A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.
Simply so, can I use the EZ form for PPP forgiveness?
The EZ form is another simplified form option with fewer calculations than the full form. Note that each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First Draw and Second Draw PPP loan.
Herein, do you need to submit documents with Form 3508S?
The Borrower is not required to submit the Form 3508 or any related documentation with this forgiveness application. However, SBA may request information and documents to review those calculations as part of its loan review and audit processes.
Does Form 3508S require documentation?
SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508S does not require borrowers to show the calculations used to determine their loan forgiveness amount.
How do I file a 3508S?
How do I fill out a 3508 self employed?
How do I fill out a loan forgiveness application for self employed?
How do I fill out a loan forgiveness form?
How do I fill out a PPP form 3508EZ?
Should I use 3508S or 3508EZ?
Unless you qualify to use the EZ or S versions, you must apply with the regular Form 3508. The difference between the forms lies in the calculations you need to do. Form 3508 requires the most calculations, Form 3508EZ requires less calculations, and Form 3508S is nearly calculation-free (cue the celebration).
What do I need to submit with Form 3508S?
As with the original Form 3508S, the revised Form 3508S requires that borrowers provide:
- legal name and dba name, if any;
- address;
- business TIN (EIC, SSN);
- contact information;
- SBA and lender PPP loan numbers;
- PPP loan amount;
- PPP loan funding date;
What documentation do I need for PPP forgiveness?
Start by gathering the following details and documentation:
- Name of your business: business legal name, DBA, trade name (if applicable)
- Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
- SBA loan number.
- Your PPP loan amount.
- EIDL advance amount (if you got one)
What is a Form 3508S?
If you took out a Paycheck Protection Program loan for $150,000 or less, the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. Originally this form was for loans of $50,000 or less but the Economic Aid Act, or “stimulus bill,” raised the limit to $150,000.
What is the deadline for second PPP loan forgiveness?
What is the difference between form 3508EZ and 3508?
If you borrowed more than $150,000, you will be filling out either Form 3508 or Form 3508EZ. Which form you fill out is determined by the specific requirements for Form 3508EZ. This is a more simplified version of Form 3508 as it has fewer calculations that you’ll need to do to determine your loan forgiveness amount.
What is the easiest PPP loan forgiveness form?
What supporting documents are needed for PPP forgiveness 3508S?
Verifying your payroll expenses:
- Bank account statements or a report from your payroll provider documenting payments to employees.
- Tax forms (or equivalent payroll provider reports) including: …
- Payment receipts, cancelled checks, or bank account statements showing employer contributions to group employee benefits plans.
When can I apply for ppp2 forgiveness?
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Who can use Form 3508EZ?
When To Use The 3508EZ Form
The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000. 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.
Who do I send my PPP loan forgiveness application to?
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
Who is eligible for 3508S?
(or the Lender that is servicing your loan). You can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508S only if the loan amount you received from your Lender was $150,000 or less for an individual First or Second Draw PPP Loan.
Will PPP loans under $150 000 be forgiven?
Small Business Administration: PPP loan borrowers under $150K get forgiveness through new portal. The Small Business Administration has created an online portal that allows for direct loan forgiveness for borrowers of up to $150,000.