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hello my name is katie sanhorst with cnrs wealth management and in this video we're going to talk about ppp loan application round two it will be for people who are going to apply for a second ppp loan or maybe they're applying for the first time let's get going [Music] first you can go to your search engine type in sba ppp loan application you will see two items listed one and we'll just say paycheck protection program will be regarding the program itself and then you will see paycheck protection program borrower application form you can click on that one you will see as being form 2483 it will say effective is december 31st 2020. also you will see all versions prior to current form for people that are watching and english is not your first language at the bottom right here you can click on it and you will see the translation of this form to your native language and you can download all those forms which i think is very helpful for people that have trouble with understanding all the items on the form so version 5 is the latest version they have you can click and download the pdf it is fillable pdf but i would like to mention if you're going to apply with the same financial institution that issued your first ppp loan you should talk to your lender and see what they have available you can use this form as a basis for your application just to see where you're at and how much you can borrow first uh who's eligible for the second round of pvp funding you can get the second round of ppp funding if you employ no more than 300 people you have used entire amount of your first ppp loan or will use all of it and you had your gross receipts during first second or third quarter of 2020 that were down at least 25 compare to gross receipts from the same quarter in 2019. how to calculate the reduction in gross receipts to see if you're eligible for the second round of ppp loan let's compare your third quarter of gross receipts for 2019 and 2020. so we compare exactly third quarter of 2019 to third quarter of 2020. say in 2019 gross receipts were sixty thousand dollars in third quarter of 2020 your gross receipts were 35 000 your calculations going to be following you will have 35 000 minus 60 000 divided by 60 000 which will be 41 in reduction of your gross receipts quarter to quarter 2019 to 2020 which means 41 is higher than 25 you are eligible to apply for second round of pvp loan first portion of the form will ask you general information about your business you will have to check just one box that determines your type of business your sole proprietor partnership maybe your independent contractor you have to check the box just one box next you have to write your business legal name and your business address for business legal name is your sole proprietor first and last name for your business address that could be your business address or if you don't have a business address and you work from home that will be your home address next dba or trade name if applicable if you have doing business as you can put its name in here you have to include your business ein or social security number your business phone number primary contact if your sole proprietor that will be you and your business email address i would like to point out that if you a sole proprietor llc maybe partnership and you run a business with your spouse you get only one pvp loan if you have two separate businesses say you're a plumber and your wife is a real estate agent then you can separately apply for ppp loan each of you is going to get ppp loan but if you both run that plumbing business you will receive only one ppp loan if you're the small business owner and you have two separate businesses that will be two separate ppp loans you might have different ein number on each of those applications next box below you will see questions about your average monthly payroll in the instructions if you scroll down you will see that your payroll is capped at 100 000 not only for your owner compensation replacement but also for your employees so if your income on your schedule c your net income online 31 is 120 000 you capped at 100 000. so your average monthly payroll say your line 31 on your schedule c is 60 000 you divide it by 12 months it's 5 000 a month that's what are you gonna include in here you have to multiply it by 2.5 and you arrive at 12 500 if you received eid alone you have to add this amount as net of advance if applicable so if your id alone was ten thousand dollars and one thousand dollars was the advance which is grand so you add nine thousand dollars to your twelve thousand five hundred say in our example we didn't receive the idea alone no advance it's twelve thousand five hundred dollars number of employees it's amount of your employees plus you so if you're sole proprietor you put one in here not zero one if you have two employees your number in the box there will be three i would like to mention that under the new rules if you're in a restaurant business hospitality business you're permitted to use a multiplier of 3.5 of the average monthly payroll cost to calculate your maximum loan amount next purpose of the loan you can select more than one it will be payroll if you have lease and mortgage interest say you're renting an office also including there utilities and other you can explain the use of the loan proceeds was expended now you can use your loan proceeds on software products you can also use those long loan proceeds for items that you had to install in the office like those plastic guards or facial covering masks and sand sanitizers that you have to provide for your employees you also have to list all owners of 20 of more of the equity if you have more than two people in here you can attach additional sheet next they will ask you specific questions if you answer question one and two below as yes you're not going to be approved read these questions carefully and mark appropriate boxes next group of questions same thing read these questions carefully and mark appropriate boxes on the next page you have to certify to the list of following statements you have to put your initials in each of the lines here at the bottom you have to sign the application put the date print your name and put your title if you're a small business owner you can just put owner if it's just you and you don't have any employees page three will include instructions the purpose of this loan the cap which is hundred thousand and information about refinancing the idea alone fourth page is the last page and includes additional information that's it i highly advise contacting your local bank financial institution credit union about the most recent ppp application most likely they have the online version that will save you time and probably will be a little bit different thank you for watching [Music] bye