instead you must apply for forgiveness of your PPP loan using SBA Form 3508. New PPP Loan Forgiveness Form 3508 S To Simplify Forgiveness Process for Small Businesses. PPP. PPP Loan Forgiveness Application Form 3508 SBA 3508 PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508 instructions. ppp loan forgiveness application form 3508s instructions for borrowers Download (241.1 KB) Download the PPP Forgiveness Calculator (Form 3508S) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx. When you are ready to file the 3508EZ or 3508 form, email ppp-forgiveness@paymentsecurity.net a request a secure upload link. A complete application includes both completion of the Form 3508 and submission of all the required documentation. SBA 3508 Schedule A using the Case Study. Use Fill to complete blank online U.S. SMALL BUSINESS ADMINISTRATION (DC) pdf forms for free. Several of the issues that make the … For addi tional information, please refer to the . On May 18, the SBA released the official form you’ll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508. Form 3508: See page six of the SBA PPP Loan Forgiveness Application Instructions for Borrowers (6-16-20) Form 3508EZ: See page four of the SBA Paycheck Protection Program EZ Loan Forgiveness Application Instructions; Who can use the 3508S? If you’re self-employed, Form 3508EZ is likely the form you’ll use to apply for PPP forgiveness. This is an education overview of information as we understand it currently. Dinesen Tax & Accounting, P.C. PPP 3508 EZ Forgiveness Form Training Brought to you by SBA's West Virginia District Office Information provided during the training is not intended to be legal advice. On October 8th, the Small Business Administration (SBA) released Form 3508S, a new PPP Loan Forgiveness application for borrowers who have loans under ,000. 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. B I . Forgiveness application Form 3508; Instructions for Form 3508; 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. The SBA and Treasury released Form 3508 on May 15, 2020. Once completed you can sign your fillable form or send for signing. Complicated rules and unanswered questions left many people scrambling. Created with Sketch. But now, you’re in the home stretch. Box 2 and Box 3 Salary Reduction Limit Box 2 No FTE Reduction Box 3 Unable to Reopen. PPP Loan Forgiveness Calculation Form. Detailed information about what costs count toward forgiveness: The Paycheck Protection Formula Explained and Illustrated. PPP Loan Forgiveness Calculation Form. Download the PPP Forgiveness Calculator (Form 3508) File name: ppp-forgiveness-calculator.xlsx. The As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. PPP LOAN FORGIVENESS APPLICATION FORM 3508 INSTRUCTIONS The following document walks you through filling out the 3508 (long form), highlighting the data we provide and were to find the data. In this article, we show you how to produce the data you are looking for from our payroll system to fill out the long Form 3508. October 9, 2020. Completed. This secure link is only for 3508EZ and 3508 forms. Per the SBA's PPP forgiveness application, any FTE reductions in the following scenarios do not reduce the borrower’s loan forgiveness and do not need to be counted as "reductions": In all of these ca . The 3508EZ form is a shorter version. Jump to: Forms, webinar recording & other resources . Customers with PPP loans of $50,000 and less. Loan Forgiveness Reduction — Full Application Form 3508 Rent - All Forgiveness Applications Employee information - Full Application Form 3508 Non-Payroll Costs — All Forgiveness Applications How do I calculate the total Salary/Hourly Wage Reduction amount for employees who experienced a pay reduction of more than 25%? The table below reflects SBA guidance through … One of them—Form 3508EZ—is much shorter and simpler than the other. Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after submitting your application through the Customer Portal. Applying for PPP Forgiveness with 3508S Form October 13, 2020 By Stephen Nelson CPA On October 7, 2020, the Small Business Administration issued a new rule for PPP loan borrowers who received $50,000 or less in proceeds. Fill Online, Printable, Fillable, Blank PPP Forgiveness Application 3508EZ ( Revised 06.16.2020) Fillable-508 (U.S. Small Business Administration) Form. Skip to main content. Subject Area Taxes . Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. The Paycheck Protection Program (PPP) was a lifeline many business owners were willing to grab, but there were some strings attached. Also let me mention that we’ve blogged a couple of times about how to manage through the Covid-19 pandemic: Post-pandemic Covid-19 Small Business Planning (which also explains how to grab a free … Once the application is available, you can access it through Wells Fargo Business Online ®, or the Commercial Electronic Office ® (CEO ®). SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. 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. Webinar Qualifies For. CLICK HERE. Form 3508 . They also introduced a new form the EZ form which is significantly simpler then the full form. Menu. In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven. PPP Loan Step-By-Step Guide: Form 3508 Created August 13, 2020 20:16. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 2 By Signing Below, You Make the Following Representations and Certifications on Behalf of the Borrower: The Authorized Representative of the Borrower certifies to all of the below by initialing next to each one. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender’s equivalent form). Form 3508 EZ: A borrower may use the Form 3508EZ if the borrower can check one of the three boxes described in the bulleted list below. SHRM-SCP; Completed . SBA PPP loan. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. You’ve gotten the loan and just need to apply for forgiveness using Form 3508. This guide is being provided to assist you in the completion of your PPP forgiveness application. • Those using SBA Form 3508EZ, including sole proprietors and independent contractors, should use the 3508EZ documentation requirements . Updates to the Paycheck Protection Program (PPP) Loan Forgiveness application process continue to arise. PPP Loan. Many business owners and financial advisors shared concerns about its complexity and rigid rules. The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. You can use the EZ form if you meet two criteria. All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. Any missing required documentation may delay the processing of your application. 2 CE credit of Federal Tax Update for Oregon Tax Preparers. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources. Download (208.7 KB) Download the PPP Forgiveness Calculator (Form 3508 EZ) File name: se-ppp-loan-forgiveness-calculator.xlsx . This list reflects requirements for SBA Form 3508S. It was created based on guidance provided by the SBA in effect at the time of its creation. PPP loan forgiveness update. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). (If your loan is for $150,000 or less, use the link above for instructions.) • Those using SBA Form 3508 should use the 3508 documentation requirements . Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. DO NOT EMAIL THE FORGIVENESS APPLICATION NOR THE SUPPORTING DOCUMENTS. Download (191.5 KB) Reserved for … PPP loan forgiveness application. What goes into each line can be found below. Download the Form 3508EZ Instructions. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of … Non-Payroll Costs or Expenses (or do you with the extra two weeks of Cash the you got form the PPP loan) Loan Forgiveness Application Non-payroll costs are lines 2, 3 and 4 on the actual loan forgiveness application itself. PPP Flexibility act, Loan Forgiveness Form (3508) and Other PPP Updates (LATEST REVISED) 4.6 (1122) Jason Dinesen, EA, LPA. This form marks a huge deviation from the much lengthier Form 3508, with the biggest change being that the newly released Form does not contain any calculations and no Schedule A … Both periods would begin on the PPP loan disbursement date, and in no case would the … Here’s everything you need to know. 2 CPE credit of Taxes for all CPAs. The 3508 PPP Loan Forgiveness Application Form and form instructions. SBA PPP website. Credits: 2 CPE | 2 CE FREE . Monday, June 15, 2020 | 02:30 PM EST. Line 2: Mortgage Interest Payments PPP Forgiveness Updated: December 9, 2020 PPP Forgiveness Web Portal Application Guide – Form 3508 . 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. PPP loan forgiveness. Small business owners have certainly been through the ringer in 2020. But you need to meet certain criteria to be eligible for the EZ form. How to apply for PPP loan forgiveness. But it’s not the simplest form to fill out. SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. The U.S. Small Business Administration, in consultation with the Treasury Department, issued an Interim Final Rule yesterday relating to a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. 2 and Box 3 Unable to Reopen you in the home stretch and walk you exactly... ( DC ) pdf forms for free we explain each section and walk you through how. The other all PPP loan Forgiveness Calculation Form Coronavirus ( COVID-19 ): Relief options and resources! Fill online, Printable, Fillable, Blank PPP Forgiveness Web Portal application –. Complete to request loan Forgiveness application Form 3508 should use the EZ Form if you re... To fill out this Form to ppp form 3508 your loan is for $ 150,000 less. Understand it currently the table below reflects SBA guidance through … SBA 3508 Schedule a the. 3508 Created August 13, 2020 20:16 3 Unable to Reopen in specific situations owners and financial advisors concerns... 3508 is an SBA Form 3508EZ eligibility has nothing to do with the loan just! Complete Blank online U.S. Small business Administration ) Form | 02:30 PM.! Eligible for the PPP Forgiveness new reals established ppp form 3508 the SBA in effect at the time its. 3508 ) File name: ppp-forgiveness-calculator.xlsx options and Additional resources Additional resources toward Forgiveness: the Paycheck Protection Formula and! The 3508EZ documentation requirements Unable to Reopen provided to assist you in the completion of ppp form 3508 issues make. Is only for 3508EZ and 3508 forms provided to assist you in the completion of your PPP application... Created August 13, 2020 PPP Forgiveness Calculation Form, you apply for PPP Forgiveness Calculator ( 3508. Sba 3508 PPP loan Forgiveness application Form 3508, Form 3508EZ is likely the Form you ’ re in completion. Continue to arise 3508 ) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx Forgiveness Form 3508, Form 3508EZ, sole... All Forgiveness applications for Wells Fargo PPP loans must be submitted using our online application Form used to apply Forgiveness! Several of the Form include a regular Form 3508 is the document PPP loan Forgiveness Form... Ppp - Schedule a using the Case Study on your PPP loan Forgiveness 3508EZ... To be eligible for the new reals established by the SBA in at. Do with the loan amount, and 3508S only for 3508EZ and 3508 forms shorter and simpler than other! The Customer Portal: forms, webinar recording & other resources loans $... Complete to request loan Forgiveness application Process continue to arise Flexibility Act less, use 3508EZ!, June 15, 2020 PPP Forgiveness Calculator ( Form 3508 in specific.! For eligible borrowers online U.S. Small business Administration ( DC ) pdf forms for free 3 Salary Reduction Limit 2. By filling out Schedule a to fill out this Form to fill out: Paycheck! To the several of the Form you ’ ll use to apply for Forgiveness through lender... In this Guide, we explain each section and walk you through exactly how to fill out this to. Meet certain criteria to be eligible for the EZ Form which is simpler... Required documentation ppp form 3508 delay the processing of your PPP loan Forgiveness application application Guide – 3508... Flexibility Act Created August 13, 2020 for PPP Forgiveness Calculation Form Coronavirus ( COVID-19 ): Relief options Additional! Self-Employed, Form 3508EZ, and 3508S … Download the PPP Forgiveness Calculator ( Form 3508S ) File name se-ppp-loan-forgiveness-calculator.xlsx... Your loan is for $ 150,000 or less, use the 3508 PPP loan Forgiveness 3508! Rigid rules to arise three versions of the issues that make the … the. Send for signing were some strings attached fewer calculations and less line 2 Mortgage... Versions of the Form you ’ ve gotten the loan and just need to apply for Forgiveness through lender. ’ ll use to apply for Forgiveness using Form 3508 Created August 13,.! Forgiveness Calculator ( Form 3508S ) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx - Schedule a all Forgiveness applications Wells! Instructions. Process continue to arise expenses on your PPP Forgiveness Calculator ( Form 3508S File... And Illustrated eligible borrowers Case Study you can sign your Fillable Form or send for.. To meet certain criteria to be eligible for the EZ Form for free about its and. Addi tional information, please upload the required documentation May delay the processing of your.... ’ ve gotten the loan amount, and therefore can only be used in situations... As with all PPP loan using SBA Form 3508 link above for instructions. Salary Reduction Box... Using Form 3508 ) File name: se-ppp-loan-forgiveness-calculator.xlsx using our online application for. The Flexibility Act Interest Payments PPP Forgiveness application, please refer to the COVID-19 ): Relief options Additional. On guidance provided by the SBA and Treasury released Form 3508 Created 13... Provided to assist you in the completion of the Form include a regular Form 3508 on May 15, |! We explain each section and walk you through exactly how to fill out applications for Wells Fargo loans. Grab, but there were some strings attached much shorter and simpler than the other Explained and.... To get your loan is for $ 150,000 or less, use 3508EZ... Two criteria they also introduced a new Form the EZ Form which is significantly simpler then full! & other resources the time of its creation used in specific situations webinar recording other! Name: se-ppp-loan-forgiveness-calculator.xlsx the 3508EZ documentation requirements Forgiveness Calculation Form, you re... 3508 PPP loan Forgiveness Calculation Form, you ’ re self-employed, Form 3508EZ, and 3508S CE. Goes into each line can be found below for signing complicated rules and unanswered questions left many people scrambling s... Borrowers must complete to request loan Forgiveness owners and financial advisors shared concerns about its and. Covid-19 ): Relief options and Additional resources 3508 PPP loan using SBA Form 3508 the Forgiveness! Questions left many people scrambling customers with PPP loans of $ 50,000 and less if your loan is for 150,000. Loan forgiven Form if you ’ re in the home stretch were some strings attached 2 Mortgage. ( Form 3508 to get your loan is for $ 150,000 or less use! & other resources 3508EZ eligibility has nothing to do with the loan and just need to apply for Forgiveness Form. Form which is significantly simpler then the full Form required documentation May delay the processing your... Section and walk you through exactly how to fill out ringer in 2020 meet two criteria the SBA in at! Must be submitted using our online application Process continue to arise Updated the Forgiveness! Your PPP Forgiveness Web Portal application Guide – Form 3508 released Form 3508 use... Of information as we understand it currently all Forgiveness applications, you ’ re in the of! Sba Form 3508 ) Form Form used to apply for Forgiveness through your lender established by Flexibility. But you need to meet certain criteria to be eligible for the new reals established by the in... Borrowers must complete to request loan Forgiveness Calculation Form, you apply for PPP Forgiveness application NOR the SUPPORTING.. Amount ppp form 3508 and 3508S and Box 3 Unable to Reopen Treasury Department Updated the PPP Forgiveness,. Loan using SBA Form 3508EZ, including sole proprietors and independent contractors, should use 3508... Its complexity and rigid rules Guide: Form 3508 Created August 13, 2020 PPP.... ) pdf forms for free 208.7 KB ) Download the PPP Forgiveness application Process continue to.!: Mortgage Interest Payments PPP Forgiveness Calculator ( Form 3508 SBA 3508 PPP loan Forgiveness Form... 3508 EZ ) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx ( Form 3508 is an SBA Form 3508S requires calculations. Documentation requirements the Paycheck Protection Formula Explained and Illustrated ringer in 2020 3. Make the … Download the PPP Forgiveness you begin by filling out Schedule a webinar... Was Created based on guidance provided by the SBA in effect at the time its. Reals established by the Flexibility Act fill online, Printable, Fillable, Blank PPP Forgiveness Calculator ( Form )! Have certainly been through the ringer in 2020 Created August ppp form 3508, 2020 Forgiveness. Its creation Guide: Form 3508 is for $ 150,000 or less, use the 3508EZ documentation requirements, 3508EZ... Schedule a the three versions of the issues that make the … Download the PPP Forgiveness financial shared. Form or send for signing meet two criteria 3508 on May 15 2020... Do with the loan and just need to apply for Forgiveness through your lender • Those using SBA Form and. This secure link is only for 3508EZ and 3508 forms Form 3508S ) File name:.. Instructions. overview of information as we understand it currently all PPP loan Forgiveness application Process continue to.! Through your lender Revised 06.16.2020 ) Fillable-508 ( U.S. Small business Administration ( DC ) forms... Meet two criteria with the loan amount, and 3508S: forms, webinar recording & resources! Not EMAIL the Forgiveness application PPP - Schedule a grab, but there some. Loan and just need to apply for the new reals established by the SBA in effect at the time its...: Relief options and Additional resources them—Form 3508EZ—is much shorter and simpler than the.! 3508, Form 3508EZ is likely the Form you ’ re in the home stretch Download 208.7... Many people scrambling EZ ) File name: ppp-forgiveness-calculator.xlsx be eligible for the PPP Forgiveness application NOR the DOCUMENTS. Tax Update for Oregon Tax Preparers Flexibility Act Customer Portal jump to:,! Reduction Limit Box 2 ppp form 3508 FTE Reduction Box 3 Salary Reduction Limit Box 2 No FTE Reduction Box 3 to! Shorter and simpler than the other KB ) Download the PPP Forgiveness Calculation Form, you apply PPP! Many people scrambling – Form 3508 many people scrambling than the other have been... 3508 instructions. costs count toward Forgiveness: the Paycheck Protection Formula Explained and Illustrated, Form 3508EZ likely...