How To Sign Pennsylvania Banking PPT

How to industry sign banking pennsylvania ppt later

hi everyone this is Dylan with sharp front with another video about the PPP application process this is a follow up to our video that came out a few days ago about that process before all the portals were online on the various baking websites to apply for it so a lot of people have applied now and now they're asking what happens next is my bank gonna ask me for documents what are those documents how do I upload them and yes they will ask the documents then we're going to go into what those are how to fill them out and how to share them with your bank but before we do that I want to talk about our software for a minute because this is incredibly important for our peers in the retail industry we created our software as a collaboration technology used by suppliers and retailers and this is a way for you to stay productive while quarantine at home so while you're doing your best to stay safe this allows you to still showcase products build out quotes share line sheets build orders and a lot more that allows suppliers and retailers to stay in touch on one software application so the great news about this is that we've made everything free because we want to support our peers as much as we can during this time so go to our website at sure front comm click on the signup button on the top right there and that'll take you to a portal where all you have to do is enter in your email and then you are on our software right away it also gives you a quick tutorial on how to use it and if you have any questions about how to use our software there's also a chat bot on the bottom you can ask any questions of us or even send me an email directly at Dillon at shirtfront comm I'm happy to answer any questions that you all may have on this so without further ado let us dive into that application process for PPP so if you haven't gone to your bank's website already and applied there that's the first thing that you need to do it's very easy to do I'll show you how to do it through Citibank Chase Wells Fargo and Bank of America first just Google paycheck protection program say bank of America or whatever your bank may be and that'll take too late this is a FAQ so go there go to the second link there and this is the page where you apply ok so in Bank of America's case it's very simple you just click on apply now let's look at what city banks look like this is a little less straightforward when you go to their page you click on a notify me button where they follow up with you afterwards and then take you through the application process Wells Fargo will tell you to go to the get access to the paycheck protection program learn more button on your own banking portal and then Chase is very straightforward like Bank of America just continue to application click on that button and so again the Bank of America is just apply now and that whole application takes about five minutes it's very quick and then what happens after that is they send you an email about 24 hours later just as a confirmation that they received it and in three days to a week later they're there around that time they're gonna send you an email with instructions on how to get to their intra link portal and this is the portal we're going to download and upload all the documents that you need to fill out and share back with your bank in our case Bank of America so when you go to that portal so that you know that they said you has a hyperlink to this portal a username and password which you're gonna change right after you log in and when you go to this portal go to the instructions folder download the documents you'll need I'm going to go through those in a second then upload those documents actually fill them out to your application folder now we've blurred out our application number there it's going to have instructions so this is how to download and upload documents and interlinks this is your kind of user manual for intra link it's going to tell you exactly what I just told you here which is go to that instructions folder download that zip file that contains all the documents you need fill out those documents save them and then upload them to your application number folder right there very easy straightforward it's going to have this required document reference sheet so this is going to tell you what you need as a see corporate LLC it's going to tell you what you need also as a sole proprietorship or self-employed and then it's also going to have this paycheck protection program loan amount template and the addendum okay so let's look at what that looks like to fill out all those forms okay so you've got onto the instructions folder you downloaded those follow those directions and now in our case if you're an LLC or a c-corp you're gonna need to upload your 940 from 2009 teens tax returns your 941 and that's for the quarterly period that includes February 2020 so your most recent 941 quarterly report and that's going to be the january february march report and then also of course this BankAmerica paycheck protection program loan amount templates and then the addendum so let's start with the template and you'll see right away why sole proprietors are not going to use this I'll go back really quick for sole proprietor you're only doing your Schedule C and the addendum not the template because when you go to this template the first thing that it asks you is number one salaries wages Commission's vacation and sick bay as reported on IRS form 940 okay so let's go to our 940 form and you find that number under part two number three total payments to all employees that's this number here for easy math we're just going to fill out a million and put a million there next question is less aggregate amount included in number one for an employee whose principal residence is outside the US so this is for any employees you may have we don't that are outside the US you're not going to include that so you're going to deduct their pay in our case that number zero so we're not deducting anything so it's staying a million question three is less any compensation paid to an employee at excess of an annual one hundred thousand so remember these they're capping everything at a hundred thousand salary so one hundred thousand dollar salary caps so if you had say five employees that were paid 120 thousand you would deduct each of those employees twenty thousand dollars that went over the hundred thousand so let's say that's you know five times twenty thousand so we deduct a hundred thousand so that million becomes nine hundred thousand next question is question for payment for the provision of employee benefits including health care and retirement this is a bit more of a complicated number to come up with because you can have a variety of retirement structures including 401k also healthcare structures so you're going to need reference a few forms for yourself to find this number or just axe your accountant let's say for easy math that comes out to two hundred thousand then you're including state or local taxes on employee compensation let's say in our case it's one hundred thousand so you're gonna add up question 3 here four and five so nine hundred thousand two hundred thousand hundred thousand and for easy math we've put down 1.2 million this is 2019 okay and then on the right column you see that's average monthly so that's just this number divided by twelve nine hundred thousand divided by twelve to one thousand value by twelve and so on until you get to your subtotal which is 1.2 million or whatever your number happens to be that's our number in this example divided by 12 so one hundred thousand multiply that times 2.5 to come out to 250,000 and that's your maximum loan amount in this example that's 250,000 that's the whole form so you fill that out download the download that fill that out save it to your computer and then upload that to interlink here and again that was your template form okay so the next form that you need is the addendum start with the template then work on the addendum because the first question they asked you is that average monthly payroll amount which you found on your template that's 100,000 times 2.5 250,000 and then it's going to ask you for a few questions here including security questions and then sort of certification questions as well so the first two questions are criminal background check gonna hopefully click no on these two next one is is the United States principal place of residence for all employees are cases yes next one is is the applicant and franchises listed in SBS franchise directory in our case no then some certification certification questions excuse me they are filling out here and then you're going to enter your place a name of business and also your name name of signer for business click on these and that's it so say that's your computer and then again upload that to interlink so now you have the template uploaded the addendum uploaded and then you are uploading your 940 for 2019 that's your own form of course you're not downloading that from them that's your own tax return which you're uploading to interlink and then your most recent 941 for 2020 so that is the January February March quarterly report this is giving them a little more information about you so for instance it asks for number of employees so it's going to get a little more specific that's why they're asking for that form so now you have your 949 41 load amount template the addendum and that's it that's all the forms you need and these are now live and they'll be able to see that you've uploaded those so wait for them to reach out again with the next questions down the pipeline so if you're a sole proprietorship what you're uploading is the schedule see that's your Schedule C form of course and then the addendum not the template but the addendum again that is this form here because that template asks for the 940 information and that's it that that's everything that you guys need to get to the next step of the PPP application so we'll upload a video soon as the following steps after this come out so you can have that right away and be able to get down this pipeline of application as fast as possible so please click on the subscribe button on our YouTube video and then again a right away take advantage of our software that we've made free during this time period you just go to shorefront comm and then click on that sign up button again thank you so much for checking out another one of our videos please click that subscribe button download our software for free or rather sign for software for free and that should help you out as much as we can during this time and that's what we're here for so please send us any questions you may have and thank you so much and stay safe