Sign Banking Form Michigan Myself

Industry sign banking louisiana business associate agreement myself

welcome back to the channel ladies and gentlemen in this video we're going to be talking about the paycheck protection loan some updates that has made it possible for more people to get this loan and how you can get up to almost 21 000 as a self-employed person a single member llc an independent contractor or a sole proprietor and also if you are a business owner with employees of course you can still get this ppp loan we're going to talk about how it can be turned into a grant by making it forgivable with certain criteria and also there will be time stamps in the description if you already know about the ppp loan and you just want to skip ahead to certain parts we're also going to be talking about how you can apply very quickly and get your loan sent out online very quickly today within less than 30 minutes so make sure you subscribe to this channel if you want to see more videos like this and hit the bell icon to receive notifications on when i drop new videos also really quickly i don't want to make this introduction too long i just want to let you guys know that the comment section will be turned off from now on because there are way too many scammers and imposters commenting on my videos and i do not want anybody getting scams from these people i do not have a whatsapp and i do not ask you for your email or your phone number in the comments section i've had people create fake youtube channels with my picture and my name imposing as me so i have to turn these comments off to protect people because they just keep creating these accounts and these scam accounts keep commenting on every video so to minimize that we just going to shut the comments off if you want to ask me a question follow me on instagram and then dm me if you're not following me i'm not going to be able to see your message because it's gonna go to the request section nine times out of ten so make sure that you're following me and then send me a ds okay so most people know that the biden administration kind of did some changes to the ppp loan so that smaller businesses and self-employed people can get some help and get some funding so back on february 24th the sba started the 14-day exclusive ppp application period for businesses and non-profits with fewer than 20 employees this will give lenders and community partners more time to work with the smallest businesses to submit their applications while also ensuring that larger ppp eligible businesses will still have plenty of time to apply for and receive support before the program expires on march 31st 2021 so there also has been four additional changes to the ppp to more underserved small businesses than ever before so they're gonna allow sole proprietors independent contractors and self-employed individuals to receive more financial support by revising the ppp's funding formula for these categories of applicants also eliminate an exclusionary restriction on ppp access for small business owners with prior non-fraud felony convictions consistent with a bipartisan congressional proposal also eliminate ppp access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the ppp so that's huge so people who didn't qualify before are going to be able to qualify and also they're going to ensure access for non-citizen small business owners lawful u.s residents by clarifying that they may use individual taxpayer identification number or itin to apply for the ppp so they've made changes so that more people can be able to apply for this loan and get funding so now we're going to talk about how you can actually get this loan forgiven therefore it will turn into a grant which is free money but you have to follow the rules in order for it to be forgivable so in order for your ppp loan to be forgivable you need to spend the money on payroll cost mortgage or qualified interest rent and utilities and also supplier costs worker protection extenders and operations expenditures so it has to fall in those categories now we're going to start the loan application process okay so let's go ahead and go through the application process so here is a bit of important information that was released by the sba yesterday on march 3rd this is straight from the sba so on page five under gross income it says the statuary definition of payroll costs applicable to sole proprietors and independent contractors refers to a wage commission income net earnings from self-employed or similar compensation and that is in an amount that is not more than a hundred thousand on an annual basis as prorated for the period during the or during which the payments are made or the obligation to make payments is secured previously ppp rules define payroll costs for individuals who file an irs form 1040 schedule c as payroll cost if employees exist plus net profits which is net earnings from self-employment so the sba is aware of significant concerns with this definition because it does not take into account fixed and other business expenses that a small business must cover to stay in operation and therefore keep the owner employed thus the support for employment for sole proprietors includes covering business expenses as well as net profits this change would affect many sole proprietors who have been effectively excluded from the ppp especially those with very little or negative net profit many of which are located in underserved communities businesses that file schedule c have higher concentration of ownership by members of underserved groups analysis by the sba office of advocacy of census data found that the firms with no employees are 70 owned by women and minorities compared to 40 for businesses with employees so the sba has determined that changing the calculation for sole proprietors independent contractors and self-employed individuals will reduce barriers to accessing the ppp and expand funding among the smallest businesses so it's looking like they're going to go off of gross sales or gross profit instead of net profit because a lot of people have had negative profit or very low profits from their analysis and also it says right here defining income to include gross income is consistent with congress's intent that the ppp provide broad relief to small businesses which they wasn't doing when this ppp loan stuff first started with the cares act last year so they are now fixing this mistake and correcting this mistake to help more people get relief and more people get funding so essentially that's in a nutshell this document is going to be in the description so you can read this for yourself this is 32 pages long i'm not going to read this entire thing i just wanted to read that part so that people can understand that they can get funding so they need to go ahead and apply right now before the deadline and also really quickly before we do the application the reason why people are saying twenty thousand dollar grants is because that it's capping at a hundred thousand dollars and if you divide 100 000 divided by 12 you will get 8 333 per month on average and if you times that by 2.5 which is the amount of the ppp loan that you can be eligible for is going to be 2.5 times your monthly gross so that comes out to 20 832.50 is the cap for self-employed people independent contractors sole proprietors single member llcs so if you click the first link down in the description it's going to take you directly to this page where you can start your application for the ppp loan that is administered by the sba this is through smart business loans they get the application done very quickly in a streamlined process it gets submitted to the banks very quickly this way okay so what you're going to do is you're going to fill out your information here on the right hand side put your name your business name email phone number your type of business and the loan amount keep in mind this is only going to be an estimate of the amount that you can get is not guaranteed then you're going to accept the terms and conditions and click on pre-qualify so once you have done that you're going to click on let's get started then they are going to see if you pre-qualify in less than five minutes and this is going to be a soft pull so you're going to scroll down where it says did your business get a paycheck protection program loan last year select no if you did not get one yes if you did if you got one the first time you still can get one the second time so click on save and continue you're gonna put when your business started click save and continue you're going to put your business industry save and continue then you're going to put in your business location then you're going to put in how many employees that you have save and continue and they're gonna ask you to create your password okay so once you have filled out the information about your business then you're gonna give information about yourself so click save and continue if you are the owner you are going to add your information here you should own at least 20 of the business if you're self-employed your application is going to look a little different from this for independent contractors and sole proprietors you're just going to select add person and then provide your personal details and assign your ownership as a hundred percent and this is where you're gonna put all your information right here once you have done that you're gonna see this make sure that this is checked click on pre-qualify so now it's gonna tell you whether you pre-qualify or not if you do you're going to hit continue okay so this is where you're going to add your financial documents you're going to put your tax returns from 2019 or 2020 if you have them and upload them here and then they're going to analyze your document so when you click on continue right here it's going to tell you the three steps so they're going to have you upload your documents on the next screen you'll select one of the listed documents that you will use to calculate your average monthly payroll amount then you will help or then they will help you find the information within the selected document so that you can enter the correct payroll amount they will automatically collect or calculate the loan amount for you once you've entered the required information simply upload your document into their secure system for verification for privacy purposes i'm not going to do that but after you have uploaded your documents it's going to take you to the you and your business section so if i go to the dashboard i'm sorry the loan overview is going to show me the steps so after you have uploaded your financial information you're then going to do you and your business you're going to tell them more about your business and you as an owner and then after that it's the closing stage as you can see the application process is pretty quick it's not long it's not going to take you hours to do you should just have your tax information available on hand and just answer the questions that they ask you and it should take 10 to 20 minutes to do and they're going to instantly submit your information to the lenders once you're done also if you need help you can reach out to smart biz loans support you will see the email right here also they do have a consultant that you can talk to over the phone monday through friday from 7 a.m to 5 p.m pacific standard time and also on saturdays from 8 to 5.