09/08/2020
I had to share this post.
The woman in the article has a daycare Business. She applied for the loan funds and directed the funds to be deposited into her personal account, which is normal for her.
Unfortunately, the bank froze her account to ensure that there were no fraudulent activity. Which is normal for a banking institution.
My only assumption is that she is a small business / sole proprietor using a fictious name or D.B.A and as a daycare provider she may receive deposits of $750 or more every 2 weeks or so. Again, it's my assumption and I maybe wrong.
Its unfortunate, but as an in for yourself I always advise new entrepreneurs to create a Business Entity. There are so many advantages when you are properly incorporated in the beginning and reap the benefits before the end of the tax season.
The sad part is that she said that no one ever told her that she had to open up a separate account for her business.😯😯😯😯😯
If you want to learn how to properly incorporate your business and position yourself to succeed then reach out to me. Enjoy the read!
A self-employed worker finds her accounts locked after she deposits federal pandemic aid.
