UPDATE: How to Apply-Paycheck Protection Program (PPP): Bank of America, Citi, Chase and Wells Fargo

Hi everyone, this is Dylan with SureFront 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 banking 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 for documents, and we're gonna 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 quarantining at home. So while you're doing your best to stay safe, This will allow 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 SureFront.com. Click on the sign-up 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'll also give 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 chatbot on the bottom. You can ask any questions of us or even send me an email directly at dylan@surefront.com. I'm happy to answer any questions that y'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 you to a link. This is an FAQ, so I'm gonna go there. Go to the second link there. And this is the page where you apply, okay? So in Bank of America's case, it's very simple. You just click on Apply Now. Let's look at what Citibank's 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, then Bank of America is just Apply Now. And that whole application takes about 5 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 then 3 days to a week later, they're, around that time, they're gonna send you an email with instructions on how to get to their Intralink portal. And this is the portal where you'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 the email that they send you has a hyperlink to this portal. Username and password, which you're going to 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 after you fill them out to your application folder. Now we blurred out our application number there. It's going to have instructions. So this is how to download and upload documents in Intralink. This is your kind of user manual for Intralink. 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, uh, as a C-Corp or an 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 gone to the instructions folder, you've 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 2019's 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 gonna be the January, February, March report. And then also, of course, this Bank of America 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 gonna use this. I'll go back really quick. For a 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 1, salaries, wages, commissions, vacation, and sick pay as reported on IRS Form 940. Okay, so let's go to our 940 form, and you find that number under Part 2, number 3, total payments to all employees. That's this number here. For easy math, we're just gonna fill out a million and put a million there. Next question is, less aggregate amount included in number 1 for an employee whose principal residence is outside the U.S. So this is for any employees you may have— we don't— that are outside the U.S. You're not going to include that. So you're going to deduct their pay. In our case, that number is 0, so we're not deducting anything, so it's staying $1 million. Question 3 is less any compensation paid to an employee in excess of an annual salary of $100,000. So remember, these— they're capping everything at $100,000 salary, so $100,000 salary caps. So if you had, say, 5 employees that were paid $120,000, you would deduct each of those employees $20,000 that went over the $100,000. So let's say that's, you know, 5 times $20,000, so we deduct $100,000, so that million becomes $900,000. Next question, question 4: payment for the provision of employee benefits including healthcare and retirement. This is a bit more of a complicated number to come up with because you could have a variety of retirement structures including 401(k), also healthcare structures. So you're gonna need to reference a few forms for yourself to find this number or just ask your accountant. Let's say for easy math that comes out to $200,000. Then you're including state or local taxes on employee compensation. Let's say in our case it's $100,000. So you're gonna add up question 3 here, 4, and 5. So $900,000, $200,000, $100,000, and for easy math, we 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 12, $900,000 divided by 12, $200,000 divided by 12, 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 $100,000, 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— you're downloading that, fill that out, save it to your computer, and then upload that to Intralink 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 ask 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 certification questions as well. So the first 2 questions are criminal background check. Gonna hopefully click no on these 2. The next one is, is the United States principal place of residence for all employees? In our case, yes. Next one is, is the applicant a franchise that is listed in SBA's franchise directory? In our case, no. Then some certification questions, excuse me, that you're filling out here. And then you're going to enter your place, name of business, then also your name, name of signer for business. Click on these and that's it. So save that to your computer and then again upload that to Intralink. 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 Intralink. 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 gonna get a little more specific. That's why they're asking for that form. So now you have your 940, 941, 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 C. 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 as 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, right away, take advantage of our software that we've made free during this time period. You just go to SureFront.com 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 up for our 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.