ppp loan forgiveness application instructions

a. SBA Application for Forgiveness EZ Instructions OR b. Carefully review the SBA Provided Instructions. As of June 17, 2020 the Small Business Administration has issued new applications and instructions for PPP Loan Forgiveness. SBA PPP Forgiveness Portal Instructions The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. With the release of the new PPP loan forgiveness applications and the passage of the PPP Flexibility Act, the SBA continues to include new guidance on how loan forgiveness works and on PPP loans in general.Here’s what’s new: Extension of the forgiveness period: Originally the forgiveness window was eight weeks, but under the PPP Flexibility Act, the forgiveness window … If you have received a Paycheck Protection Program loan, you must complete PPP Loan Forgiveness Application if you want your PPP Loan to be forgiven. The diagram below displays the PPP Loan Forgiveness Application PPP Schedule A and corresponding numbers to explain the data we provide. With the on-going COVID-19 pandemic, new legislation is in the works to help Small Business Owners keep their business running. How to Complete the PPP Loan Forgiveness Application. Highlights: Borrowers who received their loan before June 5, 2020 may now elect to use either the 24-week Covered Period or one of the 8-week Covered Periods. Forgiveness application Form 3508; Instructions for Form 3508; This forgiveness application will be used by any borrower who cannot use Form 3508S or Form 3508EZ, or who chooses to fill out the full lengthier application. The Loan Forgiveness Application requires certain information about your loan. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Please email info@hoffmancpas.com or call 443-320-4101. Determine if you can use the SBA EZ Loan Forgiveness Application. The Small Business Administration and Treasury […] SBA PPP Loan Forgiveness Application FORM 3508S SBA PPP Loan Forgiveness Instructions FORM 3508S Please visit the SBA site for additional information regarding PPP forgiveness. View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less. If you need assistance filling out your PPP loan forgiveness application form, would like us to review your application, or have any other questions or concerns, we’re here to help. Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions The releases Wednesday came only hours after the SBA issued a new interim final rule providing guidance on how to calculate employee and owner compensation for loan forgiveness in the new 24-week covered period created by the Paycheck Protection Flexibility Act. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. The revised forgiveness application and instructions are very similar to the former; the key differences and important points to note are summarized below: ... who had no employees at the time of the PPP loan application and did not include any employee salaries in their loan application. You will be required to provide the following information regarding your business and loan: Business Legal Name/DBA or Tradename, if applicable: This should be the same business name used on your PPP application and match your tax returns. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Justin goes over the PPP … source PPP Loan Amount; PPP Loan Disbursement Date (use the date you received first proceeds.) Instructions for PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent). In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. New guidance. The SBA released the new Loan Forgiveness Application following recent legislative updates to the program. ALERT: PPP loan forgiveness application & instructions now available May 20, 2020 Loan forgiveness details include a new Alternative Covered Period and documentation requirements. The documents required may differ depending on whether you are using SBA Form 3508S, 3508EZ or 3508. Employees at Time of Loan Application (total number, not FTE count.) Additionally, SBA and Treasury released a revised PPP Loan Forgiveness Application Form 3508 and instructions which incorporates changes recently made by the PPP Flexibility Act. This includes the SBA PPP Loan Number and your lender’s loan number. It released a third PPP Loan Forgiveness application for those who received $50,000 or less in loan proceeds. Instructions for PPP Schedule A Worksheet . and the Small Business Administration (SBA) is now available 1 . Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA).. A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. You will be required to submit documentation supporting your application for loan forgiveness. Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. Employees at Time of Forgiveness Application (total … Filling out business and loan information. The borrower should refer to the “Salary/Hourly Wage Reduction” section under the “Instructions for PPP Schedule A Worksheet” in the PPP Loan Forgiveness Application Instructions. Lender PPP Loan Number (obtain from banker or closing paperwork.) SBA will continue to process all PPP forgiveness applications in an expeditious manner. This is just a brief overview of the different PPP forgiveness applications and how to complete them. Until these changes are approved, businesses looking to get their PPP loan forgiven must follow the current rules from Small Business Administration (SBA) which were released on May 15, 2020. PPP: New EZ Loan Forgiveness Application & Instructions Last updated June 23, 2020 Loan Details and Forgiveness. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. Helping You Manage Your Forgiveness Application PPP Forgiveness Instructions and Application Training Resources for Application Speed and Accuracy Maximize Your Paycheck Protection Program Forgiveness Amount The goal of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has been to assist owners and employees at small businesses like yours to PPP Loan Forgiveness Application Form 3508EZ OMB Control No. For a complete list of documentation required, please see the Loan Forgiveness Application Instructions for Borrowers for Form SBA PPP Loan Forgiveness instructions for FORM 3508 SBA PPP Loan Forgiveness Application FORM 3508EZ SBA PPP Loan Forgiveness instructions for FORM 3508EZ. 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