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- Click ‘Get Form’ to open the form 3508ez PDF in the editor.
- Begin by entering your Business Legal Name, Address, and TIN in the designated fields. Ensure accuracy as this information is crucial for your application.
- Select whether you are applying for a First Draw or Second Draw PPP Loan by checking the appropriate box.
- Fill in the SBA and Lender PPP Loan Numbers along with the Loan Amount and Disbursement Date. This information can typically be found in your loan documentation.
- Complete the employee count fields, indicating how many employees you had at both the time of application and at forgiveness application time.
- In the Forgiveness Amount Calculation section, enter your eligible payroll and nonpayroll costs in their respective lines. Be sure to sum these correctly for line 9.
- Finally, review all entries for accuracy before signing. Use our platform’s features to save or share your completed form easily.
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What form do I need to fill out for loan forgiveness?
After you make your 120th qualifying monthly payment for PSLF, youll need to submit the PSLF form to receive loan forgiveness. You must be working for a qualifying employer at the time you submit the PSLF form.
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.
What documents are needed for PPP loan forgiveness?
Payroll Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period:
What is a 3508S form?
Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S.
What is the difference between 3508EZ and 3508S?
The difference between the forms lies in the calculations you need to do. Form 3508 requires the most calculations, Form 3508EZ requires less 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.
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People also ask
Which PPP forgiveness form to use?
SBA Form 3508 and SBA Form 3508EZ do require a borrower to provide additional documentation upon forgiveness submission. In the instructions for each form, see the section titled Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application for additional details.
Which PPP loan forgiveness form is the easiest to use?
PPP Simple Forgiveness Journey using Form 3508S. If your PPP loan amount is $150,000 or less, you qualify to file for forgiveness using Form 3508S which is a one-page simplified version of Form 3508.
