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Elmsford, New York 10523, Telephone: +1 (914) 722-6901 While it still requires small businesses to provide documentation and complete a series of calculations, it is considerably less demanding. Although the three versions of Form 3508 are different, they all begin by asking for the following business and PPP loan information: For full PPP forgiveness, you must meet a few requirements. Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. EIDL Advance Amount: If the Borrower received an Economic Injury Disaster Loan (EIDL) advance, enter the amount. On June 16, 2020, the U.S. Small Business Administration (SBA) released a highly anticipated revision to its Form 3508 Paycheck Protection Program (PPP) Loan Forgiveness Application. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. But now, you’re in the home stretch. 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. Effective October 8, 2020, Paycheck Protection Program (PPP) borrowers receiving forgivable loans of $50,000 or less can use a streamlined forgiveness application. PPP Loan Forgiveness Best Practices ... 3508S – Only available if the principal amount of the loan was less than $50,000. SBA loans are subject to SBA eligibilty guidelines. But because of the eligibility requirements to use the form, you do not need to make adjustments for FTE and salary reductions. These applications are for reference only. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. Free payroll setup to get you up and running and support to smoothly run payroll. Do not submit this Checklist with your SBA Form 3508EZ. 2 West 45th Street, Complicated rules and unanswered questions left many people scrambling. However, they also haven’t had to reduce employees. The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. As of 12/22/20, the bill has not been signed into law by the president. The SBA and Treasury released Form 3508 on May 15, 2020. 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. What is the Paycheck Protection Program (PPP)? As of June 17, 2020, the SBA released two PPP Loan Forgiveness Applications. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. The form you use depends on certain factors such as: Take a look at details about each form as well as their eligibility requirements to determine how you can apply for PPP loan forgiveness. Â, Any borrower who received a Paycheck Protection Program loan can use Form 3508 to apply for forgiveness.Â, But because it is the most complex form, you should only use this form if you do not qualify to use Form 3508EZ or 3508S.Â. If you are looking for more information on the terms of the PPP loan check outy our other poses. SBA Form 3508EZ (06/20) Page 2 . Not a customer? Download .pdf. Or you are a corporation, you did not reduce salary by more than 25% for any employee earning less than $100,000 and you either: That final point is extremely broad and important. The exact wording from the PPP 3508EZ application is: “The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.”. Here’s the bottom line on which form you should use: Keep in mind that, regardless of which version of Form 3508 you use, you must have supporting documentation to justify your loan forgiveness request. Fax: +1 (914) 722-6902. Returned to full employment by December 31, 2020. If you did reduce employee headcount despite not being impacted or if you did reduce salaries by more than 25% use the full forgiveness application. Small business owners have certainly been through the ringer in 2020. At Bank of America, the Paycheck Protection Pr… If you did reduce employee headcount despite not being impacted or if you did reduce salaries by more than 25% use the full forgiveness application. 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. Qualifying borrowers can use Form 3508EZ, the simplified version of Form 3508, to apply for PPP forgiveness. 3508EZ – Only available if the borrower is able to certify to certain criteria in the application. On June 16, 2020, the SBA issued a simplified PPP Loan Forgiveness Application called the 3508EZ Form. Only borrowers who took out loans that were $50,000 or less can use the form. All Rights Reserved. Fax: +1 (212) 382-3726, 565 Taxter Road, 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. I know a few businesses that have not been impacted by the COVID restrictions. This application was created using the Free PPP Loan Forgiveness Application Creator at Applyforppp.com Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. Form 3508S might not be the end of the line. Don’t be. SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. Worried about gathering all your documents to fill out Form 3508? Subject to credit approval and program guidelines. The process of applying for loan forgiveness starts by contacting the Lender that is servicing your loan and getting the correct loan application form. Most of the complexity in the standard form comes from calculating forgiveness adjustments due to FTE and salary reductions. One of them—Form 3508EZ—is much shorter and simpler than the other. 3508 – The general form required if the borrower doesn’t qualify for either of … 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. Please review the application thoroughly. The second step in the process is compiling all of the necessary documentation. Treasury Secretary Steven T. Mnuchin said, We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. Download the 3508EZ form here. Could not return to full employment because your business could not operate at full capacity due to COVID-19 restrictions. Download the 3508EZ form here.Download the 3508EZ form Instructions here. Form 3508S: A borrower may use Form 3508S only if the total PPP loan amount received was $50,000 or less. They also introduced a new form the EZ form which is significantly simpler then the full form. You’ve gotten the loan and just need to apply for forgiveness using Form 3508. Form 3508 requires significantly more calculations than the other forms because it has an additional calculation for borrowers who reduced their employee numbers and/or salaries. This new form, form 3508EZ, also known as the EZ form, is a shorter version of the initial PPP loan forgiveness application form. Form 3508 requires the most calculations, Form 3508EZ requires less calculations, and Form 3508S is nearly calculation-free (cue the celebration).Â. 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. Suite 105 The restrictions seem to be an acceptable reason not to rehire as well. How can I apply? This form has a calculation for determining how much you reduce your loan forgiveness amount by for these adjustments. The businesses that I know of who have reduced headcount have done so due to the COVID restrictions. • For Borrowers using SBA Form 3508EZ, and who checked only the second box on the checklist on page 1 of the instructions to the EZ PPP Loan Forgiveness Application, the FTE documentation must show the average number of FTE employees on payroll employed by the Borrower on January 1, 2020 and at the end In addition, each borrower is required to retain (but not deliver) a number of supporting documents as part of the loan forgiveness proces s for six years. Download the 3508EZ form Instructions here, more information on how the Flexibility Act Changed the PPP terms here, Year-End Tax Planning Guide for Individuals, A tool for the times: build teams at a distance. You do not need to complete this application at this time, but may use it to guide your spending during the 8-week (56-day) period or the 24-week (168-day) period. Form 3508EZ is three pages long and broken down into the following parts: Form 3508S is the simplest PPP loan application form available. 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. Borrowers who reduce their full-time equivalent employees, employee salaries, or both also reduce their PPP forgiveness amount. And like Form 3508EZ, the regular 3508 requires borrowers to calculate their payroll and nonpayroll costs using the 60% / 40% rule.Â. To use the form include a regular form 3508 on May 15 2020! 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