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How to Submit Your PPP Loan Application?

Tuesday, February 9, 2021

How to Submit Your PPP Loan Application?

Tuesday, February 9, 2021

WELCOME Thank you for putting your trust in us.

Say hello to our expert presenters

Submitting Your PPP Loan Application /

Frederick L. Daniels, Jr.Executive Vice President

Chief Credit Officer

Citizens Trust Bank

Vice President - Special Asset Officer

Credit Administration

Chris T. Jones Jamall O. BellVice President - Credit Administration

Manager

✓ What Documents Do I Need?

✓ What are the Required Documents for my business?

✓ Key Tax Filings Expectations

✓ Get organized! Consider using the Borrower Checklist and Loan Calculation Worksheet

✓ CTB PPP Online Application

✓ Your Submission

Agenda

Submitting Your PPP Loan Application

1. “Solopreneur”, Sole Proprietorship2. LLC 3. S-Corp or C-Corp4. Partnership

Guidance to completing and

submitting your application

What Documents Do I need?

• Self-employed

“Solopreneur”

• Single or multiple members

LLC

• Company or group authorized to act as a single entity

S-Corp or C-Corp

• Shared by multiple owners

Partnership

. . .that Depends

on Your Business Type.

4 Common Business Types

✓ What are the Required Documents for My Business?

The required supporting documents will allow Citizens Trust Bank to verify your

business type and establish PPP loan eligibility.

Submitting Your PPP Loan Application /

“Solopreneur”

•Government Issued ID

•Drivers License

•Passport

LLC

•Operating Agreement

•IRS form SS-4, EIN Notification Letter

•Good Standing w/ SOS

•Borrower’s Resolution for Authorized Signers

Corporations

•By-Laws

•IRS form SS-4, EIN Notification Letter

•Good standing w/ SOS

•Borrower’s Resolution for Authorized Signers

Required Supporting Documents

Gross Wages and

Compensation

Employee Retirement

Benefits

Employee Health Insurance

State Unemployment

Insurance

Annual Payroll

Cost

How Is My Maximum Eligible Loan Amount Determined?

Submitting Your PPP Loan Application /

Divided by 12=

AVG Monthly Payroll

Multiplied by 2.5 =

MAX Eligible Loan Amount

Required Tax Filings and

Quick Application Tips

• KEY TAX FILINGS• 2019 1040 Schedule C no

employees

• 2019 Quarterly IRS Form 941 –w/employees

• RULE• 1099 resources are NOT

included in this calculation

• Owners comp & gross salary & wage limit = $100,000 per person

• QUICK Formula• Line 31 plus benefits and SUI

divided by 12 multiplied by 2.5 = estimated maximum loan amount

Solopreneur

• KEY TAX FILINGS• 2019 IRS Form 1040 Schedule C

line 31

• 2019 Quarterly IRS Form 941

• RULE• 1099 resources are NOT included

in this calculation

• Owners comp & gross salary & wage limit = $100,000 per person

• QUICK Formula• Line 31 or Sum of 2019 Quarterly

941, plus benefits and SUI divided by 12 multiplied by 2.5 = estimated maximum loan amount

Single Member, LLC

By the 4 Common

Business Types

Required Tax Filings and

Quick Application Tips

• KEY TAX FILINGS• 2019 Quarterly IRS Form 941

Taxable Medicare wages & tips and forms 1120 or 1120S

• RULE• 1099s are not permitted to

be included in calculation

• QUICK Formula• Sum of 2019 Quarterly 941s

(Line 2 or 5c for nonprofits), plus benefits and SUI divided by 12 multiplied by 2.5

Corporations

• KEY TAX FILINGS• 2019 Schedule K-1 (IRS

Form 1065)

• 2019 Quarterly IRS Form 941 Taxable Medicare wages & tips

• RULE • Net earnings from general

partners that are subject to self-employment tax, multiplied by 0.9235, 11 up to $100,000 per partner

• QUICK Formula• Adjusted net earnings for each

partner PLUS sum of 2019 Quarterly 941s (Line 2 or 5c for

nonprofits) plus benefits and SUI divided by 12 multiplied by 2.5

Partnerships

By the 4 Common

Business Types

Borrower Checklists and

Loan Calculation Worksheets

Review and gather all documents

detailed on the borrower checklist and

Loan Calculation worksheets. They will

be uploaded to the Documents section

of the application.

Borrower Checklist and Loan Calculation Worksheet

The Borrower Checklist and Calculation Worksheet document includes two (2) tabs: First Tab contains

Checklist Information and SECOND TAB provides Loan Calculation Worksheet. The Calculation

Worksheet is a tool provided to assist in your calculation of your Average Monthly Payroll used in

determining your loan amount.

✓ The Borrower Checklist

✓ The Loan Calculation Worksheet

Submitting Your PPP Loan Application /

Get Organized

The Borrower Checklist/Calculation

Worksheet are your guide for a

complete and smooth application

submission.

ResourcesSBA Guidance How to Calculate

Maximum Loan Amounts Including

What Documentation to Provide

First Draw

Second Draw

✓First-Draw Checklist and Loan Calculation Worksheet

✓Second-Draw Checklist and Loan Calculation Worksheet

Online Application Workflow➢ Business Info (required)

➢ Personal Info (required)

➢ Loan Info (required)

➢ Additional Info (optional)

➢ Documents (required)

➢ Submit & sign (required)

Business Information

Personal Information

Application TIP

Submitting Your PPP Loan Application /

TIP: MONITOR YOUR PROGRESSat the Application PROGRESS BAR. “Red” indicates an issue that

needs your attention

Loan Information

Contact Information (Optional)

Documents

Submit & Sign

A quick recap

Complete all

required

information.

Refer to the Borrowers

Checklist/Loan

Calculation Worksheet

for supporting

document details.

Review the required

documents – to ensure you

understand what is required

of you.

Use the SBA site as

resource to learn

How to calculate your

maximum loan amount

Press Submit

to make it

official!

Submitting Your PPP Loan Application /

Submission Tips

Got Questions?✓ ctbloanappassist@ctbatl.com

✓ Include your loan app#

We Got Tips! ✓ Look for the progress bar to monitor your

application progress

✓ Don’t forget to PRESS SUBMIT APPLICATOIN

✓ Look for an email from ADOBE for the applicant’s electronic signature

✓ Ensure that you’ve included all requested documents in the Checklist document

Submitting Your PPP Loan Application /

What Happens Next?

CTB Reviews your

application

TIMELINERequest missing

information

CTB PPP Reviewer

SBA Loan

number

SBA Approval

Funds via WIRED to

your account.

Funding

Submitting Your PPP Loan Application /

PPP Loan Forgiveness

Your PPP loan

COULD BE paid in

full – ACT NOW!

Available for 1st or 2nd

Draw PPP loans

Review the required

documents – to ensure

your understand what is

required of you.

Use the SBA site, for

How to calculate

requirements and

guidelines.

SBA Forms

3508S (loans $150K or less)

or 3508, 3508EZ

ACT NOW!

Thank you!CTBloanappassist@ctbatl.com

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