3508s form

  • 3508s form Both Form 3508 and Form 3508EZ required calculations to show the forgiveness amount you’ve requested. •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. The stable now includes: Form 3508S – for loans of $50,000 or less. Forgiveness Application Form 3508S Information regarding the new Forgiveness Application Form 3508S. 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. Oct 12, 2020 · The SBA recently issued Form 3508S Practices with loans of less than $50k might as well reach out to their lender about submitting a Form 3508-S along with the To determine if you are able to use either of those applications, you should review the Checklist for Using SBA Form 3508EZ and the Checklist for Using SBA Form 3508S on the SBA’s website. Case study for Form 3508S; When to use Form 3508 or Form 3508EZ; When can a borrower deduct expenses funded with PPP loan proceeds? (IRS Notice 2032, Revenue Ruling 2020-27, and Revenue Procedure 2020-51) Forms 3509 and 3510 for borrowers with loans in excess of $2 million; Appealing loan forgiveness declinations; Differences between an EIDL U. Submit your PPP forgiveness application using the 3508S Form and Process. 3508EZ The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or Oct 12, 2020 · On Oct. 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 Oct 12, 2020 · One clear benefit of Form 3508S is that it exempts borrowers from reductions of forgiveness in the event they reduced full time equivalents (“FTE”) or wages. Jul 23, 2020 · What is the alternative PPP Loan Forgiveness Application, SBA Form 3508S? Any qualified borrower of a PPP loan of $50,000 or less may use SBA Form 3508S to apply for loan forgiveness and be exempted from any reductions in their loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages. if using 3508EZ, 3508S, or 3508 Full Form. Refinances of existing SBA loans are excluded. This doesn’t make forgiveness automatic but it’s pretty darn close. This step by step walk through for 3508S DOCUMENT REFERENCE GUIDE Under the SBA Rules, you are required to submit supporting documentation with your forgiveness request. Form 3508 (which we often call the ‘full’ or ‘extended’ form) — This is a more extensive application form to be used by borrowers who do not qualify to use either of the forgiveness application forms below — for example, because the borrower has a PPP loan greater than $50,000 and has reduced staff during the relevant reference period. Form 3508S does not require the borrower to calculate payroll and non-payroll costs. Click below for the instructions and application to complete the 3508S Form. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. Jan 04, 2021 · The previously simplified SBA form, which is applicable for PPP loans of $50,000 or less, has been updated to include an expiration date of December 31, 2023. Similar to the other applications, Form 3508S asks borrowers to make certifications and to submit documentation to the lender. Oct 09, 2020 · New PPP Loan Forgiveness Form 3508 S To Simplify Forgiveness Process for Small Businesses October 9, 2020 The U. Our last PPP program of 2020 explores the various Form 3508 series options available to request forgiveness and explains the positions the IRS has taken in Revenue Ruling 2020-27 and Revenue Procedure 2020-51 with regard to deducting eligible compensatory and noncompensatory expenses. SBA Form 3508 (06/20) Page2. Apr 16, 2020 · 3508S form: PPP and EIDL Advance Could someone please clarify how to calculate requested forgiveness amount? Let's say one's PPP loan was 3000 and this person also got 1000 usd eidl grant advance. 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. 2. Business owners believe that they are eligible to use the EZ version, rather than the full version, if their PPP loan is less than $150,000. Formulario 3508S de la SBA (10/20) Página 2 . Examples of documents that cannot be accepted include: Borrower prepared internal files such as excel for payroll or other payments Oct 09, 2020 · 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. Nov 11, 2020 · The Small Business Administration (SBA) has rolled out Form 3508 S, which provides automatic forgiveness for nearly 70 percent of the paycheck protection program (PPP) borrowers who have loans under $50,000. The new process is simplified by reducing the amount of documentation required, though the SBA can request additional documentation for up to six years following loan forgiveness. (This is generalized; borrowers must meet the specific criteria on the application and instructions to use this form. (The exception is borrowers and their affiliates who together received combined PPP loans totaling $2 million or more. PPP loan forgiveness just got a whole lot easier. May 15, 2020 · Form 3508S. In its answer found in Q&A #4 in the Paycheck Protection Program FAQ’s, as of October 13, 2020, the SBA explained the confusion surrounding the 10/31/20 expiration date found on the upper right corner on their Form 3508S. Oct 12, 2020 · Co-author: S. 4. Form 3508S; Form 3508EZ; Form 3508; Use the Form 3508S when. Oct 15, 2020 · You can use the EZ form if you meet two criteria. 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. In either case, we recommend completing the Forgiveness checklist now. 3508S If your PPP loan amount was $50,000 or less, you qualify to apply for forgiveness using the 3508S form 3508 If none of the above apply, you must complete the regular 3508 form Member FDIC 3508EZ (you can qualify using any 1 of the 3 scenarios below) 1 2 3 You are self-employed and have no employees You did not reduce the salary or hourly We will breakdown how each form should be used based on the situations that your business has experienced during your disbursement of the loan to the end of your covered period. Locate your promissory note as you will need your account number and loan number when accessing the portal 4. For borrowers $50,000 or under, you may now use the 3508S or lender equivalent (i. Which form should I use to complete my application? a. With that said, we’ve designed this guide to assist you with determining the required documentation. This “Simple” form doesn’t require small business owners to have Oct 12, 2020 · Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. This is a rather short and straightforward one-page form. It is important to note, however, that applicants using form 3508S are still required to submit all of the same documentation verifying forgivable payroll and non-payroll •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. Allegiance Bank recommends that you confirm the information covered by the FAQs by reviewing the information at [the SBA portal]. Form 3508S and its instructions still require 7 certifications by the borrower but the submission of less documentation. 3508EZ Application Form PPP Forgiveness Documentation Checklist 3508 This application form is for borrowers whose loan amount exceeds $50,000 AND have 1) Reduced FTE during the covered period 2) Reduced salaries and wages for FTE by more than 25% during the covered period. They cannot use Form 3508S if they received a combined total of $2 million or more. 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. This is good news for those small borrowers. SBA Form – 3508S . Form 3508 Dec 09, 2020 · 4. The updated instructions for SBA Form 3508S can be located here. Oct 22, 2020 · Form 3508S is a simplified PPP Forgiveness application that is aimed primarily at borrowers with PPP loans totaling $50,000 or less. Nov 03, 2020 · SBA Form 3508S, Paycheck Protection Program – PPP Loan Forgiveness Application Form 3508S SBA Form 3508EZ – Paycheck Protection Program – PPP Loan Forgiveness Application Form 3508EZ . SBA PPP website . Dec 03, 2020 · Form tab – 3508S selection When you log in, this is the first page you will see. May 15, 2020. Oct 13, 2020 · Submitting Form 3508S Forgiveness Application. Treasury, released a “simpler” loan forgiveness application for PPP loans of $50,000 or less. Small Business Administration released Form 3508S, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Dec 22, 2020 · Instructions for Form 3508EZ This form generally may be used by borrowers who were self employed with no employees as well as those who didn’t reduce salaries or wages of any employee by more than 25%. (See Suggestions for completing the online 3508S form below. Borrowers are still required to submit supporting loan forgiveness documentation with the form 3508S. Download: SBA Form 3508 - PPP Loan Forgiveness Application (PDF, 293. PPP Loan Forgiveness Application Form 3508S Expiration date: 10/31/2020 SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. Aug 13, 2020 · For this form, you need just 3 elements from the payroll system: Employee count at the time of loan application, employee count at the time of forgiveness application, and the total payroll cost for the forgiveness period. The SBA created a new two-page application form, Form 3508S, and related instructions that qualifying borrowers can use. Small Business Administration, in consultation with the Treasury Department, issued an Interim Final Rule yesterday relating to a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The regular form 3508 is a more complex document; for those borrowers who need to use it we suggest you seek professional assistance. • If you are not able to check at least one of the three boxes, the green note section will inform you if you are or are not eligible to complete the EZ Application. If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. If you don’t qualify for the 3508S or the 3508EZ, this is your form. This list reflects requirements for SBA Form 3508S. So where’s the good news? Several of the Nov 03, 2020 · The issue came into sharper focus when the SBA released the streamlined PPP Loan Forgiveness Application Form 3508S in October with that very same expiration date (see related post). This is everythi For loans $50,000 or less, use SBA Form 3508S. But it’s not the simplest form to fill out. We also feel that the strict categorization of race with no write-in option is reductive and does a disservice to people who identify differently than the categories provided. The forgiveness amount is one line where the borrower is to enter the total amount of payroll and nonpayroll costs eligible for forgiveness. 16. g. Our last PPP program of 2020 explores the various Form 3508 series options available to request forgiveness and explains the positions the IRS has taken in Revenue Ruling 2020-27 and Revenue Procedure 2020-51 with regard to deducting eligible The SBA (in conjunction with the Treasury) have released an even simpler version of the PPP forgiveness application (Form 3508S) for borrowers who have a lo Feb 15, 2019 · The Paycheck Protection Program Forgiveness Applications (SBA Form 3508 or 3508EZ) cover many special circumstances, provide information on selection of the Covered Period (or Alternative Payroll Covered Period) for payroll, and address how to treat FTE Reduction. Scott Wick The Treasury released new guidance on October 8 th, 2020, along with Form 3508S, the third version of the PPP Loan Forgiveness Application. Please remember you have plenty of time to request Forgiveness. Small Business Administration) Form Use Fill to complete blank online U. Programa de protección de pago Formulario 3508S de solicitud de condonación de préstamos PPP . 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. See additional Form 3508S information for lenders. Completing the 3508S Application. PPP Loan Forgiveness Application Form 3508S PPP Borrower Demographic Information Form (Optional) Instructions 1. The information in this guide is intended to help our PPP borrowers understand how the SBA has directed borrowers to calculate forgiveness in order to prepare to complete the online application through our PPP Loan Forgiveness portal. Oct 12, 2020 · Form 3508S reflects these changes. A Borrower that, together with its affiliat es, received PPP loans to taling $2 million or grea ter cannot use this form. Oct 14, 2020 · Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of October 31, 2020. During your PPP covered period, was your business activity level LOWER than it was prior to 2/15/20, due to compliance with guidance issued between 3/1/20 and 12/31/20 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Oct 09, 2020 · The 3508S form for borrowers of $50,000 or less is one page plus the second optional page of demographic questions. Oct 16, 2020 · Form 3508S is much simpler than the normal Form 3508 and the Form 3508EZ. A business also qualifies to use this form if it received more than $50,000 but less than $150,000 in PPP funds, and met one of two additional scenarios: Oct 20, 2020 · 4SBA Form 3508S applies to PPP borrowers who received less than $50,000. Nov 27, 2020 · ‘Quickie’ Forgiveness Form (3508S). Dec 28, 2020 · Forms and Process: As of December 26, 2020, there were three types of loan forgiveness application forms: Form 3508, Form 3508EZ, and Form 3508S. Borrowers that do not qualify for Form 3508S can utilize Forms 3508 or 3508EZ. Form 3508 Page 5: Fields to API data elements mapping *** Note: Github and the technical documents made available are to support lenders and their software providers. Intended to be a simplified application, Form 3508S requires fewer calculations and less documentation for those eligible. This form requires fewer calculations than the 3508 Long Application. Qualifying borrowers are exempt from any reduction in forgiveness due to reductions in full-time equivalents and/or reductions in wages. Prefill and print the checklist below to assist with gathering the necessary information. So you may choose to wait for that or proceed with either Form 3508EZ or 3508, depending on your situation. If any information is incorrect or missing, *With Form 3508S, y ou are not required to submit your certification calculations with the application, but you still must submit documentation verifying forgivable payroll and non-payroll expenses and retain your supporting documentation for six years. 3508S Application. 8, SBA issued SBA Form 3508S, an alternative loan forgiveness application for Paycheck Protection Program (PPP) borrowers with loans of $50,000 or less. However, a borrower that, together with its affiliates (as defined by the PPP loan program) Documentation requirements are similar to those of Form 3508, except for items related to FTE and salary/hourly wage reductions, which are not applicable to the Forgiveness Application Form 3508S. If your PPP loan is over $50,000, you can see if you are eligible for the 3508 standard form or the 3508EZ form by reading the Small Business Administration’s checklist. Período Cubierto: El Período Cubierto es: (1) el plazo de 24 semanas (168 días) contado desde la Fecha de Desembolso del Oct 15, 2020 · PPP Loan Forgiveness Form 3508S only requires businesses to validate that their PPP funds were used for eligible expenses and to supply evidence of having paid them in the form of bank statements, 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. Allegiance Bank recommends that you confirm the information required for submission by visiting the instructions provided by the SBA, which can be found . Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 Paycheck Protection Program The loan’s forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. Hit the Get Form button to begin filling out. The one-page 3508S forgiveness application (downloadable as a pdf here) requires about a minute to complete. If your original loan amount was $50,000 or less, you can use form 3508S in our Client Portal. Do not fill out the form directly, except for the loan amount on line 9. Please Note: Borrowers that, together with their affiliates, received PPP loans totaling $2 million or more cannot use Form 3508S. Instructions for Form 3508S also were released. Please complete and sign the necessary documents and submit to your Northwest Bank Business Banker. Notice that every cell is grey. 3245-0407 Expiration date: 1 2/31/2023 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: _____ Lender PPP Loan Number: Expiration date: PPP Loan Forgiveness Application Form 3508S 10/31/2020 SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. This new form also simplifies and speeds-up your lender’s review process of your forgiveness loan application. Have your documents in individual files in electronic form (acceptable file types PDF, PNG, JPEG, DOCX, DOC or XLS) 5. 2020) Fillable-508 (U. A borrower that uses this form is exempt from any reductions in the borrower’s loan forgiveness amount The Paycheck Protection Program Loan Application complete walk through for the PPP simpler loan forgiveness application. ### Download the PPP 3508S Loan Forgiveness Calculator. Oct 26, 2020 · SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. This program explores the various Form 3508 series options available to request forgiveness and explains the positions the IRS has taken in Revenue Ruling 2020-27 and Revenue Procedure 2020-51 with regard to deducting eligible compensatory and noncompensatory expenses. Dec 17, 2020 · We expect to start processing the simpler SBA Form 3508S online early in the new year. Verify the information is correct in the grayed out fields. The issue came into sharper focus when the SBA released the Form 3508S in October with that very same expiration date. We encourage you to begin gathering the required documentation and filling out SBA Form 3508 or Form 3508S or Form 3508EZ prior to entering the Portal. Nov 17, 2020 · To complete the form, add up the forgivable costs, both payroll and non-payroll. We also will discuss some of the new rules in the SBA's recent IFRs and answer all of your lingering questions about loan forgiveness. Aug 21, 2020 · Please note that the “3508S” form is new as of October 9, 2020, and should be used for all applications for forgiveness of loans for $50,000 or less. Forms 3508 and 3508EZ), when a borrower submits SBA Form 3508S or lender’s equivalent Oct 12, 2020 · Form 3508S consists of two pages: The first page consists of basic information as to the borrower, loan number, loan amount and the forgiveness amount. Nov 18, 2020 · SBA Form 3508EZ is for borrowers with PPP loan amounts of more than $50,000—and, similar to Form 2508S, it’s a shorter, more streamlined application with fewer calculations than the full loan forgiveness application, SBA Form 3508. Standard Application (Form 3508) or the EZ Application (Form 3508 EZ). E-Signer must be authorized representative of business 6. By using this CHECKLIST, you agree to hold Allegiance Bank harmless from any and all damages or claims that could result from such use. Oct 19, 2020 · Choose the form that applies to you You must apply for forgiveness through your PPP lender. Add additional sheetsif necessary. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. 83 KB) There are three forgiveness applications—the 3508 standard form, 3508EZ formand the 3508S formfor borrowers who received a PPP loan of $50,000 or less. As 2020 comes to an end, tax practitioners are focused on whether and how they should apply for Paycheck Protection Program (PPP) loan forgiveness. A quick perusal of the instructions to the form makes clear that for this class of borrowers, forgiveness will still not be automatic. • Completed and signed PPP Loan Forgiveness Calculation Form 3508S • Payroll documentation verifying eligible cash and non-cash compensation during the selected Covered Period. 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. SMALL BUSINESS ADMINISTRATION (DC) pdf forms for free. ) When you complete the online 3508S form with the required PDF attachments, the files are automatically sent to us for review and processing. Last week we examined Form 3508S and its instructions in detail. If YES, continue to Question 4. Be sure the info you add to the SBA 3508S is updated and correct. It is important to note, however, that applicants using form 3508S are still required to submit all of the same documentation verifying forgivable payroll and non-payroll Oct 14, 2020 · Form 3508S and De Minimis Exemption from Reduction 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. The streamlined SBA loan forgiveness application is available to business owners who borrowed $50,000 or less in PPP funds. If you are able to check one of the three boxes, Oct 08, 2020 · Notably, instructions for SBA Form 3608S state that the new application requires fewer calculations and less documentation for eligible borrowers. The forgiveness amount calculation worksheet is gone, and lenders are now able to rely on the amount provided by the borrower along with the representation that the amount is accurate (though the SBA reserves the right to request additional documentation to evaluate eligibility). ☐ 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 of average monthly payroll in the Borrower Application Form (SBA Form 2483). Review the affiliation rules carefully. Instructions tab SBA Form 3508 ( 06/20) Page 3 . Fill out each fillable area. here. Can Your Company Use 3508S? Fill Online, Printable, Fillable, Blank PPP Forgiveness Application 3508EZ ( Revised 06. American First National Bank and its representatives do not provide tax advice. If you selected SBA Form 3508EZ and qualify for eligibility option #2, provide documentation supporting the average number of full-time employees on payroll employed January 1, 2020 and at the end of the Covered Period. Oct 19, 2020 · The new SBA Form 3508S enables small to midsized businesses to apply for forgiveness for their PPP loans. Click below for the instructions and application to complete the 350EZ Form. Switch on the Wizard mode on the top toolbar to obtain more tips. • Those using SBA Form 3508S should use the 3508S documentation requirements . I started my forgiveness application, but I haven’t submitted this to Scratch yet. The confusing and time consuming process of completing the calculations of payroll and other eligible expenses, completion of Schedule A and the Schedule A Worksheet, and the FTE quotient calculation on Form 3508 have been eliminated. After you have made your selection, click next. Learn how Viventium can automate your 3508S process! Join veteran compliance expert Yonina F. This list reflects requirements for SBA Form 3508. If such borrowers, plus their affiliates, received the loans amounting to about $2 million or more they are disqualified from using form 3508S. The Form 3508S application "requires fewer calculations and less documentation for eligible borrowers. On October 8th, 2020, the U. The most significant benefit of the new form is that employee reductions and salary reductions are no longer penalized. Business Legal Nam e (“Borrower”) UNION BANK Paycheck Protection Program Required Documentation – Form 3508S In reviewing the guidance surrounding the Paycheck Protection Program, Union Bank has determined that the following information needs to be submitted to the Bank in order for forgiveness of the loan to be considered: Form 3508S simplifies the forgiveness application process for these borrowers with lower loan amounts. Oct 15, 2020 · Recording: PPP Forgiveness and Form 3508S Observations for Financial Institutions This program will discuss our initial thoughts on newly released SBA guidance and the new Form 3508S, provide insights, observations, and future expectations based on assisting lenders with the processing of borrower PPP forgiveness applications. Like all of the PPP loan forgiveness application forms, you have to provide the necessary documentation to support the forgivable amounts you report on the form. The streamlined Nov 18, 2020 · On October 8, 2020, the SBA posted an alternative PPP Loan Forgiveness Application Form 3508S (“SBA Form 3508S”) for borrowers with a PPP loan of $50,000 or less and an interim rule modifying the First Loan Review Rule regarding the lender’s obligations when the SBA Form 3508S is used. According to current PPP Loan Forgiveness guidance, all PPP borrowers are required to submit a PPP Loan Forgiveness Application to the SBA. Form 3508EZ – for certain borrowers who had no employees, or who met specific thresholds involving minimal or nonexistent wage and headcount reductions. Click here and see page 3: Form 3508S - Documentation Requirements If your original loan amount was greater than $50,000, please proceed to step 2. Your loan size is less than $50,000; Use Form 3508EZ when . Before you proceed with this form, first determine if you are qualified to use either Form 3508S or Form 3508EZ, as these 2 forms are much simpler and easier to complete. Instead, the borrower must certify the PPP funds were used for eligible costs, that the 60% payroll requirement has been met, and that the owner-employee did not receive compensation in excess of the applicable limit. You automatically qualify for the 3508S form, if your loan is under $50,000. 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. Application Form 3508S. The full form 3508 Borrowers who qualify for the form 3508S are exempt from reduced forgiven amounts due to decreases in FTE (full-time equivalent) or in salaries or wages, and the form requires fewer calculations. As you may be aware, the SBA recently released the 3508S form for loans totaling $50,000 or less. You only need the original PPP loan paperwork (since it provides the loan date, number and amount. Eligible borrowers can use this form or the Lender’s equivalent to apply for loan forgiveness. The simpler loan application – SBA Form 3508S – may be used by any borrower with a total loan amount of less than $50,000, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. 1) If your PPP loan is $50,000 or less you should use the 3508S Form. SBA Form 3508S simplifies the calculation of the forgiveness amount by removing some requirements such as calculating full-time equivalent (FTE) adjustments, or salary and hourly rate adjustments. six years. 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. • Those using SBA Form 3508 should use the 3508 documentation requirements . Veteran/gender/race/ethnicity data is collected for program reporting purposes only. Shineweather, CPA, for a hands-on look at the new, simplified forgiveness form. This form was developed to simplify the forgiveness application. This form - Form 3508S, is for loans less than $50,000 and allows for simpler forgiveness calculations, including the employer being exempt from the onerous (and complicated) FTE and wage-reduction calculations. Oct 21, 2020 · The SBA Form 3508S requires fewer calculations, less documentation be provided, and borrowers who are qualified to submit this Form are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent employees or in salaries or wages. The latest updates on how TD Bank is helping business owners impacted by COVID-19, the latest from the CARES Act, payroll protection, SBA loans, application info and more. Oct 09, 2020 · In addition to requiring fewer calculations and less documentation for eligible borrowers, the new form--Form 3508S--does not require borrowers with loans of $50,000 or less to reduce their loan Oct 27, 2020 · Form 3508EZ may be used by self-employed individuals, independent contractors, or sole proprietors that have no employees and/or wages at the time of the loan-application process. e. Below is a summary of the information you will need in order to complete an “3508S” PPP loan forgiveness Avidia Bank is ready to assist you with the Loan Forgiveness process under the Paycheck Protection Program. SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. However, it should not be confused with automatic forgiveness thus, some borrower education might be necessary. ppp loan forgiveness application form 3508s instructions for borrowers What is Form 3508S? The new Form 3508S is the simplest forgiveness application form yet making the COVID relief you need easier. Form 3508S (PDF) Form 3508S Instructions (PDF) Capitol Bank’s 3508S Document Checklist (PDF) Form 3508EZ (PDF) Form 3508EZ Instructions (PDF) 3508 with PPP Schedule A at the top left. Fill out Form 3508S if your loan was less than $50,000 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'. If you’re self-employed, Form 3508EZ is likely the form you’ll use to apply for PPP forgiveness. However, the PPP2 Act provides for a more simplified forgiveness application process for loans of $150,000 or less, ‎including a one page certification containing the number of employees retained 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). Second you either restored all FTE’s OR could not restore FTE’s due to COVID-19 restrictions. SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Unlike Form 3508S, borrowers must show the math on this form. Oct 12, 2020 · Form 3508S: A borrower may use Form 3508S only if the total PPP loan amount received was $50,000 or less. You’ll need the answers from the Schedule A Worksheet. Description. Prior to this version, the expiration date was listed as December 31, 2020. Oct 09, 2020 · SBA Form 3508S is a "streamlined" forgiveness application, and should NOT be interpreted as "automatic" forgiveness; SBA Form 3508S may not be used if total PPP loans for the Borrower and its Affiliates is equal to or greater than $2 million; Cash compensation for corporate shareholders is reported on Form W-2. ### SBA Form 3508S Document Checklist This form outlines the required Payroll and Nonpayroll documentation to be submitted with your PPP Forgiveness Application. Oct 09, 2020 · The new single page forgiveness application, form 3508S, includes certifications from the borrower, but does not require calculations to be submitted with the application. Fill in the tables and the form will auto-complete. Borrowers should choose which form to fill out based on certain criteria below. SBA loans are subject to SBA eligibility guidelines. 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). Oct 09, 2020 · Form 3508S joins two other existing forms as potential options for applying for forgiveness of PPP loans. On Friday (11/20) from 1:00pm-3:15pm, we are going to examine Form 3508EZ and its instructions in detail and compare it with Form 3508S and 3508. Documents include the following for cash compensation: Payroll report detailed by employee Dec 07, 2020 · Documentation Required to be Submitted with SBA Form 3508S Forgiveness Application (updated December 7, 2020) Please note that in addition to the documentation described below that must be submitted with your forgiveness application, SBA requires you to keep all documentation related to your PPP loan and 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. When is the loan forgiveness application due? One of them—Form 3508EZ—is much shorter and simpler than the other. Any other last-minute PPP updates. Even though Form 3508S has an expiration date of October 31, 2020, that is not the deadline to apply for loan forgiveness. Forgiveness Application or the 3508S Forgiveness Application 3. Documentation must be submitted to their lender confirming payroll costs, employee numbers, business mortgage interest payments, rent and utility If NO, use Form 3508EZ. 3508s - How to submit it? Does anyone where to mail or fax this form to??? I have a client who's loan was less than 50k so they would be able to file under the short form but I can't find the sending instructions anywhere on the application or the instructions. the short form). Forms are available on watrust. Your loan size is between $50,000 and $2,000,000 PPP Loan Forgiveness Application Form 3508EZ OMB Control No. Although Form 3508S is a shorter form, it is not an automatic approval for borrowers. Business Legal Name (“Borrower”)DBA or Tradename, if applicable Oct 31, 2020 · SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. ) Then, the 3508S form asks the borrower to initial seven representations and certifications, including that the borrower: Oct 09, 2020 · The SBA has released the Form 3508S to go along with its new simplified PPP loan forgiveness application process for loans of $50,000 or less, as well as the related instructions. Contro 3245 Employee Paycheck Protection Prog ram Loan Forgiveness Application Revised June 16, 2020 OMB l Number -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 Primary Contact E-mail Address 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. Last friday the SBA came out with the PPP forgiveness form 3508S, this form gives 100% forgiveness to PPP loans under $50,000 with much MUCH less hassle than any form before it. It’s accompanied by three pages of directions. S. Treasury Introduces Loan Forgiveness Form 3508S At Gettry Marcus CPA, P. However, if one of the other forms (3508 or 3508EZ) has already been submitted, there is no need to re-submit. Subject to approval and program guidelines. 1. If the borrower, together with any affiliates, received loans total $2M or more, the borrower Download the PPP Forgiveness Calculator (Form 3508S) Oct 09, 2020 · Well, the form first asks for identifying information including your business name, contact information, tax identification number, and then the loan number and amount (see below. As with the other PPP Loan Forgiveness Applications (i. Jan 13, 2021 · Tax practitioners are focused on whether and how they should apply for Paycheck Protection Program (PPP) loan forgiveness. 3508 EZ Application Common for self-employed individuals and businesses that maintained payroll and employee wages during the covered period. Treasury. 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. Only borrowers who took out loans that were $50,000 or less can use the form. 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. The new rules also remove the need to show that the borrower did not The new single page forgiveness application, form 3508S, includes certifications from the borrower, but does not require calculations to be submitted with the application. The new form was officially launched in the SBA portal this week. This list re˜ects requirements for SBA Form 3508S, including sole proprietors and independent contractors. • If you can check at least one of the three boxes, you can apply for forgiveness using the EZ 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. Dec 03, 2020 · Form: PPP Loan Forgiveness Application (treasury. For addi tional information, please refer to the . (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. Affiliate businesses (e. , 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. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U. The SBA released guidance on October 13, 2020, confirming that PPP loan forgiveness applications are not due on October 31. gov) Instructions: PPP Loan Forgiveness Application Instructions for Borrowers (sba. Oct 12, 2020 · 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 the PPP requirements. • Those using SBA Form 3508EZ, including sole proprietors and independent contractors, should use the 3508EZ documentation requirements . In this video I walk though who can apply, what form to use, and how to fill out the form. If you answered No to all of the questions below, you are required to use Form 3508. Many business owners and financial advisors shared concerns about its complexity and rigid rules. 5/12. Oct 10, 2020 · Borrowers can use new SBA Form 3508S for their application or wait for their lender to update their online application portals. You have two options to complete and return your information: Option 1: print and Drop-off your 3508S APPLICATION TO YOUR NORTHWEST BUSINESS BANKER 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. Oct 14, 2020 · PPP borrowers and their affiliates can use Form 3508S if they collectively received less than $2 million in loans. For Borrowers Over $50,000. Read on to see how you can fill out this form online: How to fill in the 3508S application for PPP forgiveness Oct 29, 2020 · Calculating your Forgiveness Amount Form 3508S for PPP Loans Under $50,000 - Excel spreadsheet About the Author(s) Bill Cunningham is a SCORE Rhode Island mentor and workshop instructor, focusing on business models, business planning, and QuickBooks Online. SBA’s PPP Loan Forgiveness Application (SBA Form 3508, 3508S, or SBA Form 3508EZ) will not be accepted. Here’s everything you need to know. You’ll either use Form 3508S, Form 3508EZ, or Form 3508 depending on your circumstances. First, you have not have reduced compensation for any employee by more than 25%. ) Form 3508S; Form PPP Loan Forgiveness Application Form 3508S (2 pages) Payroll Documentation - for Covered Period or Alternative Payroll Covered Period Bank account statements or 3rd party payroll service reports showing compensation and Payroll tax filings reported, or that will be reported, for the period - Typically Form 941 and 2 days ago · The third and most recently released application, Form 3508S, is for loans of $50,000 or less and “streamlines the PPP forgiveness process to provide financial and administrative relief,” the SBA said. Complete the Business Information Section a. Owner compensation eligible for loan forgiveness will be based upon the amount recognized in 2019 either from the W-2, Schedule C or Schedule K-1 using a factor of 2. Nov 03, 2020 · SBA Form 3508EZ – Paycheck Protection Program – PPP Loan Forgiveness Application Form 3508EZ [Form Number N/A] Lender Reporting Requirements for SBA Loan Reviews SBA Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) Jun 18, 2020 · Note: The SBA in October issued a third form for forgiveness applications: The two-page SBA Form 3508S is for borrowers who received loans of $50,000 or less. 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. 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 3508S Form If your loan is under $50,000, then the 3508S Form is the one for you. Oct 09, 2020 · The application, Form 3508S. Those that use Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in their full-time equivalent (FTE) employees and their wages. gov) The longest version of the forgiveness application is the 3508. It’s a one-page form Nov 23, 2020 · Unfortunately, Form 3508S isn’t the only government form that’s behind the times on gender. 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. Most of the complexity in the standard form comes from calculating forgiveness adjustments due to FTE and salary Jan 04, 2021 · The previously simplified SBA form, which is applicable for PPP loans of $50,000 or less, has been updated to include an expiration date of December 31, 2023. Review your PPP Loan Forgiveness Application options. 3. Time peri ods may include February 15, 2019 and June 30, 2019; OR . Form 3508S is for PPP borrowers applying for loan forgiveness on PPP loans with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. Dec 09, 2020 · Form 3508S. Definition of Principal SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. com/caresact. Once you confirm that the Form 3508S Application is right for you please proceed with this checklist. You must use this spreadsheet in order to calculate the amount of loan forgiveness for which you are eligible. Oct 09, 2020 · The new 3508S Form is streamlined to the point that there are no calculations to perform on the application at all. 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 Jan 08, 2021 · Form 3508S requires fewer calculations, and borrowers who qualify to use this form are exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages. SBA PPP website 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. 00 or less. To avoid further confusion the SBA released a new entry in their FAQ document to clarify, that October 31,2020is in fact NOT the deadline for the process. If I am eligible to use Forgiveness Application Form 3508S, can I restart my application and use Form 3508S instead? Dec 15, 2020 · Lisa Taylor, outreach and marketing specialist for SBA, said there are three forms available for filing for loan forgiveness: Form 3508S, Form 3508EZ or Form 3508. 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) SBA 3508S PPP Loan Forgiveness Application PPP Loan Forgiveness Application Form 3508S instructions If you received a PPP loan amount for $50,000 or less, you qualify for the easiest and quickest loan forgiveness application form: 3508S. Oct 13, 2020 · 3508S. In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven. 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. The SBA and Treasury released Form 3508 on May 15, 2020. Form 3508S. Be sure to read each section carefully, including the Important Notes on page 3. The 3508EZ form is a shorter version. C. It is important to note, however, that applicants using form 3508S are still required to submit all of the same documentation verifying forgivable payroll and non-payroll Oct 27, 2020 · SBA Form 3508S: Relief for Small Loan Recipients. Purpose. SBA Form 3508S (10 /20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. To receive forgiveness, a borrower submits the completed 3508S loan forgiveness application (or an online equivalent) and any required documentation to the PPP lender. 4) Mail the order form to: Coleman Publishing, 28081 Marguerite Pkwy, #4525, Mission Viejo, CA 92690 5) Click “Add to Cart” to pay using PayPal How to Process SBA PPP Loan Forgiveness Application Form 3508S Nov 16, 2020 · With the release of Form 3508S, a simplified PPP forgiveness application for loans under $50,000, we thought it would be helpful to record a short video explaining who exactly qualifies for this new application and how to fill it out. Nitti. Depending on your circumstances, you’ll either use Form 3508S, Form 3508EZ, or Form 3508. And you most likely fall into this bucket—it represents 68 percent of all loans processed and 12 percent of the overall relief. or 3508 form. ) The figure below shows an example of the top part of the form which you use to provide contact information: Form 3508 – Required Docume nt Checklist Bo rrower Name: _____ Note 1: The time period selected must be the same time period selected for purposes of completing PPP Schedule A, line 11. January 1, 2020 and February 29, 2020; OR document required by the Form 3508S. These guidelines are clearly stated on the instructions for the SBA Form 3508S. To facilitate the new rules, the SBA released a new Forgiveness Application Form for loans of $50,000 or less—Form 3508S. Borrowers who do not meet the requirements for using Form 3508EZ or Form 3508S will apply using the updated PPP Loan Forgiveness Application Form 3508. Oct 29, 2020 · A borrower that applies for PPP loan forgiveness on SBA Form 3508S (or a lender’s equivalent form) is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages that would otherwise apply. Applying for forgiveness has also been made so much simpler, for small business owners, with the new 3508S application form. After we, the lender, and the SBA review your application for forgiveness, you will be notified by email. Oct 08, 2020 · The two-page forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Some commentators and borrowers expressed a concern as to whether this might be the date by which borrowers would have to apply for forgiveness, and that date was 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. BY USING THE FAQS, YOU AGREE TO HOLD ALLEGIANCE BANK HARMLESS FROM ANY AND ALL DAMAGES OR CLAIMS THAT COULD RESULT FROM SUCH USE. Form 3508S applies to borrowers who meets the following criteria: PPP loan of $50,000 or less; AND Together with its affiliates received loans totaling LESS THAN $2 million. 3508S Form • This new Form impacts a significant number of borrowers. Forgiveness Processing Steps - Please Read Carefully Oct 31, 2020 · Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. Dec 02, 2020 · Documentation Required to be Submitted with SBA Form 3508S Forgiveness Application (updated December 2, 2020) Please note that in addition to the documentation described below that must be submitted with your forgiveness application, SBA requires you to keep all documentation related to your PPP loan and Oct 29, 2020 · The New 3508S Form Overview. Oct 08, 2020 · Form 3508S. According to the SBA, there are 3,570,000 outstanding PPP loans of $50,000 or less out of the 5,200,000 PPP loans issued, with approximately 1,700,000 of those PPP loans of $50,000 or less made to businesses reporting zero employees other than the owner, or one employee. This guide is not intended to provide policy, procedure, or SBA direction. Upon account creation, please follow the steps the complete the 3508S form. " It does not require borrowers to show the calculations supporting the requested loan forgiveness amount, though the SBA reserves the right to request information to validate the borrower's calculations. Link to the PowerForm online 3508S. On October 8, 2020, the SBA in consultation with the U. Determine if you can use the simpler form by following the SBA’s Checklist for Using SBA Form 3508EZ. Please refer to page 3 of the Form 3508S Instructions for a listing of such documents. May 15, 2020 · Other Materials SBA Form 3508 - PPP Loan Forgiveness Application. Oct 21, 2020 · For loans greater than $50,000, businesses must submit Form 3508 or 3508EZ. For additional information, please refer to the . This fast-paced, 1-hour webinar will include: Complete understanding of Form 3508S. Oct 27, 2020 · The SBA and Treasury have moved closer to this line of thinking with the 3508S form, which is for loans under $50,000. Oct 09, 2020 · 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 final rule, which is a very nice Oct 26, 2020 · Form 3508S is the simplest PPP loan application form available. But you need to meet certain criteria to be eligible for the EZ form. Contact your PPP Lender and complete the correct form Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent. See Can Your Company Use 3508S? as well as Can Your Company Use 3508EZ?. The new guidance allows for a more streamlined application process, and the new and improved Form 3508S caters to borrowers of PPP loans in an amount of $50,000. Form 3508S Highlights 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. Be sure to click the radio button (3508S) to load the form and being the application process. For full 3508S Instructions please visit the SBA website. Borrowers that use SBA Form 3508S are exempt fromreductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Thisform requests information about each of the Borrower’sPrincipals. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. The application is very easy, so you may find you can fill it out on your own. Almost anyone with a total PPP loan amount of $50,000 or less can use the S form. 5. You will be required to upload a completed spreadsheet into the application tool. Again, this is not unusual for US government forms. 3508s form

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