Slide 1:
[No Voiceover] Welcome to the Regular Application instructions.
Slide 2:
The top of this page explains the PPP loan forgiveness process. First you will need to apply for forgiveness and upload required documents. Once we have received a completed application, we will review and process your request and submit it to the SBA for approval. SBA will then notify us of their decision for forgiveness. Lastly, we will send details of loan forgiveness to you via secure email. In order to begin your forgiveness application, you will be required to enter your SBA loan number or lender loan number, and company tax identification number or primary applicant’s Social Security number.
Slide 3:
After you have entered your information, a verification code will be sent to the primary applicant’s preferred email address provided on the PPP loan application. If you do not see your verification code in your inbox, please check you spam folder. You will have 2 minutes to enter the code sent to your email. If you run out of time, you have the option to resend the code.
Slide 4:
The first page of the application will require you to enter primary contact information, name of an authorized representative of the borrower, title, and email. Please note that these are all required fields that will not allow you to proceed with the application unless they are filled out.
Slide 5:
This is an optional demographic information section. You can Skip and Continue or fill out and Continue.
Slide 6:
The next screen will ask for eligibility for completing SBA Form 3508EZ. Please read through each option carefully and check off the box if any applies to you. If none of the boxes apply to you, select Continue on the bottom right to complete the standard SBA Form 3508.
Slide 7:
You will have to select Yes or No for the first question, which asks if the borrower has received PPP loans in excess of $2 million. Next you will need to enter the number of employees at the time of the forgiveness application. The number of employees at the time of the PPP loan application will already be prefilled for you. If you received an EIDL advance, you will need to enter the advance amount along with the EIDL application number. If this does not apply to you, you can leave these fields blank. For Step 1, you can click on the dropdown and choose your payroll schedule. After selecting your payroll schedule, you will need to select the duration of the Covered Period or Alternative Payroll Covered Period. Step 2 allows you to choose the use of our Online Workbook. Or if you have done your own calculations, you can enter inputs manually. If Online Workbook is selected, Open Workbook button becomes available.
Slide 8:
Once you open the Online Workbook, you will see instructions on how to calculate each tab.
Slide 9:
The second tab will allow you to enter wages that are less than or equal to $100,000. Each yellow cell can be edited. Cells that are in gray are auto-populated. On the top of the sheet you can select Covered or Alternate Covered Period via dropdown.
Slide 10:
Under the Covered/Alternate Covered Period, please enter the Covered Period From dates.
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Once you have selected Based on Exact Hours or 0.5 for Part-Time, for the FTE Calculation Method, you can begin inputting Employee Details, Cash Compensation, and Employee Benefits for the Reference and Covered Period.
Slide 12:
You can enter Employee Details, Cash Compensation, and Employee Benefits for the Reference and Covered Period for those with wages greater than $100,000 in the third tab.
Slide 13:
In order to calculate Safe Harbor for those with wages less than or equal to $100,000, please enter the hourly wage as of February 15, 2020, average salary per hour, per hourly wage between February 15, 2020, and April 26, 2020, and hourly wage as of earlier of December 31, 2020, and date of forgiveness application.
Slide 14:
Please select Yes or No for first question. If No, then skip to the next tab. If Yes, answer the following questions.
Slide 15:
Select Yes or No for the second question. If No, then skip to the next tab. If Yes, fill out the yellow cells below.
Slide 16:
Please select a Reference Period located at the top of this tab and fill out employee details below.
Slide 17:
If applicable, you can enter details of compensation to owners in this tab.
Slide 18:
Under Non-Payroll Costs, you can enter information regarding: Business Mortgage Interest Payments made during the covered period that were incurred before February 15, 2020; Business Rent or Lease Payments made during the covered period pursuant to lease agreement in force before February 15, 2020; Business Utility Payments made during the covered period for which service began before February 15, 2020.
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The Schedule A tab will auto-populate from information entered in previous tabs.
Slide 20:
This last tab will also auto-populate from information entered in previous tabs. You can now save and close the workbook.
Slide 21:
These fields will be prefilled and carried over from workbook entries. You can review and continue.
Slide 22:
[No Voiceover] Continuation of review of workbook entries and continue.
Slide 23:
Here is where you can upload your documents. You can upload more than one file per section. You will also have the option to delete files if needed.
Slide 24:
The last page will show you a summary of your application.
Slide 25:
You can select from either of the two options to sign the application. You can download the form, sign it, and upload it back, or initiate e-sign to complete the application electronically.
Slide 26:
After submitting, you will receive your application number. Please take note of this number for your future reference.
End of transcript. Press the escape key to close the transcript window.