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Bank of America Paycheck Protection Program (PPP) List of Required Documentation

As a follow-up to my initial post on the Paycheck Protection Program (PPP), there has been a some speculation as to the specific documentation required to prove your eligibility and payroll numbers. Each lender may have some discretion as to exactly what they require, but here is what Bank of America has listed as required documentation to submit:

Organizations with employees who file Tax Form 940:

  • Tax Form 940 from 2019
  • Bank of America Paycheck Protection Program Loan Amount Template
  • Bank of America Paycheck Protection Program Application Addendum
  • Tax form 941 or Payroll processor records for the period including Feb 15, 2020

Documents for Sole Proprietors or Self Employed, who do not file Tax Form 940:

  • 1040 Schedule C, if filed for 2019 OR
  • Draft 1040 Schedule C for 2019 if not filed
  • Bank of America Paycheck Protection Program Application Addendum

Documents for All Other Small Businesses:

  • Form 1099-MISC for 2019, for services rendered as an independent contractor
  • Bank of America Paycheck Protection Program Application Addendum

As far as I can tell, the BofA Application Addendum contains the same certifications and questions as the paper PPP application.

Hopefully, this will help you get your documents in order ahead of time so that you can get your applications approved more quickly.

Healthywage Review: Bet on Yourself, Get Paid To Lose Weight ($100 Prize Bonus)

(Update: Click this special link for $100 Healthywage Prize Boost for a limited-time until 4/13. Look for the banner on top. The bonus only gets this high a few times per a year. Importantly, you can do everything from home.)

hw_logoAfter reading academic studies which found that financial incentives were effective in helping people lose weight, I joined HealthyWage.com. You tell them how much weight you want to lose, your current body details, how much time you want, and and they’ll calculate what prize to offer you based on how much you want to bet on yourself. Since I eventually lost 50 pounds with the help of HealthyWage and other weight-loss betting sites (and have kept it off since), and I wanted to share my experiences including both positive and negative aspects.

My overall HealthyWage bet was to lose 10% of my body weight over 9 months (22 pounds in my case). My offered bet was to put up $50 per month for 9 months for a potential win of $50. You may like the sound of “winning $500”, but know that a lot of it will be your own money:

healthywage500

Honestly, risking $450 to win $50 didn’t feel like a very good risk/reward ratio, but I wanted the extra motivation. Perhaps my goal was too easy and that was why the payout wasn’t as high. You can put up your own numbers and calculate your own HealthyWage offer. Your payout may be much better than mine. The quote is free, you just need to provide any e-mail address.

If I joined during a limited-time offer prize boost, I could have earned a lot more money:

Initial weigh-in verification. There are four ways to verify your weight:

  1. Smartphone app. There is a HealthyWage app for iOS and Android. You take a clip using the app and your personal scale. Importantly, everything can be done from home!
  2. Video Verification. Upload a video to their website using your personal scale.
  3. Verification by a Fitness or Health Professional – Bring a form to your “local gym, pharmacies, corporate wellness clinics, walk-in clinics, HR reps, nurses, your personal doctor, your personal trainer or your chiropractor.”
  4. Verification at a Weight Watchers Meeting.

I followed their directions carefully, uploaded my video, and both my initial and final videos were accepted with no issues or additional requests.

Every month, I would see a $50 charge on my credit card bill from Healthwage. However, that was about it. There were no encouraging e-mails. No fun tokens or prize giveaways.

Upon initial sign-up, I was given my 2-week window for final weigh-in. HealthyWage’s two-week window is definitely more generous than DietBet’s 48-hour window, with the important difference that I was never sent any reminders by HealthyWage when the time actually came. In comparison, Dietbet sent me multiple reminders beforehand. Now, I had the date marked on my digital calendar with several alerts, so I completed my weigh-in by the second day of the window. It is quite possible that if I waited until closer to the final deadline, I would have gotten a reminder. But I wouldn’t rely on it. Remember, if you forget, they keep your money!

I also did a DietBet at the same time, which is similar but different in that it collects participants into groups and then takes a cut from the pooled bets. See my separate DietBet Review.

Extra final verification hoops. Upon final weight verification, you’ll have to submit the verification video again (see above). But that’s not all. I also had to locate and upload a “before photo” and an “after photo”, which could be any photo from “around the time” of the start and end of the challenge. I also had to upload a scan of my driver’s license. Here’s a screenshot of their page asking for additional information.

Finally, I successfully referred a few people to Healthwage and received extra money added my “pot”. This referral program is nice feature to get some social support, but remember that you get the referral money only if you win your own bet.

Final payout options. There are two options to receive your winnings. A mailed check takes 3-4 weeks to process, with no fee. The other “fast” option is PayPal, which charges a 3% fee. I picked the PayPal option because I didn’t want to wait around for a check. However, they later clarified that it would still take 3-5 business days for Paypal transfer. The 3% fee is taken out by PayPal, so HealthyWage actually sends the full amount (they just choose not to subsidize the fee). In retrospect, maybe I should have just waited for the check. Here’s a screenshot:

hw_finalpay

Bottom line. I committed to a Healthywage bet to lose 10% of my initial weight over 9 months. I lost the weight, completed my verifications without hassle, won the bet, and was paid my winnings. Although I found the process a bit impersonal, they are a legit company. Calculate your own HealthyWage offer here. No obligation to get a quote. However, the fact that HealthyWage motivated me to finally lose over 50 pounds was worth more to me than the cash winnings.

US Stocks vs. International Stocks vs. US Bond Index Returns Since 2000

If you can take it, here is some more humbling food for thought. Here is a comparison of the growth of $10,000 invested in either the Total US stock, Total International Stock, or Total US bond index fund from the beginning of this century … [Read the rest]

Paycheck Protection Program (PPP): Forgivable SBA Loans For 2.5x Monthly Payroll

If you are a small business impacted by COVID-19, including self-employed and independent contractors, you have hopefully been following the developments of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Emergency Advance … [Read the rest]

Top 10 Best Credit Card Bonus Offers – April 2020 (Updated)

Updated April 2020. I'm still collecting points and miles now, in order to save money in the future. That space in your wallet or purse is valuable, and you should be the one to get that value. Selected banks are offering strong perks and $500+ … [Read the rest]

Chase IHG Rewards Club Traveler Card Review: 75,000 Bonus Points, No Annual Fee

The Chase IHG Rewards Club Traveler card is the IHG hotel card that includes a sign-up bonus and special IHG perks but with no annual fee. They just improved the sign-up bonus from 60k to 75k points. Here are the highlights: 75,000 bonus IHG … [Read the rest]

Best Interest Rates on Cash – April 2020

The Federal Reserve further cut their target Fed Funds Rate to zero in March, so we continue to see a steady stream of rate drops on cash savings. I hope that some of you got a nice rate locked-in if you tried to refinance your mortgage. Here's … [Read the rest]

National Emergency Library: Free Digitized Book Access During Pandemic

It is estimated that 1 in 5 students across the world are currently unable to attend school. In response, the Internet Archive opened the National Emergency Library, which suspends the normal lending waitlists on its 1.4 million digitized books. … [Read the rest]

CARES Act: Stimulus Checks, Unemployment, Student Loan, IRA/401k, HSA/FSA Changes

In response to the coronavirus outbreak, the federal government approved a third round of economic relief. There is plenty of media coverage, but after reading multiple articles I noticed that nearly all of them miss at least one thing that another … [Read the rest]

The Hype Cycle of DIY Investor Self-Confidence

In an article about the challenges of autonomous vehicles, I came across a chart of the Hype Cycle from the consulting firm Gartner that supposedly models the life cycle of new technology: Maybe it's just me, but I found this curve to also … [Read the rest]

Good Time to Convert Traditional IRAs to Roth IRAs?

It might be a little painful, but it may be worthwhile to check on your pre-tax IRAs during this dip. If you have been thinking of converting your "Traditional" IRAs over to Roth IRAs, your shrunken gains will lead to a smaller tax bill now, while … [Read the rest]

Amazon & Target Buy 2 Get 1 Free Board & Video Games, Targeted $5 eBook Credit

Amazon and Target have a few sales on video games and board games to help with that cabin fever. Amazon.com. Get 3 for the price of 2 on board games and video games. Also, check to see if you are targeted for this Amazon Spend $20 Get $5 eBook … [Read the rest]