On the 15th of May, the Treasury Department released a 11 page form for ppp forgiveness. While anyone who is self-employed, an independent contractor, or a sole proprietor who had no employees when they applied for a PPP loan is eligible to use the EZ form, … However, only certain businesses are eligible to use the simplified form. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). You can use the form if. Cash Flow Take a Look at SBA's New 'EZ' Loan Forgiveness Application The new form is designed to make applying for Paycheck Protection Plan loan forgiveness less onerous. a. Click here to download the EZ PPP Loan Forgiveness Application PPP Loan Forgiveness Application. An “ EZ FORM ” PPP Loan Forgiveness Application – A streamlined forgiveness application that may be used by PPP loan recipients that are either: self-employed individuals; independent contractors; sole proprietors; or business entities that did not reduce employee wages or headcount during the Covered Period of the loan. Congress created the PPP as part of the … PPP EZ Loan Forgiveness Form - Instructions, Checklist, & Application. Determine if you can use the SBA EZ Loan Forgiveness Application. - Friday, November 20, 2020 - Find event and ticket information. Your business must have already received a PPP loan and meet one of the following criteria to qualify for EZ Forgiveness: Self … How do I qualify for EZ forgiveness? The banks most likely have to method yet to receive the form from you. We share tips to get use the EZ PPP loan forgiveness … Any changes made by the Small Business Administration (SBA) to this Worksheet will be updated on the Marquette website. 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. The EZ Application does not require adjustment calculations found on the PPP Loan Forgiveness Schedule A Application. The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. Borrowers using the SBA EZ form must furnish the following information for review: If you meet all employee retention criteria, and you use the funds for eligible expenses you should be eligible for the loan. Why us? The examples in the posts are now somewhat out-of-date in that the fictitious borrowers could use the simpler 3508S form based on having smaller sized loans. PPP 3508 EZ Forgiveness Form Training Information provided during the training is not intended to be legal or accounting advice. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. 3245- 0407 . If you do not, then you must use the standard forgiveness form. Posted in Read; Posted 2 months ago. Both periods would begin on the PPP loan disbursement date, and in no case would the … Get Started. Expiration Date: 10/31/2020 . Form 3508S — This is another simplified form that can be used if you received a PPP loan of $50,000 or less (unless, together with your affiliates, your PPP loans total $2 million or more). Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. To reduce the documentation burden for businesses and reviewers, the SBA issued the 3508 “EZ” form in concert with opening its forgiveness application portal in mid-August. Get a payroll-based perspective on updates to this critical program, download the forgiveness forms, and learn the best formula for a successful application. PPP in brief. With the SBA's 25th PPP loan Interim Final Rule (IFR) and Form 3508S, issued October 8, forgiveness is now available to borrowers of PPP loans of $50,000 or less, but only if that borrower, together with its affiliates, have not received PPP loans totaling $2 million or more. Earlier this summer, Rob Holcomb and I prepared example PPP forgiveness forms (available here and here). Do not submit the Checklist with your SBA Form 3508EZ. Home » Blog » PPP Forms Explained: EZ Form vs Full Application. The SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Looking for insight into PPP Loan Forgiveness? Download the 3508EZ form Instructions here. But you need to meet certain criteria to be eligible for the EZ form. 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