Sba 3508 instructions

sba 3508 instructions These instructions do not replace the SBA’s documentation instructions, so please visit SBA. Department of Treasury website. Please Note . After submitting your Forgiveness Request, it will be reviewed by Dollar Bank to confirm that all documents are correct and complete to support the calculations on your application. May 18, 2020 · (Last updated May 18, 2020) With little to no fanfare, the SBA released the PPP Forgiveness Application late on Friday, May 15, 2020. Refinances of existing SBA loans are excluded. Dec 22, 2020 · SBA Form 3508 | SBA Form 3508 Instructions. SBA Form 3508 (05/20) Page 1 . Use Fill to complete blank online DEPARTMENT OF THE TREASURY - OCIO (DC) pdf forms for free. If you’re claiming the following eligible Payroll and Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after In part 1 we discussed what you got the PPP loan for and what you can use the money for. We will not cover the S form in this training session. 16. pages 6 -7 of the Form 3508 Instructions for a lstng of such documents. Gather all of your documentation related to your PPP Loan including your PPP Schedule A Worksheet or its equivalent, all SBA FORM 3508 EZ. [6] In the IFR also issued on June 16, 2020, the SBA provided that owner compensation replacement would be limited to 2. Please review Form 3508S Instructions, complete the application form, and provide all necessary documentation to your MBT Lender. These are known as forms "3508" and "3508EZ". You can request Forgiveness with SBA Form 3508S if you meet these two criteria below. will An Allegiance Banker notify you once we receive final approval from the SBAand will provide you with your paid promissory note. ppp loan forgiveness application form 3508s instructions for borrowers SBA Form 3508 (06/20) Page 6 Paycheck Protection Prog ram OMB Control Number 3245- 0407 Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. The Small Business Administration (SBA) has released three forms and corresponding sets of instructions to be used by borrowers when applying for forgiveness of the Paycheck Protection Program (PPP) loans: Form 3508 - Form 3508 Instructions (Separate document) Form 3508EZ SBA Instructions. The first one to be described is cash compensation: Cash Compensation: Enter the sum of gross salary, gross wages, gross tips, gross commissions, paid leave (vacation, family, medical or sick leave, not including leave covered by the Families First Coronavirus Response Act), and allowances for dismissal or FORM 3508: Borrowers and other interested parties may use the SBA Form 3508and the SBA Form 3508 Instructions to calculate the amount of forgiveness by adding all payroll and nonpayroll costs to calculate the potential forgiveness amount and then adjusting that amount for full-time equivalency (FTE) and salary/hourly wage reductions and the Nov 30, 2020 · In response, the SBA did somewhat simplify SBA Form 3508, the original forgiveness application, and came up with an easier version: SBA Form 3508EZ. May 19, 2020 · SBA Form 3508 seems to indicate that the answer is “yes”. 2020) 3508 EZ app Instructions (PDF) ***PPP Information for loans $50,000 and under ***** May 16, 2020 · The instructions provide the following details for the last three columns in the table. SBA PPP Loan Forgiveness For borrowers that are required to use the 3508 or 3508EZ form, Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. PLEASE DO NOT SEND FORMS TO THESE ADDRESSES. Determine if you can use the simpler form by following the SBA’s Checklist for Using SBA Form 3508EZ. 56 KB) Determine Eligibility for Form 3508 EZ . SBA may require additional documentation •Will request from Lender r---, West Virginia District Office 33 I B -----r,,, 3508 Document Checklist 1 | Page INSTRUCTIONS: This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness application. You can request Forgiveness with SBA Form 3508S if you meet these two criteria below: Received a PPP loan of $50,000 or less, AND; For additional documentation that may be required with your application, refer to application instructions below; Submit your completed form and supporting documents securely to North Shore Bank; SBA Application Forms and Instructions. S. May 18, 2020 · With little to no fanfare, the SBA released the PPP Forgiveness Application late on Friday, May 15, 2020. 3. Key Topics for the webinar : Oct 15, 2020 · a. 651-439-2951 info@AJ-Law. Received a PPP loan of $50,000 or This application was created using the Free PPP Loan Forgiveness Application Creator at Applyforppp. 3508 Only: PPP Schedule A and Full Time Employee (FTE) Documentation 4. Small Business Administration Form 3508 with the information generated, and submitted to your PPP lender. This is a 4-hour recorded video conference (4 CPE credits) led by Lucien P. e. The new form reflects changes enacted by the PPP Flexibility Act of 2020, including: 60 percent payroll cost requirement Oct 24, 2020 · Accordingly, PPP Loan Forgiveness Application SBA Form 3508, also known as the “longer” form, is expected to take approximately three hours. Jan 05, 2021 · Thankfully, the SBA has now released a separate document with instructions. Determine that you are beyond the "Covered Period" (8 or 24 weeks if loan disbursed before June 5 and 24 weeks if disbursed on or after June 5. ORROWERS. A. The updates to the loan forgiveness applications follow action last week by SBA and Treasury to update the PPP borrower application form (Form 2483) and related interim final rules. Most recently, the SBA released its PPP Loan Forgiveness Application form (SBA Form 3508) (Forgiveness Application) on May 15, 2020. boxes. Print the application to complete the worksheet before starting Join SBA's Virginia District Office for an overview and tips on filling out the Paycheck Protection Program Forgiveness Application Forms. SBA Form 3508EZ provides a checklist to help you determine which loan forgiveness application to use. SBA Form 3508 Standard Loan Forgiveness Application & Instructions SBA Form 3508EZ Loan Forgiveness Application & Instructions • Resources: Maine Small Business Development Center YouTube Video Series PPP – Which Forgiveness Application Should I Use? PPP – How to Fill Out the EZ Short Form (3508EZ) May 21, 2020 · The SBA has not provided guidance on a deadline, but Form 3508 lists an expiration date of 10/31/20. Please review all information carefully as your application for forgiveness cannot be submitted to the SBA until all required information is received. The Application reads a bit like a simplified tax return and is comprised of the following sections: (i) Application Instructions (pages […] Dec 31, 2020 · What Will My Lender Submit to SBA? 1. Step 7: The SBA will have 90 days from when we submit your application to make a final decision on forgiveness. gov. We will cover Form 3508 (long form) and 3508EZ. Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. We continue to receive questions from our clients and friends regarding definitions in the original PPP documents that have not been clearly addressed. 2. ). com Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. Oct 29, 2020 · How To Complete SBA Form 3508S for PPP Loans Under $50,000. SBA Form 3508 Application _____ Aug 05, 2020 · The eligible non-cash compensation payments should be included on lines 7 and 8 of PPP Schedule A of the Loan Forgiveness Application (SBA Form 3508), for borrowers using that form, and do not count toward the $20,833 cap per individual. All new applications must use the most current version available. Let’s The new application form, SBA Form 3508S, can be used by PPP borrowers applying for forgiveness on PPP loans with a total loan amount of $50,000 or less, unless those borrowers together with their affiliates received loans totaling $2 million or more. You can find additional instructions, examples and explanations in the . May 16, 2020 · Late on May 15, the SBA released Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. The SBA also released a new, abridged Form 3508EZ for those meeting certain specified requirements. Subject to credit approval and program guidelines. Save or instantly send your ready documents. Using a 24-week coverage period is recommended and usually allows for full forgiveness from payroll only. The Lender should work with the borrower to remedy errors. Reminder: SBA. Once completed you can sign your fillable form or send for signing. Employers seeking forgiveness of a Paycheck Protection Program loan must submit to the lender that provided that loan two parts within SBA Form 3508, the PPP Loan Forgiveness Oct 09, 2020 · 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. com 14985 60th Street North, Stillwater, MN 55082 SBA Form 3508EZ (06/20) Page 1 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 this SBA Form 3508EZ if you can check at least one of the three boxes below. If you are using SBA Form 3508, please use the document reference guide for that application. SBA 3508S . These mirror the instructions and guidance provided by the SBA in the Schedule A Worksheet for the section that follows. On the next page, check the boxes “Included in SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. May 15, 2020. SBA For 3508EZ Application. 3508EZ Only: FTE Information, if applicable the SBA’s instructions for the 3508 and SBA and Treasury have listed additional items the borrower must retain on file in the instructions for both the 3508 and 3508EZ applications. Download: SBA Form 3508EZ - PPP Loan Forgiveness Application (NEW) (PDF, 105. Gauthier, Esq. Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender 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. Print out or save electronically the instructions for the form that you plan to complete. All right, deep breath friends. We immediately went to work updating our free guide and calculator. For SBA's PPP Loan Forgiveness FAQs and additional specific requirements relating to entity type and ownership compensation: The SBA has issued three separate applications for loan forgiveness, SBA Form 3508, SBA Form 3508S, and SBA Form 3508EZ. Last week we examined Form 3508S and its instructions in detail. The 3508EZ is for use by: Self-employed borrowers with no employees Jan 05, 2021 · Thankfully, the SBA has now released a separate document with instructions. Fill Online, Printable, Fillable, Blank 3245-0407-SBA-Form-3508-PPP-Forgiveness-Application PPP Loan Forgiveness Application Form. Small Business Administration Form 3508 PPP Forgiveness Application. If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. On June 16, 2020, the U. pdf By Tax Seminars | 2020-06-12T16:21:51+00:00 June 12th, 2020 | Comments Off on SBA Form 3508 – PPP Loan Forgiveness Application. The SBA released the Paycheck Protection Program (PPP) loan forgiveness instructions and application on Friday. Oct 31, 2020 · SBA Form 3508 (05/20) Page 1 . Once you have completed the workbook, you will need to download and complete the U. •Each loan will only allow for the submission of a single Forgiveness decision. 1. Gather all of your documentation related to your PPP Loan including your PPP Schedule A Worksheet or its equivalent, all SBA Form 3508 (06/20 May 27, 2020 · Lenders are to submit the Loan Forgiveness Application (SBA Form 3508 or lender equivalent) to the lender (or the servicing lender), who will review the application and issue a decision to the SBA within 60 days of receiving the complete application. • Form 3508 Instructions Choose the right SBA form to use: • Form 3508EZ • Form 3508 Select your Covered Period: Choose the 24-week Covered Period or Alternative Payroll Covered Period (if applicable) as the time frame for your incurred or paid payroll costs. Heritage Bank PPP Forgiveness Online Application . com®. SBA Form 3508EZ (06/20) Page 3 • the instructions to Form 3508 and the instructions to Form 3508 EZ. submit it to your Lender (or the Lender that is servicing your loan May 15, 2020 · Other Materials SBA Form 3508 - PPP Loan Forgiveness Application. Instructions for both are located at the following links: Form 3508 Instructions and Form 3508EZ instructions. The navigation buttons are located at the bottom of each screen Familiarize yourself with the SBA Paycheck Protection Program Loan Forgiveness Application Instructions, SBA Form 3508 and SBA Form 3508EZ on the SBA. Hope Rain leaves and joins apeks, and Hellzerk leaves this dignitas nonsense and also joins Apeks. Established by the US Small Business Administration, this unique program allows loans to be forgiven, provided the funds are used in the requisite manner. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. SBA 3508 Schedule A using the Case Study 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. Jul 28, 2020 · The SBA provided the following steps for lenders to calculate forgiveness based on forms 3508 and 3508EZ . And the PPP Loan Forgiveness Application SBA Form 3508EZ, considered the “mid-level” form, is estimated to take approximately 20 minutes. 3300000000 $50,000 or less 3508 S Application 3508 S Instructions IFR 10/8/2020 3508 S You can find detailed information on the SBA and U. All forms are printable and downloadable. PPLICATION . You are required to send us documentation to verify how the PPP funds were Click here to download the official U. Jun 29, 2020 · On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPP Flexibility Act) of 2020 was signed into law. If you are able to check one of the three boxes, located on the EZ application you will be able to file for forgiveness using the EZ form which is both shorter and completion of the Form 3508 and submission of all the required documentation. 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 information above was updated on November 4, 2020. [7] SBA Form 3508 (05/20) Page 1 . Jun 29, 2020 · The Treasury Department released Form 3508 EZ and Instructions on June 17 allowing recipients of Paycheck Protection Program (PPP) loans, who meet certain specified criteria, to take advantage of this new simplified loan forgiveness application process. Oct 26, 2020 · 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. INSTRUCTIONS . The new form reflects changes enacted by the PPP Flexibility Act of 2020, including: 60 percent payroll cost requirement Oct 09, 2020 · The U. Complete SBA 3508S 2020 online with US Legal Forms. May 18, 2020 · The instructions to line 9 (page 5) now indicate that any self-employed individual or general partner must actually pay themselves during the covered period, and the amount allowed is the lesser of the amount paid or 8/52 of the amount of self-employment income reported on their 2019 tax return. In this installment, we will be filling out part of the loan forgiveness application, SBA from 3508. Paycheck Protection Program OMB Control Number 3245-0407 Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020 • Form 3508S Instructions • Form 3508EZ Instructions • Form 3508 Instructions Select your Covered Period Choose the 24-week Covered Period or Alternative Payroll Covered Period (if applicable) as the time frame for your incurred or paid payroll costs. But we’re going to go step by step through the application together. SBA 3508/3508EZ/3508S Instructions. Pages 1-2: These two pages include a summary of the application, breaking it into 4 components: The PPP Loan Forgiveness Calculation Form; PPP Schedule A; The PPP Schedule A Worksheet The (optional) PPP Borrower Demographic Information Form Oct 09, 2020 · 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. Jun 17, 2020 · If a borrower does not fall into one of these categories, the borrower must use the longer SBA Form 3508. 3508 EZ Form Instructions – See page 1; If you’ll use the 3508 form (not the EZ form), complete the SBA Loan Forgiveness Worksheet. Your application will be submitted to the SBA for final approval. Borrowers with a PPP Loan greater than $50,000 will be required to fill out either Form 3508EZ (instructions) or Form 3508 (instructions) depending on certain criteria. Form SBA 3508EZ – The EZ form can be used to apply for forgiveness if the borrower can check at least one of three boxes found within the SBA 3508EZ Instructions Form, otherwise the SBA 3508 form must be used. Begin Online Application Join SBA's Virginia District Office for an overview and tips on filling out the Paycheck Protection Program Forgiveness Application Forms. Forms 3508 and 3508EZ), when a borrower submits SBA Form 3508S or lender’s equivalent form, the lender has the responsibility to: Confirm receipt of the borrower certifications contained in the SBA Form 3508S or lender’s equivalent form, and Oct 13, 2020 · Helping You Manage Your Forgiveness Application PPP Forgiveness Instructions and Application Training Resources for Application Speed and Accuracy Maximize Your Paycheck Protection Program Forgiveness Amount The goal of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has been to assist owners and employees at small businesses like yours to Revised Form 3508; Instructions for Form 3508; PPP Schedule A Worksheet; Regardless of which application you use, keep the following tips in mind: You must choose an 8-week or 24-week coverage period. SBA 3508 Application. You can use the backup documents listed on the instructions of the 3508S if your PPP loan amount was $50,000 or less and you are exempt from the $2 Million PPP loan total from affiliates rule listed at the top of the 3508S instructions form here. SBA loans are subject to SBA eligibility guidelines. PPP Loan Forgiveness - Form 3508 Standard Dec 02, 2020 · Documentation Required to be Submitted with SBA Form 3508S Forgiveness Application (updated December 2, 2020) Please note that in addition to the documentation described below that must be submitted with your forgiveness application, SBA requires you to keep all documentation related to your PPP loan and Forgiveness Forms and Instructions. SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (Spanish version) Instructions for the SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application; SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application You can also access information about loan forgiveness directly from the SBA. To receive loan forgiveness, a borrower must complete and submit the Loan Forgiveness Application (SBA Form 3508, 3508EZ, or lender equivalent) to its lender (or the lender servicing its loan). The information in this guide is intended to help our PPP borrowers understand how the SBA has directed borrowers to calculate forgiveness in order to prepare to complete the online application through our PPP Loan Forgiveness portal. 5/12) of 2019 net profit, capped at $20,833, for borrowers that used the 24 week covered period. Are there documentation requirements ? Yes. The instructions and worksheets are very informative and answer many questions that we all had. Demographic Info if provided (page 3} 3. Download: SBA Form 3508 - PPP Loan Forgiveness Application (PDF, 293. This will be done within 60 days (per SBA guidance). Benefits of the EZ application include: • Shorter application and instructions • Requires significantly fewer calculations, and • Typically takes less time to apply In addition, to see a list of documents that you are required to maintain but not submit, please review the PPP Loan Forgiveness Application Form 3508 Instructions. boxes to help you complete the application. Instructions for the PPP loan forgiveness application. gov to familiarize yourself with the latest Form 3508 or 3508EZ instructions. SBA Form 3508 (06/20) Page 7. See the SBA Instructions and the FAQs for more information on Covered Period. Step 8 May 15, 2020 · Other Materials SBA Form 3508 - PPP Loan Forgiveness Application. Accordingly, PPP Loan Forgiveness Application SBA Form 3508, also known as the “longer” form, is expected to take approximately three hours. When does a borrower’s eight-week covered period begin? The SBA/Treasury’s FAQs published May 13 say the eight-week period for covered expenses begins on the date the lender makes the first disbursement of the PPP loan to the borrower. does not require you to complete PPP Schedule A or compile the PPP Schedule A Worksheet. 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). ” Otherwise, EZ form filers don’t have to file information on FTEs. SBA Form 3508EZ (the “EZ Form”) is a streamlined application that . Simplify PPP Forgiveness Administration the SBA. All applications, along with instructions for completion and checklist of items required for forgiveness, can be found by clicking the links below. submit it to your Lender (or the Lender that is servicing your loan 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. a de minimis exemption from the Oct 12, 2020 · Pursuant to the Form 3508EZ, PPP Loan Forgiveness Application instructions, borrowers who meet one of the following conditions can use Form 3508EZ for its business forgiveness application: The business is self-employed and have no employees; OR Jan 07, 2021 · PPP Loan Forgiveness Application 3508 3508 Application Instructions (PDF) PPP Forgiveness Application 3508EZ ( Revised 06. Let's take a look at some of the changes in the Form 3508 and then explore what the requirements Small Business Administration Paycheck Protection Program. Pages 1-2: These two pages include a summary of the application, breaking it into 4 components: The PPP Loan Forgiveness Calculation Form; PPP Schedule A; The PPP Schedule A Worksheet The (optional) PPP Borrower Demographic Information Form Oct 12, 2020 · FORM 3508: Borrowers and other interested parties may use the SBA Form 3508and the SBA Form 3508 Instructions to calculate the amount of forgiveness by adding all payroll and nonpayroll costs to Jun 18, 2020 · The SBA, in consultation with the Department of the Treasury, announced a brand-new Form 3508EZ for certain PPP borrowers to use to apply for forgiveness. Print the application to complete the worksheet before starting Required Documents to Submit SBA 3508 Standard Forgiveness Application; Step Three: In-Review . 4. Disclaimer:. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. Oct 09, 2020 · On October 8, 2020, following requests by many small businesses and lenders across the country, the Small Business Administration released a streamlined application for Paycheck Protection Program (PPP) borrowers who borrowed $50,000 or less (affiliate groups are excluded). Oct 13, 2020 · The SBA has provided three loan forgiveness applications – Form 3508EZ ,Form 3508, and Form 3508S (for PPP loans totaling $50,000 or less). The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. For PPP loans over $50,000 please refer to Form 3508 or Form 3508EZ. , LL. If you were funded before June 5, you can choose either an 8-week or a 24-week period. Form 3508EZ Instructions; U. F. 31. SBA Form 3508 and its instructions previously were available as a unified document, but the revised form and its revised instructions were released as separate documents. This simplified version provides some level of relief to borrowers as it does not require Dec 15, 2020 · SBA Form 3508S has the fewest calculations. For loans of $50,000 or less, please complete SBA Form 3508S. I declare to be over 18 years. What goes into each line can be found below. L. Jun 24, 2020 · On June 17, 2020, the US Department of the Treasury (Treasury Department) and the Small Business Administration (SBA) announced the release of (i) a revised Paycheck Protection Program PPP Loan Forgiveness Application, Form 3508, to implement the terms of the Paycheck Protection Program Flexibility Act (Flexibility Act), and (ii) a new, simplified "EZ" version of the application, Form 3508EZ, available to certain qualified borrowers. treasury. If you have any questions about the PPP Loan Forgiveness process, please contact your Personal Banker that assisted you in obtaining the PPP Loan. gov websites. The SBA said its form and instructions are designed to reduce compliance burdens and simplify the process for borrowers and include: Options for borrowers who use a biweekly or more frequent payroll schedule to calculate payroll costs using an “alternative payroll covered” period that aligns with borrowers’ regular payroll cycles. Certain restrictions apply to refinancing options and are subject to program terms. Oct 31, 2020 · The U. May 20, 2020 · Benefits Update - SBA Form 3508 Paycheck Protection Program (PPP) Forgiveness Application. You’ll need the answers from the Schedule A Worksheet. When a borrower submits SBA Form 3508 or Lender’s equivalent form, the Lender shall: 1) confirm receipt of the borrower certifications contained in the SBA Form 3508 or Lender’s equivalent form; May 18, 2020 · Other eligible payroll costs, according to the instructions of the SBA Form 3508, are as follows: The total amount paid by the Borrower for employer contributions for employee health insurance, including employer contributions to a self-insured, employer-sponsored group health plan, but excluding any pre-tax or after-tax contributions by employees. submit it to your Lender (or the Lender that is servicing your loan yes to 1), 2), or 3) above, then you must apply using the streamlined SBA Form 3508S (if you are eligible) or the standard SBA Form 3508. The information provided in this blog does not constitute legal, tax or accounting advice, but is designed to provide a current understanding of the Paycheck Protection Program forgiveness application. To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and . 3508 S Form Application Instructions Video Step Two: Gather the required documentation. Jun 24, 2020 · The new revised standard PPP loan forgiveness application (SBA Form 3508) and accompanying instructions largely tracks the original application and instructions published in May 2020, but with a number of differences to implement changes to the PPP loan program and loan forgiveness rules under the PPPFA. On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 – revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. In addition to the signed Forgiveness Application Form (SBA Form 3508, 3508EZ, 3508S or lender equivalent) borrowers are generally expected to submit the following (see SBA Form 3508, 3508EZ or 3508S for instructions on specific details): 1. May 17, 2020 · The SBA Form 3508 requires that a borrower who, along with its affiliates, received aggregate PPP funds over $2 million, check a box alerting the SBA to the size of the aggregate loan. As a general matter, the lender will review the application and make a decision regarding loan forgiveness. This guidance implements what many consider to be the key provisions in the CARES Act that allow small businesses and self-employed individuals to seek full forgiveness of their PPP loans that are being used to pay employee wages and Nov 30, 2020 · In response, the SBA did somewhat simplify SBA Form 3508, the original forgiveness application, and came up with an easier version: SBA Form 3508EZ. Jun 16, 2020 · Other Materials SBA Form 3508EZ - PPP Loan Forgiveness Application (NEW) June 16, 2020. B. Consult SBA and Treasury PPP guidance published www. SBA Form 3508EZ Instructions b. Initial each of the required certifications, and sign at the bottom of the application. Although there may be many questions on various facets of how to calculate eligible payroll and non-payroll costs, the focus of this Alert is on the definition of average Full-Time Equivalent Dec 02, 2020 · The full application from the SBA can be found here (instructions). We recommend reviewing the SBA Form 3508, 3508EZ, and 3508S and instructions by visiting US Department of Treasury PPP for the most comprehensive information published to date. - You are not required to complete Form 3508EZ or 3508 before starting your online Forgiveness request. Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application PPP Loan Forgiveness Calculation Form . Aug 19, 2020 · As a result of the recently passed amendment, the SBA released revised PPP Loan Forgiveness Applications and instructions on June 16, 2020. However, SBA may request information and documents to review those calculations as part of its loan review process. The SBA has published its long-awaited guidance on forgiveness of Paycheck Protection Program (PPP) loans — SBA Form 3508, the Loan Forgiveness Application. SBA Form 3508S Instructions d. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. ORGIVENESS . On Friday (11/20) from 1:00pm-3:15pm, we are going to examine Form 3508EZ and its instructions in detail and compare it with Form 3508S and 3508. Sba Form 3508 Ez On June 16, 2020, the Small Business Administration (SBA) released the revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application Form. Not gonna lie—the application process can be kinda… a lot. Small Business Administration (SBA) released a highly anticipated revision to its Form 3508 Paycheck Protection Program (PPP) Loan Forgiveness Application. or 3508 form. The forms along with instructions on their use can be found below. Dec 22, 2020 · 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. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. I recommend you keep the application and instructions both open as you complete the application. SBA Form 3508 Instructions c. Fill out the required information. APPLICATION for SBA Loan Forgiveness Form 3508. SBA has issued updated versions of the PPP forgiveness applications (3508, 3508EZ, and 3508S) with a new expiration date of 11/30/2020. Chamber of Commerce Guide to PPP Loan Forgiveness; U. The information is subject to change through the SBA. Let's take a look at some of the changes in the Form 3508 and then explore what the requirements 3508 • Can be used by any borrower • Should be used if the borrower is claiming any FTE Safe Harbor or had FTE employee or salary/wage reductions unless borrower qualifies to use the SBA 3508S • Can be used if borrower can claim 1 of the 3 certifications listed on the application instructions • Certifications related to employee wage/salary May 18, 2020 · Other eligible payroll costs, according to the instructions of the SBA Form 3508, are as follows: The total amount paid by the Borrower for employer contributions for employee health insurance, including employer contributions to a self-insured, employer-sponsored group health plan, but excluding any pre-tax or after-tax contributions by employees. 83 KB) The requirements to use the 3508 EZ for all Borrowers are included in the instructions documents provided by the SBA. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that are that will pose traps for the unwary. For customers that have received an SBA PPP loan from Bank of Brodhead, we will be utilizing an online portal for the preparation of the SBA Application for Forgiveness (SBA Form 3508, 3508 EZ, and 3508S) as well as for uploading of supporting expense documentation. a de minimis exemption from the Under certain circumstances when using the SBA’s 3508 EZ Form, the SBA requires Frost to collect documents verifying the average number of full-time equivalent employees on the payroll that you employed at the end of your Covered Period, among other things. The FTE rehiring and reestablishing of wages by June 30, 2020, will also allow borrowers to “cure” the impact of two of the three forgiveness tests. Topics. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . CRBT cannot accept applications without the required supporting documentation. SBA Form 3508 ( 06/20) Page 3 . 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 Nov 04, 2020 · While SBA Form 3508S does not require borrowers to show the calculations they used to determine their loan forgiveness amount, the SBA may request information and documents to review those calculations as part of its loan-review process. Application: Click HERE for the PPP Loan Forgiveness Application Form 3508. Dec 09, 2020 · c. The borrower must retain these in their files for a period of six years after the date the loan is forgiven or repaid in full. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). Today, we’re releasing our new guide and an updated version of our free calculator. As with the other PPP Loan Forgiveness Applications (i. Additionally, the SBA released Form 3508EZ, PPP Loan Forgiveness Application Form , a streamlined version of the application for borrowers meeting the criterion set forth below. 5 months worth (2. gov and Treasury. Let’s Dec 02, 2020 · The full application from the SBA can be found here (instructions). A. o SBA 3508 Standard PPP Loan Forgiveness Application and 3508 Standard Application Instructions Features of the PPP Forgiveness Platform User Interface Help Text can be displayed by clicking the button to the right of the field. PPP Loan Forgiveness Application “Standard” Form (SBA Form 3508) PPP Loan Forgiveness Application “EZ” Form (SBA 3508EZ) 3. If borrowers previously received funds under the Economic Injury Disaster Loan (EIDL) advance IFR on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities –5/22/2020 • If the SBA requests a review of your loan, the Lender has five days to provide: • SBA Form 2483 –The PPP Loan Application • SBA Form 3508 –The PPP Forgiveness Application Confirm receipt of the borrower certifications contained in the SBA Form 3508 or lender’s equivalent form. M. instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Business Legal Name (“Borrower”)DBA or Tradename, if applicable 3. Simplified Process for Loan Forgiveness, Form 3508S • On October 8, SBA released a simplified forgiveness application and instructions for borrowers with a PPP loan of $50,000 or less (other than borrowers that together with affiliates received loans totaling $2 million or more), as well as an interim final rule governing use of the new form. SBA Instructions. On December 21, 2020, Congress approved a COVID-19 Relief Bill, which included a re-authorization of the SBA Paycheck Protection Program, including the following provisions: $284 billion in new funds for the PPP, available to both new and existing PPP Borrowers. SBA Form 3508 Instructions SBA Form 3508 Forgiveness Application We would like to restate, as a result of the PPP Flexibility Act (“the Act”), the deferral period for payment of interest has been extended. Known as SBA Form 3508, the Application can be found here. Borrowers may also complete their application electronically through their Lender. In order to use the 3508 EZ Form before the end of your Covered Period: a. Jan 07, 2021 · PPP Loan Forgiveness Application 3508 3508 Application Instructions (PDF) PPP Forgiveness Application 3508EZ ( Revised 06. This web based platform will assist in the completion of the Loan Forgiveness Application (SBA Form 3508EZ and SBA Form 3508), the calculation of your loan forgiveness amount, upload of required supporting documents, and automatic submission of your loan forgiveness request to the SBA after lender review. 2) Once fully completed, email this checklist, SBA PPP Forgiveness Application and all supporting Established by the US Small Business Administration, this unique program allows loans to be forgiven, provided the funds are used in the requisite manner. This list re˜ects requirements for SBA Form 3508EZ, including sole proprietors and independent contractors. Link to instructions: EZ Forgiveness Application Instructions. The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. pdf Share This Story, Choose Your Platform! Aug 11, 2020 · For forgiveness applications using SBA Form 3508: PPP Loan Forgiveness Calculation Form (Form 3508 or lender equivalent), including the signed certification document by the borrower PPP Schedule A PPP Borrower Demographic Information F orm, if the borrower submitted it to the lender For forgiveness applications using SBA Form 3508EZ: The instructions for the Paycheck Protection Program EZ Loan Forgiveness Application (Form 3508 EZ). PPP Schedule A Payroll: SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount. The application itself is 11 pages long many of these pages are instructions. com® is not a lender. May 20, 2020 · Last Friday, May 15, the SBA issued new guidance for PPP loan forgiveness, and also published the official SBA PPP Loan Forgiveness Application (SBA Form 3508). Easily fill out PDF blank, edit, and sign them. Nov 18, 2020 · The borrower must submit documentation supporting its request. 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 boxes, submit it to your lender (or the lender that is servicing your loan). The SBA Form 3508 instructions do not include a test as to whether at least 75% of total PPP loan proceeds were actually expended on payroll costs; rather, they include a test to determine whether at least 75% of the forgiveness amount was used for payroll costs. If a Borrower does not meet these requirements, the main one being that the Borrower did not reduce staff or reduce pay by more than 25 percent for any employees, the Borrower must use the 3508 form. INSTRUCTIONS for SBA Loan Forgiveness Application Form 3508. Instructions for Form 3508S also were released. If you’re claiming the following eligible Payroll and Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after submitting your application through the Customer Portal. Please do not submit any documents to SBA. Financing maximums an d Download and read the SBA Instructions for form 3508S (green button below). The 3508EZ is for use by: Self-employed borrowers with no employees FORM 3508: Borrowers and other interested parties may use the SBA Form 3508and the SBA Form 3508 Instructions to calculate the amount of forgiveness by adding all payroll and nonpayroll costs to calculate the potential forgiveness amount and then adjusting that amount for full-time equivalency (FTE) and salary/hourly wage reductions and the Jun 25, 2020 · The new revised standard PPP loan forgiveness application (SBA Form 3508) and accompanying instructions largely tracks the original application and instructions published in May 2020, but with a Many Borrowers are still in the process of gathering payroll data, health and retirement costs, rent, utilities and mortgage interest costs so that they can file their PPP Loan Forgiveness Application. May 19, 2020 · Becoming familiar with SBA Form 3508 and instructions is the first step in the process to obtain loan forgiveness. Any missing required documentation may delay the processing of your application. Confirm receipt of the documentation the borrower must submit to aid in verifying payroll and nonpayroll costs, as specified in the instructions to the SBA Form 3508 or lender’s equivalent form. We will include case studies. SBA has 90 days to review and make decision and issue payment. If you are unable to check one of the boxes above, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508. SBA Loan Forgiveness Form 3508. Known as SBA Form 3508, the Application can… This is a 4-hour recorded video conference (4 CPE credits) led by Lucien P. Overview of the program INSTRUCTIONS: This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness application. These Jun 20, 2020 · Those are the 3508 applications and the new 3508EZ form. 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). If borrowers previously received funds under the Economic Injury Disaster Loan (EIDL) advance FORM 3508: Borrowers and other interested parties may use the SBA Form 3508 and the SBA Form 3508 Instructions to calculate the amount of forgiveness by adding all payroll and nonpayroll costs to calculate the potential forgiveness amount and then adjusting that amount for full-time equivalency (FTE) and salary/hourly wage reductions and the payroll 60% requirement to arrive at the forgiveness amount. gov or Treasury. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. SBA Form 3508EZ Instructions. Lender Submission of Loan Forgiveness Decisions, Supporting Documentation, and Requests for Forgiveness Payments to SBA SBA has partnered with a financial services technology provider – Goldschmitt-CRI – to make Feb 15, 2019 · SBA Loan Forgiveness Application Form 3508 SBA Loan Forgiveness Application Instructions (SBA Form 3508) Small Business Paycheck Protection Program Information SBA Paycheck Protection Program Information Important Note: This document is for informational purposes only, and is based on the SBA guidance available at the time. 3508 EZ Form; 3508 EZ Form Instructions; 3508 Long Form; 3508 Long Form Instructions •Lenders may utilize SBA Form 3508/EZ (pages 3 and 4 of the PPP Forgiveness Application) to calculate the value of each loan that qualifies for forgiveness. Although sometimes contradictory to the CARES Act and previously released guidance and often raising more questions than it answered, such guidance has helped small businesses navigate the confusing process of Oct 13, 2020 · 3508 S Forgiveness Application & Instructions West Virginia District Office 8 Same Info As Application Form “ Same Info As Application Form 00000000-01 Lender Loan # [or SBA #] Count Count SBA will deduct. This Jun 18, 2020 · For those borrowers, the Form 3508EZ Instructions say they must include documentation of “the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period. Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). Determine which PPP Forgiveness Application to use. The navigation buttons are located at the bottom of each screen Oct 20, 2020 · SBA Interim Final Rule #17 (85 FR 36308) SBA Interim Final Rule #15 (85 FR 33010) SBA Interim Final Rule #14 (85 FR 33004) SBA Interim Final Rule #3 (85 FR 21747) SBA Interim Final Rule #1 (85 FR 20811) PPP Forgiveness Application 3508S (simplified form)* PPP Forgiveness Application 3508S Instructions PPP Forgiveness Application 3508 (long form)* Jun 12, 2020 · SBA Form 3508 - PPP Loan Forgiveness Application. •Confirm receipt of the borrower certifications contained in the SBA Form 3508, 3508EZ, 3508S or lender’s equivalent form. Nov 20, 2020 · If you meet any of these 3 criteria you may file for forgiveness using the SBA Form 3508EZ following the 3508 EZ Instructions for Borrowers. Form 3508 Instructions; SBA Loan Forgiveness Application – Form 3508EZ. In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven. 2020) 3508 EZ app Instructions (PDF) ***PPP Information for loans $50,000 and under ***** Visit the SBA website to review the forgiveness application forms, SBA Form 3508, SBA Form 3508EZ, and Form 3508S and determine which form applies to you. , CPA Recorded Video Conference: 10/20 Late on 10/08, the SBA issued an Interim Final Rule (#25) providing additional guidance concerning the forgiveness and loan review processes for PPP loans of $50,000 or less. Gather all of your documentation related to your PPP Loan including your PPP Schedule A Worksheet or its equivalent, all SBA FORM 3508 S. Treasury websites. In addition to the supporting Oct 19, 2020 · More information on SBA PPP loan forgiveness can be found on the SBA site. The application, Form 3508S. SBA Form 3508 EZ (pages 1 and 2) •Or lender equivalent 2. If none of the below statements apply, then just hit submit to be taken to the Standard SBA 3508 Forgiveness Form. We also will discuss some of the new rules in the SBA's recent IFRs and answer all of your lingering questions about loan forgiveness. Thank you for visiting our PPP Loan Forgiveness Calculator! Dec 21, 2020 · SBA Form 3508 Instructions. Instructions for PPP Loan Forgiveness Application Form 3508S, Form 3508EZ, and Form 3508 including details on required documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S (for loans of $50,000 or less) Jul 06, 2020 · The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. This webinar will cover the 3 forms available for applying for loan forgiveness: Form 3508, Form 3508-EZ and Form 3508-S. The SBA has implemented two versions of the Loan Forgiveness Application — SBA Form 3508 and SBA Form 3508EZ. I. OAN . Form 3508 Instructions – page 6 Form 3508EZ Instructions – page 4: Step 6: Once we receive your complete application, we will notify you when we have submitted our forgiveness recommendation to the SBA. May 27, 2020 · Lenders are to submit the Loan Forgiveness Application (SBA Form 3508 or lender equivalent) to the lender (or the servicing lender), who will review the application and issue a decision to the SBA within 60 days of receiving the complete application. 83 KB) SBA Loan Forgiveness Application – Form 3508. , SW, Washington DC 20416, and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Washington DC 20503. Step One: Access the application in the link below. Contro 3245 Employee Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB l Number -0407 Oct 09, 2020 · The instructions to Form 3508S contain a section outlining the computation of the forgiveness amount. The SBA has 90 days to approve and remit funds to the Bank for your loan forgiveness. SBA Form 3508 Instructions. The lender must also request that the borrower provide the lender with the applicable documentation that the instructions to the loan forgiveness applications forms (SBA Form 3508 and SBA Form 3508EZ) instruct the borrower to maintain but not submit. •Confirm receipt of the documentation the borrower must submit to aid in verifying payroll and non-payroll costs as specified in the instructions to the SBA Form 3508, 3508EZ, 3508S or lender’s equivalent form. NSTRUCTIONS FOR . Senate Committee on Small Business & Entrepreneurship Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act at First Glance The requirements to use the 3508 EZ for all Borrowers are included in the instructions documents provided by the SBA. SBA 3508EZ 3508 EZ Form Instructions – See page 4; Review the criteria that will qualify your business to use the 3508 EZ form to apply for Forgiveness. Included in the 11-page document are the PPP Loan Forgiveness Calculation Form, PPP Schedule A and a related worksheet to compute payroll costs and Full-Time Equivalency (FTE) reduction, borrower certifications, and seven pages of Aug 11, 2020 · - Familiarize yourself with the SBA Loan Forgiveness Form 3508EZ Instructions to understand if you can use Form 3508EZ. The Small Business Administration set up the Paycheck Protection Program as a loan available to small businesses to keep their workforce employed during this pandemic. SBA 3508EZ. Aug 21, 2020 · PPP Loan Forgiveness Application Form 3508 instructions PPP Loan Forgiveness Application Form 3508 PPP Loan Forgiveness Application Form 3508EZ instructions PPP Loan Forgiveness Application Form 3508EZ ; More information on SBA PPP loan forgiveness eligibility and criteria can be found on the SBA or U. Oct 12, 2020 · Anastasi Jellum, P. Please read and review the following SBA Forms and Instructions to determine possible eligibility: SBA 3508 Instructions. 3508 S Form Application Instructions Video 2) If your loan is over $50,000 follow the hyperlink below to the 3508 EZ instructions to see if you qualify to apply using the EZ form. If you meet at least one of the three requirements below, you may be able to complete and submit the EZ PPP loan forgiveness application. Instructions: Click HERE for the PPP Loan Forgiveness Application Form 3508 Instructions . On June 16, 2020, the SBA published revisions to its Form 3508 Loan Forgiveness Download the Instructions for Loan Forgiveness Application Form 3508 Download Loan Forgiveness Application Form 3508S Download SBA Form 3509 PPP Loan Necessity Questionnaire (For-Profit Borrowers) There are now two forms of PPP loan forgiveness application: Form 3508 (and related instructions) and Form 3508EZ (and related instructions). First Metro Bank will update information as needed. PPP Loan Forgiveness Applications (SBA Forms 3508 and 3508EZ) and Instructions. Do not submit this Checklist with your SBA Form 3508EZ. Page 3 of the Application is where the Loan Forgiveness Calculation is information requested should be sent to Small Business Administration, Director, Records Management Division, 409 3rd St. Instructions for each form are also in this folder. Oct 24, 2020 · The SBA, in its Notice to be officially published on October 26, has also revealed its estimates of total PPP loan forgiveness applications and projected hourly burdens. Instructions: 1) Complete SBA PPP Loan Forgiveness Application per the attached SBA Form 3508EZ or SBA Form 3508 a. Overview of the program SBA’s PPP Loan Forgiveness Application (SBA Form 3508, 3508S, or SBA Form 3508EZ) will not be accepted. But it’s not the simplest form to fill out. 3508 EZ Form Instructions – See page 4; Review the criteria that will qualify your business to use the 3508 EZ form to apply for Forgiveness. The IFR creates two new de minimis exemptions: 1. . By Bill Cunningham. Instructions on how to complete your forgiveness application can be found at the links below: SBA 3508. Click here to download the official U. sba 3508 instructions

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