SUBMITTING YOUR
PPP
APPLICATION
We have been humbled and excited by the resilience and creativity shown by businesses in South Florida and have been proud to do our part. This document will walk you through the steps you’ll need to take to submit your request for the Paycheck Protection Program (PPP) Loan in 2021, whether it is your first loan or an additional “second draw” loan. We encourage you to read
through this entire document before you start your Application, as it will help answer a number of common questions.
We have partnered with Lender’s Cooperative to provide you with an Online Portal, which you’ll use to complete and submit all of the appropriate forms and signatures.
Paycheck
Protection Program
Together, we are
stronger
.
Open the Online Portal:
myprobank.lenderscooperative.com
A few things to know…
The process for applying for a PPP Loan during Round 3 is a little different from the first two rounds, and will be handled by our Online PPP Portal (the same portal you may have used for Round 1 and 2 Forgiveness). The overall process for a new PPP Loan looks like this:
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These are loans made to businesses who did not apply for
PPP loans during the first two rounds in 2020 and meet the current eligibility requirements.
These are loans made to borrowers who originally received PPP funds in 2020 and
who have fully used the proceeds of those loans and
meet the current eligibility requirements.
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There are two types of PPP Loans, and the distinction will become important as you go through the application process below:
Apply
In this step…
You will complete the online application,
upload all of your supporting documents, and submit the application for reviewing and decisioning Reviewing In this step… Professional Bank’s team will look over your application and
confirm that you have provided all
necessary documentation, then
make a decision on your loan application
SBA Approval
In this step…
You will electronically sign your final
application documents and we will send them to the SBA for their approval
Closing
In this step…
You will electronically sign all final Loan Closing paperwork,
making the loan ‘official’
Funding
In this step…
Professional Bank will open the loan on our systems and deposit the money into the
account of your choice
Look for these icons and colors throughout the document - they will denote special instructions that are only appropriate to each of these types of loans.
If you have additional questions, we suggest looking at the SBA PPP Guidelines at https:// www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program .
Lender’s Cooperative has created a video explaining the application. You can watch it at
https://vimeo.com/500517580/5181d1433f .
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stDRAW
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2
ndDRAW
This entire process is likely to take between 3 and 10 business days, but can take longer depending on volume and speed of the SBA.
Receive the link and determine if you qualify
You will receive an invite to log into the portal directly from your banker once you are able to begin applying.
Before you begin the application process, you’ll want to do some quick checks to see if you qualify for a PPP Round 3 Loan:
Are you a small business with 500 or fewer employees (1st Draw) or 300 or fewer employees
(2nd Draw), or a self employed worker, independent contractor or sole proprietor?
Have you been in operation on February 15, 2020 and are not permanently closed?
2nd Draw - Have you used all the proceeds of your 2020 PPP Loan and spent all of those
proceeds on eligible expenses? (You do not have to had submitted your Forgiveness Request yet.)
2nd Draw - Can you demonstrate that you experienced a loss of at least 25% of gross receipts
in any quarter during 2020 compared to the same quarter in 2019 or when comparing the full Fiscal Year-End 2019 with the Fiscal Year-End 2020?
Do you meet all of the official guidelines as set forward by the SBA at https://www.sba.gov/ funding-programs/loans/coronavirus-relief-options/paycheck-protection-program ?
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Log in to the PPP Portal
If you submitted your PPP Round 1 or 2 Forgiveness Application, you will already have a login to our Portal and can continue to use the same information.
If you are a 1st Draw borrower, or if you have not yet started your Round 1 or 2 Forgiveness
Application, you will need to set up a new login. For this, you will need an email address and a password that you choose. We suggest that you use a strong password that is at least 12 digits long and contains a combination of letters, numbers, symbols and capitals, and that you do not use a password that you have used in other systems before.
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If you are new to this system, click on the “Start your Application” button to set up your email and password.
If you have already logged into the system to submit your Forgiveness Application, enter your email and password in this section to the right.
If you have previously logged into the portal, you will see two tabs. To begin your PPP
Understanding the screens
You will see the first screen of the application, which has a few important tools:
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Your messages (where you will view any messages sent to you by your Banker or the system)
Sign Out button to securely log off your application
Save Application - Use this any time you want to save what you’ve done and continue later. Everything will be automatically saved each time you go to the next screen
If you have more than one application, you can view all of them here
The Application Status box, which will show you the current status of your loan. Each time you come in to this screen, you will see the current status.
Almost all fields on the form are
required. If any are optional, they will be denoted as such.
Process
Overview where you’ll see the current step (highlighted) and be able to skip around to other steps in the process Helpful information about each field appears under these icons If there are any additional helpful
rules or comments, you’ll see these in purple below the field.
Helpful Links - demos, FAQs and documents that can help you gain understanding of the process
“Open” means that you are completing the application and have not yet submitted it for Professional Bank review.
If you do not need to enter anything into a field, it will appear grey. These will change, depending on your selections of other fields on the page.
Completing the Business Information screens
Selecting the type of business will determine what fields are
necessary on this screen:
If you are an existing Professional Bank client, you will need to checkmark this box and enter your Professional Bank deposit account number into which you want the loan proceeds to be deposited.
You must enter the information for
each owner of the business. If you have more than one business owner, enter all of the information and click the “Add Business Owner” button on the bottom.
Be sure to click the “Save Owner” button when you’re done adding each owner.
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Completing the Loan Information screens
2nd Draw: If you received a First Draw loan in 2020, select “Yes” here and enter the SBA loan number, amount and lender name.
2nd Draw: You must show a
25% or greater decline in revenue of Fiscal Year 2020 compared with Fiscal year 2019. You may compare any two similar quarters, or the entire year. Select the appropriate timeframe and enter the Gross Revenue.
Your loan amount is calculated based on your
average monthly payroll
costs for calendar year 2019, calendar year 2020, or (for entities) the actual trailing 12-month period before this application. Your loan
amount will be automatically shown on the screen
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Completing the Eligibility Screens
Complete all sections on this page, answering either “Yes” or “No” as appropriate.
If you are part of a
franchise, select “Yes” to this question.
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These screens may change, based on SBA regulations.
Uploading your
Supporting
Documents
You will upload all
supporting documents on the Documents Tab, and organize them according to the document type.
Identification Forms
These include Driver’s license, passports, and any other ID information that you are required to provide for each owner, sole proprietor or self-employed individual you have entered on the application.
Articles of Organization
These include any documents filed with the Secretary of State demonstrating that the business is in good standing and registered. This is not required for Sole Proprietors or Independent Contractors. Tax Returns
Include your most recent tax returns that support your eligibility
Business Licenses
If applicable, include a Business License that shows operation on February 15, 2020. This is not required for Sole Proprietors or Independent Contractors.
Revenue Documents
These include any documents required to sufficiently demonstrate your reduction in revenue. Even if you are an existing Professional Bank PPP Client, you will need to upload these documents, as they have changed since your last loan
application.
Payroll Documents
These include any documents that show your qualifying payroll amounts.
It is critical that all of the numbers calculated and entered onto the PPP Application have relevant supporting documents that prove their validity. To do this, we encourage you to upload any documents that will help.
VERY IMPORTANT: If you are an existing Professional Bank 2nd Draw client who has already provided some of the required documentation, you DO NOT need to upload it again - we already have it on file (for instance, if you have already provided your Articles of Incorporation, you do not need to upload those again). However, if the information has changed (for instance, a Q4 Tax Form), you will need to upload a new copy of the document.
To see a list of the documents that Professional Bank requires you to upload into the portal, view the appropriate link:
1st Draw: List of required documents that must be uploaded
2nd Draw: List of required documents that must be uploaded
There are six categories of documents that you may need to upload, depending on the type of business you selected at the beginning:
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In order for Professional Bank to correctly review your Application, it is very helpful to organize the uploaded documents by doing three things:
1. Giving them good, descriptive names
2. Selecting the proper category when uploading When you upload each document, you will be asked to choose the proper category:
3. Highlighting or calling attention to the critical information Since some of these requested
documents can be many pages long, it will expedite the approval of your request if you are able to highlight the most relevant information. For instance, if you have an Excel spreadsheet that lists all of the employees on your payroll during the entire year, highlighting the relevant months and numbers can help add clarity to the document.
Obviously, there are many documents where highlighting will not be possible (like some PDFs), but any clarifications and focus are appreciated.
Revenue for 2Q
2020.pdf CEI031520.pdf
GOOD BAD
How to properly upload supporting documents:
On the “Documents” tab, you will be asked to upload all of your supporting documents. You will see an Upload Section that looks like this:
To upload each document, do this:
You will repeat this for each document that you would like to upload. As you enter, the Upload Section’s list will grow.
You will be able to View or Delete each document.
If you’ve made a mistake or uploaded the wrong document, just Delete it and re-upload it.
C
Choose the appropriate file from your desktop
by clicking the “Choose File”
button.
B
Give the file a descriptive name
in the Name box. The more descriptive, the better.
A
Select the appropriate Document Type from the dropdownlist.
D
Click the Upload button to add this
document to the Upload Section.
Complete the Summary Screen
If you are missing any information, you will see a list on the Summary Screen, along with the corresponding tab that you can return to and fix the problems:
On this screen, you will also select the Signer - the person who will be responsible for signing the SBA Application and the Loan Closing Documents later in the process. You will need to take special care to enter their email address correctly, as this is how they will be notified when the documents are ready to be electronically signed.
IMPORTANT: Please select the name of your Banker from the dropdown list. Not doing this could slow your application submission.
Once you Accept the Terms & Conditions, you can
Submit the application by clicking on the button:
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-If you have fully completed all of the requirements, you will see this message letting you know that your Loan Application has been submitted to Professional Bank and will begin the
Auditing Process:
Sign the completed Application
After the Professional Bank review process has completed, you will receive an email letting you know that your Application documents are ready to sign. Electronically sign these
documents, following the instructions provided on the email.
Be sure to Initial all of the appropriate paragraphs as instructed on the document.
Once the documents have been fully signed and initialed, they will be sent automatically to the SBA and Treasury Department on your behalf. The process of SBA approval can take from 1 - 4 business days, depending on their backlog. You will be notified via email when that approval has been completed.
Sign the Loan Closing Documents
After the SBA has approved the application and returned your new SBA PPP Loan Number, our Loan Closing Department will create a set of customized Loan Closing Documents for you to sign. Just like the Application form above, you’ll receive an email when these are ready to sign. Electronically sign these documents, following the instructions provided on the email. Once the documents have been signed, Professional Bank will deposit the funds of your loan into your chosen account within 10 calendar days.
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How do I get help if I have questions?
The Portal will automatically notify you if something is incorrect on your application, and there are numerous Hints and Tips spread throughout the application (usually found when you click on the orange Question icon 3 ). You can also click on the Helpful Links section on the top left corner of the page:
You can also watch an instructional video created by Lender’s Cooperative about the entire PPP Portal that will walk through an example customer application here:
https://vimeo.com/500517580/5181d1433f
This video is provided by Lender’s Cooperative, who is solely responsible for its content.
As always, you may also contact your banker with any questions or visit our site at
myprobank.com/cares for up-to-date information and helpful links.
Portions of this Document have been aggregated from sources external to Professional Bank such as Small Business Association Question & Answer Guidance. Professional Bank does not provide accounting or legal advice. This Checklist has been prepared for informational purposes. Please consult your legal or accounting professionals before engaging in any transaction.
