Like Form 3508, the EZ version requires borrowers to calculate wage and non-labor costs. However, due to the requirements for using the form, you do not need to make adjustments for FTEs and salary reductions. You can use this form if you meet one of the following requirements: Here are the main differences between each type of form: Excellent article! If we are eligible for the EZ form, can we still use the full form? This way I feel more comfortable. I apply for PPP loans from myself online without a lender. Where do I send the EZ form for forgiveness to any address? Thanks to you, you always ask for a discount from your lender or the company that serves your loan if your lender has transferred it to someone else. You will probably use an online version of the form. If you are submitting 3508S, we recommend that you complete one of the other forms (3508EZ or 3508 depending on your situation) and simply keep a copy in case you are verified by the SBA. I am an independent contractor and moved in March. Does this mean I can`t ask for forgiveness for rent and utilities in my home? Can a portion of my rent and utilities (if I were eligible on the database) be used for qualification or should they only be based on commercial contracts? This information explains the different loan issuance options for the Paycheque Protection Program. Borrowers can use this guide to choose the right form for their situation. Form 3508S is the simplest PPP loan application form available.
Only borrowers who have taken out loans of $150,000 or less can use the form. Borrowers who reduce their full-time equivalents, their employees` salaries, or both also reduce the amount of their PPP rebate. This form includes a calculation to determine how much you are reducing the amount of your loan forgiveness for these adjustments. Certain documents must be attached to your application for forgiveness. Documentation requirements can be found on page 4 of the application form. www.sba.gov/document/sba-form-3508ez-ppp-ez-loan-forgiveness-application-instructions This article has been very helpful ~ thank you! With regard to the period covered (and the list of RTD figures during the period covered), if we have fully exhausted our loan financing within approximately 12 weeks, our information on the period covered (including the number of employees or FTEs during the period covered) would apply for the full 24 weeks or only for the period, for which we submit expenses for remittance (i.e., the 12 weeks it took to use our CARES Act loan amount? Hello, on form 3508EZ I do not understand the calculation of the amount of the pardon. Form 3508EZ is for businesses that borrowed more than $150,000 for their first or second PPP loan and meet at least one of the following criteria: I made a mistake on the simple form and submitted the wrong documents, now I can no longer edit or submit the right form. Is there a way to delete and download the right documents? Now comes the fun part. You can find out if you are eligible for a full pardon. I hope you will! Doesn`t Form 3508EZ also apply to loans under $150,000? After filling out the form – WHERE is it going?? This PPP 3508EZ remittance application form can be used by businesses with PPP loans over $150,000 that are eligible based on the SBA requirements that we will discuss in a moment. It is designed to be lighter than the full pardon application form 3508. The SBA updated the PPP 3508EZ loan forgiveness application form on January 16, 2021.
Make sure you are using the latest version. I just wanted to know where to drop off Form 3508EZ for my remittance loan that I received in July for $15,000.00 I`m a rideshare driver listed on loan documents as “self/Uber/Lyft”. I`ve been approved, but I don`t know if I`m officially qualified and I haven`t signed yet. The amount granted covers pretty much what I do in twelve weeks. Can I link the 100% loan amount to payroll (i.e., on my personal bank account) and be ready? If so, what should I submit if I ask for forgiveness? I haven`t worked since March and don`t expect to do so after getting the loan. On the other hand, if you are not a self-employed/independent contractor/sole proprietor without employees and you have not reduced the salary of employees earning less than $100,000/year by more than 25%, you should still use the regular Form 3508 if both are true: so it seems that you have an employee`s annual salary or hourly wage during the period covered compared to the period between January 1 and March 31, 2020 – this means that even if you do not meet the additional condition, you will have to increase the number of employees or the average paid hours of employees between March 1, 2020. January 2020 and the end of the period covered did not reduce the form 3508EZ can use if and only if you were We could not provide information on PPP loans financed by SBA. Maybe it`s an EIDL loan or an EIDL grant? These are financed by the SBA.
I would recommend contacting the SBA to determine the source of funding. Best wishes! We were told that the EIDL was a grant and did not need to be reimbursed. It seems that this may not be true. The lost labour costs for the 24-week period would be $12,000 for us and the rent for that period would be $6,453 (of which only $4,000 could be claimed?). It seems that our cost will be enough to qualify for the forgiveness of the $10,000 until you enter the smallest lines 5, 6 and 7. The smallest is 7200, or 60% of the payroll lost during the 24 weeks. It gives the impression that we have to pay back $2800. What do we not understand? Hi Sean – You will ask your lender for forgiveness. You can provide an online form, but once you`ve filled out the paper, it should be easy! The main difference between the documentation requirements for EZ Form users and the longer Form 3508 is for borrowers who only fall into category #2 above (they did not reduce employees` salaries by more than 25% and did not reduce the number of employees or hours paid). For these borrowers, the instructions on Form 3508EZ state that they have documentation of the “average number of full-time equivalents on the payroll that the borrower has out of 1. January 2020 and at the end of the period covered”.
Otherwise, applicants for EZ forms do not need to submit FTE information. Then, fill in the information about unpaid costs. You only have to include them if you want to ask forgiveness for these amounts. If you are eligible for a full salary cost rebate and/or if you do not want to claim a non-salary cost rebate, you can enter 0 on lines 2 to 8. If you have reduced employees` salaries by more than 25%, use the regular Form 3508. If you haven`t reduced your employees` salaries by more than 25% and you can meet one of the other two conditions (you haven`t reduced FTE employees or you haven`t been able to run your business at the same level as in February 15, 2020, due to federal restrictions related to COVID-19), you can use Simplified Form 3508EZ.
