Contact your PPP Lender and complete the correct form Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent. You can request Forgiveness with SBA Form 3508EZ if you meet at least … 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. Subject to credit approval and program guidelines. Form 3508EZ — This is a simplified form that can be used by, for example, sole proprietors or those who did not reduce employee salary/wages by more than 25% or the number of employees during the relevant reference period, as described in the 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. The SBA and Treasury released Form 3508 on May 15, 2020. Or you are a corporation, you … PPP loan forgiveness update. SBA Form 3508EZ •One of the three criteria below must be met: cert 1. The SBA updated its PPP Loan Forgiveness FAQs on October 13, 2020 to address this concern, adding Question 4 on page 2 of the FAQ: Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Visit the SBA CARES Act FAQ to find out more about the Paycheck Protection Program (PPP). 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. Find easy to understand instructions for completing the PPP Loan Forgiveness Application Form 3508EZ with examples for self-employed borrowers. a. Click CHECK YOUR EZ FORM ELIGIBILTY at the top of the page when you open your application. Form 3508EZ – Required Document Checklist Borrow er Name: _____ 1. During your PPP covered period, was your business activity level LOWER than it was prior to 2/15/20, due to compliance with guidance issued between 3/1/20 and 12/31/20 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and didn’t include any employee salaries in the computation of average monthly payroll in the application form; OR. There are caps on the salaries for owner employees making more than $100,000.00. If YES, continue to Question 4. If you have a payroll provider, request a payroll report from them. The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. SBA Form 3508 | SBA Form 3508 Instructions. The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. Enter Average FTE (Box 2) from PPP Schedule A … 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 payroll in the Borrower Application Form (SBA Form 2483). If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. 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 … Act, but there are now signs the ride may be coming to an end. 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. 4. SBA Form 3508EZ. If NO, use Form 3508EZ. SBA Form 3508EZ (06 /2 0) Page 1 _____ _____ _ _____ _____ _____ Pa y check Pro tectio n P rog ra m . If using Form 3508EZ and you meet the conditions related to reduction of salaries, number of employees and hours, you will need to document the average number of FTE employees on payroll employed on January 1, 2020 and at the end of the covered period. Many REALTORS® are small businesses, or work with them as clients. SBA Form 3508EZ. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. Form 3508EZ Instructions for a listing of such documents . Checklist for Using SBA Form 3508EZ You (the Borrower) may apply for forgiveness of your Paycheck Protection Program (PPP) loan using the SBA Form 3508EZ if you can answer yes to at least one of the three following statements. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. The 3508EZ form is a shorter version. PPP loan forgiveness application. Do not submit this Checklist with your SBA Form 3508EZ. PPP loan forgiveness. Non-Payroll. 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.. Coronavirus: SBA CARES Act FAQs. Both periods would begin on the PPP loan disbursement date, and in no case would the … STEP 1 . 6 months ago. Act, but there are now signs the ride may be coming to an end. You’ll need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. 5 months ago. SBA Form used 3508EZ PRE-WORK EXAMPLE 1 ABC Cookies. SBA’s PPP Loan Forgiveness Application (SBA Form 3508, 3508S, or SBA Form 3508EZ) will not be accepted. How to apply for PPP loan forgiveness. You’ll need the answers from the Schedule A Worksheet. 2. Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses who qualify. 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. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? SBA Form 3508 ( 06/20) Page 2 _____ Co 3245 i Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB ntrol Number -04 07 Expiration Date: 1 2 / 31 /2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Line 1. Financing Find out what provisions are available in the CARES … 3508EZ Document Checklist 1 | Page INSTRUCTIONS: This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness application. Frequently Asked Questions - Form 3508EZ 1. SBA Form 3508 (06/20) Page2. Refer to Form 3508EZ for further detail. Many business owners and financial advisors shared concerns about its complexity and rigid rules. c. … PPP Loan. Review the eligibility questions – If you can answer yes, to any of the questions, c heck the box next to the applicable ones and then click START THE EZ FORM at the bottom of the page. Do not submit this Checklist with your SBA Form 3508EZ… PPP. 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. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Which form should I use to complete my application ? Certain restrictions apply to refinancing options and are subject to program terms. PPP Forgiveness Application 3508EZ ( Revised 06.16.2020) Fillable (U.S. Small Business Administration) SBA form 159 Fee Disclosure and Compensation Agreement; SBA form 1919 7(a) Borrower Information Form; SBA form 1920 Lender’s Application for Loan Guaranty PPP Loan Forgiveness Application F orm 3508 EZ . Chas o usines Loan Forgiveness pre-work examples 3 STEP 1 Calculate payroll costs On Line 1, ABC Cookies enters the payroll costs incurred or paid during the Covered Period. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 Paycheck Protection Program PPP Schedule A Line 1. Received a PPP loan of $50,000 or less, AND; Together with your affiliates, didn’t receive PPP loans totaling $2 million or more. b. You can use the form if. 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. In order for businesses to be eligible for SBA Form 3508EZ, they must meet one of the three following requirements: The borrower … SBA PPP loan. simpler form by following the SBA’s Checklist for Using SBA Form 3508EZ. Enter Salary/Hourly Wage Reduction (Box … You can request Forgiveness with SBA Form 3508S if you meet these two criteria below. Document your eligible payroll and non-payroll costs. Refinances of existing SBA loans are excluded. SBA Form 3508EZ | SBA Form 3508EZ Instructions. 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. For customers using Form 3508S: No FTE report is required if you use Form 3508S. We support America's small businesses. The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. If your business is using the 8-week Covered Period (as ABC Cookies is), … Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. 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 payroll in the Borrower Application Form (SBA Form 2483). 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