how to submit your ppp loan application?
TRANSCRIPT
You have application submission questions -
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How to Submit Your PPP Loan Application?
Tuesday, February 9, 2021
How to Submit Your PPP Loan Application?
Tuesday, February 9, 2021
WELCOME Thank you for putting your trust in us.
Say hello to our expert presenters
Submitting Your PPP Loan Application /
Frederick L. Daniels, Jr.Executive Vice President
Chief Credit Officer
Citizens Trust Bank
Vice President - Special Asset Officer
Credit Administration
Chris T. Jones Jamall O. BellVice President - Credit Administration
Manager
✓ What Documents Do I Need?
✓ What are the Required Documents for my business?
✓ Key Tax Filings Expectations
✓ Get organized! Consider using the Borrower Checklist and Loan Calculation Worksheet
✓ CTB PPP Online Application
✓ Your Submission
Agenda
Submitting Your PPP Loan Application
1. “Solopreneur”, Sole Proprietorship2. LLC 3. S-Corp or C-Corp4. Partnership
Guidance to completing and
submitting your application
What Documents Do I need?
• Self-employed
“Solopreneur”
• Single or multiple members
LLC
• Company or group authorized to act as a single entity
S-Corp or C-Corp
• Shared by multiple owners
Partnership
. . .that Depends
on Your Business Type.
4 Common Business Types
✓ What are the Required Documents for My Business?
The required supporting documents will allow Citizens Trust Bank to verify your
business type and establish PPP loan eligibility.
Submitting Your PPP Loan Application /
“Solopreneur”
•Government Issued ID
•Drivers License
•Passport
LLC
•Operating Agreement
•IRS form SS-4, EIN Notification Letter
•Good Standing w/ SOS
•Borrower’s Resolution for Authorized Signers
Corporations
•By-Laws
•IRS form SS-4, EIN Notification Letter
•Good standing w/ SOS
•Borrower’s Resolution for Authorized Signers
Required Supporting Documents
Gross Wages and
Compensation
Employee Retirement
Benefits
Employee Health Insurance
State Unemployment
Insurance
Annual Payroll
Cost
How Is My Maximum Eligible Loan Amount Determined?
Submitting Your PPP Loan Application /
Divided by 12=
AVG Monthly Payroll
Multiplied by 2.5 =
MAX Eligible Loan Amount
Required Tax Filings and
Quick Application Tips
• KEY TAX FILINGS• 2019 1040 Schedule C no
employees
• 2019 Quarterly IRS Form 941 –w/employees
• RULE• 1099 resources are NOT
included in this calculation
• Owners comp & gross salary & wage limit = $100,000 per person
• QUICK Formula• Line 31 plus benefits and SUI
divided by 12 multiplied by 2.5 = estimated maximum loan amount
Solopreneur
• KEY TAX FILINGS• 2019 IRS Form 1040 Schedule C
line 31
• 2019 Quarterly IRS Form 941
• RULE• 1099 resources are NOT included
in this calculation
• Owners comp & gross salary & wage limit = $100,000 per person
• QUICK Formula• Line 31 or Sum of 2019 Quarterly
941, plus benefits and SUI divided by 12 multiplied by 2.5 = estimated maximum loan amount
Single Member, LLC
By the 4 Common
Business Types
Required Tax Filings and
Quick Application Tips
• KEY TAX FILINGS• 2019 Quarterly IRS Form 941
Taxable Medicare wages & tips and forms 1120 or 1120S
• RULE• 1099s are not permitted to
be included in calculation
• QUICK Formula• Sum of 2019 Quarterly 941s
(Line 2 or 5c for nonprofits), plus benefits and SUI divided by 12 multiplied by 2.5
Corporations
• KEY TAX FILINGS• 2019 Schedule K-1 (IRS
Form 1065)
• 2019 Quarterly IRS Form 941 Taxable Medicare wages & tips
• RULE • Net earnings from general
partners that are subject to self-employment tax, multiplied by 0.9235, 11 up to $100,000 per partner
• QUICK Formula• Adjusted net earnings for each
partner PLUS sum of 2019 Quarterly 941s (Line 2 or 5c for
nonprofits) plus benefits and SUI divided by 12 multiplied by 2.5
Partnerships
By the 4 Common
Business Types
Borrower Checklists and
Loan Calculation Worksheets
Review and gather all documents
detailed on the borrower checklist and
Loan Calculation worksheets. They will
be uploaded to the Documents section
of the application.
Borrower Checklist and Loan Calculation Worksheet
The Borrower Checklist and Calculation Worksheet document includes two (2) tabs: First Tab contains
Checklist Information and SECOND TAB provides Loan Calculation Worksheet. The Calculation
Worksheet is a tool provided to assist in your calculation of your Average Monthly Payroll used in
determining your loan amount.
✓ The Borrower Checklist
✓ The Loan Calculation Worksheet
Submitting Your PPP Loan Application /
Get Organized
The Borrower Checklist/Calculation
Worksheet are your guide for a
complete and smooth application
submission.
ResourcesSBA Guidance How to Calculate
Maximum Loan Amounts Including
What Documentation to Provide
First Draw
Second Draw
✓First-Draw Checklist and Loan Calculation Worksheet
✓Second-Draw Checklist and Loan Calculation Worksheet
Online Application Workflow➢ Business Info (required)
➢ Personal Info (required)
➢ Loan Info (required)
➢ Additional Info (optional)
➢ Documents (required)
➢ Submit & sign (required)
Business Information
Personal Information
Application TIP
Submitting Your PPP Loan Application /
TIP: MONITOR YOUR PROGRESSat the Application PROGRESS BAR. “Red” indicates an issue that
needs your attention
Loan Information
Contact Information (Optional)
Documents
Submit & Sign
A quick recap
Complete all
required
information.
Refer to the Borrowers
Checklist/Loan
Calculation Worksheet
for supporting
document details.
Review the required
documents – to ensure you
understand what is required
of you.
Use the SBA site as
resource to learn
How to calculate your
maximum loan amount
Press Submit
to make it
official!
Submitting Your PPP Loan Application /
Submission Tips
Got Questions?✓ [email protected]
✓ Include your loan app#
We Got Tips! ✓ Look for the progress bar to monitor your
application progress
✓ Don’t forget to PRESS SUBMIT APPLICATOIN
✓ Look for an email from ADOBE for the applicant’s electronic signature
✓ Ensure that you’ve included all requested documents in the Checklist document
Submitting Your PPP Loan Application /
What Happens Next?
CTB Reviews your
application
TIMELINERequest missing
information
CTB PPP Reviewer
SBA Loan
number
SBA Approval
Funds via WIRED to
your account.
Funding
Submitting Your PPP Loan Application /
PPP Loan Forgiveness
Your PPP loan
COULD BE paid in
full – ACT NOW!
Available for 1st or 2nd
Draw PPP loans
Review the required
documents – to ensure
your understand what is
required of you.
Use the SBA site, for
How to calculate
requirements and
guidelines.
SBA Forms
3508S (loans $150K or less)
or 3508, 3508EZ
ACT NOW!
Thank [email protected]
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