How to apply for PPP loan forgiveness: Step-by-step instructions on filling out the application form 3508EZ, examples, and video tutorial A complete list of documents you need to apply Tools and resources including the new SBA PPP forgiveness platform and forgiveness … The documents required may differ depending on whether you are using SBA Form 3508S, 3508EZ or 3508. 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. PPP Loan Amount; PPP Loan Disbursement Date (use the date you received first proceeds.) In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. SBA will continue to process all PPP forgiveness applications in an expeditious manner. It released a third PPP Loan Forgiveness application for those who received $50,000 or less in loan proceeds. PPP Loan Forgiveness Application Form 3508EZ OMB Control No. PPP: New EZ Loan Forgiveness Application & Instructions Last updated June 23, 2020 Loan Details and Forgiveness. If you need assistance filling out your PPP loan forgiveness application form, would like us to review your application, or have any other questions or concerns, we’re here to help. View the simpler loan forgiveness application. Until these changes are approved, businesses looking to get their PPP loan forgiven must follow the current rules from Small Business Administration (SBA) which were released on May 15, 2020. Instructions for PPP Loan Forgiveness Application Form 3508S 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). View the instructions for completing the simpler loan forgiveness application. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. The revised forgiveness application and instructions are very similar to the former; the key differences and important points to note are summarized below: ... who had no employees at the time of the PPP loan application and did not include any employee salaries in their loan application. The Loan Forgiveness Application requires certain information about your loan. This is just a brief overview of the different PPP forgiveness applications and how to complete them. Determine if you can use the SBA EZ Loan Forgiveness Application. Lender PPP Loan Number (obtain from banker or closing paperwork.) See page 1 of the SBA Application for Forgiveness EZ Instructions 2. The diagram below displays the PPP Loan Forgiveness Application PPP Schedule A and corresponding numbers to explain the data we provide. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Employees at Time of Loan Application (total number, not FTE count.) How to Complete the PPP Loan Forgiveness Application. This application significantly streamlines the forgiveness application process for certain qualifying borrowers. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Highlights: Borrowers who received their loan before June 5, 2020 may now elect to use either the 24-week Covered Period or one of the 8-week Covered Periods. As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. Instructions for PPP Schedule A Worksheet . Instructions for Borrowers for PPP Loan Forgiveness Application; Checklist of Documentation Required for PPP Loan Forgiveness; For PPP Loans of less than $50,000. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. If you have received a Paycheck Protection Program loan, you must complete PPP Loan Forgiveness Application if you want your PPP Loan to be forgiven. Employees at Time of Forgiveness Application (total … You will be required to provide the following information regarding your business and loan: Business Legal Name/DBA or Tradename, if applicable: This should be the same business name used on your PPP application and match your tax returns. This includes the SBA PPP Loan Number and your lender’s loan number. Helping You Manage Your Forgiveness Application PPP Forgiveness Instructions and Application Training Resources for Application Speed and Accuracy Maximize Your Paycheck Protection Program Forgiveness Amount 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 With the release of the new PPP loan forgiveness applications and the passage of the PPP Flexibility Act, the SBA continues to include new guidance on how loan forgiveness works and on PPP loans in general.Here’s what’s new: Extension of the forgiveness period: Originally the forgiveness window was eight weeks, but under the PPP Flexibility Act, the forgiveness window … Because the employee’s hourly wage was reduced by exactly 25% (from $20 per hour to $15 per hour), the wage reduction does not reduce the eligible forgiveness amount. Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA).. A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. The borrower should refer to the “Salary/Hourly Wage Reduction” section under the “Instructions for PPP Schedule A Worksheet” in the PPP Loan Forgiveness Application Instructions. Provide a DBA if what appears on the supporting documents varies from your legal name. New guidance. Expiration date: PPP Loan Forgiveness Application Form 3508S 10/31/2020 SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. Business Address/Business Phone/Primary Contact/E-mail Address: The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. a. SBA Application for Forgiveness EZ Instructions OR b. Additionally, SBA and Treasury released a revised PPP Loan Forgiveness Application Form 3508 and instructions which incorporates changes recently made by the PPP Flexibility Act. With the on-going COVID-19 pandemic, new legislation is in the works to help Small Business Owners keep their business running. 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. The Small Business Administration has released a streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less. SBA PPP Forgiveness Portal Instructions The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less. Instructions for PPP Loan Forgiveness Calculation Form 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). For the most up-to-date information visit our PPP Loan Forgiveness Portal. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. Table Instructions Employee’s Name: Separately list each employee. 3245-0407 Expiration date: 1 2 / 31 /2020 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: _____ Lender PPP Loan Number: _____ PPP Loan Amount: A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. Justin goes over the PPP … source The SBA released the new Loan Forgiveness Application following recent legislative updates to the program. You will be required to submit documentation supporting your application for loan forgiveness. #### Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. a. You can find the SBA PPP Loan Forgiveness Application Instructions here. SBA PPP Loan Forgiveness instructions for FORM 3508 SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. The Small Business Administration and Treasury […] Carefully review the SBA Provided Instructions. Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process. Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions The releases Wednesday came only hours after the SBA issued a new interim final rule providing guidance on how to calculate employee and owner compensation for loan forgiveness in the new 24-week covered period created by the Paycheck Protection Flexibility Act. Please email info@hoffmancpas.com or call 443-320-4101. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). ALERT: PPP loan forgiveness application & instructions now available May 20, 2020 Loan forgiveness details include a new Alternative Covered Period and documentation requirements. Filling out business and loan information. By adopting a forward-thinking and proactive approach to loan forgiveness and its review, borrowers may increase the likelihood of having their loans forgiven. If you don’t already have this information you will want to request it from your lender as soon as possible. and the Small Business Administration (SBA) is now available 1 . 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