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