Sign Banking Document New York Simple

Industry sign banking new york document simple

man listen today we're going to talk about the blue vine sba approved paycheck protection program forgivable loan application say that five times fast we're going to walk through all 16 components of the application and i'm going to show you page by page by page how i submitted my own application through bluevine and got it submitted successfully i am not being paid by bluevine to make this video i'm simply speaking from experience that blue vine is within my top three financial institutions for submitting this application are you ready to get started if so do me a favor and kiss the like button with your finger and make sure to subscribe to my channel now before we jump right into the application it's important for us to understand who blue vine is blue vine is a financial services company that was started back in 2013. to date they help small business owners either get funding lines of credit and also support services they have loaned up to nine plus billion dollars worth of funding and they have served over two hundred thousand plus small businesses recently they partnered with sba in order to administer the paycheck protection program now blue vine is not a bank however they're able to provide banking services through a partnership with bank corps through bank core that means that any small business who chooses to create an account with them can be insured up to 250 thousand dollars through fbic now when you submit your paycheck protection program forgivable loan application you will not be creating an account with blue vine or you will not be creating a financial account with blue vine you will simply be submitting your application using blue vine as a vehicle in which to get that application reviewed by the u.s small business administration one last thing i did additional digging on blue vine because i don't know about you before i share my account information my routing information social security number employer identification number i want to know who you are and what other people say about you and what i found is that blue vine based on customer reviews have received 4.2 out of 5 stars for customer service customer delivery on products and also just for their interface for their website it's really cute and most importantly it's functional and easy to understand so with that being said are you ready to jump into the application i am let's go in order to follow along with me keep this youtube video up and open bluevine.com i'm gonna say that one more time open bluevine.com once you get to bluevine.com you want to look to the left of the website and you want to select that you want to apply for the paycheck protection program loan this is going to pull up a home page and it's going to ask you if you've applied for the ppp loan previously and it's going to give you three options it's going to ask have you applied for a ppp loan using blue vine have you applied for a ppp loan with another financial institution or if you've never applied for a ppp loan ever and this is your first time if you have submitted a ppp loan through blue vine it's going to ask you to sign in but if you submitted a ppp loan through another financial institution or you've never submitted a ppp loan before it's gonna prompt you for some information so they can sign you in this is going to include your email address and also your first and last name and you're also going to have to create a password you're also going to have to create a password and also agree to their terms and conditions let's keep going next they're going to ask you for some information about yourself they're going to ask for your business name so if you have a limited liability company a corporation a non-profit organization you have already registered your name with your state and also with federal agency right so they already know your business name and you should submit it but if you're a sole proprietor or you're an independent contractor this might trip you up a bit you might say i don't have a business name i just do business as myself so for your business name if you don't have one just put your full legal name whatever it is that you were named on your government documents right yes i said government with a v government documents you want to put that on there next it's going to ask for your trade name now there are some sole proprietors that just means again you transact business but you have not filed as a limited liability company you have not filed as an llc an llp a corporation or a non-profit um you may be a sole proprietor that has a dba and what dba stands for is doing business as so you may be professor keys doing business as crinkly q hair salon okay so if you are doing business as and then there's a business name put that business name down but again let's say that your legal name your business name is curlicue hair salon more than likely your trade name is curly q hair salon but for some people your business name is your legal name and your trade name is also your legal name i don't want that to be a disqualifier for again independent contractors and sole proprietors who do business but don't have an llc and therefore want to be able to apply for this benefit okay let's keep going next the application is going to ask for your business address now this can be answered in one or two ways for most business entrepreneurs your business address is your home address as long as your home address is not a p.o box you can go ahead and put that address into the box and then for other entrepreneurs specifically limited liability companies limited liability partnerships also some corporations you may have a registered agent and a registered agent is an entity that takes care of making sure that you file your paperwork on time they're available nine to five monday through friday to answer any questions and they come from the states if you have a registered agent you want to make sure that you go ahead and put their address into this field also let's say you're watching this and you have a brick and mortar you want to make sure to put that business address in this form next they're going to ask for your work phone number just put a phone number where they can contact you in the event that they have questions next they're going to ask for your tax id or your ein okay we're going to start with ein first that is your employer identification number so this is a number that the irs would have assigned to you when you submitted information about your business on the irs.gov website or perhaps you paid someone else to do that for you here's the thing and i want you to listen to me here there are some people watching this video that were doing business in 2019 or even before 2019 and maybe you were doing that as a business that did not have an ein now let's say that you heard a video and you heard that they were asking for eins for the ppp so you decided to register for one after february 15 2020. i don't want you to input an ein that you register for after february 15 2020 because it may be misconstrued that you have a new business when in fact you were operating before that date if you were operating before the deadline of february 15 2020 put your social security number if you did not have an ein next it's going to ask for your annual revenue if your business was operating in 2019 and you are a sole proprietor or an independent contractor i want you to pull your schedule c profit loss form that you filed in tax year 2019 and i want you to look at your gross income next up is entity time okay so this is going to help them classify what type of business you are they're going to ask are you a sole proprietor again a sole proprietor is somebody who just does business and reports their business income on their taxes but they are not an llc an llp a corporation a non-profit organization also they're going to ask if you're an independent contractor independent contractors can be uber drivers they can be lyft drivers they can be door dash drivers they can contract their services through handy to come and put stuff together in your home they're also going to ask are you an llc are you an llp are you an s corporation are you a c corporation are you a non-profit organization and if so what 501c are you are you a 501c3 or are you a 501c19 you still with me well we are rocking and rolling right so the next question is who are your customers drop the beat so they're going to ask you who are your customers are your customers small businesses so do small businesses pay you for your services and for your products right or it's going to ask perhaps your customers are consumers and private individuals so those are people that pay you for your services and not businesses that pay you for your services perhaps corporations are your clients right you serve a fortune 100 or fortune 500 and you they cut you a chat right they put some respect on your check when they pay you or perhaps you don't have any customers at all in which case you want to select that box and the question that blue vine will probably have for you is how do you have business income but you don't have any customers and sometimes there's an answer for that but you want to make sure that you are truthful in your response okay now if you don't have customers because you haven't made any sales then you probably cannot get this loan the reason why is that this loan is supposed to replace payroll calls this loan is supposed to replace compensation that you would have made as a self-employed individual as a sole proprietor the next question is about financing they're going to ask if you receive lines of credit or loans from other financial institutions or banks and the reason why they want to know this is when it comes down to determining if you give forgiveness on the other side they want to make sure that you're not using ppp funding in order to fulfill your debt obligations with another financial institution so you want to make sure that you're transparent about this and you also want to make sure that if you're awarded the ppp forgivable loan that you don't use those resources to pay back debt the next page is a really important page and i want you to pay attention to all of the questions that they ask you the name of the page is qualifying questions and your answers are going to determine if you can go to the next page of the application and continue applying for the ppp grant the questions that they're going to ask you on this page is did you receive a shattered venue grant are you the president the vice president a member of congress or are you married to one they put a ring on it right oh they put a ring on it let me use right hand they're gonna ask if you've ever filed for bankruptcy they're gonna ask if you're a publicly traded company they're gonna ask if you're a non-profit news company and if you're a non-profit news company they're going to specifically ask if you get these ppp funds are you going to use it to communicate information that's happening on the local level or communicate information about emergencies they're also going to ask are you a publicly traded company so if you ipo'd if you had an initial public offering and people can go buy shares for your company on the new york stock exchange the same way that they buy shares from amazon or even tesla you'll check that but for most small business owners this is not you you are not publicly traded they're going to ask are you doing any illegal gaming you're also going to ask if you are a household employer specifically as it relates to employing nannies who live in your house again you want to make sure that you pay attention to the answers that you submit on this page the reason why if you select an answer that disqualifies you you're going to see this page and this page essentially means that you answered a question to disqualify you and you can no longer move forward in the application it won't allow you to go back on the blue vine application and correct your answer in fact if you are disqualified and you mistakenly answered the wrong question so you said you were the president of the united states and you're not indeed joseph biden then what you'll need to do is start the application all over again but you'll have to use a different email address and then you'll have to do it all over again and make sure that you're more careful next time if you've answered all the questions and you qualified to move forward then guess what you'll see this page congratulations you made it past the disqualifying questions next up blue vine is going to ask you for your account number and your rally number you want to put down the account information where you want to receive the paycheck protection program forgivable loans if you're approved by the sba and then they're going to ask you for your bank statements make sure that that bank statement has the same account and routing information that you input in the previous question they're also going to ask you for a february 2020 financial statement so you want to log into your business bank account if you do not have a business bank account but let's say that you've been doing business out of just a personal checking account you want to download your february 2020 financial statement that shows the transactions that you made during this month this is another filter question if you did not start your business before february 15 2020 then what that means is that this opportunity is not for you if you were not owning operating and making sales before february 15 2020 again the paycheck protection program is not for you just keep going let's keep going all right so i hope you all harmonize on that next i'm going to ask you for some demographic information they're going to ask you for your name again i know they did that when you were signing in and creating an account but they're going to ask you for your name they're going to ask you for your date of birth your social security number so make sure you enter that information and also enter it accurately next they're going to ask about your percentage of ownership if you own 100 of your business put it there if you own or have other people in your business who own 20 or more of the business then they're going to ask for additional information in fact the sba mandates that if there are other people in your business that own more than 20 of the enterprise that you provide their tax id numbers as well the next question is about the next code so that's n-a-i-c-s the next code and what the next code does is it allows you as a business owner to classify in which industry you do business so you want to make sure to look through the different industries and the great thing about blue vine is that it provides you industries in the drop-down list select the industry that's most applicable to yours blue vine will then get into your business and ask if you're a seasonal employer you can check yes or no and if so it's going to ask for clarifying dates in which season you operate is it the christmas season is it the halloween season boo did that scare you so you want to make sure you indicate whether or not you are a seasonal employer then it's going to ask aside from payroll what will you be using the paycheck protection program for i don't want you to get tripped out because you see the word payroll right i understand how important words are but here if you do not have a payroll and you do not have employees do not think that you're going to be disqualified again right now i'm speaking to sole proprietors and independent contractors you don't have a payroll it is just you one is the magic number you are earning your income as a self-employed individual some of you all also work in w-2 so you're working nine to five but you're also right you have your business on the side you don't have a payroll again it's just you so i want you to say you're strictly going to be using the money for payroll and what payroll is for self-employed sole entrepreneurs that do not have employees is simply compensation replacement okay we almost there we getting to the money everybody matt come here next up they're going to ask you what is your average monthly payroll right now i'm going to speak specifically to those business entrepreneurs that do no have employees you're going to pull your schedule c from your 2019 tax returns you're going to look at your line seven all right your line seven your gross income you're going to take that number you're going to divide it by 12 then whatever that number is you're going to input here next they're going to ask where do your employees reside you don't have any employees then guess what it's all about where you reside and they want to know that you where you reside if you reside in the united states of america then you want to make sure to click the box and indicate if that much is true they're also going to ask that you certify that your business was in operation before february 15 2020. the next question they're going to ask if you received an economic injury disaster loan between january and april now it's important that you distinguish the difference between an economic injury disaster loan cash advance and the economic injury disaster loan i have been reading my comments and what i'm seeing is that people confuse the two the e-i-d-l cash advance was a grant that was wired to you that you do not have to pay back okay if you receive that cash advance it was deposited into your account and it was not a loan you either receive a thousand dollars or all the way up to ten thousand dollars that was a great full stop hard stop then there are some people who received the cash advance up to ten thousand dollars and they also accepted the economic injury disaster loan the loan you do have to pay back this is what this question is referring to they're referring to the loan that you have to pay back to the small business administration at an interest rate that was communicated to you okay you want to make sure that you indicate that and the reason why is they want to make sure that you do not use your ppp funds to pay back your economic injury disaster loan so check that box if you have that loan if you have a cash advance do not check that box hope you stop that the next few questions are easy peasy the great thing about this application is based on the information that you submit they're going to automatically calculate what they believe your loan amount to be and you'll be able to see it in the application and next they're going to ask you about more demographic information are you a veteran what is your race what is your ethnicity what is your gender you do not have to fill out this application but it just helps the government understand to what extent they were able to serve a diverse population and be able to get dollars in their hands we're nearing the end of the application they're going to ask you to certify that all of what you just submitted is true and accurate if it's true and accurate you want to make sure that you go ahead and you certify that and then you're down to the final stretch they're going to ask you to upload proof of your self-employed income if you are a sole proprietor an independent contractor a single member llc this is going to be your schedule c if you are a different type of business owner so you own a corporation or you own a partnership or you own a non-profit organization you will submit different paperwork for a non-profit organization you're going to submit your 990 your form 990 right if you earn less than 50 000 as a non-profit then you e-filed right so you want to go to the irs.gov website you want to find the form 990 e-file postcard and upload that as your proof for corporations to have payroll you have different documentation next they're going to ask for proof of payroll again if you are a business owner that does not have employees and you own an llc a sole proprietorship an independent contractor you classify yourself as a self-employed individual you will not have payroll and your payroll will indeed be your schedule c your profit loss form from 2019 your january february numbers from 2020. i hope that this was useful to you i hope that you learned a lot don't be discouraged the great thing is if you get denied they will contact you and they will tell you the reason why and if you are denied and there's something in your application that you can fix in order to make you eligible they will tell you that too so for example for me i had put my employer identification number in a place where i was supposed to submit my social security number and it gave me an opportunity to resubmit i hope that this video was super informative to you if it was and you've gotten this far make sure that you kiss the like button with your finger and press subscribe that helps me get more views that helps me reach more people who i can help that helps with the youtube algorithm and helps me with making more videos like this thank you so much and until next time i love you bye