CLICK HERE. ppp loan forgiveness application form 3508s instructions for borrowers Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after submitting your application through the Customer Portal. SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. You can use the EZ form if you meet two criteria. What goes into each line can be found below. Line 2: Mortgage Interest Payments Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of … PPP LOAN FORGIVENESS APPLICATION FORM 3508 INSTRUCTIONS The following document walks you through filling out the 3508 (long form), highlighting the data we provide and were to find the data. PPP Loan Forgiveness Calculation Form. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources. 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 3508 EZ Forgiveness Form Training Brought to you by SBA's West Virginia District Office Information provided during the training is not intended to be legal advice. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. Box 2 and Box 3 Salary Reduction Limit Box 2 No FTE Reduction Box 3 Unable to Reopen. Form 3508: See page six of the SBA PPP Loan Forgiveness Application Instructions for Borrowers (6-16-20) Form 3508EZ: See page four of the SBA Paycheck Protection Program EZ Loan Forgiveness Application Instructions; Who can use the 3508S? Jump to: Forms, webinar recording & other resources . Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. Customers with PPP loans of $50,000 and less. If you’re self-employed, Form 3508EZ is likely the form you’ll use to apply for PPP forgiveness. Credits: 2 CPE | 2 CE FREE . In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender’s equivalent form). Download (241.1 KB) Download the PPP Forgiveness Calculator (Form 3508S) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx. Per the SBA's PPP forgiveness application, any FTE reductions in the following scenarios do not reduce the borrower’s loan forgiveness and do not need to be counted as "reductions": In all of these ca . Here’s everything you need to know. One of them—Form 3508EZ—is much shorter and simpler than the other. This form marks a huge deviation from the much lengthier Form 3508, with the biggest change being that the newly released Form does not contain any calculations and no Schedule A … Skip to main content. In this article, we show you how to produce the data you are looking for from our payroll system to fill out the long Form 3508. But you need to meet certain criteria to be eligible for the EZ form. Also let me mention that we’ve blogged a couple of times about how to manage through the Covid-19 pandemic: Post-pandemic Covid-19 Small Business Planning (which also explains how to grab a free … Several of the issues that make the … (If your loan is for $150,000 or less, use the link above for instructions.) But it’s not the simplest form to fill out. PPP Flexibility act, Loan Forgiveness Form (3508) and Other PPP Updates (LATEST REVISED) 4.6 (1122) Jason Dinesen, EA, LPA. This secure link is only for 3508EZ and 3508 forms. The SBA and Treasury released Form 3508 on May 15, 2020. 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. All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. Once completed you can sign your fillable form or send for signing. How to apply for PPP loan forgiveness. SBA 3508 Schedule A using the Case Study. The U.S. Small Business Administration, in consultation with the Treasury Department, issued an Interim Final Rule yesterday relating to a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The table below reflects SBA guidance through … New PPP Loan Forgiveness Form 3508 S To Simplify Forgiveness Process for Small Businesses. • Those using SBA Form 3508 should use the 3508 documentation requirements . The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. Completed. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. This list reflects requirements for SBA Form 3508S. Small business owners have certainly been through the ringer in 2020. 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. Non-Payroll Costs or Expenses (or do you with the extra two weeks of Cash the you got form the PPP loan) Loan Forgiveness Application Non-payroll costs are lines 2, 3 and 4 on the actual loan forgiveness application itself. Use Fill to complete blank online U.S. SMALL BUSINESS ADMINISTRATION (DC) pdf forms for free. 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. B I . • Those using SBA Form 3508EZ, including sole proprietors and independent contractors, should use the 3508EZ documentation requirements . Form 3508 . Download (208.7 KB) Download the PPP Forgiveness Calculator (Form 3508 EZ) File name: se-ppp-loan-forgiveness-calculator.xlsx . Menu. PPP loan forgiveness update. DO NOT EMAIL THE FORGIVENESS APPLICATION NOR THE SUPPORTING DOCUMENTS. PPP. 2 CPE credit of Taxes for all CPAs. Complicated rules and unanswered questions left many people scrambling. Applying for PPP Forgiveness with 3508S Form October 13, 2020 By Stephen Nelson CPA On October 7, 2020, the Small Business Administration issued a new rule for PPP loan borrowers who received $50,000 or less in proceeds. 2 CE credit of Federal Tax Update for Oregon Tax Preparers. Many business owners and financial advisors shared concerns about its complexity and rigid rules. PPP Loan Step-By-Step Guide: Form 3508 Created August 13, 2020 20:16. Loan Forgiveness Reduction — Full Application Form 3508 Rent - All Forgiveness Applications Employee information - Full Application Form 3508 Non-Payroll Costs — All Forgiveness Applications How do I calculate the total Salary/Hourly Wage Reduction amount for employees who experienced a pay reduction of more than 25%? This is an education overview of information as we understand it currently. PPP Forgiveness Updated: December 9, 2020 PPP Forgiveness Web Portal Application Guide – Form 3508 . Created with Sketch. 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