PPP loan forgiveness. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? While applying for forgiveness may still seem daunting—- even with this simper form— the EZ form requires fewer calculations and less documentation for eligible borrowers. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. Visit the SBA CARES Act FAQ to find out more about the Paycheck Protection Program (PPP). 4. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 Paycheck Protection Program PPP Schedule A Line 1. SBA PPP loan. You’ll need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. Both periods would begin on the PPP loan disbursement date, and in no case would the … If you’re claiming the following eligible Payroll and Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after submitting your application through the Customer Portal. SBA loans are subject to SBA eligibilty guidelines. The information in this guide is intended to help our PPP borrowers understand how the SBA has directed borrowers to calculate forgiveness in order to prepare to complete the online application through our PPP Loan Forgiveness portal. SBA Form 3508EZ. Enter Average FTE (Box 2) from PPP Schedule A … Financing SBA Form 3508 | SBA Form 3508 Instructions. Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and didn’t include any employee salaries in the computation of average monthly payroll in the application form; OR. How to apply for PPP loan forgiveness. Checklist for Using SBA Form 3508EZ You (the Borrower) may apply for forgiveness of your Paycheck Protection Program (PPP) loan using the SBA Form 3508EZ if you can answer yes to at least one of the three following statements. Find easy to understand instructions for completing the PPP Loan Forgiveness Application Form 3508EZ with examples for self-employed borrowers. PPP loan forgiveness application. Or you are a corporation, you … The borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). SBA’s PPP Loan Forgiveness Application (SBA Form 3508, 3508S, or SBA Form 3508EZ) will not be accepted. SBA Form 3508 ( 06/20) Page 2 _____ Co 3245 i Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB ntrol Number -04 07 Expiration Date: 1 2 / 31 /2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Line 1. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. Received a PPP loan of $50,000 or less, AND; Together with your affiliates, didn’t receive PPP loans totaling $2 million or more. SBA Form 3508 (06/20) Page2. Enter Salary/Hourly Wage Reduction (Box … If your business is using the 8-week Covered Period (as ABC Cookies is), … There are caps on the salaries for owner employees making more than $100,000.00. The 3508EZ form is a shorter version. Chas o usines Loan Forgiveness pre-work examples 3 STEP 1 Calculate payroll costs On Line 1, ABC Cookies enters the payroll costs incurred or paid during the Covered Period. a. Click CHECK YOUR EZ FORM ELIGIBILTY at the top of the page when you open your application. simpler form by following the SBA’s Checklist for Using SBA Form 3508EZ. 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. Certain restrictions apply to refinancing options and are subject to program terms. The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. SBA Form 3508EZ (06/20) Page 1 PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS Checklist for Using SBA Form 3508EZ 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 below. During your PPP covered period, was your business activity level LOWER than it was prior to 2/15/20, due to compliance with guidance issued between 3/1/20 and 12/31/20 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and The SBA updated its PPP Loan Forgiveness FAQs on October 13, 2020 to address this concern, adding Question 4 on page 2 of the FAQ: Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Download the 3508EZ form Instructions here. Do not submit this Checklist with your SBA Form 3508EZ… PPP loan forgiveness update. SBA Form 3508EZ | SBA Form 3508EZ Instructions. In order for businesses to be eligible for SBA Form 3508EZ, they must meet one of the three following requirements: The borrower … PPP Loan. PPP Loan Forgiveness Application F orm 3508 EZ . Form 3508EZ — This is a simplified form that can be used by, for example, sole proprietors or those who did not reduce employee salary/wages by more than 25% or the number of employees during the relevant reference period, as described in the Form 3508EZ. Coronavirus: SBA CARES Act FAQs. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Many business owners and financial advisors shared concerns about its complexity and rigid rules. Form 3508EZ Instructions for a listing of such documents . Review the eligibility questions – If you can answer yes, to any of the questions, c heck the box next to the applicable ones and then click START THE EZ FORM at the bottom of the page. 2. If you have a payroll provider, request a payroll report from them. If YES, continue to Question 4. Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. Subject to credit approval and program guidelines. Refinances of existing SBA loans are excluded. 6 months ago. Contact your PPP Lender and complete the correct form Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent. Frequently Asked Questions - Form 3508EZ 1. SBA Form 3508EZ is for borrowers with PPP loan amounts of more than $50,000—and, similar to Form 2508S, it’s a shorter, more streamlined application with fewer calculations than the full loan forgiveness application, SBA Form 3508. SBA Form 3508EZ. The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. If using Form 3508EZ and you meet the conditions related to reduction of salaries, number of employees and hours, you will need to document the average number of FTE employees on payroll employed on January 1, 2020 and at the end of the covered period. In response, Congress passed the PPP Flexibility Act of 2020 to make changes to the PPP, prompting the release of a revised Form 3508 on … Which form should I use to complete my application ? Non-Payroll. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses who qualify. The SBA and Treasury released Form 3508 on May 15, 2020. SBA Form used 3508EZ PRE-WORK EXAMPLE 1 ABC Cookies. 5 months ago. b. 3508EZ Document Checklist 1 | Page INSTRUCTIONS: This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness application. PPP. We support America's small businesses. Act, but there are now signs the ride may be coming to an end. 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. You’ll need the answers from the Schedule A Worksheet. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. To do this, you’ll need to submit one of the three available forgiveness application forms, depending on your circumstances: SBA Form 3508, SBA Form 3508EZ, or SBA Form 3508S.. You can request Forgiveness with SBA Form 3508S if you meet these two criteria below. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). SBA Form 3508EZ •One of the three criteria below must be met: cert 1. Document your eligible payroll and non-payroll costs. Act, but there are now signs the ride may be coming to an end. For customers using Form 3508S: No FTE report is required if you use Form 3508S. Many REALTORS® are small businesses, or work with them as clients. Find out what provisions are available in the CARES … You can use the form if. Business owners believe that they are eligible to use the EZ version, rather than the full version, if their PPP loan is less than $150,000. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. SBA Form 3508EZ (06 /2 0) Page 1 _____ _____ _ _____ _____ _____ Pa y check Pro tectio n P rog ra m . Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. If NO, use Form 3508EZ. If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. Refer to Form 3508EZ for further detail. 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