W.T.B. Financial Corp. · OTC:WTBFA
W.T.B. Financial — Investor Presentation (October 2020)
15 slides from W.T.B. Financial's investor presentation, Oct 29, 2020
Slide 1: For independent contractors and sole proprietorships that file an IRS 1040 Schedule C
For independent contractors and sole proprietorships that file an IRS 1040 Schedule “C.”
Slide 2: Documentation needed: Document Set A and Document Set B
Each of these groups need to provide documentation that do two things: 1. Document Set A - Support and validate their loan request calculation; 2. Document Set B - Prove they were in operation on 02-15-2020.
Slide 3: Independent Contractors Without Employees
The first case is for Independent Contractors WITHOUT EMPLOYEES.
Slide 4: Document Set A Exhibits and Directions (loan calculation)
The Document Set A Exhibits and Directions are (loan calculation): 1. Your 2019 IRS Form 1040 Schedule “C”. You must submit this document whether you have filed your tax return or not. 2. Take your Schedule “C” Line 31 Net Profit up to $100,000 and
Slide 5: Divide by 12 and multiply by 2.5
3. then divide total by 12 to get your monthly average and 4. then multiply the above by 2.5 to get your result. 5. If applicable, add your Economic Injury Disaster Loan balance made between January 31, 2020 and April 3, 2020.
Slide 6: Requested loan amount and supporting documents
6. The result is your requested loan amount. 7. Your Schedule “C” must be accompanied by a 2019 IRS Form 1099-MISC detailing nonemployee compensation received (box 7), invoice, bank statement, or book of record that establishes you are self-employed and that supports your Schedule “C.”
Slide 7: Document Set B Exhibits needed (in operation 02-15-2020)
The Document Set B Exhibits needed are (in operation 02-15-2020) 1. A 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020.
Slide 8: Sole Proprietors With Employees
The second case is for Sole Proprietors WITH EMPLOYEES.
Slide 9: Document Set A Exhibits and Directions (loan calculation)
The Document Set A Exhibits and Directions are (loan calculation): 1. Your 2019 IRS Form 1040 Schedule “C”. You must submit this document whether you have filed your tax return or not. 2. Take your Schedule “C” Line 31 Net Profit up to $100,000 and
Slide 10: Add 2019 gross wages and tips paid to employees
3. ADD 2019 gross wages and tips paid to your employees whose principal place of residence is in the United states computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits
Slide 11: Add 2019 employer health insurance contributions
4. ADD 2019 employer health insurance contributions (health insurance component of Form 1040 Schedule “C” line 14), and state and local taxes assessed on employee compensation (primarily under state laws commonly referred to as the State Unemployment Tax Act or SUTA from state quarterly wage reporti
Slide 12: Divide by 12 and multiply by 2.5
5. then divide total by 12 to get your monthly average and 6. then multiply the above by 2.5 to get your result.
Slide 13: Add EIDL balance; requested loan amount
7. If applicable, add your Economic Injury Disaster Loan balance made between January 31, 2020 and April 3, 2020 8. The result is your requested loan amount.
Slide 14: Schedule C accompanied by Form 941 and wage reports
9. Your Schedule “C” must be accompanied by a 2019 IRS Form 941 (or other tax forms or equivalent payroll processor records containing similar information) and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or equivalent payroll processor records, along wit
Slide 15: Document Set B Exhibits needed (in operation 02-15-2020)
The Document Set B Exhibits needed are (in operation 02-15-2020) 1. A 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020.
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