form 3508ez instructions Related: Instructions for Form 9465 PDF Form 3508EZ - PPP Loan forgiveness for Employers (all entity types) with special cases (based on 3508 instructions) Form 3508 - PPP Loan forgiveness for Self-Employed, S-Corps, Partnerships and C-Corps with Employees. Complete the appropriate application as identified in Step 1. Checklist for Using SBA Form 3508EZ and Instructions PPP Loan Forgiveness Application Form PPP Borrower Demographic Information Form OPTIONAL Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application EZ PPP Forgiveness Application Step by Step: 3508EZ October 2020 Table of Contents Which form should I use? . Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . - Familiarize yourself with the SBA Loan Forgiveness Form 3508EZ Instructions to understand if you can use Form 3508EZ. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. A. EMPLOYEE S AT A SPECIFIC TIME PPP Borrower Demographic Information Form (Optional) Instructions . Download the 3508EZ form Instructions here. SBA loans are subject to SBA eligibility guidelines. BY USING THE FAQS, YOU AGREE TO HOLD ALLEGIANCE BANK HARMLESS FROM ANY AND ALL DAMAGES OR CLAIMS THAT COULD RESULT FROM SUCH USE. e. b, Revised Part III. We cannot guarantee the accuracy of any calculations - you are solely responsible to review all fields and calculations prior to submitting the application to your lender. 1. Consider effects of different covered periods, the safe harbor and PPP Loan Forgiveness Application Form 3508EZ Revised January 19, 2021 SBA Form 3508EZ (01/21) Page 4 . . See the instructions for additional information. Fill out Form 3508 if you are ineligible for Form 3508S and Form 3508EZ All applications are also offered in 16 different languages, including Spanish, Chinese, Tagalog, French and Vietnamese. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. sba 양식 3508ez 사용을 위한 점검 목록 아래 세 상자 중 하나 이상에 체크할 수 있는 경우 귀하 (차용인)는 이 sba form 3508ez 를 사용하여 급여 보호 프로그램 (ppp) 대출의 탕감을 신청할 수 있습니다. c. Chad’s practice primarily focuses on representing both businesses and individuals in the areas of creditor’s rights, collections, and commercial litigation. As noted above, in addition to the SBA Form 3508S form, regulators issued updated instructions and SBA Form 3508EZ, and updated instructions and SBA Form 3508. you read and can check one of the three boxes listed, then you can complete the 3508EZ application form. 3d\fkhfn 3urwhfwlrq 3urjudp 333 /rdq )rujlyhqhvv $ssolfdwlrq )rup (=5hylvhg -dqxdu\ 6%$ )rup (= 3djh 20% &rqwuro 1r ([sludwlrq 'dwh Both the standard form, Form 3508, and the “simplified” form, Form 3508EZ, are available on the Treasury’s website, along with instructions. Instructions for Form 3508S also were released. Small Business Administration) Form. PPP Loan Forgiveness Application Form 3508EZ Revised January Paycheck Protection Program 19, 2021 OMB Control No. Gather the required supporting documents to be submitted to the Bank 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. FORM 3508 Forgiveness Application (6/16/20) FORM 3508 INSTRUCTIONS. Please read! Completed 3508EZ Loan Forgiveness Application – All the required information can be found in the documents you received at your loan closing. Employer paid contributions and state/local taxes. Payroll Costs Line 5. Subject to approval and program guidelines. M. , LL. While the form is shorter, you may still need a little guidance. Gauthier, Esq. Payroll Cost 60% Requirement (divide line 1 by 0. SBA Form 3508EZ. How to fill out PPP loan forgiveness application 3508ez Step by Step loan forgiveness Form 3508ez Walk thr PPP Loan Forgiveness Application Form 3508EZ Revised January 19, 2021 SBA Form 3508EZ (01/21) Page 1 . If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. For full 3508EZ Instructions please visit the SBA website. PPP Loan Forgiveness Application and Instructions – Form 3508EZ provided by the SBA on how to properly complete Form 3508EZ. Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the on Page 4 of the instructions for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of its Office of Inspector General, to access such files upon request. This optional section lists the employer contributions and employer paid state and local taxes for the reporting period. Form 3508S Loan Forgiveness Application - Under $50K. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. But because of the eligibility requirements to use the form, you do not need to make adjustments for FTE and salary reductions. Most businesses will be able to use Form 3508EZ. ORROWERS. PPP Loan Forgiveness Application Form 3508EZ Revised January 19, 2021. owner must complete and attach a substitute Form 3520-A to the U. Fill Online, Printable, Fillable, Blank PPP Forgiveness Application 3508EZ ( Revised 06. Form 3508EZ: Required Documentation Checklist Instructions: The documentation listed below is required to be submitted with your forgiveness application when using form 3508. But it’s not the simplest form to fill out. 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. (This Instructions Form 3508EZ . Formulario 3508EZ de la SBA (20/06) Nota: Los números y los decimales se expresan con el formato estándar de los EE. Thankfully, the SBA has now released a separate document with instructions. If not, use the full PPP form 3508 to calculate forgiveness. Select whether you want to apply for an 8 week or 24 week coverage period. The above is what you will need to put on the Form 3508EZ. Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and didn’t include any employee salaries in the computation of average monthly payroll in the application form; OR . Checklist for Using SBA Form 3508EZ . Instructions & Checklist. Form as well as additional calculations it needs to make PPP Loan Forgiveness Application Form 3508EZ Expiration date: 10/31/2020. If your loan was for more than $150,000, you may use the full forgiveness application (Form 3508) OR the new Form 3508EZ (if you meet the criteria; see below). S. Form 3508EZ non-payroll costs as specified in the instructions to the SBA Form 3508, 3508EZ or lender’s equivalent form. 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. Click here to access the Form 3508EZ. This will auto-calculate the form for you based on this information. PPP Loan Forgiveness Application Instructions Revised; PPP Loan Forgiveness Application 3508EZ Revised; PPP Instructions / Checklist for SBA Form 3508EZ; PPP IFR 3 & 6 Revisions; PPP Loan Forgiveness Application; May 13th Breaking News on PPP Loan; Changes to the SBA EIDL; Economic Impact Payments Q&A; Main Street Lending Program Expanded; PPP More about Chad W. Box 2: Did Not Reduce FTE West Virginia District Office 1 st Quarter Weekly Avg Hours • SBA Form 3508EZ (pages 1 and 2) NAR’s latest video explains how PPP recipients may be eligible for and apply for loan forgiveness if certain criteria are met. Let's take a look at some of the changes in the Form 3508 and then explore what the requirements The SBA (in conjunction with the Treasury) have released a simplified version of the PPP forgiveness application, but the BIG question is . 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 below. S. A BORROWER MAY USE FORM 3508S IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS > Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S Revised January 19, 2021 Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. Other Materials SBA Form 3508EZ - PPP Loan Forgiveness Application (NEW) June 16, 2020. Enter your Coverage Period or Alternative Coverage Period, which is either an 8-week range or 24-week range. OMB Control No. Page 3: This is the Calculation Form. 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. 40 Translations of PPP Loan Forgiveness Application Short Form Instructions (SBA 3508EZ). The • Form 3508S - If your loan is $50,000 or less and you and your affiliates received PPP loans totaling less than $2 million, use form 3508S. Loan Forgiveness Application Form 3508 Revised January 19, 2021 OMB Control No. The SBA loan # and EIDL application # may be left blank. 56 KB) SBA Form 3508EZ Instructions STAR is using a lender equivalent of the SBA application . PPP Loans $50,000 and Under. One of the most pressing concerns among PPP loan recipients is whether they can use the more streamlined Form 3508EZ PPP Forgiveness Application as opposed to the longform version of 3508, which Click here for the new Form 3508EZ application; Here’s how borrowers decide which forgiveness application to use. F. The long form contains the same provisions regarding owner-employees, partners and the self-employed as on the short form, limiting forgivable compensation for these owners for a 24-week covered period to 2. – Submit the PPP Loan Forgiveness Calculation Form – Submit PPP Schedule A and Substantiation – Lender has 60 days to review and make a decision; SBA has another 90 days after that. 3508EZ I. This form outlines the required Payroll and Nonpayroll documentation to be submitted in order to complete your PPP Forgiveness application. Download: SBA Form 3508EZ - PPP Loan Forgiveness Application (NEW) (PDF, 105. If you meet at least one of the three requirements below, you may be able to complete and submit the EZ PPP loan forgiveness application. 2. SBA Form 3508EZ is for borrowers with PPP loan amounts of more than $50,000—and, similar to Form 2508S, it’s a shorter, more streamlined application with fewer calculations than the full loan forgiveness application, SBA Form 3508. During your PPP covered period, was your business activity level LOWER than it was prior to 2/15/20, due to compliance with guidance issued between 3/1/20 and 12/31/20 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Download the SBA Instructions for forms 3508 and 3508EZ. Also, continue to pay attention to upcoming legislation and KT updates as we learn more regarding the final rules and regulations for the forgiveness application. Step 2: Submit pages 1 and 2 of the 3508EZ application to Frontier Bank. To familiarize yourself with this form and its schedule A and the schedule A worksheet please see the link below from the SBA’s website. The new EZ PPP Loan Forgiveness Application (Form 3508EZ) can be used by borrowers who meet any of the three criteria detailed on page 1 of the EZ Application. f of Third Interim Final Rule (85 FR 21747, 21750) If you have W-2 employees, take a look at the PPP Forgiveness Application Form 3508EZ and see whether you would qualify to use that form by answering the questions in the section titled “Who Can Use This Form?” If so, use this form to help you calculate your forgiveness. Total of 5 months. How it looks on the form: How to get the info: To get your Payroll Costs, follow these steps: Run the 3508EZ Payroll Costs report, by clicking on that tab. Then, she would hope to report an additional $2,725 on Lines 2, 3 & 4 with Mortgage Interest, Rent/Lease Payments or Utilities. You can use the form if Need an expert tax professional to walk you through how to fill out the Paycheck Protection Program Loan Forgiveness 3508EZ application form? Larry Gray, CPA SBA Application Form 3508S Instructions . 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. • Borrowers can apply for forgiveness before the end of the covered period (8-week or 24-week covered period) if the borrower has used all Author: Cindy Tinkham Created Date: 6/24/2020 4:29:40 PM SBA Form 3508EZ (06/20) Page 1 . (See link below. Read the instructions to Form 3508 & Form 3508EZ 2. activities of an entity to comply with the requirements established or guidance issued by the Department of Health and Form 3508EZ and Instructions for PPP Loan Forgiveness Description: This is a 2-hour live video conference (2 credits) led by Lucien P. 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. Which form should I use to complete my application? a. Refinances of existing SBA loans are excluded. NSTRUCTIONS FOR . Definition of Princ ipal. Note: At this time, there appears to be bipartisan support in Congress for additional forgiveness relief for borrowers of $150,000 or less, potentially indicating a pathway for seeking forgiveness Form 3508EZ eliminates the need to complete Schedule A as well as Schedule A Worksheet and is intended to be a simplified method for borrowers that can meet the above criteria. There is a checklist available to help you fill out your loan forgiveness application form. Only one question requires a Yes • If you cannot answer Yes 1. Certain business entities (some farmers, partnerships, and seasonal employers) may increase their 2020 PPP Loan. Please refer to the PPP Loan Forgiveness forms and instructions, as well as SST’s PPP Loan Forgiveness resource page for the latest updates, or contact us today. » Here are the options: – The average number of FTE employees on payroll per week you employed between Feb 15 – June 30, 2019; APPLICATION FORM 3508EZ INSTRUCTIONS The following steps walk you through filling out the 3508EZ form, highlighting the data we provide and where to get that data. 60): Line 8. Paycheck Protection Program (PPP) EZ Loan Forgiveness Application Form 1 PPP Loan Foregiveness EZ Application Form 3508EZ Instructions © Execupay, Inc. Please review the application thoroughly. Add the amounts on lines 1, 2, 3, and 4: Line 6. Forgiveness Amount (enter the smallest of lines 5, 6, and 7): Form 3508EZ (For Loans over $50,000) A borrower is eligible to use Form 3508EZ if the borrower can satisfy at least one of the following: Self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the The Small Business Administration (SBA) has always been known for detailed instructions, and they once again delivered the goods with the Paycheck Protection Program. The video provides easy to und Select an application form. Check if you have determined that eligibility requirements are met. Allegiance Bank recommends that you confirm the information required for submission by visiting the nsi tructoi ns provdei d by the SBA w, hich can be found . Our CARES Act Loan Consulting team will be reviewing and digesting this new information and continuing to send updates with further guidance. These instructions also provide guidance on the documents you will need to include when you submit Form 3508EZ – the actual loan forgiveness application. SENB Paycheck Protection Program Loan Forgiveness Checklist for Form 3508EZ This is a 2-hour recorded video conference (2 credits) led by Lucien P. Related Items. We’ll show how this business calculated its Loan Forgiveness amount. As Form 3508EZ requires less documentation, it also reduces the burden, and potential liability, on lenders in reviewing such PPP forgiveness applications. SBA Form 3508EZ. Click CHECK YOUR EZ FORM ELIGIBILTY at the top of the page when you open your application. The form requires the borrower enter their forgiveness calculations on the form in specific lines. Gauthier, Esq. OAN . Use this article to help you fill out Form 3508. S. ) If you choose to drop off your application, please complete the below and include this Qualifying Form along with your 3805EZ application. Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ OMB Control No. S. It’s designed to be more streamlined than the full forgiveness application form 3508. Checklist for Using SBA Form 3508EZ . When Congress passed the Coronavirus Aid Relief and Economic Security Act (also known as the CARES Act), relief for small businesses came in the form of the Paycheck Protection Program. 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. Can I use form 3508EZ to apply for forgiveness? If your loan amount was more than $150,000 and you meet one of the following two conditions, you can use form 3508EZ to apply for forgiveness. Small Business Administration) SBA form 159 Fee Disclosure and Compensation Agreement; SBA form 1919 7(a) Borrower Information Form; SBA form 1920 Lender’s Application for Loan Guaranty Our Industry Leaders PARTNERS DIRECTORS Shannon Mannese, CPA, CFE, was graduated from Marist College in Poughkeepsie, New York, with a Bachelor of Science in Accounting. The SBA has implemented two versions of the Loan Forgiveness Application — SBA Form 3508 and SBA Form 3508EZ. This form requests information about each of the Borrower’s Principals. Fill out either form 3508S, 3508EZ or 3508. Your funding/disbursement date will be pre‐populated. The date on all three loan forgiveness forms has now been changed to Instructions for SBA Form 3508 are located here, and instructions for SBA Form 3508EZ are located here. 16. PPP L. Checklist for Using SBA Form 3508EZ You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using the SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can answer “Yes” to either 1) or 2) below. Please see Which Form Should I Use? at the beginning of this Step-by-Step guide. 1. Borrowers may also complete this application electronically through their Lender. : 3245-0407 Expiration Date: 7/31/2021 PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address NAICS Code Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address ☐ If a foreign trust fails to file Form 3520-A, the U. If you can check at least one of the three boxes above, complete this SBA Form 3508EZ in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). Here are the costs and expenses eligible for loan forgiveness during the covered period. Please read thoroughly and follow the instructions on pages 1-4 to complete page 1 (PPP Loan Forgiveness Application Form 3508EZ) and initial and sign and date on page 2. 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). To do: If you can answer yes to any one of these three statements, select “Yes, use EZ”. Download the PPP Loan Forgiveness Application Instructions for SBA Form 3508EZ Download the PPP Loan Forgiveness Application SBA Form 3508EZ • If your original PPP loan amount was greater than $50,000 and you do not meet any one of the above three eligibility requirements to use Form 3508EZ, then you must apply for forgiveness of Still, the application will be easier to complete if you start with the Schedule A Worksheet, move on to the Schedule A, and then complete the calculation form (which pulls information from the worksheet and Schedule A). Download the 3508EZ form here. Option 1: print and DELIVER your 3508EZ application TO YOUR NORThweST BUSINESS BANKER Option 2: submit your 3508EZ Application electronically; You may print off and complete the following documents and drop off at your local Northwest Bank. If you use Form 3508S, you will enter all eligible payroll and nonpayroll costs on a single line. Use this form to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return (or on a notice we sent you). PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 4 . UU. If you have any questions as to your eligibility to use the 3508EZ, please contact your loan officer to discuss the details. Accordingly, we would expect most PPP • Form 3508EZ –All loans sizes with eligibility criteria: o Government health mandates or o No COVID-19 layoffs No forgiveness reduction factors (i. 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). Protection Program Loan Forgiveness Instructions for Form 3508EZ for a complete listing of needed documents and for instructions on completing the application. here. Choose the fillable fields and put the necessary info. See Instructions Page 4. This new simplified PPP loan forgiveness form 3508S should eliminate the need to collect several counts of FTE employees provided either of these statements are applicable: The SBA also released a new, abridged Form 3508EZ for those meeting certain specified requirements. 1 “PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers,” June 16, 2020, p. 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. As with the changes to guidance, most of the changes to forms were to incorporate the changes related to the newly allowed non-payroll expenses, new dates, second draw loans, etc. Form 3508EZ Instructions. Payroll Costs - complicated, but necessary i. “PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers,” June 16, 2020, p. PPP Loan Forgiveness Calculation Form 3. F. Step 2. These eligible non-cash compensation payments should be included on lines 7 and 8 of PPP Schedule A, Form 3508 or line 1 of Form 3508EZ, and do not count toward the $20,833 cap per individual owner. 1 | Page 8 March 2021 . If you’re eligible to use the 3508EZ form when applying for PPP loan forgiveness, you’ll get to save some time and energy compared to those who have to fill out the regular 3508 form. These situations are discussed below. You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508EZ if your six years. Included in the 11-page document are the PPP Loan Forgiveness Calculation Form, PPP Schedule A and a related worksheet to compute payroll costs and Full-Time Equivalency (FTE) reduction, borrower certifications, and seven pages of instructions. The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ. The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. Subject to credit approval and program gui delines. Veteran/gender/race/ethnicity data is collected for program reporting purposes only. 1. SMALL BUSINESS ADMINISTRATION (DC) pdf forms for free. Also will discuss some of the new rules in the SBA’s recent IFRs and answer all of your lingering questions about loan forgiveness. The two steps borrowers need to take to ensure that a PPP Loan is forgiven in full are to spend the PPP Loan proceeds only on approved costs and scrupulously document their spending during the Covered Period or Alternate Payroll Covered • Submit Loan Forgiveness Application (SBA Form 3508 or 3508EZ) to Lender – Due Date -10 months after CP under New Act. PPLICATION . Please review all information carefully as your application for forgiveness cannot be submitted to the SBA until all required information is received. Borrowers pay any remaining difference as a loan. does not require you to complete PPP Schedule A or compile the PPP Schedule A Worksheet. Be prepared! 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. 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). 3 Check out this explanation on how PPP recipients may be eligible for and apply for loan forgiveness if certain criteria are met. and had no reduction in employees, employee hours or employee salaries/ hourly wages. SBA Form 3508EZ (06/20) Page 1 PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. We are going to examine Form 3508EZ and its instructions in detail and compare it with Form 3508S. Keep to these simple actions to get SBA 3508EZ completely ready for submitting: Get the document you need in our collection of legal forms. From 3508 (the long form) FREE ACCOUNT. FAQ Section Paycheck Protection Program Loan Forgiveness Application On Wednesday June 17, 2020, the SBA revised their SBA Form 3580 the PPP Loan Forgiveness Calculation Form and Instructions and also released the PPP Loan Forgiveness Application Form 3508EZ and instructions. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . Do not submit the Checklist with your SBA Form 3508EZ. Open the form in the online editor. Try Now! . SBA Releases New EZ PPP Loan-Forgiveness Application Entrepreneur via Yahoo Finance · 9 months ago. b. These applications are eligible for submission 8 or 24 weeks after a borrower has received PPP loan proceeds prior to 6/5/20. Like Form 3508, the EZ version requires borrowers to calculate payroll and nonpayroll costs. firstunitedbank. You may use Form 3508EZ if: You are self-employed and have no employees; OR; You did not reduce the salaries or wages of employees by more than 25%, and did not reduce the number or hours of employees; OR 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. . Picking the Right Forgiveness Application Form While the SBA’s form provided clarity on some topics, it introduced more questions and confusion around others. , no FTE calculation) • Form 3508 –Long form that requires calculations of FTEs and/or salary reductions on the Schedule A Worksheet. PPP Loan Amount: Line 7. See official SBA form See official line by line instructions PPP Loan Forgiveness Application Form 3508EZ Line 1. Fill Form 3508ez, Edit online. Purpose Thus, on the SBA Form 3508EZ, she would put $7,692 on Line 1. S. 1. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. Checklist for Using SBA Form 3508EZ . Select your reference period After choosing your reference period, you will compare your FTE levels from this period to your FTE levels Fill Online, Printable, Fillable, Blank PPP Forgiveness Application 3508EZ (Department of the Treasury - OCIO) Form. : 3245-0407 Expiration Date: 7/31/2021. 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 Representativeof the Borrower certifiesto all of the below by initialingnext to each one. . (Note, if #1 applies to you, you may be able to use the simpler Form 3508S. For example, say a borrower’s 2019 Schedule C tax form shows the borrower earned $48,000 in 2019. Recorded session from Feb 2021, covers in-depth Employee Retention Credits and 941-X process. For an example, see the example in the tab at the bottom-left of the excel sheet. PPP 3508EZ Loan Forgiveness Guide. Please read the instructions for the 3508EZ to confirm that you meet any one of the three criteria allowing for this form to be used. RIN 3245-AH51, Section 1. instead you must apply for forgiveness of your PPP loan using SBA Form 3508. b. SBA Form 3508EZ (06/20) Page 1 . Refinances of existing SBA loans are excluded. SBA Loan Forgiveness Form 3508EZ Instructions; Form 3508EZ (the shortest form) For those that don’t qualify for the short form they will use Form 3508 (the long form). : 3245-0407 Expiration Date: 7/31/2021 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address NAICS Code Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address ☐ (Form 3508EZ only) Use the information in this section to determine the payroll costs on Form 3508EZ. - You are not required to complete Form 3508EZ or 3508 before starting your online Forgiveness request. PPP; FIPCO; Reveal Image. If YES, continue to Question 4. Contact Us - Upon request we can mail an application. This screen will not appear if you are filling out the standard 3508 Form • You must answer each question to progress. There is no change in the document retention period. There is no PPP Schedule A Worksheet or PPP Schedule A with the EZ application. Checklist for Using SBA Form 3508EZ . instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Form tab – 3508EZ selection When you log in, this is the first page you will see. Examine Form 3508EZ and its instructions in detail and compare it with Form 3508S. Use Fill to complete blank online U. Lastly, you will put in your PPP Loan amount on Line 6 (in the white box). Chad Nally is a Partner at Burke Costanza & Carberry, LLP and a member of the firm’s litigation and business practice groups. Página 1 Programa de protección de pago Formulario fácil de solicitud de condonación de préstamos PPP 3508EZ Número de control de la OMB 3245-0407 Fecha de vencimiento: 31/10/2020 PPP Loan Forgiveness Application Form 3508EZ Instructions. Those specific schedules or tables should be referenced directly for completing the calculations where applicable/desired. By usngi this CHECKLSI T ,you agree to hod Al ell gai nce Bank harmel ss from any and a dall mages or claims that could result from such use. Also, the Flexibility Act loosened the restrictions on FTE’s and payroll reduction – so this new form addresses that. Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address . Contro 3245 Employee Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB l Number -0407 Form 3508EZ. Business Legal Name (“Borrower”) DBA or Tradename , if applicable Business Address NAICS Code Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address ☐ document required by the Form 3508EZ. Allegiance Bank recommends that you confirm the information covered by the FAQs by reviewing the information at [the SBA portal]. 1. _____ The dollar amount for which forgiveness is requested: We recommend reviewing the SBA’s checklist for using SBA Form 3508EZ, to determine if you are eligible to use the simple form. Step 3. We also will discuss some of the new rules in the SBA’s recent IFRs and answer all Note: viewers should print copies of the following SBA forms prior to watching the webinar: Form 3508; Form 3508 Instructions; Form 3508EZ; and Form 3508EZ Instructions. Description. , LL. ) Determine whether you are eligible to file the 3508EZ form or must use the 3508 form. Shannon’s experience with the Firm includes: commercial auditing […] Keep in mind, there are safe harbors and other situations not specifically covered in this blog, and COVID-19 assistance programs are ever-changing. Please add the follow-ing email address to your "Safe Sender List" - [email protected] PPP Loan Forgiveness Application Form 3508EZ You’ll need to use either the 3508EZ. SBA Application Form 3508EZ . with the instructions. Long Form – Revised June 16, 2020. Box 2 on . • Form 3508EZ - If you cannot qualify for form 3508S, which is the most simple PPP forgiveness form, form 3508 EZ really is easier than 3508. use 3508EZ form. Frequently Asked Questions - Form 3508EZ 1. PPP loan forgiveness no Employees Step by Step Form 3508ez Walk through How to fill out the SBA PPP loan forgiveness applicationHow to fill out PPP loan For instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Add additional sheets if necessary. Article News Member News FORM 3508EZ FORGIVENESS APPLICATION (6/16/20) FORM 3508EZ INSTRUCTIONS. Use Fill to complete blank online DEPARTMENT OF THE TREASURY - OCIO (DC) pdf forms for free. ORM . If you are required to complete the 3508, we recommend you use professional assistance. Covered Period. PPP loan forgiveness application WITH employees. Even if you are eligible to file the form 3508EZ, if you have employees you will find the Schedule A of form 3508 to be useful, even if you do not have to file it. PPP FORGIVENESS 3508EZ APP 3508EZ INSTRUCTIONS. On the right hand side of the screen, there are two tiles explaining the Covered Period and Alternative Covered Period (to match the covered period with the payroll period so that no payroll period is cut in half). You will need to provide this information when requesting Forgiveness through Chase online. Sign, fax and printable from PC, iPad, tablet or mobile with pdfFiller Instantly. For more information or help with the application process, contact a KerberRose Trusted Advisor. Once completed you can sign your fillable form or send for signing. : 3245-0407 Expiration Date: 7/31/2021. who can use it (One section must apply to use the 3508EZ) (If none of these apply you need to use form 3508. You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below. 2020) Fillable (U. Accordingly, we would expect most PPP 3508EZ Document Checklist . 3508EZ AND 3508 FORGIVENESS APPLICATION # Instructions Screen Print(s) 5 COVERED PERIOD AND PAYROLL FREQUENCY Your coverage period begins on the date that your PPP Loan was funded. Specific payroll document requirements that are detailed in 3508S, 3508EZ, or 3508 instructions. , CPA Zoom Recorded Video Conference: 12/10, 1pm-3:15 pm ET We are going to examine Form 3508EZ and its instructions in detail and compare it with Form 3508S. 이 체크리스트를 sba 양 3508ez 와 함께 제출하지 마십오 . If you can check at least one of the form's three boxes on the application: Loan Forgiveness Application Form 3508EZ. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS Checklist for Using SBA Form 3508EZ 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 below. Related Materials PPP Forgiveness Application 3508. Business Address/Business Phone/Primary Contact/E-mail Address: Enter the same information as on your Borrower Application Form, unless there has been a change in address or contact information. OMB Control No. On page 1 of the 3508EZ instructions, you will find a checklist to help determine which application form is right for you. Do not submit the Checklist with your SBA Form 3508EZ. Determine which forgiveness application you are required to submit. Application links: Form 3508EZ Form 3508EZ Instructions PPP Loan Forgiveness Application Application Instructions Instructions: 1) Complete SBA PPP Loan Forgiveness Application per the attached SBA Form 3508EZ or SBA Form 3508 a. The PPP Forgiveness Application, Form 3508EZ, can be accessed by clicking the links below: PPP Loan Forgiveness Application Form 3508EZ-INSTRUCTIONS PPP Loan Forgiveness Application Form 3508EZ Due the anticipated high volume of applications, please understand we are making every effort to guide you through the process. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of October 31, 2020. 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, SBA Form 2483-SD, or lender’s equivalent). Purpose of Form Form 990, Return of Organization Exempt From Income Tax, and Form 990-EZ are used by tax-exempt organizations, The 3508EZ Form is a shorter application process if certain conditions are met as outlined in the 3508EZ Instructions for Borrower – Checklists for Using SBA Form 3508EZ. If your loan amount is $150,000 or less, you will use SBA Form 3508S. In order for businesses to be eligible for SBA Form 3508EZ, they must meet one of the three We believe almost all of our customers will qualify to use either Form 3508S or Form 3508EZ and are providing tools to assist with the process. ) 3508EZ Instructions | 3508EZ Form 3508 Instructions | 3508 Form Form 3508EZ Introduced: Form 3508EZ allows Borrowers to by-pass the FTE calculations on the Form 3508EZ pursuant to three specific situations discussed below, however, FML notes that the SBA still requires Borrowers to submit documentation to their Lender supporting FTE’s if the Borrower has selected Reason #2. Those are the 3508 applications and the new 3508EZ form. To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). The Small Business Administration (SBA) has released three forms and corresponding sets of instructions to be used by borrowers when applying for forgiveness of the Paycheck Protection Program (PPP) loans: Form 3508EZ and Form 3508S have specific requirements that must apply to the borrower if they would like to utilize those forms. Check to see which form you should fill out below. • Your Forgiveness amount may be reduced if average weekly FTE employees during your Covered Period were less than the reference period. Borrowers filing for forgiveness using Form 3508 are required to maintain their documents for six years. We’ll walk you through A&A’s SBA . owner’s Form 3520 (and not the due date for the Form 3520-A, which is otherwise due by the 15th day of the 3rd month after the end of the trust’s tax year) in order to The instructions specifically state that only one condition must be met in order to use Form 3508EZ for PPP forgiveness. To help the Korean and Chinese community, Ko & Martin has taken the initiative to translate the PPP Loan Forgiveness Application Form 3508EZ Instructions. : 3245-0407 Instructions . Form 990-EZ references reporting amounts of compensation from Form 1099-MISC, Miscellaneous Income, be sure to include nonemployee compensation from box 1 of Form 1099-NEC. SBA loans are subject to SBA eligibility guidelines. INSTRUCTIONS Last Updated April 2020 Forgiveness Portal 3508EZ Certifications • If you are completing the 3508EZ Application you must certify that you meet the criteria. Download: Form 3508EZ. SBA Form 3508EZ Instructions b. 16. Full-time equivalent (FTE) supporting information indicating the average number of FTE employees on your business payroll per month. 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). Certain restrictions apply to refinancing options and are subje ct to program terms. Documents that Each Borrower Must Submit with ts iPPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation Form 3508EZ . Access to the forgiveness portal and login instructions will be delivered to you via email. As of December 27th, 2020 the Paycheck Protection Program is back, and Biz2Credit can get your business started with an easy process to help you get funded quickly. that SBA pay down the loan by the forgiveness amount line 8 on Form 3508EZ or line 11 on Form 3508. Please pages 8-9) of the SBA Form 3508EZ Instructions for a listing of such documents . Borrowers may also complete their application electronically through their Lender. Download the free Acrobat Reader here , to properly complete your application and take advantage of the PPP Forgiveness calculator built into the 3508EZ Loan Forgiveness Application. You’ll need the answers from the Schedule A Worksheet. We also will discuss some of the new rules in the SBA's recent IFRs and answer all of your lingering questions about loan forgiveness. Click here for the new Form 3508EZ application (see below if you qualify to use the EZ form) Here’s how borrowers decide which forgiveness application to use. the extended 3508 application. 4. 2020 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. For any employees earning $100,00 or less, you did not reduce the annual salary or hourly wages by more than 25% in the covered period. Lenders may switch to the standard 3508 or 3508EZ forms by selecting “Switch to 3508/EZ” in the upper right corner. Payroll tax filings (IRS form 941) for the coverage period chosen (8 weeks OR 24 weeks). com 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. Please join us on 11/20 for yet another scintillating discussion of loan forgiveness and Form 3508EZ! A&A can use the SBA Form 3508EZ because it can check . We simplified these three by making the following decision tree to help you determine whether to use the new EZ Application, or the standard Application. You’ll need to meet specific requirements when you apply for small business loan forgiveness. All forms are printable and downloadable. Use our integrations a. Do not submit this Checklist with your SBA Form 3508EZ. Form 3508EZ may be used in three specific situations that are outlined in the Instructions to Form 3508EZ. DETERMINING WHICH PPP FORGIVENESS FORM YOU’RE ELIGIBLE TO USE Note that a separate forgiveness application must be completed and submitted for each PPP loan that you received from the bank. Purpose. 2020) Fillable-508 (U. Form 3508 Instructions - Forgiveness Instructions (Long Version) Form 3508EZ - PPP Forgiveness Application (Short Version) Form 3508EZ Instructions - Forgiveness Instructions (Short Version) Form 3508S (PPP Loans Under 50K) Form 3508S Instructions (PPP Loans Under 50K) FAQ's From The SBA . The full form 3508. Please complete and sign the necessary documents and submit to your Northwest Bank Business Banker. If your loan amount is $150,000 or less, please use SBA Form 3508S. The Coverage Period would start on the day your loan was funded. Created Date: 10/29/2020 9:49:03 AM Application forms and instructions for the PPP Loan Forgiveness process are below. OR PPP Loan Forgiveness Application Form 3508 -Revised as of January 19, 2021 v. 3508S FORGIVENESS APPLICATION The latest streamlined loan forgiveness application, Form 3508EZ, and its related instructions are the current most significant simplification forms of the PPP loan. Instructions Form 3508S . . Find easy to understand instructions for completing the PPP Loan Forgiveness Application Form 3508EZ with examples for self-employed borrowers. Shannon is a Partner in the Auditing Department of RBT CPAs, LLP, and is the lead Partner on commercial and nonprofit audits. If you are unable to check one of the boxes above, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using The two-page forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Eligibility to use Form 3508EZ. Notably, the application instructions introduced the new concept of an alternative payroll covered period (referred to as APCP) as a substitute payroll period, offering borrowers the choice to replace the normal 8-week covered INSTRUCTIONS for SBA Loan Forgiveness Application Form 3508EZ. •Confirm the borrower’s calculations on the borrower’s SBA Form 3508, 3508EZ or lender’s equivalent form by reviewing the documentation submitted with the SBA Form 3508, 3508EZ or lender’s equivalent form. 1. 1. B. SBA Form 3508EZ (01/21) Page 2 . Thank you and Stay Safe!! 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). Form 9465 PDF. Our Portal - has automatic integration features that allow you to provide documents directly from certain payroll providers and utility companies. • The Platform’s default application form is 3508S. • Form 3508 Instructions Choose the right SBA form to use: • Form 3508EZ • Form 3508 Select your Covered Period: Choose the 24-week Covered Period or Alternative Payroll Covered Period (if applicable) as the time frame for your incurred or paid payroll costs. PPP 3508EZ REQUIRED DOCUMENTS Northwest Bank has put together this summary of the list of documents that each Borrower must submit with their PPP Loan Forgiveness Application Form 3508EZ. Checklist for Using SBA Form 3508EZ . This 3508EZ PPP Forgiveness Application form may be used by businesses with PPP loans of more than $150,000 who qualify based on SBA requirements we’ll discuss in a moment. M. Borrower: FORM 3508EZ: DOCUMENTATION SHOWING AVERAGE FTE EMPLOYED BY BORROWER ON 1/1/2020 AND AT THE END OF THE COVERED PERIOD (applicable if borrower checked only the second box on the checklist on the form instructions) FORM 3508: REPORT OF EMPLOYEE SUMMARY OF AVG NUMBER OF FTE EMPLOYEE PER WEEK EMPLOYED 2-15-19 TO 6-30-19 The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000. -Nonpayroll Documentation– Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period. Review the eligibility questions – If you can answer yes, to any of the questions, c heck the box next to the applicable ones and then click START THE EZ FORM at the bottom of the page. Forms 3508EZ and 3508S are simplified documents, so not all of these steps apply. You can access the instructions for the 3508S here. 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. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. When the first Form 3508 was released, it showed an expiration date in the upper right corner of October 31, 2020. For PPP loans over $150,000, you may use 3508EZ if you meet ONE of the following conditions: Are self-employed and have no employees; OR; Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR Next it includes instructions on how to fill out their Calculation Form, which is on Page 3. We hope our Chinese and Korean translations will be helpful to you in the application process. Instructions for determining which form to use can be found here. 3245-0407 Expiration Date: 1 1 / 30 /2020 SBA Form 3508EZ (06/20) Page 1 PPP L OAN F ORGIVENESS A PPLICATION F ORM 3508EZ I NSTRUCTIONS FOR B ORROWERS Checklist for Using SBA Form 3508EZ 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 below. For loan amounts less than $150,000, you can use the new Form 3508S. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. S. Form 3508EZ is three pages long and broken down into the following parts: Calculation form; Signature/authorization form SBA Form 3508EZ (06/20) Page 1 PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. If your PPP loan is greater than $150,000 Step 1. Loan Forgiveness Application Form 3508EZ Instructions for Borrowers. Your payroll provider might be able to help! One way to tremendously simplify the If NO, use Form 3508EZ. Instructions & Checklist. 5 months of After completing the EZ Form, Borrowers should submit it to their Lender; Borrowers may also submit this application electronically. Read the guidelines to find out which information you will need to provide. If you’re claiming the following eligible Payroll and Nonpayroll expenses, please upload the required check one of the boxes above, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508. , CPA. 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 $150,000 or less) SBA 3508S PPP Loan Forgiveness Application & Instructions. Loan Forgiveness Application Form 3508S The Small Business Administration (SBA) has issued three applications for loan forgiveness forms: Form 3508S, Form 3508EZ and Form 3508. Updated Loan Forgiveness Application Instructions for Borrowers. "If your PPP loan was $50,000 or less, then you're going to automatically fill out the most streamlined form, which is the 3508S," Taylor said. The new application form, SBA Form 3508S, can be used by PPP borrowers applying for forgiveness on PPP loans with a total loan amount of $50,000 or less, unless those borrowers together with their affiliates received loans totaling $2 million or more. As Form 3508EZ requires less documentation, it also reduces the burden, and potential liability, on lenders in reviewing such PPP forgiveness applications. READ THE Interim Final Rule (6/16/20) PPP FORGIVENESS FAQ (8/11/20) Update: June 17, 2020 Borrowers should make sure to read the instructions to either the 3508EZ or full 3508 applications before completing. Please refer to pages 4 of the Form 3508EZ Instructions for a listing of such documents. SBA PPP Loan Number: SBA Form 3508EZ (01/21) Page 1 -0407 Expiration Date: 7/31/2021. In addition, the SBA also published a new “EZ” version of the loan forgiveness application – Form 3508EZ. 3. The revised form and instructions contains changes to take into account the 24-week period, as well as other changes found in the PPPFA. For example, if a self-employed business owner with no employees received $300,000 from the PPP program, the business owner could use Form 3508EZ because it meets one of the aforementioned conditions. SBA Form 3508 Instructions c. See page 4 of Form 3508 Instructions. Choose the Form which best suits your needs and follow the instructions for submission. If you’re using Form 3508EZ or Form 3508, follow these next steps: Calculate your average Full-Time Equivalency (FTE) Use the simplified or detailed method. Overview of the EZ PPP Loan Forgiveness Application, Form 3508EZ. Webinar Recording: The instructions regarding required supporting documents have been updated to include the documents required to support the new categories of expenses described above. And, you can review FAQs on PPP loan forgiveness on the SBA’s website. Once completed you can sign your fillable form or send for signing. 2 Step one: Gather documentation . For most all borrowers with loans over $50,000, the 3508EZ remains the form that you will use. This profit amount equates to monthly equivalent payroll of $4,000 because $48,000 divided by 12 months equals $4,000. Financing Here’s how to fill out the simplified SBA Form 3508EZ. Click below for the instructions and application to complete the 350EZ Form. You will need to completely fill out this form with the information provided on pages 1-2 and submit it to your lender. . Which form should I use to complete my application ? a. OMB Control No. SBA Form 3508EZ (the “EZ Form”) is a streamlined application that . Paycheck Protection Program Flexibility Act Starting with the Form 3508EZ, the question is: Who will be able to take advantage of this streamlined process? If one or more of the following 3 conditions exist, the EZ form can be used: The borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees when applying for the PPP loan. Nally. Determine if you can use the simpler form by following the SBA’s Checklist for Using SBA Form 3508EZ. The EZ version of the application consists of: A simplified core form (PPP Loan Forgiveness Calculation Form) that summarizes the component parts of the forgiveness calculation; Certifications; and; A Borrower Demographic Form. If you answered the eligibility questions in ways that meet the criteria for using 3508EZ form, Forms and Instructions (Please review 3508EZ instructions to determine if you qualify to use the EZ form vs. or 3508 form. in the actual SBA Form 3508. ORGIVENESS . Be sure to take advantage of the SBA's instructions on how to complete Form 3508EZ. SBA Form 3508 ( 06/20) Page 3 . If a borrower was unable to meet the 60% threshold for payroll or owner’s compensation expenses, the 3508EZ form allows for a proportionate reduction in forgiveness, therefore the 3508EZ may possibly be preferable to the 3508S in cases where 3508ez sba form 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. The only exception to this requirement is for the nonpayroll categories when they have not been included as part of the forgiveness request. The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. owner’s Form 3520 by the due date of the U. On Wednesday of this week, the Small Business Administration (SBA) released a revised, and hopefully a final, forgiveness application for Federal Student Aid Loading If you get lost or stuck, you can find the instructions for the application here. pdf See page 3 of Form 3508 Instructions or page 4 of Form 3508EZ Instructions. 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 You may use Form 3508EZ if you meet ONE of the following: The Borrower is a self-employed individual, independent contractor, or sole proprietorwho had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). •Confirm that the borrower made the calculation on Line 10 of the SBA Form 3508 (or Line 7 of Form 3508EZ) or lender’s equivalent form correctly. American First National Bank and its representatives do not provide tax advice. The term “Principal” means: Updated February 3, 2021 with the January 2021 update to form 3508EZ. APPLICATION for SBA Loan Forgiveness Form 3508EZ. 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. PPP-Borrower-Application-Form-Fillable - Borrowers agreement revised; PPP Forgiveness Application 3508EZ ( Revised 06. form 3508ez instructions