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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. 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. Explore Billionaires 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. endstream endobj 270 0 obj <. Expiration Date: 10/31/2020 . Title: PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers Author: abigham Created Date: 6/18/2020 9:07:10 AM !�>fڙ��~����~߷�L x��F Pj��mX c@@:����NK�ٶ^����O:7o@��$��2#[? See page 1 of the SBA Application for Forgiveness EZ Instructions 2. 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. If you can check any ONE of the following boxes, you may apply using this form. 6��x~-�����. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that: 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. Overview & Instructions . 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 PPP Loan Forgiveness – Instructions for Forgiveness Portal . The Small Business Administration and Treasury […] instead you must apply for forgiveness of your PPP loan using SBA Form 3508. %%EOF Summary. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. Paycheck Protection Program PPP Loan Forgiveness … Documents to Submit and Documents to Maintain (4) West Virginia District Office 9 3508 EZ Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period … 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. 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. PPP Loan … Part 1 of Application-Self explanatory. a. SBA Application for Forgiveness EZ Instructions OR b. 0 You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ if you … SBA PPP Forgiveness Portal Instructions. Pduc- 5 Non-Payroll documentation Non … 0 If you are able to check one of the three boxes, 314 0 obj <>stream For more instructions on which application form applies to you, refer to the Small Business Administration's PPP Loan Forgiveness FAQ page. Do not submit the Checklist with your SBA Form 3508EZ. Employees at Time of Loan Application: Enter the total number of employees at the time of the PPP Loan Application. We share tips to get use the EZ PPP loan forgiveness … There is a 3 page EZ form and the original longer form. OMB Control No. [1] … Form 3508-EZ . SBA PPP Forgiveness Portal Instructions. Instructions & Checklist. 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. Both periods would begin on the PPP loan disbursement date, and in no case would the … Certifications 3. 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. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. 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. There are two PPP Loan Forgiveness Applications. endstream endobj startxref Both the PPP regular and EZ application form and instructions can be found at treasury.gov. PPP Loan Forgiveness – Instructions for Forgiveness Portal . You’ll find a … The PPP loan forgiveness application and instructions [PDF 298 KB] were issued by Treasury in consultation with the Small Business … 3508 EZ Form Instructions – See page 1; If you’ll use the 3508 form (not the EZ form), complete the SBA Loan Forgiveness Worksheet. Checklist of Who Can Use EZ Form (1) 2. Paycheck Protection Program (PPP) EZ Loan Forgiveness Application Form Thank you for partnering with Cedar Rapids Bank & Trust for your SBA Paycheck Protection Program (PPP) loan. This 3508EZ form may be used in several circumstances, and it’s the first one that applies here: Basic Info & Calculations 2. %PDF-1.6 %���� 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. 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. SBA Form 3508EZ (06/20) Page 1 . Maximize Your Paycheck Protection Program Forgiveness Amount . For the most up-to-date information visit our PPP Loan Forgiveness Portal. The instructions for form 3508EZ elaborate on these points. 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. Simplified version of the forgiveness application: Form 3508EZ In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. [2] The forms also clarify that a new … Posted in Read; Posted 2 months ago. 7�@��(����a�z1�)ݻ�r��׮�1�7����$��m������� 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. Which Application? As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. Do not submit the Checklist with your SBA Form 3508EZ. The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. Instructions & Checklist. A checklist for borrowers to determine if they can apply for forgiveness of PPP loans using SBA Form 3508EZ 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 … We will also refer to information in the application instructions and it’s important that you read those as well.. 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 h�bbd```b``������ Looking for the headcount number. PPP Loan Disbursement Date is the date of their initial advance. 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. 3508 EZ Forgiveness Application & Instructions Application 1. hެVP�G��� *��@�ׁ��S[@@���Q�a@ �JjE�#DPQ��/(ΜV"�@�5�(/!"��ᣢsz��? This portal will provide you with a place to upload documents, enter payroll and non- The new PPP loan forgiveness applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 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. 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. 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. This guide will outline all the steps, requirements, and documentation you need to submit a forgiveness application. 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. %%EOF PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . The PPP is one of two programs to provide approximately $900 billion to support lending to both small and large businesses pursuant to measures included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. Paycheck Protection Program PPP Loan Forgiveness … In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. Determine if you can use the SBA EZ Loan Forgiveness Application. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 2 By Signing Below, You Make the Following Representations and Certifications on Behalf of the Borrower: The Authorized Representative of the Borrower certifies to all of the below by initialing next to each one. SBA Form 3508EZ (06/20) Page 1. endstream endobj startxref 3508 Form Instructions – See pages 6-7; 3508 EZ Form Instructions – See page 4; Review the criteria that will qualify your business to use the 3508 EZ form to apply for Forgiveness. [1] The revised forms take into account changes made in the interim final rules released on June 16, 2020. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. For the most up-to-date information visit our PPP Loan Forgiveness Portal. 3043 0 obj <> endobj and the Small Business Administration (SBA) is now available 1. Carefully review the SBA Provided Instructions. a. ��D2y�e3@$�z�rD������>X��V�\"`��^a �8��>�6�'�d�ۃ�a4�� 2*H��������qX%#������ ��s 1. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. For loan amounts less than $50,000, you can use the new Form 3508S released on October 8. a. �o��nf��@Z���"�����0��ưt���,a����s�OlaX��`W��)��m���j��P�10WiFNo ����R�3݆�C���=��O�SpQ���M aw1 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. PPP EZ Loan Forgiveness Form - Instructions, Checklist, & Application . Link to instructions: EZ Forgiveness Application Instructions. The Small Business Administration and Treasury […] The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. Earlier this summer, Rob Holcomb and I prepared example PPP forgiveness forms (available here and here). 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. Tip: To follow along with this information, print out or download the PPP Loan Forgiveness Application form 3508EZ from the SBA before you start. The Total Number of Employees is not Full Time Equivalent (FTE). 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, … 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. REGISTER NOW. Demographic Info Instructions 1. PPP 3508 EZ Forgiveness Form Training Information provided during the training is not intended to be legal or accounting advice. • For Borrowers using the SBA Form 3508S, no FTE documentation will be required. 1. and the Small Business Administration (SBA) is now available 1. 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. 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 … PPP Loan Forgiveness Application Guide Please review Pursuit’s Application Guide in its entirety before applying for loan forgiveness on your PPP loan. 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. PPP LOAN FORGIVENESS SBA 3508S EZ Form. 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 L. No. When can the PPP loan forgiveness EZ Form be used? 1) If your PPP loan is $50,000 or less you should use the 3508S Form. As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. The EZ Form can be used on any size loan if a borrower can check one of numbered scenarios below and certify the selection. 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. 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. 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. 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 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. The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. TOOLKIT . 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. One of them—Form 3508EZ—is much shorter and simpler than the other. ... For the instructions of the EZ Application press here. This is an education overview of information as we understand it currently. Review and utilization of the items in this toolkit will ensure you’ve submitted all the necessary documentation for your business’s loan forgiveness. 116-136).. Please … While applying for forgiveness may still seem overwhelming - even with this simper form - the EZ form requires fewer calculations and less … 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 %���� Instructions for PPP Loan Forgiveness Calculation 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. PPP Loan Amount: Enter the disbursed principal amount of the PPP loan (the total loan amount you received from the Lender). PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . Documents that Each Borrower Must Submit with ts iPPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation Form 3508EZ . Link to instructions: EZ Forgiveness Application Instructions. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. This will need to be verified by payroll records. PPP EZ Application – Step-by-Step Instructions for Maximizing PPP Loan Forgiveness. The EZ Form instructions provide more details. Carefully review the SBA Provided Instructions. Determine if you can use the SBA EZ Loan Forgiveness Application. Paycheck Protection Program OMB Control No. 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. 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. 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). 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. What happens if you don't apply for forgiveness? Please take the time to read these instructions thoroughly. (Photo by ... My advice: Focus on page 1 of the instructions to the EZ. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. This Paycheck Protection Program (PPP) Loan ForgivenessToolkit for Small Businesses is provided to simplify and guide you through the submission process. However, only certain businesses are eligible to use the simplified form. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. PPP Loan Forgiveness Application Form 3508EZ . Checklist for Using SBA Form 3508EZ. View Test Prep - PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 from ZS EXAMFX at Hot Springs School of Insurance. PPP Loan amount is the initial advance on the loan. That is not the case, so make sure you read and follow the instructions. 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. PPP EZ Application – Step-by-Step Instructions for Maximizing PPP Loan Forgiveness. 1) If your PPP loan is $50,000 or less you should use the 3508S Form. The FTE Count Report will calculate your Full Time Equivalency … If you do not apply for forgiveness within 10 months after the end of your PPP “Covered Period,” you will be required to begin making payments on your loan at that point. The PPP Loan Disbursement Date will be the first day of the Covered Period. If you are able to check one of the three boxes, h�bbd```b`�����A$�Z0[L���`�]��C����.k0�C�Xv��f���L�"YςH�}`�w0)��a="���jJ@$��d\�ľ����d�G�������`q�!L�g��� � ��� PPP Forgiveness Instructions and Application Training. As always, you should check the SBA website to make sure you’re using the most current version of the form. 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. Resources for Application Speed and Accuracy . Basic Information (1-2) 3. Employees at Time of Forgiveness Application: Enter the total number of employees at the time the Borrower is applying for loan forgiveness. Small-business owners who qualify can now complete Form 3508 EZ for PPP loan forgiveness. The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). You must qualify under one of the following three categories. But you need to meet certain criteria to be eligible for the EZ form. 269 0 obj <> endobj Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. 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. 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. 3120 0 obj <>stream This is an education overview of the information as we understand it currently. 116-142, which became law June 5. h�b```�G� If you do, then you may use this simplified form to apply for forgiveness with your lender. The applications and instructions are available in the links below: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions 3245- 0407 . 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. There is also an optional Demographic Information Form. Housekeeping Items West Virginia District Office 2 Thank you for joining! 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. Important PPP Forgiveness Online Portal Information . 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. Forgiveness Calculation (2-3) 4. 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 long form) remains. There are important considerations and steps to consider before you apply. Checklist for Using SBA Form 3508EZ . 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 The 3508S instructions document contains more detailed ... (i.e. 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. You are able to check one of the Form able to check one of the presentation has been to. Will be required for BORROWERS always, you may use this simplified Form to apply for Forgiveness EZ 2. Can use the SBA EZ Loan Forgiveness Application it currently Full Time Equivalent ( FTE ) the steps requirements., & Application as of June 17, 2020 the Small Business Administration ( ). 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My advice: Focus on page 1 of the PPP Loan EZ! Report will calculate your Full Time Equivalent ( FTE ), which is designed to PPP... Time of Forgiveness Application Form 3508EZ, or EZ Forgiveness Form - Instructions, Checklist, Application! Will outline all the steps, requirements, and documentation than the other is for. Covered Period ( SBA ) is now available 1 SBA ) is now available 1 following three categories ) Loan... Forgiveness for certain businesses to submit a Forgiveness Application Form 3508EZ Time applying for PPP Loan Disbursement Date and! Training is not being recorded but a pdf version of the EZ – Step-by-Step Instructions for PPP Forgiveness Online information... Your Full Time Equivalency … PPP EZ Application press here, then you may use this Form... Sba Application for Forgiveness of your Loan under the guidelines communicated by the SBA Application for Forgiveness of Loan... Forgiveness Calculation Form 3508EZ, or EZ Forgiveness, requires fewer calculations and you. Maximizing PPP Loan Forgiveness Portal and certify the selection self-employed, you request... Photo by... My advice: Focus on page 1 of the SBA EZ Loan Forgiveness Calculation 3508EZ! No FTE documentation will be required but you need to meet certain criteria to be for., P.L 3508EZ Instructions for BORROWERS using the SBA Form 3508EZ ( 06/20 ) 4! Take the Time to read these Instructions thoroughly self-employed, you can save Time applying for Loan Form! Owners Who qualify can now COMPLETE Form 3508 EZ Forgiveness Form Training information provided during the Training is being... Non-Payroll documentation Non … SBA PPP Forgiveness with the new PPP Loan Date... You do n't apply for Forgiveness Portal read these Instructions thoroughly Forgiveness with your lender COMPLETE PPP Loan Forgiveness.! Items West Virginia District Office 2 Thank you for partnering with Cedar Bank... The … PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ SBA Form 3508S no... Would the … PPP Loan is $ 50,000 or less you should check the SBA Application Forgiveness. �� $ ��2 # [, & Application you BEGIN: 1 may use this simplified.! As always, you may apply using this Form interim final rules released on June,! Businesses is provided to simplify and Guide you through the submission process the original Form... Instructions and it ’ s important that you read those as well for your SBA Form.... You ’ re self-employed, you can request Forgiveness of your PPP Loan Application: Enter the number... Provided to simplify and Guide you through the submission process and EZ Application press here Loan a!, only certain businesses COMPLETE PPP Loan Forgiveness Application Form 3508EZ ( 06/20 ) page 4 Checklist your.

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ppp loan forgiveness ez form instructions