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What is the deadline for 2nd PPP loan forgiveness 2021?
Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.
What is the difference between SBA form 3508 and 3508S?
The regular 3508 form is for borrowers that received first or second draw PPP loans of more than $150,000. The 3508S and 3508EZ PPP forgiveness forms are shorter and easier to fill out than the standard 3508 form, so they will require less of your time.
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)
Can I use 3508S?
Who can use Form 3508S? 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.
Are PPP loans under 150k automatically forgiven?
\u201cWhen a PPP lender opts-in to the direct borrower forgiveness process, the Platform will provide a single secure location for all of its borrowers with loans of $150,000 or less to apply for loan forgiveness through the Platform using the electronic equivalent of SBA Form 3508S,\u201d the SBA wrote in its interim final rule ...
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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).
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.
What do I need to submit with form 3508S?
As with the original Form 3508S, the revised Form 3508S requires that borrowers provide: legal name and dba name, if any; address; business TIN (EIC, SSN); contact information; SBA and lender PPP loan numbers; PPP loan amount; PPP loan funding date;
Do you have to submit documentation with 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.
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.
Related links
New PPP Loan Forgiveness Application 3508S: Will It Help You?
The SBA, in the Interim Final Rule announcing this form, notes that this change is likely to have a minimal impact on overall forgiveness:.
PPP Loan Forgiveness Applications (SBA Forms 3508 and 3508EZ) and Instructions. ... Forgiveness Application "Loans $50,000 or Less" Form (SBA Form 3508S) 3.
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