Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness Application Form. … Borrowers who reduce their full-time equivalent employees, employee salaries, or both also reduce their PPP forgiveness amount. The form provides some clarity but also adds even more confusion: Clarity Received: ; Form 3508: The complete application for forgiveness of PPP loan for those who don’t qualify for using either of the other forms above. The 3508EZ form is a shorter version. The lender is responsible for servicing your loan and/or processing your forgiveness paperwork for approval by the SBA. Late on May 15, the SBA released Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application. SBA … z��cKl�a��sb�x��§X�[�NH����s�F�I�-��k1e��?߭�E���t��+9� ��0!�0�2!�Lb���LK� vqB�o^�\���F��48�8��fG�B Here’s what PPP borrowers need to know about this simplified forgiveness application. : . Fill Online, Printable, Fillable, Blank 3245-0407-SBA-Form-3508-PPP-Forgiveness-Application PPP Loan Forgiveness Application Form. But for months, there were still concerns about the forms. 2. Signature of Authorized Representative of Borrower . Once completed you can sign your fillable form or send for signing. The revised forms include: Form 3508S: A one-page forgiveness form for PPP loans of up to $150,000 along with instructions. And like Form 3508EZ, the regular 3508 requires borrowers to calculate their payroll and nonpayroll costs using the 60% / 40% rule. Try our payroll software in a free, no-obligation 30-day trial. from 3.a. But now, you’re in the home stretch. PPP Loan Forgiveness Application Form 3508S PPP Borrower Demographic Information Form (Optional) Instructions . To do this, you’ll need to submit one of the three available forgiveness application forms, depending on your circumstances: SBA Form 3508, SBA Form 3508EZ, or SBA Form 3508S.. The PPP provided forgivable loans to businesses impacted by COVID-19. We encourage you to study this carefully and begin filling out the necessary information. (�j�Zj�����]��/p "��[�CA��eYTDK �n�w|�����}�������F���/�ԫ�S�B��wj.���r�e��Ї��>�K+��.���J�%��K��OӁ�E "use strict";var wprRemoveCPCSS=function wprRemoveCPCSS(){var elem;document.querySelector('link[data-rocket-async="style"][rel="preload"]')?setTimeout(wprRemoveCPCSS,200):(elem=document.getElementById("rocket-critical-css"))&&"remove"in elem&&elem.remove()};window.addEventListener?window.addEventListener("load",wprRemoveCPCSS):window.attachEvent&&window.attachEvent("onload",wprRemoveCPCSS); Tired of overpaying for accounting software? Only borrowers who took out loans that were $150,000 or less can use the form. March 7, 2021 . Please complete this form using the online application link you will receive. Form 3508D – Borrower’s Disclosure of Certain Controlling Interests was published by the SBA on January 19, 2021. Form 3508 requires significantly more calculations than the other forms because it has an additional calculation for borrowers who reduced their employee numbers and/or salaries. All versions. Originally, only borrowers who took out loans of $50,000 or less could use it. The loan’s forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. All forms are printable and downloadable. But because of the eligibility requirements to use the form, you do not need to make adjustments for FTE and salary reductions. On January 19, 2021, the Small Business Administration (SBA) released an updated PPP Loan Forgiveness Application Form 3508S which requires fewer calculations and less documentation from borrowers. Add additional sheetsif necessary. Version 8 | Effective: 2021-01-19. PPP loans were distributed by lenders at banks, credit unions, fintech companies, or CDFIs and they are backed by the SBA. On average this form takes 37 minutes to complete SBA Form 3508S. Established by the US Small Business Administration, this unique program allows loans to be forgiven, provided the funds are used in a requisite manner. This form has a calculation for determining how much you reduce your loan forgiveness amount by for these adjustments. In addition to the supporting 1536 0 obj <>/Filter/FlateDecode/ID[<4AA19B609AEF5B43B21B76684B503CC5>]/Index[1501 73]/Info 1500 0 R/Length 144/Prev 319139/Root 1502 0 R/Size 1574/Type/XRef/W[1 3 1]>>stream Updated 01-19-21. ; Form 3508-EZ: A simpler application form for forgiveness for borrowers who meet specific safe harbor conditions. Worried about gathering all your documents to fill out Form 3508? SBA Form 3508 is the most comprehensive of the three loan forgiveness applications and requires applicants to complete the Schedule A worksheet, which outlines expenses and calculates reductions to FTEs and employee salaries/wages. 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