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what is up you guys my name is aubrey and this is my channel and today what i'm going to be doing is i'm going to be walking you guys through the exact process on how to apply for the paycheck protection program if you are a gig worker now this method i'm going to be walking you through today will apply to you even if you're not a gig worker even if you are just a traditional small business owner but i'm going to be going through this exact application through the perspective of somebody that is a gig worker meaning you are somebody that maybe does freelancing work maybe you have just a side hustle that's unofficial and you don't have an llc maybe you're a 1099 worker maybe you drive for uber lyft doordash maybe you host an airbnb or turo if any of these things remotely describe you then this video will walk you through how to apply for the ppp now we're going to be doing this using the online banking platform bluevine in my experience i think bluevine is really straightforward really easy to use and i actually bank with them with my business checking account so we're going to be going through the exact process step by step so if you're a gig worker you will not want to miss this video let's get started but before we begin and before we dig in to the ppp application from the perspective of a gig worker i would like to thank the sponsor of this video cover now what covert is is covert is a financial safety net for gig workers and in my opinion i think that it is one of the best tools that every gig worker should have in their arsenal now what covert does is they provide you with a slew of the financial benefits that you've grown used to with the traditional nine to five things like sick leave paid time off and also paid cash advances in the case you need money quickly they also offer medical telehealth professionals they offer bookkeeping and accounting services and one of the best features they offer is access to a legal team in the case that your gig working account is wrongfully terminated and their legal team can help you get that account back now if you guys are interested in checking out cover if you're interested in seeing what it's all about they have provided all of my viewers a free one month trial so if you go in the description below or if you check out the pinned comments section you will find a link to cover if you follow that link and you sign up you get one free month with no contract no commitments and no long-term obligations so if you're interested in checking it out if you're interested in supporting this channel and supporting me then make sure to check out covert so thank you cover for sponsoring this video all right so here we are at my computer right now and we are at the blue vine website now what you're going to want to do is you are going to want to scroll down to where it says apply for a paycheck protection loan and then it's going to say in 2020 we helped over 155 000 small businesses apply quickly for ppp funds you'll want to click apply now now again keep in mind that with the ppp there is a slightly different application process if you are somebody that has never applied for the ppp before versus if you're somebody that has applied before so it's a first time borrower or a second time borrower these applications are going to be slightly different depending on whichever one applies to you i'm not going to go into the nuances of these differences and which type of application you need to fill out the different qualifications for each because i've done a ton of videos on this topic but i will include a link to those videos down in the description below now in this case and for this example we're going to do it with a first-time borrower so right here you can see that you're going to be prompted to create a blue vine account and whenever i do that i'm going to just simply click no i have not received ppp funds before but you would of course want to do whichever one applies to you whether yes i received a ppp loan through blue vine or yes i received a ppp loan through another lender i'm going to click no i have not then from here you're simply going to want to put your first and last name your preferred phone number and email address and you're going to want to create a password as well so this next section right here right after you create an account you're going to be prompted to tell bluevine about your business and this is for the purpose of course to secure funding so the first thing you're going to want to do is you're going to want to put your business name and your trade name so the trade name is optional if you don't have a proper llc unless you don't have a dba or otherwise known as a trade name you would simply leave that blank but for the business name if you are a gig worker you would want to put just your name so in my case it would just be aubrey janet but for you it would be whatever your name is again that is under the assumption that you do not have an llc and you are just like doing work as yourself the next is your business address again if you were a gig worker you would just want to do your home address you want to make sure that it's whatever address you live at whatever address you have access to on a consistent basis because you could potentially get mailed stuff in regards to this ppp loan later on down the road you would then want to give your work phone number or a cell phone number again make sure that it's a phone number you actually have access to because if blue vine calls you you will want to be accessible to them and then right here you're going to do your tax id your ein or your social security number so an ein is a employee identification number and you get this whenever you have an llc but if you're doing gig work just as yourself then you would not have an ein or a tax identification number instead you would just simply use your social security number next is the question of annual revenue so annual revenue is going to be the amount of money that your gig jobs are bringing in now if you are somebody who takes part in multiple types of gig work then you would want to add up all of that revenue and then that would be your annual revenue again you would want to be going off of 2019 especially if you're somebody who's applying for the ppp for the very first time and so you would want to go off of what your annual revenue was for that entire year and you can get this by simply just adding up all those figures together and then putting it in this field here next is your customers so who are you serving with your business large corporations small businesses public sector or government consumers or private individuals both businesses and consumers or i don't have customers yet so if you are somebody who is working the gig economy i mean it would really depend on what type of gig work you're doing if you're driving for uber lyft doordash if you're hosting onturo airbnb then your consumer would be private individuals but for example if you were doing freelance work then it could potentially be small businesses or large corporations so you would want to do whichever one applied to you and applied to your gig work that you take part in for this example i will just say both businesses and consumers next is the question of your entity type so what type of entity are you now again we already talked about how we're going to be addressing this from the perspective of a gig worker and that would be an independent contractor in this case so of course you would want to do whatever applies to you but if you're somebody who you know drives for uber lyft doordash if you do gig work like that then you would be an independent contractor and the next is existing financing do you currently have existing financing with the sba and if so what is it do you have a bank loan or an sba loan do you have multiple existing financing do you have an investor what is your financial situation if you are a gig worker chances are you don't have anything and you just have you know just yourself funding your own gig work so you would want to put none in that example next is you need to answer some qualifying questions in order to determine eligibility with the ppp so the first question is have you received a shuttered venue operation grant from the sva most likely this answer for you is no especially if you're a gig worker this is a grant that's meant for like concert style venues live event venues are you the president of the united states vice president of the united states head of an executive branch member of congress or the spouse of any of the fort going no i am not is your business a publicly traded company no is your business in bankruptcy or has it filed for bankruptcy i'm gonna click no but of course you would want to click this as truthfully for you if you are applying as an independent contractor then just basically anything that says your business like replace that verbage with are you filing for bankruptcy so the question isn't necessarily is your business in bankruptcy but it is are you in bankruptcy how's your business permanently closed meaning are you still doing gig work or have you permanently ceased operations of gig work i'm going to click no in this example i mean keep in mind that you have to be operating as a gig worker in order to qualify for this and you will be asked for evidence to support this claim is your business a farm or ranch that reports farm income on schedule f no now remember farm and agricultural is kind of handled separately so you may have a different process if your job if your gig work if your career involves farming and agriculture is your business a destination marketing organization no will you use ppp funds for lobbying no is your business a news organization with multiple locations no is your business a tax exempt non-profit news organization no is your business a government-owned hospital no does your business receive revenue from illegal gaming no are you a household employer individual employing nannies or housekeepers is your business a hedge fund or a private equity firm no does your business engage in a legal activity no and then once you click and you answer all these questions you will simply click next next is provide financial data we need your bank account information so we can disburse funds if your loan is approved you'll want to provide your bank name your routing number your account number and then you also need to verify your account number as well you will also want to upload your february 2020 account statement as verification your business was operational on february 15 2020. so what this means is you can get all of this information from your bank a lot of banks you can just get it from online and then you'll want to download your bank statement from february of 2020 as well this is their way of proving that you are doing gig work during that time once you add your bank account information you are simply going to click next and then what you're going to do is you're going to need to fill out this information about yourself so it's going to ask you for your first name and your last name it's going to ask you for your home address your phone number your date of birth your social security number as well and then it's going to ask you for your role or title now this is something that people found confusing in the first round of ppp funding back in the spring if you are a you know independent contractor if you're a gig worker you really don't have a title it doesn't really matter what you put here to be honest i would probably put either other or owner i'll put other in this example and then you would also want to put the percentage of the business that you own if you're a gig worker you'd want to put 100 because it's just you you so you just want to do yourself then once you put in 100 it's going to ask you other than you are there any individuals or own 20 or more of the business you'll want to click no if you're a gig worker because there is nobody else who owns 20 or more of the business if you have a business with business partners you would of course want to put yes put their percentage and then provide their information as well okay so the next section is really providing the bread and butter information for the actual ppp application so it starts off with section a is your business seasonal you would want to but yes or no now keep in mind if your business is seasonal there is a slightly different process and some different things that you can qualify for if you have a seasonal business aside from payroll what else will this loan be used for so you can do covered operations expenditures covered property damage covered worker expenditures lease and mortgage interest payments utilities and covered supplier costs now i'm not going to go into the details of what exactly all of these are because i have covered it in a few other videos again those can be found in the description below but for this example i will just simply click on payroll and remember that 60 of the loan has to be used for payroll so payroll is like a required spending of this loan you just don't have to spend it all on payroll then the next section is industry classification this is just saying what industry are you in again this is highly highly customizable to whatever you're doing but there are a wide variety of different type of industries that you can choose from i mean you could do professional you could do public admin you could do other services you would want to do whatever best you know applied to you um if you were for example like uber lyft or dash that could definitely be considered transportation next is your average monthly payroll cost so from the perspective of a gig worker the way that this works and it actually gives you a little line item here it says your average monthly payroll is based on your line 31 amount on the schedule c of your tax return whether or not you filed a schedule c if this amount is over a hundred thousand reduce it to a hundred thousand calculate the average monthly net profit amount by dividing the amount from line 31 or maximum amount of 100 000 by 12. so let's refresh our memory on what a schedule c is so this right here is a schedule c and line 31 can be found right here on the schedule c so you want to take that number you'll then want to divide that number by 12 and then that's how much your payroll costs are and then you would want to put the number of employees you have you would count yourself as an employee so you would have one you would then have to answer the question of what time period did you use this calculation for it can be done from 2020 it can be done for seasonal employers a 12-week period between 215 2019 and 215 2020. and then it asks you to confirm that what you're saying is accurate and what you're saying is truthful you'll of course want to make sure that that is the truth and then i'll say did you get an economic injury disaster loan between january 31st 2020 and april 3rd 2020. you would want to click yes or no i'm going to click no for this example but if you click yes you would want to of course fill in the next fields which say outstanding idle balance as well as a calculated loan request for that idle balance because remember you can refinance your idle if you're a first-time borrower so that's what that's asking about here so the next section is section b and what this is going to do is this is going to take you through a lot of these like really redundant formal questions that we've been seeing a lot on these types of forms now i'm going to go through really quickly through these i'm not going to read all of them for this video but you will want to read all of these you'll want to answer them truthfully as they pertain to you next is section c is is the applicant or any owner of the applicant an owner of any other business or of common management with any other business if yes list all such businesses and describe the relationship on a separate sheet identified as addendum a so if you have another business whether that be like maybe you have an llc then you would want to put that there but if you're a gig worker and you're like not doing anything else other than gig work then you can just leave this blank it's not like asking you okay do you do uber do you do lyft do you do door dash it's not like asking you to differentiate what types of gig work you do it's simply asking do you have an ownership in another business and so it doesn't matter if you do multiple forms of gig work you don't need to specify that here is the applicant a franchise that is listed in the sba's franchise directory no remember franchising it falls under a different category with the ppp and you may not be eligible if you're a franchise the next section is optional it's just a demographic form you can fill that out if you'd like to you certainly don't have to and lastly you're simply going to certify that you filled this application out yourself you're also going to understand that an electronic signature will be applied to the application and then once you fill out the application it's going to give you an amount that you qualify for based off of your self reporting now keep in mind that this may change depending on what information you put and how accurate that information was to you and what you were claiming and then it's going to tell you that they will be sending you an email in which you should open and review then once you get the email it's going to ask you to complete some other tasks and typically what it's going to ask you is to upload your 1040 schedule c now we talked about that earlier we gave you an example of the 1040 schedule c if you're a gig worker the schedule c can be found in your tax return so it's super easy to find just go pull up your 2019 or if you're in the process of filing your 2020 taxes your 2020 tax return look for where it says in the top corner 1040 schedule c and that's the document that you need and then once you upload your schedule c that really is all you should need to do and at that point bluevine will contact you if there's any other verification that you need but for the most part this is the entire application process if there is an issue with bluevine they will let you know and if they need other documentation from you they will let you know that as well but this is definitely the first few steps now as far as the timeline and what you can expect from the ppp and from blue vine specifically i think as right now it's really up in the air i mean applications have not been open for that long and i think that it will be some sort of learning curve to figure out when we can expect to start seeing funding being dispersed out so it will be interesting to see how the next few days and how the next few weeks play out so with that being said you guys i hope that this gave you insight into how to apply for the ppp from the perspective of the gig worker 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 [Music] video [Music]