How Do I Know Which Ppp Forgiveness Application to Use

It asks several yes or no questions to get you an answer to the Which application do I fill out question. For businesses who received a PPP loan 50000 to 150000 we expect to begin rolling out forgiveness applications Form 3508S starting March 8 2021.

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Until you hear from us theres nothing you need to do.

. Use the number that the SBA gave your PPP loan when it was approved. And if your business received a PPP loan for under 50000 you can now submit Form 3508S which is a single-page application form for PPP loan forgiveness. You are a self-employed individual an independent contractor or a sole proprietor who had no employees when you applied for the PPP loan and did not include any employee salaries in calculating average monthly payroll.

We will notify you by email and in the Square Dashboard when your application is ready. Update on the PPP loan forgiveness application. 3508S 3508EZ If your PPP loan amount was 150000 or less you qualify to apply for.

SBA PPP loan number. Thus you should check out the updated PPP Loan Forgiveness application Form 3508 and the revised Schedule A Worksheet. You the Borrower did not.

In June 2020 the SBA published an application form that companies must use when applying for loan forgiveness. Learn the Facts to Make Informed Decisions. Stick with the number you used on your PPP application.

So the SBA has made rules on how much time the banks can take to process your PPP forgiveness loan application okay. If all of these situations dont apply you must use SBA Form 3508. See below to determine which application you need to use.

Borrowers may be eligible for Paycheck Protection Program PPP loan forgiveness. So once you send your PPP loan forgiveness to the bank that bank has 60 days to process your PPP loan application and to send it to the SBA to get the forgiveness process approved by the SBA. Only certain borrowers will be able to use the 3508S and 3508EZ forms.

We recommend using this form if possible as it is easier to work with but. Which form should I use. You can use the form if.

Which application should I use. If your loan was for more than 150000 you may use the full forgiveness application Form 3508 OR the new Form 3508EZ if you meet the criteria. While its more difficult to complete its worth the try.

URGENT PPP FORGIVENESS UPDATE. The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal. The best answer I can give you on this is our PPP Loan Forgiveness Application decision tree.

Ad Everything You Need to Know About PPP Loan Forgiveness. How do I apply for PPP Loan forgiveness. Last year the administration temporarily expanded eligibility for the Public Service Loan Forgiveness program until October 31 2022.

For second draw PPP loan forgiveness applications. If your First Draw PPP Loan and your Second Draw PPP Loan are both more than 150000 and you can check either one of the two boxes below you can use Form 3508EZ. The 3508S the 3508EZ or the 3508.

There is also an abridged version SBA Form 3508-EZ. There are now two PPP Loan Forgiveness Applications the original application and an EZ application. Then use it as a source to provide the following information.

So far the Department of Education has identified more than. How do I know which PPP Loan Forgiveness application to use. If you do not qualify to use the PPP Direct Forgiveness Portal you will need to apply for forgiveness through the lender that serviced your PPP loan not the SBA itself.

To do this youll need to submit one of the three available forgiveness application forms depending on your circumstances. Application Form automatically qualify to use the Loan Forgiveness Application Form 3508EZ or lender equivalent and should complete that application. To have your First andor Second Draw PPP loan forgiven you must spend all of the loan proceeds on PPP eligible expenses by the end of your Covered Period You can choose a Covered Period that ranges anywhere from 8 to 24 weeks.

Can PPP lenders use scanned copies of documents E-signatures or E-consents for loan forgiveness applications and loan forgiveness documentation. The SBA came out with a new 3-page EZ application Form 3508 EZ and instructions that applies to the following borrower. Have your PPP loan agreement on hand before you get started on this step.

As of today July 1 2020 the SBA has not issued a timeframe within which a business must submit the PPP Loan Forgiveness application. If your business isnt harmed by waiting you can see where you stand after 24 weeks and determine which period is most beneficial. More Detail on who can use the PPP Loan Forgiveness Application 3508EZ.

The SBA has THREE applications for PPP forgiveness. The latest guidance from the SBA states for first draw PPP loan forgiveness applications using the S form documentation does not need to be uploaded however you are required to retain all records relating to your PPP loan and may be required to submit such documentation to the SBA upon request. Form 3508S takes a lot less time and energy to complete and it has fewer calculations and documentation requirements compared to the standard PPP loan forgiveness application form.

Heres how borrowers decide which forgiveness application to use. If your PPP loan was for 150000 or less AND if your lender has opted-in to the use of the platform you will be able to submit your PPP loan forgiveness. SBA Form 3508 SBA Form 3508EZ or SBA Form 3508S.

Provide information about your PPP loan. On July 28 2021 the SBA announced big news for most PPP borrowers. If you have any questions contact your Traditional Bank lender.

This is known as SBA Form 3508. If your First Draw PPP Loan or Second Draw PPP Loan is 150000 or less you should use Form 3508S. Paycheck Protection Program Loan Forgiveness Application.

When you fill out your PPP Forgiveness Application just select eight or 24 week by entering the appropriate dates in the Covered Period or Alternative Payroll Covered Period section.

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