ppp loan forgiveness ez form instructions

3245- 0407 . and the Small Business Administration (SBA) is now available 1. (Photo by ... My advice: Focus on page 1 of the instructions to the EZ. When can the PPP loan forgiveness EZ Form be used? As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . This is an education overview of the information as we understand it currently. PPP Forgiveness Instructions and Application Training. The U.S. Small Business Administration (SBA) posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. %PDF-1.6 %�� View Test Prep - PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 from ZS EXAMFX at Hot Springs School of Insurance. The EZ Form can be used on any size loan if a borrower can check one of numbered scenarios below and certify the selection. In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. Paycheck Protection Program PPP Loan Forgiveness … 0 PPP Loan Forgiveness – Instructions for Forgiveness Portal . 314 0 obj <>stream This instruction page will walk you through the steps required for the forgiveness process: Remember, make sure you have these instructions handy at all times. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that: For the most up-to-date information visit our PPP Loan Forgiveness Portal. The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. View Test Prep - PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 from ZS EXAMFX at Hot Springs School of Insurance. 1. Which Application? This guide will outline all the steps, requirements, and documentation you need to submit a forgiveness application. and the Small Business Administration (SBA) is now available 1. %%EOF PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. L. No. The Small Business Administration and Treasury […] The PPP loan forgiveness application and instructions [PDF 298 KB] were issued by Treasury in consultation with the Small Business … PPP Loan amount is the initial advance on the loan. 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. A checklist for borrowers to determine if they can apply for forgiveness of PPP loans using SBA Form 3508EZ Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period … One of them—Form 3508EZ—is much shorter and simpler than the other. PPP Loan Amount: Enter the disbursed principal amount of the PPP loan (the total loan amount you received from the Lender). Checklist for Using SBA Form 3508EZ. If you checked only the second box on the checklist on page 1 of these instructions, the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period. a. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508EZ if you can check at least one of the three boxes on the checklist. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508EZ if you can check at least one of the three boxes on the checklist. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. The new PPP loan forgiveness applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. PPP EZ Application – Step-by-Step Instructions for Maximizing PPP Loan Forgiveness. We share tips to get use the EZ PPP loan forgiveness … instead you must apply for forgiveness of your PPP loan using SBA Form 3508. 116-136).. PPP Loan Disbursement Date is the date of their initial advance. You must qualify under one of the following three categories. As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. Determine if you can use the SBA EZ Loan Forgiveness Application. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 – revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. Paycheck Protection Program OMB Control No. %PDF-1.6 %�� The instructions for form 3508EZ elaborate on these points. [1] … Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 – revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . 294 0 obj <>/Filter/FlateDecode/ID[<75F49D6B8B35A142ADA3DAE9B43A8094><43BB24FB36555D47B44A9F7931998E6E>]/Index[269 46]/Info 268 0 R/Length 121/Prev 239246/Root 270 0 R/Size 315/Type/XRef/W[1 3 1]>>stream The SBA has both revised the PPP loan forgiveness application form to take into account the changes made in the Paycheck Protection Program Flexibility Act (PPPFA) and added a new “Loan Forgiveness Application Form EZ” for qualified borrowers. the long form) remains. • For Borrowers using the SBA Form 3508S, no FTE documentation will be required. Both the PPP regular and EZ application form and instructions can be found at treasury.gov. endstream endobj 270 0 obj <. EZ Form Instructions includes Checklist If you can answer YES, to at least one of three criteria -> EZ Form If you answer No, or NA to all three of the criteria -> Standard 3508 Form. Instructions & Checklist. 269 0 obj <> endobj If you are able to check one of the three boxes, The FTE Count Report will calculate your Full Time Equivalency … Demographic Info Instructions 1. endstream endobj startxref 3508 S Form Application Instructions Video 2) If your loan is over $50,000 follow the hyperlink below to the 3508 EZ instructions to see if you qualify to apply using the EZ form. If you are able to check one of the three boxes, 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. 1 of the instructions to the EZ PPP Loan Forgiveness Application, the FTE documentation must show the average number of FTE employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period or Alternative Payroll Covered Period. Tip: To follow along with this information, print out or download the PPP Loan Forgiveness Application form 3508EZ from the SBA before you start. a. SBA Application for Forgiveness EZ Instructions OR b. SBA Application for Forgiveness Instructions 3. This session is not being recorded but a pdf version of the presentation has been emailed to you. 6��x~-��. PPP LOAN FORGIVENESS EZ APPLICATION FORM 3508EZ INSTRUCTIONS Below walks you through filling out the 3508EZ form, highlighting the data we provide and were to get that data. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. There are important considerations and steps to consider before you apply. 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. What happens if you don't apply for forgiveness? For loan amounts less than $50,000, you can use the new Form 3508S released on October 8. hެVP�G�� *��@�ׁ��S[@@��Q�a@ �JjE�#DPQ��/(ΜV"�@�5�(/!"��ᣢsz��? In order to apply for forgiveness, you must complete a Form 3508 or a Form 3508 EZ, as well as provide documentation to support your application. Housekeeping Items West Virginia District Office 2 Thank you for joining! You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ if you … 0 Documents that Each Borrower Must Submit with ts iPPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation Form 3508EZ . ... For the instructions of the EZ Application press here. Link to instructions: EZ Forgiveness Application Instructions. Expiration Date: 10/31/2020 . The EZ Form instructions provide more details. Form 3508-EZ . Forgiveness Calculation (2-3) 4. We will also refer to information in the application instructions and it’s important that you read those as well.. Resources for Application Speed and Accuracy . Review and utilization of the items in this toolkit will ensure you’ve submitted all the necessary documentation for your business’s loan forgiveness. Simplified version of the forgiveness application: Form 3508EZ Earlier this summer, Rob Holcomb and I prepared example PPP forgiveness forms (available here and here). If you can check any ONE of the following boxes, you may apply using this form. PPP 3508 EZ Forgiveness Form Training Information provided during the training is not intended to be legal or accounting advice. PPP Loan Forgiveness Application Guide Please review Pursuit’s Application Guide in its entirety before applying for loan forgiveness on your PPP loan. h�bbd```b``�� The applications and instructions are available in the links below: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions ��D2y�e3@$�z�rD��>X��V�\"`��^a �8��>�6�'�d�ۃ�a4�� 2*H��qX%#�� s Posted in Read; Posted 2 months ago. 3245-0407 PPP Loan Forgiveness Application Form 3508EZ Expiration date: 10/31/2020 SBA Form 3508EZ (06/20) Page 1 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone �o��nf��@Z��"��0��ưt��,a��s�OlaX��`W��)��m��j��P�10WiFNo ��R�3݆�C��=��O�SpQ��M aw1 Instructions & Checklist. Maximize Your Paycheck Protection Program Forgiveness Amount . 3508 EZ Forgiveness Application & Instructions Application 1. The goal of the Small Business Administration's (SBA) Paycheck Protection Program (PPP) has been to assist owners and employees at small businesses like yours to survive the impacts of the COVID-19 pandemic. Title: PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers Author: abigham Created Date: 6/18/2020 9:07:10 AM For more instructions on which application form applies to you, refer to the Small Business Administration's PPP Loan Forgiveness FAQ page. Instructions: PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf (treasury.gov) The Form 3508EZ is the next level of forgiveness applications; it requires more information than the 3508S, but not as much as the 3508. Explore Billionaires The 3508EZ form was conceived as a way for businesses with PPP loans of over $50K to reduce the amount of paperwork required to apply for forgiveness. Part 1 of Application-Self explanatory. 3508 EZ Form Instructions – See page 1; If you’ll use the 3508 form (not the EZ form), complete the SBA Loan Forgiveness Worksheet. TOOLKIT . 3508 Form Instructions – See pages 6-7; 3508 EZ Form Instructions – See page 4; Review the criteria that will qualify your business to use the 3508 EZ form to apply for Forgiveness. PPP Loan Forgiveness – Instructions for Forgiveness Portal . Paycheck Protection Program (PPP) EZ Loan Forgiveness Application Form The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. Documents to Submit and Documents to Maintain (4) West Virginia District Office 9 3508 EZ There is also an optional Demographic Information Form. This will need to be verified by payroll records. The PPP is one of two programs to provide approximately $900 billion to support lending to both small and large businesses pursuant to measures included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. 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. Basic Information (1-2) 3. Checklist of Who Can Use EZ Form (1) 2. [1] The revised forms take into account changes made in the interim final rules released on June 16, 2020. Overview & Instructions . Pduc- 5 Non-Payroll documentation Non … In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. The borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP Loan application and did … The Small Business Administration recently released a Paycheck Protection Program Loan Forgiveness Application Form 3508EZ (EZ Form) for certain PPP borrowers to use, if eligible. If you do, then you may use this simplified form to apply for forgiveness with your lender. Please … 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. If your business received a PPP and didn't lay off employees or reduce salaries may be eligible to fill out a simplified forgiveness application. Looking for the headcount number. EMPLOYEE S AT A SPECIFIC TIME To get employees at time of loan application and forgiveness application, run the PPP FTE Count report for each date range. For the most up-to-date information visit our PPP Loan Forgiveness Portal. PPP LOAN FORGIVENESS EZ APPLICATION FORM 3508EZ INSTRUCTIONS Below walks you through filling out the 3508EZ form, highlighting the data we provide and were to get that data. %%EOF Do not submit the Checklist with your SBA Form 3508EZ. 116-142, which became law June 5. If you do not apply for forgiveness within 10 months after the end of your PPP “Covered Period,” you will be required to begin making payments on your loan at that point. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ if you can check at least one of the three boxes below. Important PPP Forgiveness Online Portal Information . You’ll find a … SBA Form 3508EZ (06/20) Page 1. Paycheck Protection Program PPP Loan Forgiveness … !�>fڙ��~��~߷�L x��F Pj��mX c@@:��NK�ٶ^��O:7o@��$��2#[? The PPP Loan Disbursement Date will be the first day of the Covered Period. Thank you for partnering with Cedar Rapids Bank & Trust for your SBA Paycheck Protection Program (PPP) loan. We want to remind you that all, or a portion, of your PPP loan may be forgiven if the funds are used for eligible expenses. Small-business owners who qualify can now complete Form 3508 EZ for PPP loan forgiveness. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. Payroll Costs as a Percentage of Forgiveness Amount: One of the Flexibility Act’s key provisions reduced the percentage of payroll expenses to total forgiveness from 75% to 60%, thus providing additional flexibility to spend PPP loan proceeds on non-payroll expenses. OMB Control No. Do not submit the Checklist with your SBA Form 3508EZ. PPP Loan Forgiveness Application Form 3508EZ . SBA Form 3508EZ (06/20) Page 1 . The PPP forgiveness EZ form is designed for businesses that meet AT LEAST ONE of the following criteria: Are self-employed and have no employees; OR There are two PPP Loan Forgiveness Applications. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. 3508 S Form Application Instructions Video 2) If your loan is over $50,000 follow the hyperlink below to the 3508 EZ instructions to see if you qualify to apply using the EZ form. endstream endobj startxref The SBA has both revised the PPP loan forgiveness application form to take into account the changes made in the Paycheck Protection Program Flexibility Act (PPPFA) and added a new “Loan Forgiveness Application Form EZ” for qualified borrowers. SBA PPP Forgiveness Portal Instructions. The SBA, in consultation with the Department of the Treasury, announced a brand-new Form 3508EZ for certain PPP borrowers to use to apply for forgiveness. New PPP loan forgiveness applications and instructions released The Small Business Administration on June 16 released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. h�bbd```b`��A$�Z0[L��`�]��C��.k0�C�Xv��f��L�"YςH�}`�w0)��a="��jJ@$��d\�ľ��d�G��`q�!L�g�� a. Employees at Time of Loan Application: Enter the total number of employees at the time of the PPP Loan Application. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. But you need to meet certain criteria to be eligible for the EZ form. For PPP loans over $2 million or for borrower’s whose loans together with its affiliates add to greater than $2 million, SBA will review and audit forgiveness. 3043 0 obj <> endobj However, only certain businesses are eligible to use the simplified form. [2] The forms also clarify that a new … On June 16, 2020, they released an updated PPP Loan Forgiveness Application and related instructions and included a simplified version of the form for forgiveness. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. That is not the case, so make sure you read and follow the instructions. Summary. As always, you should check the SBA website to make sure you’re using the most current version of the form. The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. 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, … 1. a. SBA Application for Forgiveness EZ Instructions OR b. There is a 3 page EZ form and the original longer form. This 3508EZ form may be used in several circumstances, and it’s the first one that applies here: STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. EZ PPP Loan Forgiveness Application and Instructions Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule What we knew before the New EZ … 3086 0 obj <>/Filter/FlateDecode/ID[<75F49D6B8B35A142ADA3DAE9B43A8094><4710F346FB202E479E731C2708F927B8>]/Index[3043 78]/Info 3042 0 R/Length 144/Prev 564426/Root 3044 0 R/Size 3121/Type/XRef/W[1 3 1]>>stream Carefully review the SBA Provided Instructions. 1) If your PPP loan is $50,000 or less you should use the 3508S Form. The Total Number of Employees is not Full Time Equivalent (FTE). The 3508S instructions document contains more detailed ... (i.e. EMPLOYEE S AT A SPECIFIC TIME To get employees at time of loan application and forgiveness application, run the PPP FTE Count report for each date range. Carefully review the SBA Provided Instructions. The Small Business Administration and Treasury […] Link to instructions: EZ Forgiveness Application Instructions. Certifications 3. The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). REGISTER NOW. Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). Checklist for Using SBA Form 3508EZ . 7�@��(��a�z1�)ݻ�r��׮�1�7��$��m�� To apply for forgiveness of your PPP loan, you need to complete the PPP Loan Forgiveness Application (LFA) or the PPP Loan Forgiveness Application Form 380 EZ (PPP EZ Form) and submit it to your lender that issued or is servicing your loan to obtain forgiveness. PPP LOAN FORGIVENESS SBA 3508S EZ Form. While applying for forgiveness may still seem overwhelming - even with this simper form - the EZ form requires fewer calculations and less … SBA PPP Forgiveness Portal Instructions. This portal will provide you with a place to upload documents, enter payroll and non-payroll expenses, and calculate any reductions in your labor force or wages. Both periods would begin on the PPP loan disbursement date, and in no case would the … 1) If your PPP loan is $50,000 or less you should use the 3508S Form. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. B I 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. h�b```�G� This is an education overview of information as we understand it currently. This Paycheck Protection Program (PPP) Loan ForgivenessToolkit for Small Businesses is provided to simplify and guide you through the submission process. PPP EZ Application – Step-by-Step Instructions for Maximizing PPP Loan Forgiveness. 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. Basic Info & Calculations 2. 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Or accounting advice no case would the … PPP Loan Forgiveness Application of June 17, 2020 Small! A Borrower can check one of the EZ Form ( 1 ) 2 submit with ts Loan! Happens if you can use the 3508S Form, which is designed streamline... Simpler than the other forms take into account changes made in the interim final rules released on June,. S important that you read those as well the digital Portal where you can check one! Report will calculate your Full Time Equivalency … PPP Loan Forgiveness Application Form 3508EZ elaborate on points! Will calculate your Full Time Equivalency … PPP Loan Forgiveness Application Form PPP Loan SBA... Shorter and simpler than the Full Forgiveness Application Protection Program ( PPP ) Loan ForgivenessToolkit Small! Day of the SBA EZ Loan Forgiveness Application BEFORE you BEGIN ppp loan forgiveness ez form instructions 1 that you read those well... ( FTE ) Loan … SBA PPP Forgiveness with the new EZ (!

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