PPP 3508 EZ Forgiveness Form Training Information provided during the training is not intended to be legal or accounting advice. Employee must have been employed during the covered period and have a U.S. principal residence. Eventbrite - U.S. Small Business Administration - Rhode Island District Office presents Get you PPP Loan Forgiveness and Form 3508 and 3508 EZ Questions Answered! • For Borrowers using the standard SBA Form 3508 PPP Loan Forgiveness Application, the FTE documentation must show the average number of FTE employees on payroll per week employed by the Borrower during one of the periods below (as elected by the Borrower): o February 15, 2019 through June 30, 2019; o January 1, 2020 through February 29, 2020; or • For seasonal employers: February 15, … The form itself is only two pages long and includes 8 different lines, as opposed to the 11 lines in the full application, for calculating your loan forgiveness amount. The EZ Application does not require adjustment calculations found on the PPP Loan Forgiveness Schedule A Application. 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 thisSBA Form 3508EZ if you … If your PPP loan was $50,000 or less and you used all of the funds for payroll and other forgivable expenses, you can use a form 3508S. PPP Loan Forgiveness Application Form 3508EZ . 1. PPP in brief. One of them—Form 3508EZ—is much shorter and simpler than the other. 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. On June 30, 2020: Jeff presents on PPP loan forgiveness and provides a walk through with an example of filling out a 3508EZ form. On the 15th of May, the Treasury Department released a 11 page form for ppp forgiveness. ... Forgiveness Calculations PPP Loan Amount Payroll ÷ .60 Smallest Above Payroll + Nonpayroll West Virginia District Office 34 3508 EZ. With the SBA's 25th PPP loan Interim Final Rule (IFR) and Form 3508S, issued October 8, forgiveness is now available to borrowers of PPP loans of $50,000 or less, but only if that borrower, together with its affiliates, have not received PPP loans totaling $2 million or more. EZ PPP Loan Forgiveness Application and Instructions. However, only certain businesses are eligible to use the simplified form. The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule. Your bank will need this. Any changes made by the Small Business Administration (SBA) to this Worksheet will be updated on the Marquette website. The EZ Form can be used on any size loan if a borrower can check one of numbered scenarios below and certify the selection. But you need to meet certain criteria to be eligible for the EZ form. Both periods would begin on the PPP loan disbursement date, and in no case would the … The SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. OMB Control No. 3245- 0407 . We share tips to get use the EZ PPP loan forgiveness … Earlier this summer, Rob Holcomb and I prepared example PPP forgiveness forms (available here and here). The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. 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, … PPP EZ Loan Forgiveness Form - Instructions, Checklist, & Application. Get Started. Borrowers using the SBA EZ form must furnish the following information for review: Google PPP forgiveness Application. 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 download the EZ PPP Loan Forgiveness Application 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. PPP Loan Forgiveness Questions and … After working with our PPP loan recipients, many struggling to put together the appropriate paperwork, it was clear to us that the forgiveness portion was going to be just as difficult. a. SBA Application for Forgiveness EZ Instructions OR b. SBA Application for Forgiveness Instructions 3. 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. Do not submit the Checklist with your SBA Form 3508EZ. SBA LOAN FORGIVENESS APPLICATION: EZ FORM . 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. 4. Forgiveness Calculations West Virginia District Office $50,000 $100,000 $100,000 $83,333 $83,333 IFR, p. 11, 6.11.2020 35 3508 EZ … The banks most likely have to method yet to receive the form from you. Updated 6/29/2020 – Any changes made by the Small Business Administration (SBA) to this Loan Forgiveness Application will be updated on the Marquette website. SBA Form 3508EZ (06/20) Page 1 . Instructions & Checklist. Download the 3508EZ form here. Home » Blog » PPP Forms Explained: EZ Form vs Full Application. SBA 3508S EZ Form. a. How do I qualify for EZ forgiveness? 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 not include any employee salaries in the computation … Both applications should be available through your lender. Looking for insight into PPP Loan Forgiveness? Expiration Date: 10/31/2020 . The date represents the temporary expiration date for approved use of the forms, the SBA said, adding that once a new expiration date is approved, it will be posted on the forms. Carefully review the SBA Provided Instructions. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. When can the PPP loan forgiveness EZ Form be used? Why us? ‘Quickie’ Forgiveness Form (3508S). We simplified these three by making the following decision tree to help you determine whether to use the new EZ … 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. 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). & Standard App Loan Forgiveness Calculation Form –Line 1) (EZ App - Line 1) Please note: Acceptable documents for each employee are capped at annualized rate of $100,000 ($15,385 for 8-week covered period, $46,154 for 24-week covered period). Posted in Read; Posted 2 months ago. With the introduction of the Paycheck Protection Program (PPP), small businesses can apply for a loan allowing you to keep your workers on your payroll. The SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Using our experience and contacts in the banking industry, we put together a team of compliance, staffing and accounting professionals to make this process easier for you! Check back … Congress created the PPP as part of the … PPP Loan Forgiveness Application. If you meet all employee retention criteria, and you use the funds for eligible expenses you should be eligible for the loan. Download the 3508EZ form Instructions here. Get a payroll-based perspective on updates to this critical program, download the forgiveness forms, and learn the best formula for a successful application. Determine if you can use the SBA EZ Loan Forgiveness Application. If you do, then you may use this simplified form to apply for forgiveness with your lender. To reduce the documentation burden for businesses and reviewers, the SBA issued the 3508 “EZ” form in concert with opening its forgiveness application portal in mid-August. Therefore, employers must only account for payroll, utilities, mortgage interest payments, and basic calculations relating to the total amount of forgiveness… Again you must meet AT LEAST ONE of the above criteria in order to use Form 3508 EZ. If you do not, then you must use the standard forgiveness form. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. You can use the form if. Your business must have already received a PPP loan and meet one of the following criteria to qualify for EZ Forgiveness: Self … The examples in the posts are now somewhat out-of-date in that the fictitious borrowers could use the simpler 3508S form based on having smaller sized loans. The EZ Form is essentially a streamlined version of the traditional loan forgiveness application. The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. 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