an associate for Legal Shield, and it's the best thing that I could have done. So for real, I mean, I'm not just being Hollywood. Ms. Janice said that she signed up when she became a notary. I'm not just being Hollywood. I believe that every single notary in this business needs to be under legal Shield. So contact Mr. Phil Shannon. Tell him that TJ with Solutions by TJ sent you, all right? And his information is in some of my. My other videos. I think I gave a link or a telephone number or something. But if you just look back at some of those videos or reach out to me at Support at Solutions by tj, I'll give you that information.

All right. Family, I gotta take my niece home. You know, my niece and my daughter are like sisters. They are together every single weekend. So if she's not here, then my daughter's over there. And yeah, it's after 10 o', clock, so they gotta go to school. I love y' all to life. Let's get this PPP loan this week. That lady said a week and a half.

Hello.

So we all have to be in there. Me, too. So I'm trying to get myself together to get everything, but I love y', all, man. I love y'. All. I love y'.

All.

I love y'.

All.

Thank you for loving me back. Y' all take care. Spread the word about this. Spread the word about the video. And if anybody needs anything, please do not hesitate to reach out to those ladies that I had on.

All right?

God bless y'. All. Good night.