Certifications 3. Demographic Info Instructions 1. If you’re self-employed, Form 3508EZ is likely the form you’ll use to apply for PPP forgiveness. “These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.” But you need to meet certain criteria to be eligible for the EZ form. Form 3508: The Updated Loan Forgiveness Application The default Covered Period for PPP loans is 24 weeks unless you elect to use the shorter eight-week period (for pre-June 5, 2020 loans). The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). View Test Prep - PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 from ZS EXAMFX at Hot Springs School of Insurance. Checklist of Who Can Use EZ Form (1) 2. To be eligible to use the EZ application you must meet certain requirements (we’ll go over those next). Owner compensation: The 24-week forgiveness period has increased the maximum owners can pay themselves. EZ Loan Forgiveness Application: The simplified two page loan application makes applying for loan forgiveness easier. 1. We will continue to monitor […] As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. View the Simple Application in English or Spanish here. Forgiveness Calculation (2-3) 4. When the Small Business Administration (“SBA”) revised the Paycheck Protection Program (“PPP”) Loan Forgiveness Application to reflect the changes made by the PPP Flexibility Act of 2020, an EZ application along with EZ application instructions were provided. There is also a new “EZ” forgiveness application that is still three pages long (with four pages of instructions). General Info: Basic information that you must complete and verify before moving on to the next step. ... For the instructions of the EZ Application press here. There are two applications: Revised PPP Loan Forgiveness Application and instructions; EZ PPP Loan Forgiveness Application and instructions; The new EZ Application The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. The Small Business Administration and Treasury […] Portal Steps. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . 3/26/20 – CARES Act – Section 1106; 4/14/20 – Interim Final Rule on Schedule C; Basic Information (1-2) 3. Basic Info & Calculations 2. All applications can be found at the bottom of this page. Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. Keep in mind…the PPP loan forgiveness application is a tedious application. SBA PPP Forgiveness Portal Instructions. On Wednesday, June 16 th, the SBA and Treasury released a revised Paycheck Protection Program application to reflect the program changes brought by the Paycheck Protection Program Flexibility Act.. EZ PPP Loan Forgiveness Application and Instructions Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule What we knew before the New EZ Application … In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. • Step-by-step instructions on how to: Log into the Regions PPP Forgiveness Portal Search for your loan Complete and submit the digital PPP Forgiveness EZ Application (Form 3508 EZ), to include all required supporting documentation. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. New simplified application available 10/13/20. Carefully review the SBA Provided Instructions. While applying for forgiveness may still seem overwhelming - even with this simper form - the EZ form requires fewer calculations and less documentation. Download the Form 3508EZ Instructions. The new PPP loan forgiveness applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. Article written by: Dustin Minton, CPA, MBA Director, Restaurant Services. EMPLOYEE S AT A SPECIFIC TIME To get employees at time of loan application and forgiveness application, run the PPP FTE Count report for each date range. a. SBA Application for Forgiveness EZ Instructions OR b. On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. For the most up-to-date information visit our PPP Loan Forgiveness Portal. PPP: New EZ Loan Forgiveness Application & Instructions Last updated June 23, 2020 Loan Details and Forgiveness. PPP Forgiveness Application 3508 EZ Instructions; PPP Forgiveness Application 3508; PPP Forgiveness Application 3508 Instructions; Guidance & Updates. Here’s everything you need to know. Join NFIB’s weekly webinar with Beth Milito and Holly Wade as they walk through the EZ … The revised forgiveness applications and instructions can be found here: PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . The Small Business Administration recently released a Paycheck Protection Program Loan Forgiveness Application Form 3508EZ (EZ Form) for certain PPP borrowers to use, if eligible. EZ PPP Loan Forgiveness Application and Instructions Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule What we knew before the New EZ Application and Interim Rule Here’s how to fill out the simplified SBA Form 3508EZ.For loan amounts less than $50,000, you can use the new Form 3508S released on October 8. PPP LOAN FORGIVENESS EZ APPLICATION FORM 3508EZ INSTRUCTIONS Below walks you through filling out the 3508EZ form, highlighting the data we provide and were to get that data. How To Use This Guide. One of them—Form 3508EZ—is much shorter and simpler than the other. Determine if you can use the SBA EZ Loan Forgiveness Application. Instructions & Checklist. If you checked only the second box on the checklist on page 1 of these instructions, the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period. 3508 EZ Forgiveness Application & Instructions Application 1. Blue & Co. will have more information related to the PPP forgiveness application forthcoming. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act at First Glance STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. We share tips to get use the EZ PPP loan forgiveness application. The U.S. Small Business Administration (SBA) posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. 116-142, which became law June 5. 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). Read the instructions below for more information. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508EZ if you can check at least one of the three boxes on the checklist.Do not submit the Checklist with your SBA Form 3508EZ. a. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). New PPP loan forgiveness applications and instructions released The Small Business Administration on June 16 released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Link to instructions: EZ Forgiveness Application Instructions. Documents to Submit and Documents to Maintain (4) West Virginia District Office 9 3508 EZ New EZ Application and Revisions To The Full Forgiveness Application The SBA, in consultation with the Department of the Treasury, announced a brand-new Form 3508EZ for certain PPP … In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that: The applications and instructions are available in the links below: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Simple Application. Now accepting PPP loan forgiveness applications If you have a PPP loan with The First National Bank in Sioux Falls, you are now eligible to apply for forgiveness. 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