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%PDF-1.6 %���� PPP Forgiveness Instructions and Application Training. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . %%EOF The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. endstream endobj startxref The SBA has both revised the PPP loan forgiveness application form to take into account the changes made in the Paycheck Protection Program Flexibility Act (PPPFA) and added a new “Loan Forgiveness Application Form EZ” for qualified borrowers. The PPP Loan Disbursement Date will be the first day of the Covered Period. This is an education overview of information as we understand it currently. 0 Summary. For the most up-to-date information visit our PPP Loan Forgiveness Portal. Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. Do not submit the Checklist with your SBA Form 3508EZ. Paycheck Protection Program OMB Control No. Please take the time to read these instructions thoroughly. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. For more instructions on which application form applies to you, refer to the Small Business Administration's PPP Loan Forgiveness FAQ page. 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, … 3120 0 obj <>stream Thank you for partnering with Cedar Rapids Bank & Trust for your SBA Paycheck Protection Program (PPP) loan. Carefully review the SBA Provided Instructions. Resources for Application Speed and Accuracy . Both the PPP regular and EZ application form and instructions can be found at treasury.gov. B I View Test Prep - PPP-Loan-Forgiveness-Application-Form-EZ-Instructions_14_12_2020_02_00 from ZS EXAMFX at Hot Springs School of Insurance. Posted in Read; Posted 2 months ago. The instructions for form 3508EZ elaborate on these points. ��D2y�e3@$�z�rD������>X��V�\"`��^a �8��>�6�'�d�ۃ�a4�� 2*H��������qX%#������ ��s The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ if you can check at least one of the three boxes below. This 3508EZ form may be used in several circumstances, and it’s the first one that applies here: 3086 0 obj <>/Filter/FlateDecode/ID[<75F49D6B8B35A142ADA3DAE9B43A8094><4710F346FB202E479E731C2708F927B8>]/Index[3043 78]/Info 3042 0 R/Length 144/Prev 564426/Root 3044 0 R/Size 3121/Type/XRef/W[1 3 1]>>stream New PPP loan forgiveness applications and instructions released The Small Business Administration on June 16 released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. OMB Control No. [2] The forms also clarify that a new … The Small Business Administration recently released a Paycheck Protection Program Loan Forgiveness Application Form 3508EZ (EZ Form) for certain PPP borrowers to use, if eligible. The Small Business Administration and Treasury […] Documents to Submit and Documents to Maintain (4) West Virginia District Office 9 3508 EZ 116-142, which became law June 5. There is also an optional Demographic Information Form. We will also refer to information in the application instructions and it’s important that you read those as well.. This Paycheck Protection Program (PPP) Loan ForgivenessToolkit for Small Businesses is provided to simplify and guide you through the submission process. PPP Loan Amount: Enter the disbursed principal amount of the PPP loan (the total loan amount you received from the Lender). The EZ Form instructions provide more details. If you are able to check one of the three boxes, Link to instructions: EZ Forgiveness Application Instructions. In order to apply for forgiveness, you must complete a Form 3508 or a Form 3508 EZ, as well as provide documentation to support your application. 3508 Form Instructions – See pages 6-7; 3508 EZ Form Instructions – See page 4; Review the criteria that will qualify your business to use the 3508 EZ form to apply for Forgiveness. Form 3508-EZ . Instructions that can be accessed by clicking the link above relate to new guidance posted by the SBA on June 16, 2020, regarding the EZ Forgiveness Application borrowers may elect to use when completing their request for PPP loan forgiveness. %%EOF PPP Loan amount is the initial advance on the loan. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using thisSBA Form 3508EZ if you … L. No. h�bbd```b`�����A$�Z0[L���`�]��C����.k0�C�Xv��f���L�"YςH�}`�w0)��a="���jJ@$��d\�ľ����d�G�������`q�!L�g��� � ��� For PPP loans over $2 million or for borrower’s whose loans together with its affiliates add to greater than $2 million, SBA will review and audit forgiveness. Important PPP Forgiveness Online Portal Information . 1 of the instructions to the EZ PPP Loan Forgiveness Application, the FTE documentation must show the average number of FTE employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period or Alternative Payroll Covered Period. In the below links you will find the application, instructions for application and documentation requirements issued by the SBA. For the most up-to-date information visit our PPP Loan Forgiveness Portal. Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period … Part 1 of Application-Self explanatory. 3245-0407 PPP Loan Forgiveness Application Form 3508EZ Expiration date: 10/31/2020 SBA Form 3508EZ (06/20) Page 1 Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone Paycheck Protection Program PPP Loan Forgiveness … hެVP�G��� *��@�ׁ��S[@@���Q�a@ �JjE�#DPQ��/(ΜV"�@�5�(/!"��ᣢsz��? 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. The Small Business Administration and Treasury […] a. Looking for the headcount number. Checklist for Using SBA Form 3508EZ . The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. You’ll find a … PPP LOAN FORGIVENESS SBA 3508S EZ Form. However, only certain businesses are eligible to use the simplified form. PPP Loan Forgiveness Application Form 3508EZ . the long form) remains. Checklist for Using SBA Form 3508EZ. On June 16, 2020, they released an updated PPP Loan Forgiveness Application and related instructions and included a simplified version of the form for forgiveness. 7�@��(����a�z1�)ݻ�r��׮�1�7����$��m������� Paycheck Protection Program PPP Loan Forgiveness … STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. If you checked only the second box on the checklist on page 1 of these instructions, the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period. 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