ppp loan forgiveness application form 3508ez

Complicated rules and unanswered questions left many people scrambling. 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. Affiliate businesses (e.g., businesses with common management, stock ownership, and identity of interest) that took out a combined total of PPP loans of $2 million or more cannot use Form 3508S. Many business owners and financial advisors shared concerns about its complexity and rigid rules.Â, 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 June 16. Fax: +1 (212) 382-3726, 565 Taxter Road, Please refer to . How to Complete the PPP Loan Forgiveness Application, Form 3508 is the most complicated of the three forms. SBA loans are subject to SBA eligibilty guidelines. Get a free trial of our software to streamline the way you get payroll information for the future! Returned to full employment by December 31, 2020. How can I apply? Small business owners have certainly been through the ringer in 2020. PPP Loan Forgiveness Application Form 3508EZ. 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. 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. Subject to credit approval and program guidelines. On June 16, 2020, the SBA issued a simplified PPP Loan Forgiveness Application called the 3508EZ Form. What is the Paycheck Protection Program (PPP)? Try our payroll software in a free, no-obligation 30-day trial. Effective Nov 30, 2020. The 3508EZ form is for borrowers who received PPP loans of more than $50,000. You’ve gotten the loan and just need to apply for forgiveness using Form 3508. 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. Paycheck Protection Program . 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. The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. To make things even easier for eligible borrowers, the SBA and Treasury also released Form 3508EZ.Â, But for months, there were still concerns about the forms. Could not return to full employment because your business could not operate at full capacity due to COVID-19 restrictions. 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. And like Form 3508EZ, the regular 3508 requires borrowers to calculate their payroll and nonpayroll costs using the 60% / 40% rule.Â. The second step in the process is compiling all of the necessary documentation. 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. Borrowers who reduce their full-time equivalent employees, employee salaries, or both also reduce their PPP forgiveness amount. Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. Answer: No. Form 3508 EZ PPP Loan Forgiveness Application. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. One of them—Form 3508EZ—is much shorter and simpler than the other. If you are looking for more information on the terms of the PPP loan check outy our other poses. Effective October 8, 2020, Paycheck Protection Program (PPP) borrowers receiving forgivable loans of $50,000 or less can use a streamlined forgiveness application. As of 12/22/20, the bill has not been signed into law by the president. If you’re eligible to use the 3508EZ form when applying for PPP loan forgiveness, you’ll get to save some time and energy compared to those who have to fill out the regular 3508 form. 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. 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. 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