How To Fill Out Sba Form 3508
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. The PPP provided forgivable loans to businesses impacted by COVID-19.
Jul 21 2020 In this video Business Advisor Peter Harriman walks through the 3508 Forgiveness Long Form the longer of the two forgiveness applications.
How to fill out sba form 3508. The information is easily available in our CV-19 Dashboard with keys that tell you which data element belongs where on the applicationWe have done our part in simplifying it so that you have the information. Provide the forgiveness amount youve requested. SBA Form 3508 is the most.
PPP Loan Forgiveness Calculation Form. Effective Jan 19 2021. Small Business Administration 409 3rd St SW.
In the subject line after you submit your loan forgiveness application. Apr 05 2021 This new application form replaces two previous forms. After receiving a PPP loan borrowers must apply for forgiveness through their lender by filling out the Small Business Administration SBA form and providing supporting documents.
SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. Certify the conditions via initials and signatures. Once youve calculated your Payroll Costs line 10 enter the total on Line 1 of the PPP Loan Forgiveness Calculation Form Page 1 of SBA Form 3508.
Provide the amount you spent on payroll. Alternatively Form 3508S simply asks you to. Jun 18 2020 The SBA also released a new abridged Form 3508EZ for those meeting certain specified requirements.
Jan 19 2021 SBA form 3508. You will need to completely fill out this form with the information provided on pages 1-2 and submit it to your lender. Providers should no longer try to fill out either of these forms unless you are incorporated and received more than 50000.
However if you dont meet the requirements of the S or EZ forms youll have to take the time to fill out the longer 3508 form. Lets take a look at some of the changes in the Form 3508 and then explore what the requirements. Oct 07 2020 The 3508S and 3508EZ PPP forgiveness forms are shorter and easier to fill out than the standard 3508 form so they will require less of your time.
Nov 18 2020 All other borrowersincluding borrowers who reduced employee headcount and want to qualify for an exemption under the FTE Safe Harbor and self-employed individuals sole proprietors independent contractors who dont meet the requirements for Form 3508EZwill need to fill out the original loan forgiveness application SBA Form 3508. This makes Form 3508S the simplest forgiveness application form. If you have applied for the EIDL loan be sure to include its details too.
Paycheck Protection Program Loan Forgiveness Application. Instead you must apply for forgiveness of your PPP loan using SBA Form 3508. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ Business Legal Name BorrowerDBA or Tradename if applicable Business TIN EIN SSN.
Once completed you will have your unofficial forgiveness amount on Line 11. Form 3508EZ and Form 3508. Fill it out and email it to supportscratchfi with Form 3508D.
Youll have to fill out the regular 3508 form if both of the following conditions are met. How to fill out Form 3508S. Your answer should match what you put.
Enter the same information as on your Borrower Application Form SBA Form 2483 or lenders equivalent. Oct 22 2020 How to fill in the 3508S application for PPP forgiveness Once you have downloaded the 3508S application fill in the essential details such as your business name contact information PPP loan number and amount count of employees and tax identification number. This is the Calculation Form.
Oct 29 2020 The New 3508S Form Overview. Oct 09 2020 Updated February 5 2021 with the revised Form 3508S. This new form also simplifies and speeds-up your lenders review process of your forgiveness loan application.
Washington DC 20416. Oct 26 2020 What is Form 3508. Download Form 3508D here.
Nov 11 2020 Add lines 1 4 6 7 8 9 together to calculate your Payroll Costs. Use the name you put on your federal tax return. Other resources In this article we show you how to produce the data you are looking for from our payroll system to fill out the long Form 3508.
If you meet the criteria above and must submit Form 3508D. Instructions for PPP Schedule A. You will need detailed information about your payroll mortgage payments and current EIDLPPP loans to complete this.
FTE Full-Time Equivalent Calculations What does Full-Time Equivalent mean. By Office of Capital Access. Enter the amounts from PPP Schedule A.
Forms webinar recording. If you took out a Paycheck Protection Program loan for 150000 or less the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. SBA Form 3508 0620 Page 3 Paycheck Protection Prog ram OMB Control Number 3245- 0407 Loan Forgiveness Application Revised June 16 2020 Expiration Date.
Lines 1 through 5.
