Everyone who wants their PPP loan forgiven (meaning you don’t have to pay it back) in full or in part, must complete and submit an application for loan forgiveness. Form 3508 (which we often call the ‘full’ or ‘extended’ form) — This is a more extensive application form to be used by borrowers who do not qualify to use either of the forgiveness application forms below — for example, because the borrower has a PPP loan greater than $50,000 and has reduced staff during the relevant reference period. We can help! SBA PPP Loan Forgiveness Application FORM 3508S SBA PPP Loan Forgiveness Instructions FORM 3508S Please visit the SBA site for additional information regarding PPP forgiveness. If you are looking for more information on the terms of the PPP loan … Instructions for PPP Loan Forgiveness Application Form 3508S, Form 3508EZ, and Form 3508 including details on required documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S (for loans of $50,000 or less) Line 3: Enter the amount of business rent or lease payments paid or incurred for real or personal property during the Covered Period, pursuant to … Is October 31, 2020 the deadline for borrowers to apply for forgiveness? 801 0 obj <>stream Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. ... Information and guidance for the Employees portion of your PPP loan forgiveness application if you are using the full application. The PPP loan forgiveness process is likely to be time consuming and complicated, more so than the PPP application process itself. Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 3 . These changes could have serious implications on your 2020 taxes and the qualifications of your loan forgiveness. This application significantly streamlines the forgiveness application process for certain qualifying borrowers. On June 16, 2020, the SBA issued a simplified PPP Loan Forgiveness Application called the 3508EZ Form. %PDF-1.6 %���� If you have started but not yet submitted your PPP loan forgiveness application using the 3508 or 3508EZ, you may have the option to change to the 3508S within the PPP loan forgiveness application. Borrowers can file the EZ application form if … If you don’t qualify for the 3508S or the 3508EZ, this is your form. After receiving a PPP loan, borrowers must apply for forgiveness through their lender by filling out the Small Business Administration (SBA) form and providing supporting documents. Everyone who wants their PPP loan forgiven (meaning you don’t have to pay it back) in full or in part, must complete and submit an application for loan forgiveness. This application significantly streamlines the forgiveness application process for certain qualifying borrowers. Only certain borrowers will be able to use the 3508S and 3508EZ forms. 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. To determine if you qualify for the 3508EZ form, click here. 773 0 obj <>/Filter/FlateDecode/ID[<9CC1BCDDAAC966478420FD4D65E71E51>]/Index[742 60]/Info 741 0 R/Length 131/Prev 255255/Root 743 0 R/Size 802/Type/XRef/W[1 3 1]>>stream endstream endobj 266 0 obj <. This “EZ Form” is designed to reduce the required calculations for those that qualify. Download the 3508EZ form here. 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