The Small Business Administration (“SBA”) and the Department of the Treasury (Treasury) also released a new PPP Loan Forgiveness Application entitled Form 3508EZ. How do I calculate average FTE over a period of time? See below to determine which application you need to use. If you don’t qualify for the 3508S or the 3508EZ, this is your form. We can help! For our Q&A resource, click here. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. Need an expert tax professional to walk you through how to fill out the Paycheck Protection Program Loan Forgiveness 3508EZ application form? 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. 801 0 obj <>stream 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 … Qualify to use the 3508EZ form? 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. %PDF-1.6 %���� 7�,f`Y;�/��&��$#�� Documents to Include with Your PPP Loan Forgiveness Application Form. %%EOF Wait! 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). Explore Billionaires 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. 7�@��(�������뗃����U� �L�S�j�:ʴe~�9 Calculations are complex and supporting documentation needs to be thorough and succinctly compiled. Please CLICK HERE for the U.S. Small Business Administration PPP Loan Forgiveness FAQs. LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS . While it still requires small businesses to provide documentation and complete a series of calculations, it is considerably less demanding. Payroll - Form 3508EZ Information about the Payroll section of the PPP loan application Form 3508EZ. Q: 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 instructions for FORM 3508EZ. Lisa Taylor, outreach and marketing specialist for SBA, said there are three forms available for filing for loan forgiveness: Form 3508S, Form 3508EZ or Form 3508. %%EOF endstream endobj 266 0 obj <. "It is important to remember that the PPP loans are going directly through lenders, not directly through the SBA," Clendenning said. The Brown Smith Wallace CARES Act Loan Consulting team has customized services to fit your needs. 742 0 obj <> endobj This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. This new three-page form reduces the documentation and calculations required to apply for PPP loan forgiveness. We can help! You can use the form if. The process of completing the Paycheck Protection Program (PPP) loan forgiveness application can seem intimidating, but it doesn’t have to be. This application significantly streamlines the forgiveness application process for certain qualifying borrowers. 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. This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. 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. endstream endobj startxref � The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. 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 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. You need to verify your eligible payroll and any non-cash benefit payments during the covered period (8 or 24 weeks). PPP Loan Forgiveness Application Form 3508 SBA 3508 PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508 instructions. Why work with us? 0 The Safe Harbor calculation provides a secondary path to increasing your PPP Loan forgiveness potential. Question: Can PPP lenders use scanned copies of documents, E-signatures, or E- consents for loan forgiveness applications and loan forgiveness documentation? 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 … SBA Form 3508EZ is for borrowers with PPP loan amounts of more than $50,000—and, similar to Form 2508S, it’s a shorter, more streamlined application with fewer calculations than the full loan forgiveness application, SBA Form 3508. "When you submit your application for forgiveness, that will go directly through the lender that you originally received the PPP loan through and then they will work with the SBA on the forgiveness process." h�bbd```b``��;A$�rɚf{�I0�� ���C��#0i&}A$[��"�D@$K#�|a9�H2�d�ݫ@$�O0 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? ... Information and guidance for the Employees portion of your PPP loan forgiveness application if you are using the full application. 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. PPP Loan Forgiveness Application Form 3508EZ OMB Control No. The PPP FAQs also clarifies that all PPP lenders may accept scanned copies of signed loan forgiveness applications and documents containing the information and … Let’s go over the new PPP loan forgiveness forms first. This BP Blast will provide an overview of the Form 3508EZ and cover some of the changes in the full forgiveness application. 306 0 obj <>stream Member FDIC Payroll documentation. This “EZ Form” is designed to reduce the required calculations for those that qualify. 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