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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. It's designed to be more streamlined than the full forgiveness application form 3508.
Who can use form 3508 EZ?
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.
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.
What is the FTE look back period?
At the borrower's discretion, the look back periods can be either Feb. 15\u2013June 30, 2019, OR Jan. 1\u2013Feb. 29, 2020.
What is FTE for PPP?
The U.S. Treasury defines a FTE as any employee who works 40 hours per week or more.
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3508EZ: Borrowers who are self-employed with no employees OR borrowers who did not reduce employee salaries by more than 25% and did not reduce employee hours OR borrowers who reduced business activity due to COVID-19 health guidelines and did not reduce employee salaries by more than 25%
What documents do I need to submit with 3508EZ?
Business Rent or Lease Payments: Copy of the current lease agreement and receipts or cancelled checks verifying eligible payments for the Covered Period or lessor account statements from Feb 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments. Required.
What is the difference between form 3508 and 3508EZ?
SBA Form 3508EZ is for borrowers with PPP loan amounts of more than $50,000\u2014and, similar to Form 2508S, it's a shorter, more streamlined application with fewer calculations than the full loan forgiveness application, SBA Form 3508.
How do you calculate covered period for PPP?
The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. In no event may the Covered Period extend beyond December 31, 2020.
Do I need to calculate FTE for 3508EZ?
However, Borrowers who file Form 3508 EZ by meeting the second set of requirements (checking the second box on page 1 of Form 3508EZ), are still required to calculate FTEs, but as of January 1, 2020 and as of the last day of their Covered Period.
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