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Form 3508S The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan.
Who can use PPP 3508EZ?
This 3508EZ PPP Forgiveness Application form may be used by businesses with PPP loans of more than $150,000 who qualify based on SBA requirements we'll discuss in a moment.
What is the difference between form 3508S and 3508EZ?
Both Form 3508 and Form 3508EZ require multiple calculations and various supporting documents to show the forgiveness amount you've requested. Alternatively, Form 3508S simply asks you to: Provide the amount you spent on payroll. Provide the forgiveness amount you've requested.
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).
When can you use the 3508S?
The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan. Note that each PPP loan must use a separate loan forgiveness application form.
form 3508ez
ppp loan forgiveness application form 3508sform 3508ez instructions 2021form 3508ez pdfppp loan forgiveness application instructionsppp loan forgiveness application form 3508s revised july 30, 2021form 3508 instructionswho can use form 3508ez3508s vs 3508ez
When To Use The 3508EZ Form. The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000.
How do you calculate FTE reduction quotient?
So, let's find the FTE reduction quotient. Divide your FTEs during the covered period (12) by your FTEs during the reference period (15): 12 (FTEs during covered period) / 15 (FTEs during reference period) = 0.8.
Who can use the PPP EZ forgiveness application?
Borrowers are eligible for loan forgiveness for the following costs: 1. Eligible payroll costs. Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the 24-week (168-day) or 8-week (56-day) Covered Period (or Alternative Payroll Covered Period) (\u201cpayroll costs\u201d).
What form should I use 3508 or 3508EZ?
When To Use The 3508EZ Form. The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000. If you're eligible to use the 3508EZ form when applying for PPP loan forgiveness, you'll get to save some time and energy compared to those who have to fill out the regular 3508 form.
When can I use 3508EZ?
When To Use The 3508EZ Form. The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000.
form 3508ez instructions
Paycheck Protection Program Loan Forgiveness Application
Jun 23, 2020 — ... to use when applying for PPP loan forgiveness. This new simplified form is SBA Form 3508EZ. SBA also published a new set of instructions ...
PPP Loan Forgiveness Application Form 3508EZ Instructions for ...
Instructions for PPP Loan Forgiveness Calculation Form 3508EZ . Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): ...
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