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Click ‘Get Form’ to open the 3508ez fillable in the editor.
Begin by filling out the 'Borrower Information' section. Enter your business legal name, DBA or trade name, business type, primary contact details, phone number, email address, and SBA PPP loan number.
Next, specify the PPP loan amount and select your covered period election. Ensure you check all applicable boxes regarding employee payroll costs and other supporting documentation.
In the 'Payroll and Nonpayroll Costs' section, accurately input amounts for payroll costs, mortgage interest payments, rent or lease payments, and utility payments as required.
Complete the certification section by initialing next to each statement confirming compliance with forgiveness requirements.
Finally, attach any necessary supporting documentation using the provided tools in our editor before signing and submitting your application.
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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). The form you use depends on certain factors such as: How much you borrowed.
Can I apply for PPP loan forgiveness now?
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.
Is there a deadline to apply for PPP forgiveness?
Borrowers with defaulted PPP loans who have not applied for forgiveness by March 3rd, 2024 may accrue non-forgivable interest and fees or face other collection efforts.
Which PPP loan forgiveness form is the easiest to use?
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.
How do I apply for PPP loan forgiveness?
Effective March 13, 2024, all borrowers, regardless of loan size, can use SBAs direct forgiveness portal. 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.
What documents are needed for PPP loan forgiveness?
Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Are PPP loans under $50,000 automatically forgiven?
Borrowers of loans of $50,000 or less can now have their loans completely forgiven, essentially turned into grants that do not need to be paid back, by using a check the box self-certification process that the funds were used appropriately.
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