Form 3508s revised january 19 2021-2025

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The document is the Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S, revised on January 19, 2021. It is intended for borrowers who received a PPP loan of $150,000 or less and outlines the application process for loan forgiveness. The form requires information about the borrower, loan details, and certifications regarding compliance with PPP rules. It also includes instructions for calculating eligible payroll and nonpayroll costs, documentation requirements, and responsibilities of the borrower to maintain records for potential audits.

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What is the difference between 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).

Is PPP money still available?

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.

What is 3508S form?

PPP Loan Forgiveness Application Form 3508S. 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.

What happens if the PPP loan is not forgiven?

If you do not receive full forgiveness of your PPP loan, you will be required to repay the remaining or full loan amount plus interest over the term of the loan.

Can you apply for PPP forgiveness after the deadline?

If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

How long does it take for SBA to approve PPP loan forgiveness?

Your Business Assets Will Be Seized and Liquidated Theyll start by seizing the collateral you secured your loan against. In many cases, that means taking control of your business assets. After your lender seizes your assets, theyll liquidate them. In other words, your lender will put your assets up for sale.

Does the government ever forgive SBA loans?

As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.

Form 3508s revised january 19 2021-2025

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