We are now accepting Forgiveness requests for 2020 and 2021 PPP Loans. Prepare by working through the helpful resources on this page.
Simply so, are banks accepting PPP forgiveness applications?
Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It’s recommended you apply for forgiveness before you need to make your first PPP loan payment.
Herein, do I qualify for 3508EZ?
However, you’ll have to meet at least one of the following three criteria to be eligible to use the 3508EZ form: You are a self-employed individual, an independent contractor, or a sole proprietor who had no employees at the time you applied for a PPP loan.
How do I fill out a PPP loan forgiveness application form 3508EZ?
To apply for PPP loan forgiveness, use the SBA’s Loan Forgiveness Application form, Form 3508, or your lender’s equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.
WHAT HAPPENS IF YOU MISS THE APPLICATION DEADLINE. If you don’t apply for loan forgiveness within 10 months after the last day of your covered period, you’ll be required to start making payments to your PPP lender at 1 percent interest, which started accruing when the loan was made.
First PPP Loan Forgiveness Deadline is August 30, 2021
Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends. The common ending date for the covered period for the first round PPP loan draws was October 30, 2020.
The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan. Note that each PPP loan must use a separate loan forgiveness application form.
Only borrowers who took out loans that were $150,000 or less can use the form. The Consolidated Appropriations Act expanded who can use this version of Form 3508. Originally, only borrowers who took out loans of $50,000 or less could use it. Now, borrowers who took out loans of $150,000 or less can use it.