How Do I Sign Massachusetts Banking Form

How do i industry sign banking massachusetts form free

what's up you guys my name is aubrey and this is my channel and today i want to talk about the ppp and i'm going to walk you guys through how to fill out the application for the ppp program now as you guys probably know the sva changed the rules of the ppp to better benefit self-employed individuals more specifically solo entrepreneurs now whenever i use the term solo entrepreneurs i am talking about entrepreneurs who have a revenue stream whether that be through a legitimate business through a gig job through just side hustles whatever the case is that is what i mean by solo entrepreneur these people have a stream of income outside of a regular nine-to-five job but they do not have employees now in the past with the cares act and with the ppp these groups of people kind of got screwed over because of the fact that the ppp was made to benefit employees but just because you have no employees doesn't mean you don't need help through programs like the ppp well the sba finally addressed that and they changed the formula to better serve these individuals and now instead of basing the ppp and the eligible loan amount by net's profit they are now basing it off of gross profit so in this video i want to break down this new application that was just released by the sva that way whenever you go to apply you know what to expect and you know how to fill out the application so let's get started now first and foremost i would like to note that there are still a lot of online ppp lenders that do not have this new application reflected on their website i have reached out to a handful of lenders and even though the sba has announced and released this application the online lenders like blue vine cabbage funding circle these are three examples of lenders that have been helping people with the ppp but they have not changed the application to reflect these changes in this new application for solo entrepreneurs i don't know when they will have an updated application like i said i've reached out i have not been able to get an answer from them but stay tuned and i will announce on this channel when some of these lending options have updated their application accordingly but as of right now it looks as though you cannot apply online really anywhere with this new updated application and new formula and instead you will have to go to a more traditional brick and mortar lender like chase bank of america wells fargo things like that so keep that in mind whenever you are somebody who is wanting to apply for the ppp with that being said let's dig into the application so the first step of this process is figuring out which one of these applies to you because you have to check one are you sole proprietor independent contractor or self-employed individual now the difference between these are very nominal if you're an independent contractor for example then you work for people on a contractual basis this could be in the form of freelancing it could also be in the form of like turo or airbnb really anywhere where you would get a 1099 form at the end of the year a sole proprietor could be that you have an llc but it's deemed a sole proprietorship because it's just you and you don't have any employees or any partners and then a self-employed individual could just be somebody who is working for themselves or making money but maybe they don't have a proper llc you'd want to choose the one that best reflects you next is your dba or trade name for this you just want to put your own name again we're going through this application from the perspective of somebody that does not have a proper llc and because of that you would just want to put your name so for example i would put aubry janek next you're established you want to put that there business legal name same goes as the dba just put your own name naics code this is basically a code that classifies what type of industry your business is in if you don't know what this is then i would just skip it but if you know what your naics code is then put that there and fill that in accordingly the next one is applicant meets size standards i would click the first one no more than 500 employees there is three options there but that one is the one that would apply to you if you're applying as a solo entrepreneur you do not have more than 500 employees because it's just you business address i would just put your home address so you would just want to put your address city state and zip code next is your business tin this can be your ein your social security number or your itin if you're applying as an independent contractor on your own you would just put your social security number there business phone you can just put your cell phone there it doesn't matter next is your total amount of gross income now on your taxes if you go to your form 1040 schedule c line 7 you will see what your gross income was for that tax year this is where your taxes are really important when it comes to the ppp and i get this question on an almost daily basis at this point of do you have to file your taxes in order to apply for the ppp and the answer is yes absolutely you do you have to have your taxes filed they have to be submitted because the data that is being used for the ppp is from your taxes after you put what your total gross income was for that tax year you'll want to check off what year it was from so it was from 2019 or 2020 it has to be one of those two years so it can't be 2018 it can't be 2017 it has to be 19 or 20. and then you'll want to put a number of employees including the owners so again as a solo entrepreneur you'd put one next and this is where the application is really changed for solo entrepreneurs versus what we were doing and where we're at this entire year this is where we are going by gross income rather than net profit so what you're going to want to do is you're going to want to once again put your gross profit here your gross income here so let's say for example in this a section where you put your gross income we put twelve thousand dollars then you divide that by twelve so that's 1 000 and then you would multiply that by 2.5 plus any idle loans you received so let's say for this example we didn't take any idle loans i would multiply that by 2.5 which would equal 2500 which is what i would be eligible for under this new ppp formula so you'd want to put your gross income in this first section you'd want to put that number divided by 12 in this second section and then you'd want to multiply that number by 2.5 plus any idle loans you you had taken not the idle cash advances just the idle loans and then you would put that number there and again this top section is only if you do not have employees so if you are a solo entrepreneur if you're an independent contractor if you're a gig worker if you have an llc but you only have yourself if you do not have an llc but you're making money on your own that is where this would apply to you this second section if you have employees other than owners complete this table you would not need to fill that out if you're applying as a solo entrepreneur so again because of the fact that that's what we're focusing on in this video i'm gonna skip that section because if you don't have employees you do not need to worry about it leave it blank or cross it out so do not put any numbers there next is the purpose of the loan you would want to put whatever you're going to be paying this loan for or what you're going to be spending the money on you could do a payroll cost including proprietary expenses equal to business expenses plus owner compensation you could do covered property damage cover supply costs covered worker protection utilities rent and mortgage interest payments covered operation expenditures or other remember that in order to get the ppp 100 forgiven you have to spend the funds in which the way they were intended to be spent this loan has the potential to be a hundred percent free meaning you will never have to pay it back but you have to be sure that you're spending the money as it was intended to be spent otherwise you will have to pay it back over the course of many years and then the last section is applicant ownership list all owners of 20 or more of the equity of the applicant attach a separate sheet if necessary so you would just put your name there and i i think that there is an argument to be made that it's even overkill to put your name here because of the fact that you already put your name at the top but i would put your name there owner name in my case aubry yannick title you could put owner ownership percentage 100 then put your social security number here and then your home address here just make sure that you have everything covered i would recommend doing that now this next section is just verifying more information gathering more data we're just kind of going to breeze through this because it's something that we've talked about many times on this channel before a lot of the questions are very redundant but it's going to ask you your veteran status your gender your race your ethnicity it's then going to ask you if you've ever been to barred if you've ever taken place in a criminal activity if you've ever had a felony charge it's going to ask you all of these questions and that's all going to happen right here you will want to answer all of these questions as truthfully and adequately as possible because they are required and they do affect your eligibility for the loan so you'll want to read through this and answer the questions accordingly same goes for this next page as well this is just verification questions it's asking you things like the applicant was in operation as of february 15 2020 the current economic uncertainty makes this loan request necessary the funds will be used as they were intended it again is just making sure that you are eligible and that you understand what you are getting into by filling out and submitting this application again read through it make sure that you are comfortable and that all of those adhere to your reasoning and the background of you and your business and initial where needed and then once you are done you will sign date give your title and print your name here at the bottom and then the back the last page kind of gives some more context to some things that may have people questioning or having questions around certain topics like for example it gives you definition of like what is the purpose what is a principal name what is the principal position what is a paperwork reduction act what is debarment and suspension executive order 12549 it just goes through some of these things that are being referenced throughout this application once again i'm not going to go through them all because it's a lot of information but if you have questions that i have not answered on this video and during this application process i've just walked you through chances are it probably is answered at the back of this sheet here honestly though you guys that is the entire application the application is very straightforward it's very streamlined and if you're somebody who has your taxes on hand and you have them available to you this is a very very easy application it really shouldn't take you more than 10 minutes max and that i think is if you're taking your time like i said at the beginning of the video as of right now online lenders like blue vine like cabbage like funding circle and more have not changed their application process to reflect this new application i don't know when they will i have reached out i have yet to hear anything from them but like always you guys i will keep you updated as we get more information as some of these online lenders are releasing the new application with the updated information and once they do i can walk you through once again how to apply through an online lender like i have done in the past if you guys have any questions on the ppp i will be doing a faq video here in a couple of days so make sure to leave your questions down in the comments but like always you guys i would love to hear your thoughts if you have any questions if you have any comments if you have anything to add make sure to leave a comment down below and while you guys are at it make sure to hit the like button hit that subscribe button and hit that notification bell and i will see you guys in the next video [Music] [Music]