3508s Application Forms

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Commonly Asked Questions about 3508s Application Forms

What is a 3508S form?

OMB Control No. 3245-0407. Expiration date: 12/31/2023. A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS.

Where do I record PPP loan forgiveness?

Forgiveness of PPP loan proceeds should be recorded as income from continuing operations, as a separate line item. of loan forgiveness from the U.S. government is received.

What is the difference between 3508S and 3508EZ?

The difference between the forms lies in the calculations you need to do. Form 3508 requires the most calculations, Form 3508EZ requires fewer calculations, and Form 3508S is nearly calculation-free (cue the celebration). The form you use depends on certain factors such as: -How much you borrowed.

How do I report PPP forgiveness on my taxes?

Forgiven PPP loans are considered Other Tax Exempt Income for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B (partnerships). This amount increases the shareholders or partners basis. Enter the amounts on the Passthrough K-1s screen as they were reported on your clients K-1.

Which Form 3508 do I use?

3508 Standard Form: To apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) loan, Borrowers may use the Form 3508EZ or the Form 3508S application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan).

How do I complete PPP forgiveness?

Contact your PPP Lender and complete the correct form. Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent. Compile your documentation. Submit the forgiveness form and documentation to your. Continue to communicate with your Lender throughout the.

What form do I fill out for PPP forgiveness?

SBA form 3508 PPP Loan Forgiveness Application + Instructions.

Are PPP loans under $50,000 automatically forgiven?

Borrowers of loans of $50,000 or less can now have their loans completely forgiven, essentially turned into grants that do not need to be paid back, by using a check the box self-certification process that the funds were used appropriately.