ppp loan forgiveness 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. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. If you do, then you may use this simplified form to apply for forgiveness with your lender. If you do not, then you must use the standard forgiveness form. 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. PPP EZ Loan Forgiveness Form - Instructions, Checklist, & Application. Expiration Date: 10/31/2020 . 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. The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). 4. Why us? Determine if you can use the SBA EZ Loan Forgiveness Application. 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, … On the 15th of May, the Treasury Department released a 11 page form for ppp forgiveness. Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule. 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. Cash Flow Take a Look at SBA's New 'EZ' Loan Forgiveness Application The new form is designed to make applying for Paycheck Protection Plan loan forgiveness less onerous. 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. PPP 3508 EZ Forgiveness Form Training Information provided during the training is not intended to be legal or accounting advice. Google PPP forgiveness Application. 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! Both applications should be available through your lender. Both periods would begin on the PPP loan disbursement date, and in no case would the … If you meet all employee retention criteria, and you use the funds for eligible expenses you should be eligible for the loan. 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. 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. • 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, … SBA LOAN FORGIVENESS APPLICATION: EZ FORM . One of them—Form 3508EZ—is much shorter and simpler than the other. 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 … PPP Loan Forgiveness Questions and … 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 … Instructions & Checklist. Home » Blog » PPP Forms Explained: EZ Form vs Full Application. PPP in brief. 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. ‘Quickie’ Forgiveness Form (3508S). 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. Congress created the PPP as part of the … & 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). 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 … EZ PPP Loan Forgiveness Application and Instructions. Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. The banks most likely have to method yet to receive the form from you. However, only certain businesses are eligible to use the simplified form. The EZ Form is essentially a streamlined version of the traditional loan 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. 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. - Friday, November 20, 2020 - Find event and ticket information. Any changes made by the Small Business Administration (SBA) to this Worksheet will be updated on the Marquette website. PPP Loan Forgiveness Application Form 3508EZ . SBA 3508S EZ Form. But you need to meet certain criteria to be eligible for the EZ form. On June 30, 2020: Jeff presents on PPP loan forgiveness and provides a walk through with an example of filling out a 3508EZ form. Carefully review the SBA Provided Instructions. The EZ Application does not require adjustment calculations found on the PPP Loan Forgiveness Schedule A Application. Your business must have already received a PPP loan and meet one of the following criteria to qualify for EZ Forgiveness: Self … PPP Loan Forgiveness Application. The EZ Form can be used on any size loan if a borrower can check one of numbered scenarios below and certify the selection. Your bank will need this. The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. Posted in Read; Posted 2 months ago. An “ EZ FORM ” PPP Loan Forgiveness Application – A streamlined forgiveness application that may be used by PPP loan recipients that are either: self-employed individuals; independent contractors; sole proprietors; or business entities that did not reduce employee wages or headcount during the Covered Period of the loan. OMB Control No. We share tips to get use the EZ PPP loan forgiveness … 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. Eventbrite - U.S. Small Business Administration - Rhode Island District Office presents Get you PPP Loan Forgiveness and Form 3508 and 3508 EZ Questions Answered! You can use the form if. It has a lot of variables with a lot of employee data from various time periods… to help you out, GrowthLab has built numerous tools including a PPP Loan Forgiveness Calculator for both PPP Loan Forgiveness Applications — the EZ Form (Form 3508EZ) Calculator and the Regular Form (Form 3508) Calculator, as well as a guide for completion. Therefore, employers must only account for payroll, utilities, mortgage interest payments, and basic calculations relating to the total amount of forgiveness… When can the PPP loan forgiveness EZ Form be used? 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. 1. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Do not submit the Checklist with your SBA Form 3508EZ. a. SBA Application for Forgiveness EZ Instructions OR b. SBA Application for Forgiveness Instructions 3. Download the 3508EZ form here. 3245- 0407 . 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. We simplified these three by making the following decision tree to help you determine whether to use the new EZ … Get a payroll-based perspective on updates to this critical program, download the forgiveness forms, and learn the best formula for a successful application. Looking for insight into PPP Loan Forgiveness? 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. 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. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ. 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. Again you must meet AT LEAST ONE of the above criteria in order to use Form 3508 EZ. Click here to download the EZ PPP Loan Forgiveness Application SBA Form 3508EZ (06/20) Page 1 . a. Download the 3508EZ form Instructions here. Get Started. ... Forgiveness Calculations PPP Loan Amount Payroll ÷ .60 Smallest Above Payroll + Nonpayroll West Virginia District Office 34 3508 EZ. Borrowers using the SBA EZ form must furnish the following information for review: Earlier this summer, Rob Holcomb and I prepared example PPP forgiveness forms (available here and here). 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). Employee must have been employed during the covered period and have a U.S. principal residence. Check back … 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. How do I qualify for EZ forgiveness? 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