PPP Loan Forgiveness Application Form 3508EZ Instructions PPP Loan Forgiveness Application Form 3508-2025

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4:13 6:48 Or not so once again once you file forgiven forgiveness with the bank the bank has up to 60. DaysMoreOr not so once again once you file forgiven forgiveness with the bank the bank has up to 60. Days then they have 60 days to send it to the SBA. And the SBA has an additional 90 days.
Report PPP loan forgiveness as book income on Schedule M-3 Schedule K. section and enter. P. (Permanent) in the. Tax Capital. column of the. Other tax-exempt income statement. field. To exclude this amount, enter. T. (Temporary).
SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness.
Applying for forgiveness using the portal can take as little as 15 minutes. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S. If you would prefer to work with your lender, lenders can still accept PPP forgiveness applications directly.
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.
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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.
When to apply for forgiveness. Borrowers can apply once theyve used all the loan proceeds theyre requesting forgiveness for. Borrowers can apply for forgiveness any time up to five years from the date that SBA issued the SBA loan number.

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