The SBA Issues New FAQs on PPP Loan Forgiveness. Demographic information form (optional) Form 3508 EZ: PPP borrowers who are self-employed or have no employees . You’ll be able to view your Forgiveness status online anytime by logging into your . If we have questions, we’ll contact you. In this installment, we will be filling out part of the loan forgiveness application, SBA from 3508. In part 1 we discussed what you got the PPP loan for and what you can use the money for. Applying for Loan Forgiveness On Friday, the SBA released 11 pages comprising the application for forgiveness and the relevant instructions. The SBA just issued much-awaited guidance, allowing borrowers to claim forgiveness of their Paycheck Protection Program (“PPP”) loans. Self-Employed Forgiveness Calculation Steps. Under the new procedures, a borrower must request the forgiveness of PPP loan proceeds by filing SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application. Paycheck Protection Program (PPP) Frequently Asked Questions (FAQs) on Loan Forgiveness SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. The amount of forgiveness provided by the SBA depends largely on employee-related matters during the … Pages 1-2: These two pages include a summary of the application, breaking it into 4 components: The PPP Loan Forgiveness Calculation Form; PPP Schedule A; The PPP Schedule A Worksheet The (optional) PPP Borrower Demographic Information Form The next topic is the Non-Cash Compensation & Compensation to Owner. For more details about the Paycheck Protection Program, as specified in the CARES Act, see the PPP … SBA releases instructions to calculate PPP loan forgiveness. If changes to staffing and/or wages have you concerned about how much of your PPP loan could ultimately qualify for forgiveness, you have until Dec. 31, 2020, to raise wages and bring back workers to be eligible for the full amount of forgiveness. STEP 4 . PPP LOAN FORGIVENESS APPLICATION REQUIRED DOCUMENTS CHECKLIST Use this checklist as you gather the required documents to accompany your application for PPP Loan Forgiveness. SBA 3508S Long Form. The SBA … PPP Loan Forgiveness Calculation Form. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. To determine if you qualify for the 3508EZ form, click here. A Borrower that, together with its affiliates, received PPP loans totaling $2 … PPP Schedule A Worksheet is not required to be submitted to the lender; however, we think it is prudent to use this worksheet to work through both the FTE calculation and Wage Reduction calculation. To this point we have covered how to determine the “Cash” compensation portion of payroll for the Schedule A worksheet of the loan Forgiveness application (SBA Form 3508). To this point we have covered how to determine the “Cash” compensation portion of payroll for the Schedule A worksheet of the loan Forgiveness application (SBA Form 3508). Third, while in FAQ 46 the SBA created a safe harbor around the good-faith necessity certification in the PPP loan application for loans with original principal amounts of less than $2 million, the SBA has reserved the right to review loan eligibility in conjunction with the loan forgiveness application for other reasons. The first step in preparing your Loan Forgiveness Application, is to determine if you will . 1468 0 obj <>/Filter/FlateDecode/ID[<4AA19B609AEF5B43B21B76684B503CC5><136E88AB77667544AF58C37EEED9DFC9>]/Index[1442 48]/Info 1441 0 R/Length 122/Prev 275229/Root 1443 0 R/Size 1490/Type/XRef/W[1 3 1]>>stream The Loan Forgiveness Application Revised June 16, 2020, requires the Loan Forgiveness Calculation Form and PPP Schedule A to be submitted to the lender. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan. Our previous comments on PPP loan forgiveness back in May 2020 for those interested: One overlooked aspect of the PPP is the calculation of debt forgiveness. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. To calculate these costs, complete PPP Schedule A. This is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. Click here to download the official U.S. Small Business Administration Form 3508 PPP Forgiveness Application. PPP Loan Forgiveness Program Guidelines for Businesses With Employees One of the most appealing parts of PPP loans is the potential to have the entirety of the loan forgiven. The EZ PPP Loan Forgiveness Application requires fewer calculations and less documentation for eligible borrowers. Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 3 . Here are 6 points to know now about PPP loan forgiveness, as per the SBA’s application and related worksheets: 1. 1. This application was created using the Free PPP Loan Forgiveness Application Creator at Applyforppp.com Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. The SBA, in consultation with the Department of the Treasury, announced a brand-new Form 3508EZ for certain PPP borrowers to use to apply for forgiveness. Forgiveness calculation steps . For nearly 10 years, SBA.com® has provided small business advice and resources. The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. The SBA … Visit . Please review the application thoroughly. select the 8-week (56 days) Covered Period or the 24-week (168 days) Covered Period. Step-by-step guide to maximizing PPP loan forgiveness for self-employed and other Schedule C filers. Hancock Whitney clients will soon have a dedicated link on this page to apply for PPP Loan Forgiveness, upload documents, and check on the progress of their applications. 1442 0 obj <> endobj 2. Be sure to download the Covered Period Worksheet to follow along! Schedule A worksheet . THESE CALCULATIONS ARE CURRENT AS OF 4/17/2020 Main Street Industries 03-0312591 93579870-10 4/16/2020 2a. SBA Form 3508 (06/20) Page 4 Paycheck Protection Prog ram OMB Control Number 3245- 0407 Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. Print. Extends the covered period for loan forgiveness from eight weeks after loan disbursement to 24 weeks or Dec. 31, 2020 (whichever comes first) • Borrowers who received a PPP loan before June 5, 2020 retain the option to use an eight-week covered period. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources ... U.S. Small Business Administration 409 3rd St, SW. Washington DC 20416. Look over these steps to prepare for maximum loan forgiveness at the end of the covered period. The FTE Reduction Exceptions apply to all employees, not just those who would be listed in Table 1 of the Loan Forgiveness Application (SBA Form 3508 or lender equivalent). Paycheck Protection Program (PPP) Loan Forgiveness Checklist. FOREWORD: THE SBA IS FREQUENTLY UPDATING THE GUIDANCE GOVERNING PPP LOAN FORGIVENESS. The SBA might eventually ask for further documentation during follow-up. 08/07/2020 by Trenam News. Instructions for PPP Schedule A Worksheet . A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period. Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages. Track your Forgiveness request. Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. SBA PPP Loan Forgiveness Worksheet In the current times we are interested in ensuring we do everything we can together to navigate the current situation to a successful outcome together. ;��}h|�Ƞ1�9F$��+Dt#2. endstream endobj startxref The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. Paycheck Protection Program (PPP) Loan Forgiveness Application is Here! Non-payroll costs, … By Sari Lesk – Reporter, Milwaukee Business Journal . For our Q&A resource, click here. Contribute a better translation. Instructions for PPP Schedule A Worksheet . Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals . SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. %PDF-1.6 %���� TD is reviewing the new legislation and is awaiting required guidance from the SBA to determine how the changes will affect our PPP customers. PPP Loan Forgiveness Join us to walk through a step by step guide to how to calculate your covered periods, which form is right for your business, and how to fill out the PPP Loan application forms. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. To receive loan forgiveness: A borrower must complete and submit the Loan Forgiveness Application (SBA Form 3508, 3508EZ, 3508S, or lender equivalent) to its lender (or the lender servicing its loan). Schedule A Worksheet-Table 1-Backup Documents Schedule A Worksheet-Table 2 Schedule A Worksheet-Table 2-Backup Documents Member FDIC Page 2. h�tR;HA}�{AS��({?� ��u����F��ALa�Iy�P�$�\.���&b�B�t��������w�7�f��,�� k#����CǠ�"�# Original text. The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and clarified a few critical definitions and documentation requirements in their instructions. The Loan Forgiveness Application Revised June 16, 2020, requires the Loan Forgiveness Calculation Form and PPP Schedule A to be submitted to the lender. With that in mind, we’ve put together all of the most up-to-date PPP loan forgiveness rules, application files, and guidelines as they currently stand. Extends the covered period for loan forgiveness from eight weeks after loan disbursement to 24 weeks • Borrowers who have already received PPP loans retain the option to use an eight-week covered period. The Paycheck Protection Forgiveness Platform allows lenders to submit their forgiveness decisions to the SBA. 2. … On May 15, 2020, the U.S. Treasury and SBA released the Paycheck Protection Loan Forgiveness Application and detailed instructions to help business owners and nonprofit organizations seek forgiveness at the end of their covered eight-week loan period. Any changes made by the Small Business Administration (SBA) to this Worksheet will be updated on the Marquette website. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). The uses listed above are ones that may be covered by loan forgiveness and are not the only allowable uses of a PPP loan. May 15, 2020, 8:49pm EDT. Application Revised June 16, 2020 Expiration date of the Paycheck Protection Program ( PPP ) forgiveness... Not use the PPP loan forgiveness application with this PDF, which includes calculations and may. 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