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Family Childcare, How Do You Pay Yourself As An Employee?

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  • ItsAllSonShineAndRainbows
    replied
    I have a business account. I pay myself and my assistant out of that account.

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  • e.j.
    commented on 's reply
    Wow! Our state made it so easy with none of the threats - and it's been such a godsend to receive that money! It's really unfortunate your state has chosen to go in such a negative way. As helpful as the money is, I can understand why you would choose to skip it!

  • Michael
    replied
    As an LLC I write a check as salary.

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  • Cat Herder
    replied
    Originally posted by e.j. View Post
    Not sure if this is what you're looking for but when we were on lockdown and eligible for the Small Business forgivable loans, I paid myself as an employee by putting the loan money in my checking account and paying myself each week by check. I would then cash that check as I would if the check had been given to me by an employer.
    I am referring to the Child Care Stabilization grants. Each state seems to have added their own twist to it. Mine seems intent on keeping us from applying with audit and legal threats marked in red with no clear guidelines *in writing* of how to report usage to their satisfaction. It says that we have to pay it all back in 10 days, at any time, if they chose and that an email being sent to us constitutes notice, whether or not we receive it. It also states they can choose to not pay it, or change it at any time; that being approved does not constitute an agreement for them to pay it. I tried to copy and paste, but they have it encrypted to keep us from sharing it. I saved it to PFD, and tried to copy/paste from that, still no dice.

    Our super helpful FAQ section states:

    "-------- Reporting Requirements
    …coming soon"

    * But they want us to apply today not knowing how to use, document and report the funds so that we don't have to pay it back due to an audit. I think I am going to skip it.

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  • e.j.
    commented on 's reply
    Tom Copeland has a good article explaining how to pay yourself here: http://tomcopelandblog.com/what-does...lization-grant

  • e.j.
    commented on 's reply
    Yes. It seemed kind of silly to have to do it that way but then I had a record of paying myself in case I was asked for proof that I had used the money to pay myself. If I remember correctly, that was what I was told to do at the time. I think you can also put the money into a second account, if you have one. We have a joint savings account so I could have put it in there, as well, I believe.
    Last edited by e.j.; 10-18-2021, 10:49 AM.

  • Annalee
    replied
    So cash it out; then deposit it back????

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  • e.j.
    replied
    Not sure if this is what you're looking for but when we were on lockdown and eligible for the Small Business forgivable loans, I paid myself as an employee by putting the loan money in my checking account and paying myself each week by check. I would then cash that check as I would if the check had been given to me by an employer.

    Leave a comment:


  • Annalee
    replied
    Following......

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  • Family Childcare, How Do You Pay Yourself As An Employee?

    Family Childcare Providers, How do you pay yourself as an employee?
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