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. In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. 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. Form 3508 Loan Forgiveness Application. Checklist for Using SBA Form 3508EZ . Once the application is available, you can access it through Wells Fargo Business Online ® , or the Commercial Electronic Office ® ( CEO ® ). 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. 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. • If a client has already submitted an application for PPP loan forgiveness using SBA Form 3508EZ or SBA Form 3508, we will continue to process their application unless they elect to withdraw their current application and reapply using the new SBA Form 3508S application. Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. Form 3508EZ Loan Forgiveness Application . As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. Documents that Each Borrower Must Submit with ts iPPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation 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. Title: PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers Author: abigham Created Date: 6/18/2020 9:07:10 AM Instructions Form … Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. 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. PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 - Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ OMB. 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. PPP Loan Forgiveness Application Form 3508EZ . 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 … Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. 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). The SBA has THREE applications for PPP forgiveness: the 3508S, the 3508EZ or the 3508. Instructions Form 3508EZ . (This is generalized; borrowers must meet the specific criteria on the application and instructions to use this form. If you have spent all of your PPP funds and choose to use the 8 week forgiveness period, we are happy to accept your paperwork at any time after your 8 week period expires. Borrowers have 10 months after the end of the covered period to submit for forgiveness. There is also an optional Demographic Information Form. 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 … 3508EZ … PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . Expiration Date: 10/31/2020 . PPP Loan Forgiveness Application eligibility information: All businesses and PPP loan situations can apply using the PPP Loan Forgiveness Application however, it is more complex. Form 3508EZ. SBA Form 3508EZ (06/20) Page 1 . PPP Loan Forgiveness Application Process. Please note that once we submit their application to the SBA, they are unable to withdraw it. Paycheck Protection Program (PPP) EZ Loan Forgiveness Application Form For the most up-to-date information visit our PPP Loan Forgiveness Portal. 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. Instructions for Form 3508EZ; This form generally may be used by borrowers who were self employed with no employees as well as those who didn’t reduce salaries or wages of any employee by more than 25%. PPP Forgiveness Application & Process ** UPDATE As of 10/9/2020 ** Simplified forgiveness application process for all PPP loans under $50,000 If your PPP Loan is $50,000 or Less, please proceed with proceed with Application Form 3508S below Instructions 3508SRead More › Required … You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ … The 3508EZ form is a shorter version. 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. No matter the size of your PPP loan, please review the following six steps to help you navigate the loan forgiveness process. 3245- 0407 . LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS. You applied for your PPP loan as self-employed, an independent contractor, or a sole proprietor with no employees. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. How to apply for PPP loan forgiveness: Step-by-step instructions on filling out the application form 3508EZ, examples, and video tutorial; A complete list of documents you need to apply Tools and resources including the new SBA PPP forgiveness platform and forgiveness FAQs updated on 8/11/20; While the PPP’s forgiveness portal opened up this week, most financial advisors suggest … Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. DO NOT EMAIL THE FORGIVENESS APPLICATION NOR THE SUPPORTING DOCUMENTS. Only certain borrowers will be able to use the 3508S and 3508EZ forms. We recommend you review the program details available at or for the latest 3508 (SBA Form 3508) See SBA Form 3508. Borrowers may also complete this application … This preview … The Small Business Administration and Treasury […] PAYCHECK PROTECTION PROGRAM FORGIVENESS DOCUMENTATION: FORM 3508EZ . When you are ready to file the 3508EZ or 3508 form, email a request a secure upload link. But you need to meet certain criteria to be eligible for the EZ form. This secure link is only for 3508EZ and 3508 forms. We suggest that you first make sure your business does not qualify for the more streamlined PPP forgiveness application forms 3508S or 3508EZ. Uploaded By Uniquefobbm. Paycheck Protection Program Loan Forgiveness Applications . ppp loan forgiveness application form 3508s instructions for borrowers SBA PPP Loan Forgiveness instructions for FORM 3508 SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. 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). Instructions: Click HERE for the PPP Loan Forgiveness Form 3508S Instructions . (If your loan is for $150,000 or less, use the link above for instructions.) On October 8, the SBA released Form 3508S (link to application and instructions below), a simpler two-page application for PPP loans of $50,000 or less, to streamline the PPP forgiveness process for small businesses. If you have any questions, contact your Traditional Bank lender. 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). Instructions Form 3508 . See below to determine which application you need to use. 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.. Effective October 8, 2020, Paycheck Protection Program (PPP) borrowers receiving forgivable loans of $50,000 or less can use a streamlined forgiveness application. For more detailed explanations of these terms, please see the SBA’s PPP Loan Forgiveness Application Form 3508 instructions or PPP Loan Forgiveness Application Form 3508EZ instructions or PPP Loan Forgiveness Application Form 3508S instructions. This article includes this new updated forgiveness application and instructions. Form 3508S Loan Forgiveness Application - Under $50K. One of them—Form 3508EZ—is much shorter and simpler than the other. Borrowers of Over $50,000 . 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 … When you apply online for loan forgiveness, the applications ask important questions at the beginning of the process on page 1 of the paper instructions to Form 3508EZ. School Hot Springs School of Insurance; Course Title ZS EXAMFX; Type . We’ll do our best to make filling it out … Form 3508EZ Loan Forgiveness Application Instructions Form 3508EZ ... PPP Loan Forgiveness Applications. 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. PPP Loan Forgiveness Application Form 3508 instructions All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. 3508S If your PPP loan amount was $50,000 or less, you qualify to apply for forgiveness using the 3508S form … You’ll need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. 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. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. Both periods would begin on the PPP loan disbursement date, and in no case would the … Then on June 17, 2020, Treasury and SBA released a new simpler forgiveness application, the PPP Loan Forgiveness Application Form 3508EZ. If you are self-employed with no employees, the forgiveness application is not as complicated as it first seems. Pages 4. Borrowers may also complete their application electronically through their Lender. Test Prep. However, … OMB Control No.
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