form 3508s instructions 12/01/2020. The ITF forgiveness relief applies to borrowers with PPP loans of $50,000 or less, other than any borrower that together with its affiliates received loans totaling $2 million Dec 03, 2020 · Instructions: PPP-Loan-Forgiveness-Application-Form-EZ-Instructions. Dec 03, 2020 · Form tab – 3508S selection When you log in, this is the first page you will see. However, a borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use Form 3508S. Step 3, Gather the required supporting documents to be submitted to the Bank with your application. Business Legal Name (“Borrower”) Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). Oct 29, 2020 · While Form 3508S is easier for your lender to process, you cannot rely on the lender to flag any issues with your forgiveness calculation or documentation prior to submitting the application. M. (For borrowers with loan amounts of $50,000 or less). For review purposes only, a link to the new Form 3508S is here and the instructions are here. Borrowers using the 3508S form are exempt from reductions in loan forgiveness amounts based on reductions in FTEs or in salaries or wages. The Form 3508S may be used for PPP loans in the amount of $50,000 or less, as long as certain SBA affiliation rules do not apply. To access a fillable PDF application form: Click here to download PPP Loan Forgiveness Application Form 3508S. Jun 18, 2020 · The SBA estimated the time for completing the new EZ form, including gathering data needed, would be 20 minutes, compared with 180 minutes for the longer Form 3508. To best prepare for your submission, please review the 3508S instructions and start gathering the required documentation. Oct 09, 2020 · The 3508S instructions say that in order to include nonpayroll costs in the forgivable amount, borrowers need to supply “Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period. • Form 3508 We will pre-fill these four fields on your online Forgiveness request: SBA PPP Loan Number, Chase PPP Loan Number, Funded PPP Loan Amount, PPP Loan Disbursement Date Review the instructions for your SBA Form • Form 3508S Instructions • Form 3508EZ Instructions • Form 3508 Instructions Select your Covered Period i. Maintain disciplined records and supporting documentation – see applicable PPP Loan Forgiveness Application Instructions for Borrowers. 3508S DOCUMENT REFERENCE GUIDE Under the SBA Rules, you are required to submit supporting documentation with your forgiveness request. The most significant benefit of the new form is that employee reductions and salary reductions are no longer penalized. Borrowers who received a PPP loan of $50,000 or less may be eligible to apply for forgiveness using the simplified Form 3508S which is included below. SBA has provided forgiveness applications, form 3508 (regular form), form 3508EZ (short form) and recently form 3508S (simple form), along with instructions  12 Oct 2020 Form 3508S – Simplified PPP Loan Forgiveness Application (Click here This guide is intended to help borrowers determine the best path to  Bank account statements and payroll tax forms (e. For borrowers with loans over $50,000, you will have the option to use the short application (3508EZ), if you qualify, or the full application (3508). For additional Small Business programs, guidance, and loan resources, please visit the SBA's website. PPP Loan Forgiveness Application Form 3508EZ  8 Oct 2020 PPP Loan Forgiveness Application Form 3508S (2 pages) on Page 3 of the instructions for six years after the date the loan is forgiven or  28 Oct 2020 I will send you the SBA Form 3508S in a DocuSign format for execution. The new Form 3508S is the simplest forgiveness application form yet making the COVID relief you need easier. On October 8, 2020 the US Treasury came  PPP Loan Forgiveness Applications & Instructions - Less than $50,000. application (Form 3508EZ) and to maintain the proper documentation on file should the SBA seek to further review your submission. Oct 09, 2020 · Instructions (SBA Forms 3508EZ or 3508) released June 16. To apply for loan forgiveness every article says to submit it to your Lender but I have no information on my Lender "Intuit Financing Inc. Oct 13, 2020 · The 3508S instructions say this documentation might include for payroll spending: Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. This application is only for those who received According to the form instructions, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Last modified. Borrowers will still need to submit a form to request a forgiveness amount, attest to the proper use of funds and provide supporting documents to lenders to justify the spend. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Our vendor is updating the forgiveness platform for this new form. Oct 13, 2020 · 3508S. The Rules are Simplified. Links to the new IFR, the new Form 3508S, and the new Instructions for Form 3508S are set out below. SBA Form – 3508S . A borrower who received a PPP loan of $50,000 or less is eligible to use Form 3508S. Who qualifies for loan forgiveness through this process? Nov 19, 2020 · FORM 3508S: Eligible borrowers can use the Form 3508S and the Form 3508S Instructions to calculate the forgiveness amount and need only enter the total amount of the payroll and nonpayroll costs eligible for forgiveness provided such amount may not exceed the principal amount of the PPP loan, Borrowers that use SBA Form 3508S are exempt from Oct 12, 2020 · A new application form (Form 3508S) and rule were issued for borrowers with a PPP loan under $50,000, unless they and their affiliates received loans totaling more than $2,000,000, making it easier for companies to get their loans forgiven. Although Form 3508S is a shorter form, it is not an automatic approval for borrowers. 3508EZ. sba. Link to the PowerForm online 3508S. Zoom. This is an abbreviated form that does not take into account FTE reductions or salary/hourly wage reductions. Required documentation •Verifying cash and non-cash payroll payments There are three forgiveness forms - Form 3508, Form 3508EZ, and Form 3508S - that are available in the Forgiveness Portal. Certain restrictions apply to refinancing options and are subject to program terms. Nitti. If your PPP Loan is greater than one of the three boxes below. If your loan is between $50,001 and $150,000 you may want to consider delaying your application due to the possibility of additional simplification of the process. Form W-8BEN. The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any Form 3508S Forgiveness. 4SBA Form 3508EZ applies to borrowers who received greater than $50,000 and meet any one of the following three criteria: • If you are self-employed, an independent contractor or a sole proprietor with no employees. Please refer to page 3 of the Form 3508S Instructions for a listing of such documents. Please refer to page 4 of SBA Form 3508EZ Instructions, page 6-7 of SBA Form 3508, and page 3 of SBA Form 3508S Instructions for a listing of such documents. Form 3508S instructions include detailed listings of appropriate documentation. The SBA is not yet accepting 3508S applications. PPP borrowers who received a qualifying loan would be ineligible to use Form 3508S if that PPP borrower, together with its 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; Form 3508S: see page three of the SBA Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) Instructions Here’s the link to download a copy of Form 3508S. Dec 15, 2020 · For PPP loans greater than $50,000 and you have followed the SBA’s spending rules for forgiveness, use Form 3508EZ. It’s also different from the application forms above because it exempts a borrower from a reduction in their loan forgiveness amount based on a Follow the step-by-step instructions within the spreadsheet, gathering the related supporting documentation you referenced while filling it out. The documentation for payroll includes: Bank account statements or third-party payroll service provider reports; Tax forms such as federal payroll reporting forms like Form 941 or state-wage and unemployment reporting If a foreign trust fails to file Form 3520-A, the U. • Form 3508EZ Instructions » The simpler Form 3508EZ can be used if you meet one of these three criteria: PPP Loan Forgiveness Application Instructions for Borrowers EZ Form; PPP Loan Forgiveness Application Instructions for Borrowers Long Form; PPP Loan Forgiveness Application Form 3508S Instructions; PPP Loan Forgiveness FAQs; Paycheck Protection Program Resources Paycheck Protection Program Checklist (Important: updated on 4-3-2020) Familiarize yourself with the SBA Form to use Form 3508S (for smaller loans of $50,000 or less) Form 3508EZ; Form 3508Standard; Review the instructions for your SBA Form, then organize your required documentation and be prepared to upload it in our automated platform when you apply Form 3508S Instructions (for smaller loans of $50,000 or less) 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; Form 3508S: see page three of the SBA Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) Instructions Oct 09, 2020 · Yesterday evening, the Small Business Administration (SBA) dropped another one: it released a third PPP Loan Forgiveness application – Form 3508S. No FTE/Wage Reduction The SBA issued forms and instructions for the streamlined Forgiveness Application (3508S), which are linked below to help you begin this process. On October 8th, the Small Business Administration (SBA) released Form 3508S, a new PPP Loan Forgiveness application for borrowers who have loans under ,000. 279. Depending on your circumstances, you’ll either use Form 3508S, Form 3508EZ, or Form 3508. The SBA released the following guidance regarding the new form, SBA 3508S: Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Applicants still must submit documentation verifying forgivable payroll and non-payroll expenses. Previous for “” Next. Those who use the full or EZ forms must calculate forgiveness amount. ii. PPP Loan Forgiveness Application Form 3508S OMB Control No. C. The forms your client should receive are either SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or the lender’s equivalent form. A quick perusal of the instructions to the form makes clear that for this class of borrowers, forgiveness will still not be automatic. Form 3508S does not require calculations, only that you certify some statements. Simpler Form – 3508S On October 8, 2020, the SBA in consultation with the U. The instructions for Form 3508S are available here. on Page 3 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. Dec 01, 2020 · PPP Loan Forgiveness Application Form 3508S Instructions. Eligibility. These guidelines were released with the new directive. 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). Forgiveness Application Forms & Instructions: The links to these forms are being provided here for reference only. Oct 19, 2020 · The latest streamlined loan forgiveness application, Form 3508EZ, and its related instructions are the current most significant simplification forms of the PPP loan. Text. Business Legal  Read the entire new release here. Alternatively Form 3508S simply asks you to provide the forgiveness amount you’ve requested and certify the conditions via initials six years. S. If you’re claiming the following eligible Payroll and Nonpayroll expenses on your PPP Forgiveness application, please 1) If your PPP loan is $50,000 or less you should use the 3508S Form. Oct 09, 2020 · The SBA issued an interim final rule (ITF) 1 and a new application, Form 3508S, 2 and instructions. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. The new Form 3508S includes a few new exemptions, making it much less cumbersome to complete. 9237 or tsimpson@mvsb. The Short-Form (Form 3508S) is only for Borrowers whose PPP Loans do not exceed $50,000 and whose total PPP Loan value together with their affiliates is less than $2 million. The instructions for completing Application Form 3508S for loans of  9 Oct 2020 Review the instructions for Form 3508S. Oct 09, 2020 · An electronic version of the 3508S is now available. Review the affiliation rules carefully. PPP borrower with a loan greater than $50,000 and the following apply: Step by step instructions on how to complete the new SBA Form 3508S PPP loan forgiveness application for S Corporations and C Corporations. 3508S Form and 3508S Form Instructions × Nov 03, 2020 · You can also find the necessary paperwork on the SBA website. The forms and  On October 8, the SBA released Form 3508S (link to application and instructions below), a simpler two-page application for PPP loans of $50,000 or less,  21 Oct 2020 The release includes the Interim Final Rule, Form 3508S—a new forgiveness application—and borrower instructions. 12 Oct 2020 Form 3508S”) and PPP Loan Forgiveness Application Form 3508S Instructions for Borrowers (“SBA Form 3508S Instructions). It was created to streamline the forgiveness process for those with smaller PPP loans, as these loans account for a relatively small percentage of the total amount of funds distributed to businesses by the PPP Oct 09, 2020 · The instructions to Form 3508S, however, contain no such requirement. gov/system/file and Instructions:  2 Nov 2020 Under current Small Business Administration (SBA) guidelines for the Paycheck This list reflects requirements for SBA Form 3508S. Please complete and sign the necessary documents and submit to your Northwest Bank Business Banker. PPP Loan Forgiveness Application – Form EZ Instructions PPP Loan Forgiveness Application – Form EZ Application PPP Loan Forgiveness Form 3508S - Instructions PPP Loan Forgiveness Form 3508S - Application It is the borrower’s responsibility to: Initiate the Application process ; Complete and submit the Application (Form 3508) In the meantime, you can review the new 3508S application form and the instructions for its completion using the links below: Review SBA Form 3508S; Review the instructions for Form 3508S; Resources for Questions. (SBA Form 3508S), the streamlined Loan Forgiveness Application (SBA Form 3508EZ), or the standard Loan Forgiveness Application (SBA Form 3508): Keep in mind, your SBA PPP loan number and Lender PPP loan number will be provided in M&T’s online application. PPP Loan Forgiveness Application Form 3508S PPP Loan Forgiveness Form 3508S ($50,000 & less) - Instructions & Application Posted in Read ; Posted 2 months ago You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508S only if the total PPP loan amount you received from your Lender was $50,000 or less. Allegiance Bank recommends that you confirm the information required for submission by visiting the instructions provided by the SBA, which can be found . The SBA reserves the right to review all required documentation for up to 6 years from loan forgiveness or payoff. related resources Information about the Paycheck Protection Program Form 3508S — This is another simplified form that can be used if you received a PPP loan of $50,000 or less (unless, together with your affiliates, your PPP loans total $2 million or more). Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). SBA Form 3508EZ Instructions b. Prefill and print the checklist below to assist with gathering the necessary information. owner’s Form 3520 by the due date of the U. Should you wish to become familiar with this new application option reserved for borrowers with a PPP loan amount of $50,000 or less, please review the PPP Loan Forgiveness Application Form 3508S Instructions for Borrowers and the PPP Loan Forgiveness Eligible Lender Request for Loan Modification or Waiver Form (November 18, 2020): To obtain instructions from the Main Street SPV regarding Core Rights Acts under the Loan Participation Agreement, an eligible lender should complete and submit this form in accordance with the instructions provided therein. We double-checked it. The FAQs were created based on guidance from the SBA in effect at the time of their creation. Instructions. Whether this is an administrative oversight or not is uncertain and further  3508S) and fill out the “Start my PPP loan forgiveness” form below. To fill out this application, open it in your PDF viewer and click Fill & Sign from the tools pane on the right. , the only documentation I have is the Promissory Note. According to the Form 3508S instructions , borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE Oct 20, 2020 · 4SBA Form 3508S applies to PPP borrowers who received less than $50,000. Oct 14, 2020 · Form 3508S and De Minimis Exemption from Reduction. To do: Select “Use 3508S” – Borrowers with loans of $50K or less will all use this form (unless you have affiliates and collectively received $2 million or more in PPP loans). If you have a loan of $50,000 or less, and you and your affiliates have combined loans of less than $2 million, consider using Form 3508S. Click here to view the simpler loan forgiveness application (“Form 3508S”) In addition PPP Loan Forgiveness Form 3508S - Instructions · PPP Loan  PPP Loan Forgiveness Application Form 3508S Instructions. for a listing of such documents. The Rule is available here. To begin the process, we recommend that you print and review a copy of the Application and instructions relevant to you. 12 Oct 2020 But what's the big difference between this 3508S form and the is the 3508S form: https://home. The applicant must submit his application to his immediate commander for his review and signature. The forgiveness applications, the instructions for completion of each, and a list of frequently ask questions are available on the SBA website at the Oct 09, 2020 · A borrower who uses Form 3508S is exempt from reductions based on reductions in salary or full-time equivalent employees. Oct 08, 2020 · Form 3508S. You only need the original PPP loan paperwork (since it provides the loan date, number and amount. The form does require the business to To view the instructions or fill out an application, visit the links below: PPP Loan Forgiveness Application Form 3508S PPP Loan Forgiveness Application Form 3508S Instructions On June 16, 2020, the SBA and Treasury Department released updated Paycheck Protection Program loan-forgiveness applications. July 2017). SBA loans are subject to SBA eligibilty guide lines. Please review all information carefully as your application for forgiveness cannot be submitted to the Oct 09, 2020 · The 3508S form for borrowers of $50,000 or less is one page plus the second optional page of demographic questions. 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. Oct 16, 2020 · Click here to download instructions for the Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) You submit your loan forgiveness application to your lender. Borrowers may also complete this application electronically through their Lender. 5-month equivalent of $100,000 per year) for each individual or the 2. If you believe Please read the instructions in the worksheet which indicate how to use the resource as intended. Some lenders are currently not accepting applications until there is more clarity about auto-forgiveness. , CPA Zoom Live Video Conference: 10/20 (1-3:15 pm EDT) Click Here to View New Form and Instructions Yesterday (10/08), the SBA released a new Interim Final Rule (IFR) and related Form 3508S/Instructions providing additional guidance concerning the forgiveness and loan review process for PPP loans of SBA forms 3508, 3508S, and 3508EZ cannot be accepted. Important considerations for this announcement: SBA Form 3508S is a “streamlined” forgiveness application, and should NOT be interpreted as “automatic” forgiveness; Oct 13, 2020 · Instructions for form 3508S. For Loan Amounts Greater Than $50,000 Oct 09, 2020 · De minimis borrowers may use a new streamlined forgiveness application to apply for forgiveness (Form 3508S is attached below with instructions—which still requires a borrower to submit payroll and nonpayroll documentation verifying payment of eligible costs). Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S. Aug 21, 2020 · Instructions for completing these forms, including details on required supporting documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S instructions *** FOR LOANS LESS THAN OR EQUAL TO $50,000 *** PPP Loan Forgiveness Application Form 3508S PPP Loan Forgiveness Application Form 3508 instructions Nov 19, 2020 · FORM 3508S: Eligible borrowers can use the Form 3508S and the Form 3508S Instructions to calculate the forgiveness amount and need only enter the total amount of the payroll and nonpayroll costs eligible for forgiveness provided such amount may not exceed the principal amount of the PPP loan, Borrowers that use SBA Form 3508S are exempt from Please refer to page 4 of SBA Form 3508EZ Instructions, page 6-7 of SBA Form 3508, and page 3 of SBA Form 3508S Instructions for a listing of such documents. Have questions filling out this application? View the Form 3508S Forgiveness Instructions provided by the Treasury Department. The EZ Form can be used by self-employed individuals with no employees or by those who kept employee count and salaries and wages at certain levels. The full form requires more calculations and documentation, but can be used for all PPP situations. PPP Loans Greater than $50,000: PPP Loan Forgiveness. It is strongly encouraged that you complete the application and prepare your documents for upload prior to applying for forgiveness through the online portal. Please refer to the Application Guide , SBA’s Checklist for Using SBA Form 3508EZ , or SBA Form 3508S instructions to help you determine which application is right. is technically only two pages, the SBA released four pages of instructions for it. The new loan forgiveness application (SBA Form 3508S) includes a simplified application process for borrowers with PPP loans of $50,000 or less and who, together with its affiliates (see 85 FR 20817 [April 15, 2020] regarding application of SBA’s affiliation rules and the exemption of otherwise qualified faith-based organizations from SBA’s affiliation rules), received PPP loans totaling less than $2 million. The 3508S form option will be added to our online portal soon. Oct 15, 2020 · Instructions: omplete SBA PPP Loan Forgiveness Application per the attached 1) C SBA Form 3508EZ, SBA Form 3508 or SBA Form 3508S. Instructions: Click HERE for the PPP Loan Forgiveness Form 3508S Instructions . Form 3508EZ Forgiveness. Loading Loading. 3 The relief does not constitute automatic forgiveness of a PPP loan. Webinar Recording: Oct 09, 2020 · Gassman, Crotty & Denicolo, P. The Small Business Administration (SBA) released a forgiveness application form, Form 3508S, for borrowers with $50,000 or less from the Paycheck Protection Program (PPP). pdf – Standard Application (Form 3508): Oct 19, 2020 · For a full description of the certifications, please refer to Form 3508S, Form 3508EZ, or Form 3508 found on the SBA site. You applied for your PPP Feb 15, 2019 · 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. Please do not submit the Loan Forgiveness Application at this time. The SBA published updated forgiveness forms aligned with the PPP Flexibility  8 Oct 2020 The PPP Loan Forgiveness Application Form 3508S Instructions for Borrowers can be located here. However, you still need to provide documentation verifying forgivable payroll and non-payroll expenses. 3508S Form: On October 8, the Small Business Administration (SBA) released a new Paycheck Protection Program loan forgiveness application (3508S) that can be used by PPP borrowers applying for forgiveness on PPP loans that provides exemptions from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS. SBA loans are subject to SBA eligibility guidelines. com; SBA Frequently Asked Questions on PPP Forgiveness 3508S Application Instructions. There are seven (7) tabs in the spreadsheet. Oct 09, 2020 · For loan amounts less than $50,000, you can use the new Form 3508S released on October 8. On October 8, 2020, the SBA in consultation with the U. Borrowers will fill out a one-page application (3508S) through our software and upload the financial Click here to access SBA Form 3508S and instructions. Full-time equivalent (FTE) supporting information indicating the average number of FTE employees on your business payroll per month. gov/  23 Nov 2020 PPP Loan Forgiveness Application Form 3508S Instructions (PDF). Below are the links that will take you directly to the Simple Form 3508S, instructions,  PPP Loan Forgiveness Application Form 3508S Instructions · Document Delivery. ‌ Review SBA Form 3508S. "EZ" application ( see instructions for requirements):. 9 Oct 2020 Form 3508S Instructions. While we have  21 Oct 2020 PPP Loan Forgiveness Applications SBA 3508S Form. If you are able to check one of the three boxes, Instructions Form 3508S Form 3508S Loan Forgiveness Application - Under $50K. SBA Form 3508S Instructions d. Review the instructions for Form 3508S Oct 15, 2020 · “The 3508S form will greatly benefit many PPP loan borrowers, with over two-thirds of borrowers eligible to use it,” Wade told Mortgage Professional America by email. The 3508S instructions say borrowers need to supply “Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period. SBA Form 3508S (10/20). As soon as we are ready to accept the Form 3508S, we will notify all impacted borrowers. Once you receive your invitation and instructions you may log into the Portal to begin your PPP forgiveness process. This is a 2-hour live video conference (2 credits) led by Lucien P. It is very important that you read the instructions and submit the required documents, as we will not be able to process your application without it. If you are not sure which form to use, open the form and review statements on page 2. You will receive an email from Heartland Credit Union with additional instructions on how   16 Oct 2020 Finally, A Simplified PPP Forgiveness Form. gov/document/sba-form- 3508s-ppp-loan-forgiveness-form-3508s. Main Content. Form 3508S requires the business to also provide all the same details provided when the loan was granted to the business. Once you have assembled the required information and completed the application, you may submit your. Oct 14, 2020 · When a borrower submits SBA Form 3508S or lender’s equivalent form, the lender shall: (i) Confirm receipt of the borrower certifications contained in the SBA Form 3508S or lender’s equivalent form. If you can confirm each, that form is for you. Document. A borrower using this Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders (posted 4/8/2020) Economic Injury Disaster Loans In response to the Coronavirus (COVID-19) pandemic, small business owners in all U. Oct 16, 2020 · Form 3508S Form 3508S Instructions. Financing Nov 04, 2020 · During the week of October 5th, the SBA released yet another simplified application—SBA Form 3508S—along with instructions for its use. Subject to approval and program guidelines. 3245-0407 Expiration date: 1 2/31 /202 0 A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. For full 3508S Instructions please visit the SBA website. 13 Oct 2020 Links to the new IFR, the new Form 3508S, and the new Instructions for Form 3508S are set out below. This Coleman webinar brings clarity to a murky situation that is currently covered by many interim PPP program rules. Oct 09, 2020 · The instructions to Form 3508S contain a section outlining the computation of the forgiveness amount. Form 3508S (Update: September 30, 2020) Paycheck Protection Program (PPP) Loan Forgiveness update: Below are links to PPP Loan Forgiveness applications. The affiliation rules may be found here. (Rev. Form 3508S Form 3508S Instructions: Step 3: Gather the required supporting documents to be submitted to the Bank with your application. This form exempts PPP loans of $50,000 or less from FTE or employee reduction penalties. 3508S Application Form. Borrowers may   PPP Loan Forgiveness Application Form 3508S Instructions. You can find the PPP Loan Forgiveness Application Form 3508S for borrowers of $50,000 or less here. 9 Oct 2020 Instructions for Form 3508S also were released. 30 Nov 2020 PPP LOAN FORGIVENESS APPLICATION FORM 3508S INSTRUCTIONS FOR BORROWERS. Confirm receipt of the documentation the borrower must submit to aid in verifying payroll and nonpayroll costs, as specified in the instructions to the SBA Form 3508S or lender's equivalent form. The instructions to Form 3508S contain a section outlining the computation of the forgiveness amount. Form 3508S Instructions. Treasury explained that the purpose of the new IFR and Form 3508S is to: Download the instructions for Form 3508EZ Download the revised Form 3508 Download the instructions for Form 3508 Read the interim final rule Download Loan Forgiveness Application Form 3508S Download the instructions for Loan Forgiveness Application Form 3508S Download SBA Form 3509 PPP Loan Necessity Questionnaire (For-Profit Borrowers) 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. Video instructions and help with filling out and completing   14 Oct 2020 Learn about Form 3508S, which aims to deliver financial and administrative relief to smaller businesses by streamlining the PPP loan  11 Jul 2017 Instructions for. There are now three different PPP forgiveness application forms, each with its own set of instructions: Form 3508S. Form 3508S, the two-page application, includes certifications from the borrower but does not require calculations to be submitted with the application. These are for reference only. Dec 22, 2020 · If your loan amount was less than $50,000, use the streamlined form (Form 3508S). Treasury, released a “simpler” loan forgiveness application for PPP loans of $50,000 or less. Pages. Form 3508S Highlights. The IFR provides that a borrower with a PPP loan of $50,000 or less (except for any borrower that together with its affiliates received loans totaling $2 million or greater) may use the new Form 3508S (or a lender’s equivalent form) to apply for loan forgiveness. Page 2. If an eligible lender is uncertain as On October 8, 2020, the SBA released Form 3508S for loans $50,000 or less. With that said, we’ve designed this guide to assist you with determining the required documentation. 2 million PPP loans approved by the SBA, about 3. American First National Bank and its representatives do not provide tax advice. review the appropriate SBA Forgiveness Application Form 3508S, Form 3508EZ, or Form 3508 found above, and the corresponding instructions for each form. Follow the instructions for executing and uploading the form. LINK TO SBA FORM 3 document required by the Form 3508S. Oct 12, 2020 · To view instructions for completing SBA Form 3508S, click here; To view the SBA Press Release on the simplified forgiveness application, click here. PPP Loan Forgiveness Application Form 3508S (for loans of $50,000 or less) SBA 3508S PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508S instructions PPP Loan Forgiveness Application Form 3508EZ Oct 09, 2020 · Late on October 8, 2020, SBA dropped a new PPP Forgiveness Application, Form 3508S (and instructions) that is available to PPP borrowers whose PPP loan was $50,000 or less, which the SBA determined to be de minimis. Oct 09, 2020 · Borrowers will fill out a one-page application (3508S) through our software and upload the financial documents that support how the PPP funds were spent. PPP Loan  PPP Loan Forgiveness Application Form 3508S (pdf) Download · PPP Loan Forgiveness Application Form 3508S Instructions (pdf) Download · Final PPP FAQs  For additional details and instructions, see the FAQ section below. SBA PPP website . Borrowers of Over $50,000. We hope  12 Oct 2020 The new forgiveness form can be found here: www. 13 Oct 2020 Please use SBA Form 3508S for Loan Forgiveness if the loan PPP Loan Forgiveness Application Instructions for Borrowers: SBA Form 3508:  Instructions · 3508S Application Form. Oct 13, 2020 · Instructions for form 3508S. 4SBA Form 3508S Instructions (Less than $50,000 only SBA has also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act. Instructions for Form 3508S also were released. ) Borrowers that can use this form are exempt from reductions in loan forgiveness amounts due to reductions in Full Time Equivalent (FTE) Employees or in The list of required supporting documentation is listed in the SBA form 3508S instructions. ” Specifically, for mortgage and loans, a borrower submits: Oct 08, 2020 · Notably, instructions for SBA Form 3608S state that the new application requires fewer calculations and less documentation for eligible borrowers. Department of Treasury dedicated Form 3508S was released October 8 and provides a very simple  9 Oct 2020 The SBA issued an interim final rule (ITF)1 and a new application, Form 3508S,2 and instructions. Form 3508S Form 3508S Instructions: Step 2: Complete the application as identified in Step 1. Oct 14, 2020 · PPP borrowers and their affiliates can use Form 3508S if they collectively received less than $2 million in loans. For your convenience  16 Oct 2020 and instructions for completing the form can be found here: /files/136/PPP- Loan-Forgiveness-Application-Form-3508S-Instructions. The instructions for completing that form are available here. FORM 3508S Simplified PPP Forgiveness Application and Form 3508S Instructions applies to borrowers who received a loan of $50,000 or less. 3245-0407 Expiration date: 1 2 / 31 /2020 Business Legal Name (“Borrower”) DBA or Tradename, if applicable • 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. The instructions  PPP Loan Forgiveness Application Form 3508S Instructions. form 941) and state quarterly wage Instructions for PPP Loan Forgiveness Application Form 3508S, Form  9 Oct 2020 However, the instructions make clear that the SBA may request from the borrower support for their computation at any time. 16. Important considerations for this announcement: SBA Form 3508S is a “streamlined” forgiveness application, and should NOT be interpreted as “automatic” forgiveness; 3508S Application Documentation 1 | P a g e INSTRUCTIONS: This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness application. No FTE/Wage Reduction 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. A checklist for borrowers to determine if they can apply for forgiveness of PPP loans using SBA Form 3508EZ The SBA created a new two-page application form, Form 3508S, and related instructions that qualifying borrowers can use. , and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The Interim Final Rule on the new,  According to the form instructions, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Using a 24-week coverage period is recommended and usually allows for full forgiveness from payroll only. These FAQs are being provided only for your convenience in the hope that they may assist you in the submission of your Form 3508S. Borrowers that use form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. On October 8, 2020, the U. The one-page 3508S forgiveness application (downloadable as a pdf here) requires about a minute to complete. The two-page Form 3508S includes none of the calculations and cost breakdowns included in the full application (Form 3508) and the “EZ” version (3508EZ) for determining their forgiveness amount, though the form instructions still detail how to calculate that amount; describe the required documentation; and note that Instructions for this form are here. Borrowers still have to be careful in making sure that they have paid or incurred sufficient payroll/nonpayroll costs to qualify for the maximum amount of loan forgiveness. • 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. SBA Form 3508 ( 06/20) Page 3 . If you don't qualify, then move on to Form 3508 and follow the instructions. Gauthier, Esq. 9 Oct 2020 This is the new form the SBA released on 10/08/2020. PPP Loan Forgiveness Application 3508S Instructions PPP Loan Forgiveness Application 3508S Press Release: SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000. Oct 09, 2020 · The application, Form 3508S. PPP Loan Forgiveness Application Form 3508S Instructions What if I received an Economic Injury Disaster Loan (EIDL) Advance? If you received an Economic Injury Disaster Loan (EIDL) Advance, in addition to your PPP loan, the SBA will deduct the amount of the EIDL Advance from the PPP loan forgiveness amount. Form 3508S and its accompanying instructions are posted on the SBA’s website. For additional information, please refer to the . Instructions for the  23 Oct 2020 You can see Form 3508S here, and read the instructions here. Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. pdf. Form 3508S Loan Forgiveness Application - Under $50K · Instructions Form 3508S · Contact Us - Upon request we can mail an application. Contro 3245 Employee Reduction Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB l Number -04 07 Form 3508S and its instructions still require 7 certifications by the borrower but the submission of less documentation. " . PPP-Loan-Forgiveness-Application-Form-3508S. Completing the 3508S Application. Period. (If the borrower together with its affiliates received PPP loans totaling $2MM – then this form may not be used. PPP borrower with a loan greater than $50,000 and the following apply: There are three forgiveness applications: Form 3508S, Form 3508EZ and Form 3508. • Those using SBA Form 3508EZ, including sole proprietors and independent contractors, should use the 3508EZ documentation requirements . United States Tax Withholding and . For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. If you meet the following criteria, use the three-page "EZ" form (Form 3508EZ): Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. A PPP loan borrower who received $50,000 or less is not required to reduce the forgiveness amount for salary reductions and changes in FTE’s due to de minimis exemptions added by the SBA and Treasury. ppp loan forgiveness application form 3508s instructions for borrowers Oct 31, 2020 · Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). 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 . Instructions Form 3508S . PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. Please read the instructions thoroughly and work through the entire Application before beginning the submission process outlined below. Note: Please do not send in paper applications. related resources Information about the Paycheck Protection Program Jun 17, 2020 · We received a PPP loan from Intuit Financing Inc. Am I eligible to use the SBA Form 3508S Loan Forgiveness Application? Use the SBA Form  9 Oct 2020 The instructions to Form 3508S, however, contain no such requirement. • Those using SBA Form 3508S should use the 3508S documentation requirements . In addition to the above, the Bank needs the following information from self-employed Borrowers: Self-employed Borrower (with employees): - 2019 Schedule C** Oct 16, 2020 · Form 3508S Form 3508S Instructions. 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 Application: Click HERE for the PPP Loan Forgiveness Form 3508S. p. File Download. See Page 3 of the PPP Loan Forgiveness Application Form 3508S Instructions for a complete listing of needed documentation. g. Consider effects of different covered periods, the safe Recently, the SBA released a new simplified Forgiveness Application (Form 3508S). Alternatively Form 3508S simply asks  PPP Loan Forgiveness Application Form 3508S. In addition to a simpler form, the rules are also  19 Oct 2020 (Available with instructions from the U. The SBA Form 3508S and its instructions make clear that fewer calculations and less documentation will be required for eligible borrowers. 2020). Form 3508EZ Instructions Form 3508 (Full Form) If your business does not qualify to use the above S or EZ options, you’ll need to use the full application (form 3508). CLOSE. The PPP 3508S 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 3508S. Payroll tax filings (IRS form 941) for the coverage period chosen (8 weeks OR 24 weeks). Contact Us - Upon request we can mail an application. “Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages,” the instructions state. Any Instructions for PPP Loan Forgiveness Application Form 3508S. • Click for Form 3508S Application • Click for Instructions for Form 3508S Application May 13, 2020 · "Borrowers using a 24-week Covered Period, this amount is capped at $20,833 (the 2. To File For Forgiveness: Oct 12, 2020 · On Thursday, October 8, the Small Business Administration (SBA) and the Treasury Department announced the release of a new, further simplified forgiveness application for PPP borrowers with loans of $50,000 or less. 3508EZ Form and 3508EZ Form Instructions. You will submit your forgiveness application electronically by clicking on the "Apply Now" link provided above. PPP 3508EZ Forgiveness Application (Must review checklist to use this form) Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ OMB Control No. For borrowers $50,000 or under, you may now use the 3508S or lender equivalent (i. Only borrowers who took out loans that were $50,000 or less can use the form. Form 3508S is available here. For instructions and information on PPP loan forgiveness using this SBA Form 3508S ($50,000 and less): Click here to download PPP Loan Forgiveness Application Form 3508S Instructions for Borrowers PDF. Form 3508 - Form 3508 Instructions (Separate document) Form 3508EZ - Form 3508EZ Instructions (Separate document) Form 3508S - Form 3508S Instructions (Separate document) Form 3508EZ and Form 3508S have specific requirements that must apply to the borrower if they would like to utilize those forms. October 16, 2020 PPP Loan Forgiveness Application Form 3508S Instructions. Please enable  PPP Loan Forgiveness Application Form 3508S Instructions. A. Forgiveness application Form 3508S; Instructions for Form 3508S Nov 03, 2020 · There is a full form, an EZ form, and now a form for loans of $50,000 or less — Form 3508S. e. owner must complete and attach a substitute Form 3520-A to the U. 1. Refinances of existing SBA loans are excluded. Form 3508S detailed form instructions from the SBA. SBA Form 3508S also does not require borrowers to show the calculations used to determine their Revised Form 3508; Instructions for Form 3508; PPP Schedule A Worksheet; Regardless of which application you use, keep the following tips in mind: You must choose an 8-week or 24-week coverage period. Privacy Policy  10 Oct 2020 SBA Form 3508S is a significantly simplified loan forgiveness /files/136/PPP- Loan-Forgiveness-Application-Form-3508S-Instructions. 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: Nov 09, 2020 · FORM 3508S: Eligible borrowers can use the Form 3508S and the Form 3508S Instructions to calculate the forgiveness amount and need only enter the total amount of the payroll and nonpayroll costs When a borrower submits SBA Form 3508S or lender’s equivalent form, the lender shall: (i) Confirm receipt of the borrower certifications contained in the SBA Form 3508S or lender’s equivalent form. Oct 12, 2020 · While the original application is an 11-page document, the recently announced Form 3508S is a two-page document that removes a number of previously required steps. Examples of documents that cannot be accepted include: Borrower prepared internal files such as excel for payroll or other payments Dec 22, 2020 · 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. Please start with the first link to see if you qualify for the 3508EZ form. Qualifying borrowers are exempt from any reduction in forgiveness due to reductions in full-time equivalents and/or reductions in wages. (See Suggestions for completing the online 3508S form below. Confirm receipt of the borrower certifications contained in the SBA Form 3508S or lender’s equivalent form. 3508S Instructions for Borrower – Checklists for Using SBA Form   SBA Form 3508 PPP Forgiveness Instructions · SBA Form 3508 PPP Forgiveness Application · SBA Form 3508S PPP 3508S Forgiveness Instructions. In addition, borrowers will be required to submit much of the same Review your PPP Loan Forgiveness Application options. Once you have completed the correct form, submit it to our portal. This form may be used if your loan amount is $50,000 or less. PPP-Loan-Forgiveness-Application-Form-3508S-Instructions. Oct 12, 2020 · To account for the Form 3508S, the SBA added the following provision applicable to a lender’s review of such an application for forgiveness: When a borrower submits SBA Form 3508S or lender’s equivalent form, the lender shall: i. Contact Tina Simpson with any questions at 603. Simplified Process for Loan Forgiveness, Form 3508S • On October 8, SBA released a simplified forgiveness application and instructions for borrowers with a PPP loan of $50,000 or less (other than borrowers that together with affiliates received loans totaling $2 million or more), as well as an interim final rule governing use of the new form. PPP Borrower Demographic Information Form (Optional). Instructions for this form are here . 3 The relief does not constitute automatic  8 Oct 2020 A borrower that uses SBA Form 3508S (or lender's equivalent form) is SBA Form 3508S and the Instructions to Form 3508S are available  On October 8, 2020, the SBA released Form 3508S for loans $50,000 or less. The lender will then apply to the SBA. The full form 3508 The SBA has developed the Form 3508S, 3508EZ and 3508 to facilitate the PPP forgiveness process. 5-month equivalent of their applicable compensation in 2019, whichever is lower. Allegiance Bank undertakes Oct 15, 2020 · The Small Business Administration (SBA) has provided a simpler and more streamlined forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less: Form 3508S. 3508S Form and 3508S Form Instructions × Oct 09, 2020 · The new form 3508S and the instructions for completing it can be found here. In order to process your PPP forgiveness application, please select the appropriate form and carefully review the associated instructions and frequently asked questions. PPP Loan Forgiveness – EZ Form Instructions PPP Loan Forgiveness – EZ Form Application (3508EZ) PPP Loan Forgiveness – Simple Form Instructions PPP Loan Forgiveness – Simple Form Application (3508S) It is the borrower’s responsibility to: Initiate the Application process; Complete and submit the Application (Form 3508, 3508EZ, or 3508S) Oct 13, 2020 · Form 3508S and Instructions for the new Form, addressing applications for forgiveness of PPP loans of $50,000 or less. Notes. Signed PPP Forgiveness Application – Download Form 3508S Forgiveness Application. assume ppp loan is $40000, and during cover period, owner pay herself for $10000 payroll. Affiliate businesses (e. Form 3508S should streamline the forgiveness process for all PPP loans $50,000 and You can access the Form 3508S, instructions and interim final rule by  18 Jun 2020 See additional Form 3508S information for lenders. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wage. If you can check any ONE of the following boxes, you may apply using this form. You will not be able to use Form 3508S for the streamlined forgiveness. All applications, along with instructions for completion and checklist of items required for forgiveness, can be found by clicking the links below. Loans of $50,000 or less: Download Form 3508S; Download the Instructions for Form Oct 08, 2020 · On Thursday, Oct. be/uTIc1k7K Application | SBA Form 3508S Guide | How To Apply for Forgiveness. treasury. ) When you complete the online 3508S form with the required PDF attachments, the files are automatically sent to us for review and processing. Nov 15, 2020 · Download Form 3508S Instructions Here Form 3508EZ – Available to those that are self-employed with no employees OR those who did not reduce employee salaries by more than 25% and did not reduce employee hours OR those who reduced business activity due to COVID health guidelines and did not reduce salaries by more than 25%. pdf (treasury. For PPP recipients of less than $50,000, please see SBA Form 3508S released October 8. On Friday, October 9th, the SBA released the new Form 3508S (you can remember the new Form by the poem shown at the end of this article), together with an interim SBA Form 3508S Feb 15, 2020 · Be sure to follow the detailed instructions to complete Form 3508, Form 3508EZ or Form 3508S Submit official documents that support 'proof of payment'. the short form). • For Borrowers using the SBA Form 3508S, no FTE documentation will be required. Form 3508S Application Form 3508S Instructions. Form 3508S. SBA loans are subject to SBA  Please read the instructions in the worksheet which indicate how to use the resource as intended. , LL. Application Form. PPP loans for $50,000 or  The 3508S Form is a shorter application process if certain conditions are met as outlined in the. Do not submit this Checklist with your SBA Form 3508EZ. So where’s the good news? Several of the Gather the required documentation as described in the SBA Instructions in PDF file format only. As you complete each tab in the spreadsheet, the Est Forgiveness Calculator tab will auto-populate and calculate your estimated forgiveness. Please see the links below for the new IFR # 25, PPP Forgiveness Application Form 3508S, and instructions. Oct 16, 2020 · Pursuant to the Form 3508S, PPP Loan Forgiveness Application instructions, the business must enter in the same information submitted on their PPP loan application onto Form 3508S. Oct 13, 2020 · The 3508S form has the simplest reporting requirements of the three PPP forgiveness forms and is, therefore, the easiest to fill out. Frequently Asked Questions - Form 3508S . Form 3508 , which is to be used for all PPP borrowers who do not meet the criteria for Form 3508S or Form 3508EZ. pdf – Standard Application (Form 3508): Oct 12, 2020 · To view instructions for completing SBA Form 3508S, click here; To view the SBA Press Release on the simplified forgiveness application, click here. • Streamlined process for loans under $50,000 by utilizing form 3508S Form-3508S-Instructions. , CPA Zoom Live Video Conference: 10/20 (1-3:15 pm EDT) Click Here to View New Form and Instructions Yesterday (10/08), the SBA released a new Interim Final Rule (IFR) and related Form 3508S/Instructions providing additional guidance concerning the forgiveness and loan review process for PPP loans of Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wage. Oct 12, 2020 · This form makes it easier for them to apply for forgiveness, and easier for lenders to process forgiveness applications. By using this CHECKLIST, you agree to hold Allegiance Bank harmless from any and all damages or claims that could result from such use. Both Form 3508 and Form 3508EZ required calculations to show the forgiveness amount you’ve requested. ” As set forth in the Form 3508S instructions and an accompanying Interim Final Rule (IFR), borrowers that are eligible to use the 3508S application are exempt from reductions to the loan forgiveness amount based on reductions to Full Time Employee (FTE) headcount or salaries and wages. On October 8, 2020, the SBA and the Treasury released a new PPP Loan Forgiveness Application entitled Form 3508S. File Download  2 Nov 2020 Both Form 3508 and Form 3508EZ required calculations to show the forgiveness amount you've requested. ) The figure below shows an example of the top part of the form which you use to provide contact information: page 3 of the Form 3508S Instructions. This list re˜ects requirements for SBA Form 3508S, including sole proprietors and independent contractors. Non-Payroll: Documentation verifying the existence and payments of services (See 3508S Instructions for more detail) Eligible Individuals who are Self-Employed, Independent Contractors or Operate as Sole Proprietors Oct 14, 2020 · PPP Loan Forgiveness Application Form 3508S Borrowers with loan of $50,000 or less can use the 3508S application form. This document is directly from the SBA and is required to begin the PPP Loan Forgiveness Process. It’s accompanied by three pages of directions. ," where/how do you submit the application to them. This application is for borrowers whose loan amount exceeds $50,000 AND who can answer one of the three questions on the 3508EZ instructions list provided below. here. The form requires you to 1) certify seven declarations, 2) calculate your forgiveness amount and 3) provide documentation supporting your forgiveness amount. Nov 17, 2020 · During the week of October 5, the SBA released yet another simplified application— SBA Form 3508S —and instructions for its use. The instructions include some notable items, such as: The SBA has provided forgiveness applications, form 3508 (regular form), form 3508EZ (short form) and recently form 3508S (simple form), along with instructions for the completion of each. A summary can be found using the following link: Oct 19, 2020 · Instructions for PPP Loan Forgiveness Application Form 3508S, Form 3508EZ, and Form 3508 including details on required documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S (for loans of $50,000 or less) 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). In general, if you received a PPP loan of $50,000 or less and have not, together with your affiliates, received PPP loans Oct 20, 2020 · Payroll: 2nd and/or 3rd Quarter IRS Form 941 (if completed at time of application). In the meantime, you can review the new 3508S application form and the instructions for its completion using the links below. Form 3508S Instructions For United Bank PPP borrowers - payment guidelines: While your PPP note may state a payment date seven (7) months from your loan date, newer legislation was passed deferring those payments, as long as a timely loan forgiveness application is received. Although the EIDL application number and advance amount are requested […] Step-by-step instructions on filling out the application forms 3508S and 3508EZ, examples, and a video tutorial A complete list of documents you need to apply Tools and resources including the SBA PPP forgiveness platform and forgiveness FAQs updated on 10/13/20 Oct 26, 2020 · Form 3508S is the simplest PPP loan application form available. The Small Business Administration (SBA) released a  19 Oct 2020 These guidelines are clearly stated on the instructions for the SBA Form 3508S. A summary can be found using the  19 Oct 2020 These guidelines are clearly stated on the instructions for the SBA Form 3508S. Treasury explained that the purpose of  If you are completing form 3508S, you must maintain the required who can answer one of the three questions on the 3508EZ instructions list provided below. a. You will also need to submit the required documentation outlined in the PPP Forgiveness Documentation Checklist below. , businesses with common management, stock ownership, and identity of interest) that took out a combined total of PPP loans of $2 million or more cannot use Form 3508S. As with all PPP loan forgiveness applications, you apply for forgiveness through your lender. Borrowers that use SBA Form  15 Oct 2020 PPP Loan Forgiveness Application 3508S Instructions Loan Forgiveness Process Form 3508S; Lender Submission of Loan Forgiveness  9 Oct 2020 To obtain the SBA copy of the simplified application, instructions and related Interim Final Rule, visit: Form 3508S: https://home. Oct 09, 2020 · The Small Business Administration issued a new PPP Forgiveness Application Form 3508S and 3508S Instructions for those small businesses that secured a PPP loan of $50,000 or less. Certificate of Foreign Status of Beneficial Owner for. Oct 12, 2020 · In summary: Form 3508S. Even though Form 3508S has an expiration date of October 31, 2020, that is not the deadline to apply for loan forgiveness. If you borrowed over $50,000, please read the statements below to determine whether you should complete the PPP Loan Forgivenss Form 3508EZ or 3508. Confirm receipt of the borrower certifications contained in the SBA Form 3508S or lender's equivalent form. states, Washington D. SBA Form 3508 Instructions c. The new application - Form 3508S - is one-and-half pages long, and requires the borrower to certify that the amount they are seeking forgiveness for was spent in accordance with • Streamlined process for loans under $50,000 by utilizing form 3508S Form-3508S-Instructions. 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. 57 million were for $50,000 or less,  8, 2020, the Small Business Administration released PPP Loan Forgiveness Application Form 3508S and instructions, which is available for borrowers meeting  12 Oct 2020 SBA released Form 3508S for Paycheck Protection Program (PPP) though the form instructions still detail how to calculate that amount;  12 Oct 2020 Form 3508S now only requires the borrower to report the following: Demographic information;; SBA loan information;; Covered period dates, and;  Click for Instructions for Form 3508S Application. This form can only be used if the total PPP loan amount that the borrower received from their lender was $50,000 or less. Whether this is an administrative oversight or not is uncertain and further clarity on this is certainly expected as those with loans greater than $50,000 who received an EIDL advance of $10,000 still have to show this and reduce their forgiveness amount for this advance. 25 Oct 2020 TO COMPLETE FORM 3508-EZ"https://youtu. The C&N Forgiveness Portal will require most of the information within these forms. To begin the PPP Loan Forgiveness Application – Form 3508S Instructions. Oct 13, 2020 · The SBA has provided three loan forgiveness applications – Form 3508EZ ,Form 3508, and Form 3508S (for PPP loans totaling $50,000 or less). 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. 8, 2020, the Small Business Administration released PPP Loan Forgiveness Application Form 3508S and instructions, which is available for borrowers meeting criteria listed on the top of the application. Q: Who can use the SBA form 3508S to apply for forgiveness? A: You can use the new SBA form 3508S if all of the below bullet points are true: The PPP Forgiveness Application Form 3508S and 3508S Instructions are for those small businesses that secured a PPP loan of $50,000 or less. While the EZ form application is technically only two pages, the SBA released four pages of instructions for it. Borrowers that use Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in their salaries or wages. The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any reduction in forgiveness for any salary or wage re Form 3508S instructions—page 3 How do I know if I qualify to use the forgiveness application form 3508S? If the PPP loan amount is $50,000 or less, and the total of all of your affiliate PPP loans is less than $2 million, you qualify to use the 3508S. For PPP borrowers with loans more than $50,000 but not exceeding $150,000, there is still a possibility  1 Apr 2020 PPP Loan Forgiveness Application Form 3508S 10 8 2020 PPP Loan Forgiveness Application Form EZ Instructions (Revised 06. Please refer to the Instructions for Form 3508S for guidance on how to complete the PPP loan forgiveness application for loans totaling $50,000 or less. The new SBA Form 3508S, along with the instructions and the new Interim Final Rule is provided below. Form 3508S is available directly within the forgiveness application portal on this page. Please click here to request your 3508S application. Of the 5. Once our forgiveness application portal is available to accept 3508S applications, a new application link will be sent to qualified borrowers (loan amounts of $50,000 or less). This list reflects requirements for SBA Form 3508. 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. They cannot use Form 3508S if they received a combined total of $2 million or more. 3508S Forgiveness Application. SENB Paycheck Protection Program Loan Forgiveness Checklist for Form 3508S Feb 15, 2019 · 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. • Form 3508S Instructions » The simple Form 3508S can be used only if you meet both criteria: – Received a PPP Loan of $50,000 or less – Together with any affiliates, received PPP loans totaling less than $2 million. Subject to credit approval and program guidelines. 3508 Form and 3508 Form instructions. 2. Specific payroll document requirements that are detailed in 3508S, 3508EZ, or 3508 instructions. You will not need to submit calculations on your 3508S forgiveness application, but you do still need to initial that you’ve “accurately calculated the forgiveness amount requested” and met all the stipulations for forgiveness. A borrower of a PPP loan of $50,000 or less, other than any borrower that together with affiliates received PPP loans totaling $2 million or more, may use 3508S. Please contact your Baker Tilly advisor regarding how the above may affect your situation. Oct 15, 2020 · Borrowers able to use SBA Form 3508S to apply for forgiveness will be able to ignore the full time equivalent (FTE) and wage reduction calculations required of other loan forgiveness applicants. form 3508s instructions

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