Citizens Bancshares Corp. · OTC:CZBS
Citizens Bancshares — How to Submit Your PPP Loan Application? webinar (February 2021)
27 slides from Citizens Bancshares's conference presentation, Feb 9, 2021
Slide 1: How to Submit Your PPP Loan Application?
How to Submit Your PPP Loan Application? Tuesday, February 9, 2021 You have application submission questions - We are here to help.
Slide 2: Welcome
How to Submit Your PPP Loan Application? Tuesday, February 9, 2021 WELCOME Thank you for putting your trust in us.
Slide 3: Say hello to our expert presenters
Say hello to our expert presenters Chris T. Jones Jamall O. Bell Vice President - Special Asset Officer Vice President - Credit Administration Frederick L. Daniels, Jr. Credit Administration Manager Executive Vice President Chief Credit Officer Citizens Trust Bank Submitting Your PPP Loan Applicatio
Slide 4: Agenda
✓ What Documents Do I Need? Agenda ✓ What are the Required Documents for my business? Guidance to completing and 1. “Solopreneur”, Sole Proprietorship submitting your application 2. LLC 3. S-Corp or C-Corp 4. Partnership ✓ Key Tax Filings Expectations ✓ Get organized! Consider using the Borrower Che
Slide 5: What Documents Do I Need?
4 Common Business Types • Self-employed • Single or multiple What members Documents “Solopreneur” LLC Do I need? • Company or • Shared by group authorized multiple owners . . .that Depends to act as a single entity on Your Business Type. S-Corp or Partnership C-Corp
Slide 6: What are the Required Documents for My Business?
✓ What are the Required The required supporting documents Documents will allow Citizens Trust Bank to verify your business type and establish for My PPP loan eligibility. Business?
Slide 7: Required Supporting Documents
Required Supporting Documents “Solopreneur” LLC Corporations •Government Issued ID •Operating Agreement •By-Laws •Drivers License •IRS form SS-4, EIN Notification Letter •IRS form SS-4, EIN Notification Letter •Passport •Good Standing w/ SOS •Good standing w/ SOS •Borrower’s Resolution for Authorize
Slide 8: How Is My Maximum Eligible Loan Amount Determined?
Gross Wages Employee State Retirement Employee Health and Insurance Unemployment How Is My Compensation Benefits Insurance Maximum Annual Payroll Cost Eligible Loan Amount Divided by 12= Determined? AVG Monthly Payroll Multiplied by 2.5 = MAX Eligible Loan Amount Submitting Your PPP Loan Application
Slide 9: Required Tax Filings and Quick Application Tips
• KEY TAX FILINGS • KEY TAX FILINGS • 2019 1040 Schedule C no employees • 2019 IRS Form 1040 Schedule C line 31 Required Tax • 2019 Quarterly IRS Form 941 – w/employees • 2019 Quarterly IRS Form 941 Filings and • RULE • RULE • 1099 resources are NOT • 1099 resources are NOT included in this calculat
Slide 10: Required Tax Filings and Quick Application Tips
• KEY TAX FILINGS • KEY TAX FILINGS Required Tax • 2019 Quarterly IRS Form 941 Taxable Medicare wages & • 2019 Schedule K-1 (IRS Form 1065) Filings and tips and forms 1120 or • 2019 Quarterly IRS Form 941 1120S Taxable Medicare wages & tips Quick • RULE • 1099s are not permitted to • RULE • Net earn
Slide 11: Borrower Checklists and Loan Calculation Worksheets
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.
Slide 12: Borrower Checklist and Loan Calculation Worksheet
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 o
Slide 13: Get Organized
Get Organized ✓First-Draw Checklist and Loan Calculation Worksheet The Borrower Checklist/Calculation Worksheet are your guide for a complete and smooth application submission. ✓Second-Draw Checklist and Loan Calculation Worksheet Resources SBA Guidance How to Calculate Maximum Loan Amounts Includin
Slide 14: Online Application Workflow
Online Application Workflow ➢ Business Info (required) ➢ Personal Info (required) ➢ Loan Info (required) ➢ Additional Info (optional) ➢ Documents (required) ➢ Submit & sign (required)
Slide 15: Business Information
Business Information &R Business Info Oc BUSINESS INFORMATION LET'S GET STARTED. In order for us to begin processing your application for the Paycheck Protection Program, you will need to complete all sections ‘and submit supporting documentation. Please be sure to fill out the Beneficial Ownership
Slide 16: Personal Information
Personal Information Business Info & Personal into {AY Loan into $= Additional int E) vocuments G An E> PERSONAL INFORMATION Please provide the requested information for anyone thet is listed as an owner on the previous page, Business Info. You may return to the Business Info page to add additional
Slide 17: Tip: Monitor Your Progress
Application TIP TIP: MONITOR YOUR PROGRESS at the Application PROGRESS BAR. “Red” indicates an issue that needs your attention Submitting Your PPP Loan Application /
Slide 18: Loan Information
Loan Information Qo {6 Loan info 8= Additional info E) Documents G sub LOAN INFORMATION The Requested Loan Amount automatically populates based on the Maximum Eligible Loan Amount (estimate). You can find more information about how much you can borrow in the Helpful Resources link below. With respec
Slide 19: Contact Information (Optional)
Contact Information (Optional)
Slide 20: Documents
- ©) Documents g DOCUMENTS Please provide the requestec documents listed below by clicking "Upload Document” For First Draw PPP Loans, you must submit documentation sufficient to establish eligibility and t> demonstrate the qualifying payroll emotnt. ‘Qualifying Payroll Documentation may inciuge, as
Slide 21: Submit & Sign
a G submit ane Sign Electronic Disclosure and Consent Agreement Signer Email ee eed contains — ie — ———— SUBMIT AND SIGN Document Loan Application Loan Application SBA Form 2483-SD NATURE REMINDER EMAILS ‘Thank you for completing your PPP application, Please click "Submit Application” and our instit
Slide 22: A quick recap
A quick Refer to the Borrowers Complete all recap required Checklist/Loan Calculation Worksheet information. for supporting document details. Review the required documents – to ensure you Press Submit understand what is required of you. to make it Use the SBA site as resource to learn official! How
Slide 23: Submission Tips
Submission Got Questions? ✓ ctbloanappassist@ctbatl.com Tips ✓ 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
Slide 24: What Happens Next?
What Happens Next? SBA Funds via CTB Reviews CTB PPP Request SBA WIRED to TIMELINE your Reviewer missing Approval Loan Funding your information application number account. Submitting Your PPP Loan Application /
Slide 25: PPP Loan Forgiveness
PPP Loan Available for 1st or 2nd Your PPP loan Forgiveness COULD BE paid in Draw PPP loans full – ACT NOW! Review the required documents – to ensure SBA Forms your understand what is required of you. 3508S (loans $150K or less) Use the SBA site, for How to calculate or 3508, 3508EZ requirements and
Slide 26: Thank you!
Thank you! CTBloanappassist@ctbatl.com
Slide 27: Questions?
If you have questions please type them in the Chat box from the WebEx control panel. QUESTIONS?
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