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29th Dec 2020

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. Instructions: Click HERE for the PPP Loan Forgiveness Form 3508S Instructions . Borrowers that use this form, are also able to submit much less documentation during the loan forgiveness application process than borrowers using the other loan forgiveness applications. If you borrowed over $50,000, please read the statements below to determine whether you should complete the PPP Loan Forgivenss Form 3508EZ or 3508. Instructions Form 3508 . Required … Expiration Date: 10/31/2020 . There is also an optional Demographic Information Form. LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . 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. The SBA has not yet opened their portal to submit loan forgiveness packages, so we will hold on to your documents until we are able to do that. 3508S If your PPP loan amount was $50,000 or less, you qualify to apply for forgiveness using the 3508S form … Accordingly, before you start gathering the data and getting ready to submit your application you will want to check if you are one of those borrowers that is eligible to use the Form 3508S (PPP Loans … Form 3508S — This is another simplified form that can be used if you received a PPP loan of $50,000 or less (unless, together with your affiliates, your PPP loans total $2 million or more). Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. We’ll do our best to make filling it out … To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 - Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ OMB. When you are ready to file the 3508EZ or 3508 form, email ppp-forgiveness@paymentsecurity.net a request a secure upload link. 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. PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00. Form 3508S Loan Forgiveness Application - Under $50K. 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 … SBA PPP Loan Forgiveness instructions for FORM 3508 SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. (If your loan is for $150,000 or less, use the link above for instructions.) PPP Loan Forgiveness Application Form 3508 instructions All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. Paycheck Protection Program Loan Forgiveness Applications . Form 3508EZ. This preview … FORM 3508S: Eligible borrowers can use the Form 3508S and the Form 3508S Instructions to calculate the forgiveness amount and need only enter the total amount of the payroll and nonpayroll costs eligible for forgiveness provided such amount may not exceed the principal amount of the PPP loan, Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts … Title: PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers Author: abigham Created Date: 6/18/2020 9:07:10 AM Borrowers of Over $50,000 . Documents that Each Borrower Must Submit with ts iPPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation Form 3508EZ . They center around your ability to be exempt from reductions in loan forgiveness due to reductions in headcount (or FTEs) and reductions in salary and wages. This article includes this new updated forgiveness application and instructions. You applied for your PPP loan as self-employed, an independent contractor, or a sole proprietor with no employees. The SBA has THREE applications for PPP forgiveness: the 3508S, the 3508EZ or the 3508. One of them—Form 3508EZ—is much shorter and simpler than the other. As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. Under current Small Business Administration (SBA) guidelines for the Paycheck Protection Program (PPP), you will be required to submit documentation supporting your request for loan forgiveness (e.g., cancelled checks, account statements, payroll records) along with your completed applicat ion. 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