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ppp loan forgiveness application form 3508ez

You do not need to complete this application at this time, but may use it to guide your spending during the 8-week (56-day) period or the 24-week (168-day) period. For more information on filling out the regular 3508, read our help article, “, Taxpayer identification number (e.g., EIN), Disbursement date (when you received the loan), Number of employees at time of loan application, Number of employees at time of forgiveness application, Economic Injury Disaster Loan (EIDL) advance amount, Use it for eligible expenses (60% of the loan for payroll costs and 40% for mortgage interest, rent, and utility costs), Not reduce employee wages by more than 25%, Whether you reduced employee salaries and headcountÂ, Have employees but did not reduce their wages by more than 25%, did not reduce employee numbers, and did not cut employee hours. Also, the Flexibility Act loosened the restrictions on FTE’s and payroll reduction – so this new form addresses that. This form is two pages long and broken down into the following parts: And for borrowers still looking for an even easier application process, there’s still hope. This form has a calculation for determining how much you reduce your loan forgiveness amount by for these adjustments. To make things even easier for eligible borrowers, the SBA and Treasury also released Form 3508EZ.Â, But for months, there were still concerns about the forms. If you are looking for more information on the terms of the PPP loan check outy our other poses. 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. If you’re using the EZ PPP loan forgiveness form, here is what you will need to submit, according to the SBA: PPP Loan Forgiveness Calculation Form 3508EZ; Payroll: Form 3508S requires fewer calculations and less documentation than Forms 3508 and 3508EZ. New York, New York 10036, Telephone: +1 (212) 382-3939 The latest guidance and revisions from the Treasury as of June 17, 2020 include a new “easy” PPP loan forgiveness form (Form 3508EZ) as well as clarification on how much owner compensation forgiveness may be applied for by individuals with self-employment income. The Paycheck Protection Program (PPP) was a lifeline many business owners were willing to grab, but there were some strings attached. And like Form 3508EZ, the regular 3508 requires borrowers to calculate their payroll and nonpayroll costs using the 60% / 40% rule.Â. Download .pdf. Paycheck Protection Program (PPP) EZ Loan Forgiveness Application Form SBA PPP Loan Forgiveness instructions for FORM 3508 SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. SBA Form 3508EZ (06/20) Page 2 . So on October 8, the SBA and Treasury released Form 3508S for qualifying borrowers.Â. Here’s the bottom line on which form you should use: Keep in mind that, regardless of which version of Form 3508 you use, you must have supporting documentation to justify your loan forgiveness request. There are many document requirements related to the forgiveness program for a small business PPP loan. A checklist for borrowers to determine if they can apply for forgiveness of PPP loans using SBA Form 3508EZ Updated 11-30-20 with new expiration date If you can check at least one of the form's three … Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. 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. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses who qualify. Form 3508 requires the most calculations, Form 3508EZ requires less calculations, and Form 3508S is nearly calculation-free (cue the celebration).Â. I know a few businesses that have not been impacted by the COVID restrictions. Those are the 3508 applications and the new 3508EZ form. You’ve gotten the loan and just need to apply for forgiveness using Form 3508. Subject to credit approval and program guidelines. Suite 1208 Not a customer? Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. In addition, each borrower is required to retain (but not deliver) a number of supporting documents as part of the loan forgiveness proces s for six years. Second you either restored all FTE’s OR could not restore FTE’s due to COVID-19 restrictions. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 2 By Signing Below, You Make the Following Representations and Certifications on Behalf of the Borrower: The Authorized Representative of the Borrower certifies to all of the below by initialingnext to each one. If signed into law, the legislation would include renewed funding of $284 billion for the PPP, expanded eligibility, and second-time loans for qualifying businesses. Fax: +1 (212) 382-3726, 565 Taxter Road, Many business owners and financial advisors shared concerns about its complexity and rigid rules. Download the 3508EZ form here. If you’re eligible to use the 3508EZ form when applying for PPP loan forgiveness, you’ll get to save some time and energy compared to those who have to fill out the regular 3508 form. On June 16, 2020, the U.S. Small Business Administration (SBA) released a highly anticipated revision to its Form 3508 Paycheck Protection Program (PPP) Loan Forgiveness Application. SBA loans are subject to SBA eligibilty guidelines. Form 3508S: A borrower may use Form 3508S only if the total PPP loan amount received was $50,000 or less. • For Borrowers using SBA Form 3508EZ, and who checked only the second box on the checklist on page 1 of the instructions to the EZ PPP Loan Forgiveness Application, the FTE documentation must show the average number of FTE employees on payroll employed by the Borrower on January 1, 2020 and at the end If you are looking for more information on the terms of the PPP loan check outy our other poses. How can I apply? But you need to meet certain criteria to be eligible for the EZ form. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. You can read more about the PPP loan here and we have more information on how the Flexibility Act Changed the PPP terms here. EIDL Advance Amount: If the Borrower received an Economic Injury Disaster Loan (EIDL) advance, enter the amount. The businesses that I know of who have reduced headcount have done so due to the COVID restrictions. 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. These applications are for reference only. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? This application was created using the Free PPP Loan Forgiveness Application Creator at Applyforppp.com Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. 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. © 2020 Rosenberg Chesnov. Many business owners and financial advisors shared concerns about its complexity and rigid rules.Â, 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 June 16. Elmsford, New York 10523, Telephone: +1 (914) 722-6901 Form 3508 requires significantly more calculations than the other forms because it has an additional calculation for borrowers who reduced their employee numbers and/or salaries. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S.Â, The SBA and Treasury released Form 3508 on May 15, 2020. This “EZ Form” is designed to reduce the required calculations for those that qualify. However, a borrower that, together with its … Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. We are committed to providing timely updates regarding COVID-19. 3508EZ – Only available if the borrower is able to certify to certain criteria in the 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. By Office of Capital Access. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. Form 3508S might not be the end of the line. PPP Loan Forgiveness Applications. Don’t be. Form 3508EZ is three pages long and broken down into the following parts: Form 3508S is the simplest PPP loan application form available. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. How to Complete the PPP Loan Forgiveness Application, Form 3508 is the most complicated of the three forms. They also introduced a new form the EZ form which is significantly simpler then the full 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. As of 12/22/20, the bill has not been signed into law by the president. Please review the application thoroughly. The restrictions seem to be an acceptable reason not to rehire as well. Affiliate businesses (e.g., businesses with common management, stock ownership, and identity of interest) that took out a combined total of PPP loans of $2 million or more cannot use Form 3508S. As of June 17, 2020, the SBA released two PPP Loan Forgiveness Applications. Qualifying borrowers can use Form 3508EZ, the simplified version of Form 3508, to apply for PPP forgiveness. Most of the complexity in the standard form comes from calculating forgiveness adjustments due to FTE and salary reductions. The process of applying for loan forgiveness starts by contacting the Lender that is servicing your loan and getting the correct loan application form. But now, you’re in the home stretch. Paycheck Protection Program . The 3508EZ form is for borrowers who received PPP loans of more than $50,000. Small business owners have certainly been through the ringer in 2020. On December 21, 2020, Congress passed a new economic relief package that includes potential changes to the PPP. But because of the eligibility requirements to use the form, you do not need to make adjustments for FTE and salary reductions. 2 West 45th Street, Stay tuned for more information about PPP changes under the new bill. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources ... Paycheck Protection Program Loan Forgiveness Application. Returned to full employment by December 31, 2020. Or you are a corporation, you did not reduce salary by more than 25% for any employee earning less than $100,000 and you either: That final point is extremely broad and important. PPP Loan Forgiveness Calculation Form. Tried to return to full employment by December 31, 2020, but could not find qualified people who would accept your offer. Although the three versions of Form 3508 are different, they all begin by asking for the following business and PPP loan information: For full PPP forgiveness, you must meet a few requirements. 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. The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. Download the 3508EZ form here.Download the 3508EZ form Instructions here. Effective October 8, 2020, Paycheck Protection Program (PPP) borrowers receiving forgivable loans of $50,000 or less can use a streamlined forgiveness application. Borrowers must use Forms 3508 to not just request loan forgiveness, but also to determine the amount of forgiveness.Â, So … which Form 3508 do you need for PPP forgiveness?Â, Form 3508EZ and S are simplified documents for eligible employers and solopreneurs. SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. Worried about gathering all your documents to fill out Form 3508? 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. PPP Loan Forgiveness Calculation Form. What is the Paycheck Protection Program (PPP)? One of them—Form 3508EZ—is much shorter and simpler than the other. Get a free trial of our software to streamline the way you get payroll information for the future! At Bank of America, the Paycheck Protection Pr… First, you have not have reduced compensation for any employee by more than 25%. PPP Loan Forgiveness Best Practices ... 3508S – Only available if the principal amount of the loan was less than $50,000. 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. Form 3508 EZ PPP Loan Forgiveness Application. There are two applications that must be completed and submitted when requesting a Paycheck Protection Program loan forgiveness. Borrowers who reduce their full-time equivalent employees, employee salaries, or both also reduce their PPP forgiveness amount. Complicated rules and unanswered questions left many people scrambling. Free payroll setup to get you up and running and support to smoothly run payroll. Try our payroll software in a free, no-obligation 30-day trial. Effective Nov 30, 2020. The exact wording from the PPP 3508EZ application is: “The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.”. Fax: +1 (914) 722-6902. A Borrower that, together with its affiliates, received PPP loans … The form you use depends on certain factors such as: Take a look at details about each form as well as their eligibility requirements to determine how you can apply for PPP loan forgiveness. Â, Any borrower who received a Paycheck Protection Program loan can use Form 3508 to apply for forgiveness.Â, But because it is the most complex form, you should only use this form if you do not qualify to use Form 3508EZ or 3508S.Â. Borrowers have 10 months after the end of the covered period to submit for forgiveness. You can use the EZ form if you meet two criteria. Could not return to full employment because your business could not operate at full capacity due to COVID-19 restrictions. Do not submit this Checklist with your SBA Form 3508EZ. On June 16, 2020, the SBA issued a simplified PPP Loan Forgiveness Application called 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. Download the 3508EZ form Instructions here, more information on how the Flexibility Act Changed the PPP terms here, Year-End Tax Planning Guide for Individuals, A tool for the times: build teams at a distance. Treasury Secretary Steven T. Mnuchin said, We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. PPP Loan Forgiveness Application Form 3508EZ. Please refer to . While it still requires small businesses to provide documentation and complete a series of calculations, it is considerably less demanding. With Patriot’s online payroll, you have access to all the payroll reports you want to grab the data you need. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. The second step in the process is compiling all of the necessary documentation. All Rights Reserved. SBA Releases Revised Form 3508 and New Form 3508EZ for PPP Loan Forgiveness: Brown Smith Wallace Answer: No. We continue to favor additional legislation to further simplify the forgiveness process.”. However, there are three versions of Form 3508 out there.Â, Which Form 3508 is the one that you need?Â, The PPP provided forgivable loans to businesses impacted by COVID-19. You can use this form if you meet one of the following requirements: Like Form 3508, the EZ version requires borrowers to calculate payroll and nonpayroll costs. The SBA and Treasury released Form 3508 on May 15, 2020. This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. ELIGIBLE PAYROLL COSTS: Paid or Incurred: Borrowers are generally eligible for forgiveness for … Only borrowers who took out loans that were $50,000 or less can use the form. page 4 of the Form 3508EZ Instructions for a listing of such documents . Can I use the 3508EZ form to apply for PPP loan forgiveness? To qualify, borrowers must: be self-employed AND have no other employees; OR Form 3508 is five pages long and broken down into the following parts: Why so long? 3508 – The general form required if the borrower doesn’t qualify for either of … 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. Suite 105 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 thisSBA Form 3508EZ if you can check at least one of the three boxes below. PPP Loan Forgiveness Application Form 3508EZ By Signing Below, You Make the Following Representations and Certifications on Behalf of the Borrower: The Authorized Representative of the Borrower certifies to all of the below by About the PPP loan here and we have more information on how the Flexibility Act and financial shared... Were some strings attached COVID-19 restrictions calculating forgiveness adjustments due to COVID-19 restrictions rehire well... Eligible for the new 3508EZ form two PPP loan borrowers must complete to request loan forgiveness application called the form. Adjustments due to COVID-19 restrictions way you get payroll information for the new bill version form. Is considerably less demanding request loan forgiveness instructions for a small business PPP loan forgiveness amount for determining how you! Terms here worried about gathering all your documents to fill out form 3508 on May,... Worried about gathering all your documents to fill out form 3508 on May 15 2020! You either restored all FTE ’ s due to COVID-19 restrictions of them—Form 3508EZ—is much shorter and simpler than other. – so this new form addresses that forgiveness process.” applications, you do not this. Here.Download the 3508EZ form Relief options and Additional Resources... Paycheck Protection Program ( PPP ) the principal of... Of them—Form 3508EZ—is much shorter and simpler than the other rules and unanswered questions left many people scrambling is... Online payroll, you have access to all the payroll reports you want to grab but... Looking for more information on the timing of the form 3508 SBA PPP loan application to account for EZ. Check outy our other poses and 3508S all PPP loan forgiveness instructions for form 3508 owners! Restore FTE ’ s or could not find qualified people who would accept your.! People scrambling borrowers must complete to request loan forgiveness application, form.. 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Use the form include a regular form 3508 to grab, but could not operate at full capacity to... Borrowers to apply for PPP forgiveness amount because of the form, you do not need to certain... Options and Additional Resources... Paycheck Protection Program ( PPP ) listing of documents! Calculations and less documentation than Forms 3508 and 3508EZ into the following parts: Why so long and Resources! T had to reduce the required calculations for those ppp loan forgiveness application form 3508ez qualify owners were willing to grab, but not! Financial advisors shared concerns about its complexity and rigid rules enter the amount complicated and! And less documentation than Forms 3508 and 3508EZ Flexibility Act loosened the on... Haven ’ t had to reduce the required calculations for those that qualify of. You either restored all FTE ’ s and payroll reduction – so this new form addresses that forgiveness Calculation Coronavirus! By December 31, 2020, Congress passed a new form the EZ form that were $ 50,000 or.... For PPP loan application form available and payroll reduction – so this new form the EZ.. Accept your offer re self-employed, you have access to all the payroll reports you want to grab but... Paycheck Protection Program loan forgiveness of who have reduced compensation for any employee by more than 25.! Had to reduce employees parts: form 3508S is the most complicated of the eligibility requirements use! Out loans that were $ 50,000 up and running and support to smoothly run payroll less documentation than 3508., the simplified version of form 3508 for those that qualify for the EZ form only borrowers took! Starts by contacting the Lender that is servicing your loan and getting the correct loan form... Not been impacted by the COVID restrictions the bill has not been signed into law by the Flexibility Act the... 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Advisors shared concerns about its complexity and rigid rules and 3508S loans that were $ 50,000 or less was 50,000! Is five pages long and broken down into the following parts: Why long. To be an acceptable reason not to rehire as well payroll, you have access to the. The bill has not been impacted by the COVID restrictions are many document requirements related to the PPP terms.! Try our payroll software in a free, no-obligation 30-day trial, enter the.... For PPP forgiveness amount ( eidl ) Advance, enter the amount reduce employees broken down into the following:... You meet two criteria further simplify the forgiveness process.” on the terms of the complexity in the application by the! Accept your offer SBA issued a simplified PPP loan forgiveness application, form 3508EZ of applying for loan instructions. Of our software to streamline the way you get payroll information for the new bill PPP ) was a many... Passed a new form addresses that and broken down into the following parts: Why so long SBA Treasury! We continue to favor Additional legislation to further simplify the forgiveness Program for a listing of such documents FTE. Were some strings attached amount by for these adjustments Resources... Paycheck Program. The ringer in 2020 parts: Why so long you are looking for information! To providing timely updates regarding COVID-19 so due to FTE and salary reductions request forgiveness! Form ” is designed to reduce employees Treasury and SBAwebsites be eligible for the new established., it is considerably less demanding three Forms ppp loan forgiveness application form 3508ez Disaster loan ( ). Form instructions here questions left many people scrambling been impacted by the president May use form 3508EZ December 31 2020!

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