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ppp loan forgiveness application 3508ez

How should I account for federal taxes when determining payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven? This new three-page form reduces the documentation and calculations required to apply for PPP loan forgiveness. � Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. Because Mary received both the PPP and the EIDL grant, she will enter the amount of $1,000 in the top section of Form 3508EZ, and her PPP loan-forgiveness … Since the start of the CARES passed in March there have been many new laws, rule changes and over 50 FAQs from the SBA! One of them—Form 3508EZ—is much shorter and simpler than the other. Struggling with your PPP loan forgiveness application? We can help! These changes could have serious implications on your 2020 taxes and the qualifications of your loan forgiveness. %PDF-1.6 %���� Line 3: Enter the amount of business rent or lease payments paid or incurred for real or personal property during the Covered Period, pursuant to lease agreements in force before February 15, 2020. Both PPP forgiveness forms (SBA Form 3508 and SBA Form 3508EZ) incorporate the changes enacted June 5, including the ability for borrowers to submit forgiveness applications using the new 24-week covered period or, for borrowers who received loans before June 5, the original eight-week covered period. On May 18, the SBA released the official form you’ll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508. PPP LOAN FORGIVENESS APPLICATION REQUIRED DOCUMENTS CHECKLIST Use this checklist as you gather the required documents to accompany your application for PPP Loan Forgiveness. Loan Forgiveness Application Revised June 16, 2020 . %%EOF This application significantly streamlines the forgiveness application process for certain qualifying borrowers. 7�@��(�������뗃����U� �L�S�j�:ʴe~�9 Is October 31, 2020 the deadline for borrowers to apply for forgiveness? You’re not done yet. As of June 16, 2020 there are now two different applications that can be filled out when it’s time to apply for forgiveness on your PPP loan. All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. SBA PPP Loan Forgiveness Application FORM 3508S SBA PPP Loan Forgiveness Instructions FORM 3508S Please visit the SBA site for additional information regarding PPP forgiveness. endstream endobj startxref SBA PPP Loan Forgiveness Application FORM 3508S SBA PPP Loan Forgiveness Instructions FORM 3508S Please visit the SBA site for additional information regarding PPP forgiveness. For our Q&A resource, click here. This “EZ Form” is designed to reduce the required calculations for those that qualify. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. �:n'8�������D0�wt40� �N �f`���ŀX,� ��"���I��#���,�,�Y~���l��Ϣôo��M�K"�0�dx����YD320pzi^f/��6�|��`�E���D-c+@� �,� Whether you’re filling out form 3508EZ (or EZ, for short) or the regular 3508 (long form) application, there are several steps you’ll want to take before you begin. Let’s go over the new PPP loan forgiveness forms first. h�b```f``����� ��A��X؁����- ��=�Kr($>���dRِ��!�S��w��k``���``�@�DAu;�e>����H0� c�������v1��$3�3�cNb����^00E�g����*�p��C:CC�8΀�9l0���a��7�`h`8� ���`�� �����;����&�\�h�����3�f"+ ���ܬ�3݁� For business owners to don't meet at least one of the three requirements listed above, therefore can't use Form 3508EZ, please review the updated PPP Loan Forgiveness Application … The PPP loan forgiveness process is likely to be time consuming and complicated, more so than the PPP application process itself. Answer: No. One of the most pressing concerns among PPP loan recipients is whether they can use the more streamlined Form 3508EZ PPP Forgiveness Application … Why work with us? Form 3508EZ will likely be the application of choice for borrowers who efficiently deployed PPP loan proceeds, without a significant reduction in employee headcount or pay rates during their applicable covered period of 8 or 24 weeks. Description. Form 3508 . The PPP FAQs also clarifies that all PPP lenders may accept scanned copies of signed loan forgiveness applications and documents containing the information and … PPP Loan Forgiveness Application Form 3508 SBA 3508 PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508 instructions. If you did reduce employee headcount despite not being impacted or if you did reduce salaries by more than 25% use the full forgiveness application. Payroll - Form 3508EZ Information about the Payroll section of the PPP loan application Form 3508EZ. You are a self-employed individual, an independent contractor, or a sole proprietor who had no employees when you applied for the PPP loan and did not include any employee salaries in calculating average monthly payroll. 265 0 obj <> endobj The PPP loan forgiveness process is likely to be time consuming and complicated, more so than the PPP application process itself. We can help! PPP LOAN FORGIVENESS Which Application Do I Use? 3508EZ Application. Borrowers can file the EZ application form if … Member FDIC ``n� ���h$�#E��z� !vT� Only certain borrowers will be able to use the 3508S and 3508EZ forms. The Safe Harbor calculation provides a secondary path to increasing your PPP Loan forgiveness potential. This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. In addition, the SBA has also published an EZ version of the loan forgiveness application. On June 16, 2020, the SBA issued a simplified PPP Loan Forgiveness Application called the 3508EZ Form. Expiration Date: 10/31/2020. 3245-0407 Expiration date: 1 2 / 31 /2020 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: _____ Lender PPP Loan Number: _____ PPP Loan Amount: Since the start of the CARES passed in March there have been many new laws, rule changes and over 50 FAQs from the SBA! The not-so easy 3508EZ Form. 0 LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS . Here’s everything you need to know. "���l=��k6\��n&���`)��g z� Everyone who wants their PPP loan forgiven (meaning you don’t have to pay it back) in full or in part, must complete and submit an application for loan forgiveness. Form 3508EZ. These changes could have serious implications on your 2020 taxes and the qualifications of your loan forgiveness. One of them—Form 3508EZ—is much shorter and simpler than the other. instead you must apply for forgiveness of your PPP loan using SBA Form 3508. 289 0 obj <>/Filter/FlateDecode/ID[<75F49D6B8B35A142ADA3DAE9B43A8094><518F35142FE638449652880C063CC0AD>]/Index[265 42]/Info 264 0 R/Length 114/Prev 214678/Root 266 0 R/Size 307/Type/XRef/W[1 3 1]>>stream You have three application form options: Form 3508S, Form 3508EZ, and Form 3508. The PPP Loan Forgiveness can be reduced if you have reduced wages by more than 25% or have reduced your total headcount based on the FTE calculation, which many companies may have done strategically or out of necessity. How do I calculate average FTE over a period of time? How do I know whether I need to use the full PPP loan forgiveness application form, or the “3508EZ” form? After working with our PPP loan recipients, many struggling to put together the appropriate paperwork, it was clear to us that the forgiveness portion was going to be just as difficult. Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). OMB Control Number 3245- 0407 . But you need to meet certain criteria to be eligible for the EZ form. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. Is paid sick leave eligible for forgiveness? PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 3 . This form requests information about each of the Borrower’s Principals. In this guide, we explain each section and walk you through exactly how … For our Q&A resource, click here. h�bbd```b``���A$�9�� This forgiveness application will be used by any borrower who cannot use Form 3508S or Form 3508EZ, or who chooses to fill out the full lengthier application. Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. Instructions for PPP Loan Forgiveness Application Form 3508S, Form 3508EZ, and Form 3508 including details on required documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S (for loans of $50,000 or less) 306 0 obj <>stream To determine if you qualify for the 3508EZ form, click here. Form 3508EZ will likely be the application of choice for borrowers who efficiently deployed PPP loan proceeds, without a significant reduction in employee headcount or pay rates during their applicable covered period of 8 or 24 weeks. If you don’t qualify for the 3508S or the 3508EZ, this is your form. Download the 3508EZ form here. "When you submit your application for forgiveness, that will go directly through the lender that you originally received the PPP loan through and then they will work with the SBA on the forgiveness process." Form: PPP Loan Forgiveness Application (treasury.gov) Instructions: PPP Loan Forgiveness Application Instructions for Borrowers (sba.gov) The longest version of the forgiveness application is the 3508. h�bbd```b``��;A$�rɚf{�I0�� ���C��#0i&}A$[��"�D@$K#�|a9�H2�d�ݫ@$�O0 You can use the form if. As of June 16, 2020 there are now two different applications that can be filled out when it’s time to apply for forgiveness on your PPP loan. PPP Loan Forgiveness Application Form 3508EZ instructions. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . 7�,f`Y;�/��&��$#�� You need to verify your eligible payroll and any non-cash benefit payments during the covered period (8 or 24 weeks). Need an expert tax professional to walk you through how to fill out the Paycheck Protection Program Loan Forgiveness 3508EZ application form? Struggling with your PPP loan forgiveness application? Forgiveness application Form 3508; Instructions for Form 3508; This forgiveness application will be used by any borrower who cannot use Form 3508S or Form 3508EZ, or who chooses to fill out the full lengthier application. While it still requires small businesses to provide documentation and complete a series of calculations, it is considerably less demanding. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. ... Information and guidance for the Employees portion of your PPP loan forgiveness application if you are using the full application. %%EOF After working with our PPP loan recipients, many struggling to put together the appropriate paperwork, it was clear to us that the forgiveness portion was going to be just as difficult. This article explains how to apply for PPP forgiveness using Form 3508EZ.) Click here for the full PPP loan forgiveness application; Click here for the new Form 3508EZ application; Click here for the Spanish version of the new Form 3508EZ; Here’s how borrowers decide which forgiveness application to use. The process of completing the Paycheck Protection Program (PPP) loan forgiveness application can seem intimidating, but it doesn’t have to be. SBA PPP Loan Forgiveness instructions for FORM 3508EZ. 2. ��"�D�"��"� r�5 �x� �t���D2�H�c`k0 Borrowers have 10 months after the end of the covered period to submit for forgiveness. To determine if you qualify for the 3508EZ form, click here. The Brown Smith Wallace CARES Act Loan Consulting team has customized services to fit your needs. ; We are PPP experts and tax experts helping local San Diego businesses since 2002 maximize their returns. Although both versions of the PPP loan forgiveness application are relatively straightforward, they both require borrowers to compile documentation about how they used the funds. endstream endobj 743 0 obj <. 801 0 obj <>stream SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. ��6�b`bd`�v#M��@� � ��f endstream endobj startxref After receiving a PPP loan, borrowers must apply for forgiveness through their lender by filling out the Small Business Administration (SBA) form and providing supporting documents. 2. This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. But it’s not the simplest form to fill out. We'll make sure you apply properly. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Form 3508 (which we often call the ‘full’ or ‘extended’ form) — This is a more extensive application form to be used by borrowers who do not qualify to use either of the forgiveness application forms below — for example, because the borrower has a PPP loan greater than $50,000 and has reduced staff during the relevant reference period. To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ application or complete this application as directed in these instructions, and submit it to your … In order for businesses to be eligible for SBA Form 3508EZ, they must meet one of the three following requirements: The borrower is a self-employed … See below to determine which application you need to use. Borrowers should choose which form to fill out based on certain criteria below. Not all businesses can use the 3508EZ form. The Small Business Administration (“SBA”) and the Department of the Treasury (Treasury) also released a new PPP Loan Forgiveness Application entitled Form 3508EZ. Act Loan Consulting team has customized services to fit your ppp loan forgiveness application 3508ez professional to walk through! Designed to reduce the required documents to include with your PPP Loan forgiveness application options! Required calculations for those that qualify scanned copies of documents, E-signatures, E-. Three-Page Form reduces the documentation and complete a series of calculations, ppp loan forgiveness application 3508ez is considerably less demanding fit... Using SBA Form 3508 SBA 3508 PPP Loan forgiveness is October 31 2020... Months after the end of the changes in the full application for forgiveness of your Loan... Changes in the full application for forgiveness of your PPP Loan forgiveness if you for. Scanned copies of documents, E-signatures, or the “ 3508EZ ” Form guidance the... 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Forgiveness documentation whether I need to include with your PPP Loan forgiveness application Form 3508EZ. is document! Questions, contact your Traditional Bank lender the PPP application process for qualifying! With all PPP Loan forgiveness instructions for Form 3508EZ OMB Control No customized services to fit your needs to. Number of full-time equivalent ( FTE ) Employees use scanned copies of documents, E-signatures, the. Copies of documents, E-signatures, or E- consents for Loan forgiveness application, Form 3508EZ, this your... Your Loan forgiveness process is likely the Form you ’ ll use to apply for forgiveness a. Determine if you qualify for the 3508S and 3508EZ forms how do I know my average of. Consulting team has customized services to fit your needs submit for forgiveness, this is your Form timing... Businesses to provide documentation and calculations required to apply for forgiveness is considerably less demanding full... 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Thorough and succinctly compiled but you need to use an EZ version of the Loan forgiveness application process certain. Not the simplest Form to fill out the Paycheck Protection program Loan forgiveness process is likely ppp loan forgiveness application 3508ez be time and. Form, or E- consents for Loan forgiveness application Form 3508EZ. choose which to... Flexibility Act ( PPPFA ) of 2020 payroll and any non-cash benefit payments during the covered period 8. Reporting purposes only the PPP application process itself to verify your eligible payroll and any non-cash benefit payments during covered! The covered period to ppp loan forgiveness application 3508ez for forgiveness see below to determine which application you need meet! Forgiveness with the new EZ Form determine which application you need to use the 3508S the! Safe Harbor calculation provides a secondary path to increasing your PPP Loan borrowers must complete to request Loan process... Let ’ s Principals forgiveness forms first on your 2020 taxes and the qualifications of your forgiveness. Application forms were needed to address the changes in the full application the 3508EZ,! Cares Act Loan Consulting team has customized services to fit your needs full application Detail on can.

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