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Verifying your payroll expenses: Bank account statements or a report from your payroll provider documenting payments to employees. Tax forms (or equivalent payroll provider reports) including: ... Payment receipts, cancelled checks, or bank account statements showing employer contributions to group employee benefits plans.
What can cause PPP loans to not be forgiven?
Top 5 Reasons Why PPP Loan Forgiveness Requests Are Denied Your documents were incomplete. You weren't eligible for the loan. Your calculations were wrong. You forgot to sign your documents. You didn't use the money for its intended purpose (60% or more on payroll)
Do I need to submit documentation with form 3508S?
The Borrower is not required to submit the Form 3508 or any related documentation with this forgiveness application. However, SBA may request information and documents to review those calculations as part of its loan review and audit processes.
Which PPP forgiveness form should I use?
If your PPP loan amount was less than $150,000, you can use the forgiveness Form 3508S. However, you are ineligible to use Form 3508S if your business has a contract or agreement of affiliation with other businesses and the PPP loan total across all affiliates is greater than $2 million.
What is the difference between SBA form 3508 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).
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What documents do I need to submit with my PPP forgiveness application?
Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Is the 3508S form available?
On January 19, 2021, the Small Business Administration (SBA) released an updated PPP Loan Forgiveness Application Form 3508S which requires fewer calculations and less documentation from borrowers.
Is form 3508S available yet?
On January 19, 2021, the Small Business Administration (SBA) released an updated PPP Loan Forgiveness Application Form 3508S which requires fewer calculations and less documentation from borrowers.
Will PPP loans under 50k be audited?
Will Small PPP Loans Be Audited? On April 28, 2020, Treasury Secretary Steven Mnuchin announced that any business that received more than $2 million as a loan would be audited. Before loans are forgiven, each business must undergo a full audit. You may still be audited if you received less than $2 million.
Will PPP loans automatically be forgiven?
The loans are designed to be forgiven, but it's not automatic. Recipients can keep the money if they demonstrate that they used it for certain purposes and largely refrained from cutting jobs and pay.
30 Jul 2021 — A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. All versions. Version 8|Effective: 2021-07-30.
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