Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of … The SBA and Treasury released Form 3508 on May 15, 2020. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. Fill Online, Printable, Fillable, Blank PPP Forgiveness Application 3508EZ ( Revised 06.16.2020) Fillable-508 (U.S. Small Business Administration) Form. 2 CPE credit of Taxes for all CPAs. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. This is an education overview of information as we understand it currently. CLICK HERE. 2 CE credit of Federal Tax Update for Oregon Tax Preparers. This form marks a huge deviation from the much lengthier Form 3508, with the biggest change being that the newly released Form does not contain any calculations and no Schedule A … PPP Forgiveness Updated: December 9, 2020 PPP Forgiveness Web Portal Application Guide – Form 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. This list reflects requirements for SBA Form 3508S. Once the application is available, you can access it through Wells Fargo Business Online ®, or the Commercial Electronic Office ® (CEO ®). Form 3508: See page six of the SBA PPP Loan Forgiveness Application Instructions for Borrowers (6-16-20) Form 3508EZ: See page four of the SBA Paycheck Protection Program EZ Loan Forgiveness Application Instructions; Who can use the 3508S? PPP Flexibility act, Loan Forgiveness Form (3508) and Other PPP Updates (LATEST REVISED) 4.6 (1122) Jason Dinesen, EA, LPA. PPP Loan Forgiveness Calculation Form. Jump to: Forms, webinar recording & other resources . Credits: 2 CPE | 2 CE FREE . SBA PPP loan. SBA 3508 Schedule A using the Case Study. Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. Use Fill to complete blank online U.S. SMALL BUSINESS ADMINISTRATION (DC) pdf forms for free. Applying for PPP Forgiveness with 3508S Form October 13, 2020 By Stephen Nelson CPA On October 7, 2020, the Small Business Administration issued a new rule for PPP loan borrowers who received $50,000 or less in proceeds. A complete application includes both completion of the Form 3508 and submission of all the required documentation. Form 3508 . Unfortunately, Form 3508EZ eligibility has nothing to do with the loan amount, and therefore can only be used in specific situations. Once completed you can sign your fillable form or send for signing. But you need to meet certain criteria to be eligible for the EZ form. DO NOT EMAIL THE FORGIVENESS APPLICATION NOR THE SUPPORTING DOCUMENTS. Created with Sketch. • Those using SBA Form 3508EZ, including sole proprietors and independent contractors, should use the 3508EZ documentation requirements . B I . PPP Loan Forgiveness Calculation Form. Many business owners and financial advisors shared concerns about its complexity and rigid rules. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources. • Those using SBA Form 3508 should use the 3508 documentation requirements . Line 2: Mortgage Interest Payments PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. This secure link is only for 3508EZ and 3508 forms. 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. Monday, June 15, 2020 | 02:30 PM EST. In this article, we show you how to produce the data you are looking for from our payroll system to fill out the long Form 3508. SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. The table below reflects SBA guidance through … Instructions for PPP Loan Forgiveness Calculation Form 3508EZ 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). Download (241.1 KB) Download the PPP Forgiveness Calculator (Form 3508S) File name: 3508S-ppp-loan-forgiveness-calculator.xlsx. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. Non-Payroll Costs or Expenses (or do you with the extra two weeks of Cash the you got form the PPP loan) Loan Forgiveness Application Non-payroll costs are lines 2, 3 and 4 on the actual loan forgiveness application itself. Skip to main content. SHRM-SCP; Completed . (If your loan is for $150,000 or less, use the link above for instructions.) Any missing required documentation may delay the processing of your application. The 3508 PPP Loan Forgiveness Application Form and form instructions. Complicated rules and unanswered questions left many people scrambling. PPP. Loan Forgiveness Reduction — Full Application Form 3508 Rent - All Forgiveness Applications Employee information - Full Application Form 3508 Non-Payroll Costs — All Forgiveness Applications How do I calculate the total Salary/Hourly Wage Reduction amount for employees who experienced a pay reduction of more than 25%? Nonpayroll expenses on your PPP Forgiveness application, please upload the required documents after submitting your application through the Customer Portal. Menu. Small business owners have certainly been through the ringer in 2020. Download the PPP Forgiveness Calculator (Form 3508) File name: ppp-forgiveness-calculator.xlsx. PPP Loan Step-By-Step Guide: Form 3508 Created August 13, 2020 20:16. PPP loan forgiveness update. One of them—Form 3508EZ—is much shorter and simpler than the other. Subject Area Taxes . PPP Loan. Several of the issues that make the … 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. It was created based on guidance provided by the SBA in effect at the time of its creation. 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. Business owners believe that they are eligible to use the EZ version, rather than the full version, if their PPP loan is less than $150,000. Form 3508 EZ: A borrower may use the Form 3508EZ if the borrower can check one of the three boxes described in the bulleted list below. Download (208.7 KB) Download the PPP Forgiveness Calculator (Form 3508 EZ) File name: se-ppp-loan-forgiveness-calculator.xlsx . PPP loan forgiveness. What goes into each line can be found below. You can use the EZ form if you meet two criteria. For addi tional information, please refer to the . In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender’s equivalent form). Customers with PPP loans of $50,000 and less. 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. Box 2 and Box 3 Salary Reduction Limit Box 2 No FTE Reduction Box 3 Unable to Reopen. The Treasury Department updated the PPP loan application to account for the new reals established by the Flexibility Act. But it’s not the simplest form to fill out. New PPP Loan Forgiveness Form 3508 S To Simplify Forgiveness Process for Small Businesses. This guide is being provided to assist you in the completion of your PPP forgiveness application. The U.S. Small Business Administration, in consultation with the Treasury Department, issued an Interim Final Rule yesterday relating to a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Updates to the Paycheck Protection Program (PPP) Loan Forgiveness application process continue to arise. ppp loan forgiveness application form 3508s instructions for borrowers Detailed information about what costs count toward forgiveness: The Paycheck Protection Formula Explained and Illustrated. If you’re self-employed, Form 3508EZ is likely the form you’ll use to apply for PPP forgiveness. 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. Here’s everything you need to know. When you are ready to file the 3508EZ or 3508 form, email ppp-forgiveness@paymentsecurity.net a request a secure upload link. You’ve gotten the loan and just need to apply for forgiveness using Form 3508. The Webinar Qualifies For. PPP Loan Forgiveness Application Form 3508 SBA 3508 PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508 instructions. instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Both periods would begin on the PPP loan disbursement date, and in no case would the … Also let me mention that we’ve blogged a couple of times about how to manage through the Covid-19 pandemic: Post-pandemic Covid-19 Small Business Planning (which also explains how to grab a free … Download the Form 3508EZ Instructions. The 3508EZ form is a shorter version. How to apply for PPP loan forgiveness. Download (191.5 KB) Reserved for … All forgiveness applications for Wells Fargo PPP loans must be submitted using our online application. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. Per the SBA's PPP forgiveness application, any FTE reductions in the following scenarios do not reduce the borrower’s loan forgiveness and do not need to be counted as "reductions": In all of these ca . PPP loan forgiveness application. PPP LOAN FORGIVENESS APPLICATION FORM 3508 INSTRUCTIONS The following document walks you through filling out the 3508 (long form), highlighting the data we provide and were to find the data. They also introduced a new form the EZ form which is significantly simpler then the full form. SBA PPP website. The Paycheck Protection Program (PPP) was a lifeline many business owners were willing to grab, but there were some strings attached. October 9, 2020. But now, you’re in the home stretch. Dinesen Tax & Accounting, P.C. Completed. On October 8th, the Small Business Administration (SBA) released Form 3508S, a new PPP Loan Forgiveness application for borrowers who have loans under ,000. 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