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Click ‘Get Form’ to open the form 3508ez in the editor.
Begin by entering your Business Legal Name, Address, and TIN in the designated fields. Ensure accuracy as this information is crucial for identification.
Select whether you are applying for a First Draw or Second Draw PPP Loan by checking the appropriate box.
Fill in the SBA and Lender PPP Loan Numbers along with the Loan Amount and Disbursement Date. This data helps track your application.
Complete the Employee count fields, indicating how many employees you had at both application and forgiveness stages.
In the Forgiveness Amount Calculation section, input your Payroll Costs and Nonpayroll Costs as per your records. Follow the instructions carefully to ensure all eligible costs are included.
Review all entries for accuracy before signing. Use our platform’s features to save or share your completed form easily.
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Youll need to submit an offer in compromise to the SBA and provide evidence that you are unable to repay your loan. The offer you submit must be something you can reasonably repay and usually as a lump sum. Both your lender and the SBA must agree to the offer in compromise.
How should PPP loan forgiveness be recorded?
Forgiveness of PPP loan proceeds should be recorded as income from continuing operations, as a separate line item. of loan forgiveness from the U.S. government is received.
Which PPP loan forgiveness form is the easiest to use?
For businesses that received a Paycheck Protection Program (PPP) loan, they have ten months after the end of the covered period to apply to have the loan forgiven. The covered period starts when the loan is provided and ends either 8 or 24 weeks later.
What is the simplified PPP forgiveness application?
As it stands now, any PPP loan of $150,000 or less can use the simplified forgiveness application called 3508S. This application has a few questions, a few certifications and may require you to upload a few documents.
Are forgiven PPP loans being investigated?
Form 3508 EZ. Form 3508 EZ is a simpler PPP Loan Forgiveness Application. It eliminates the schedules and worksheets for borrowers who do not have reductions in their forgiveness amount due to a reduction in FTE or annual salary/hourly wage rates.
Related Searches
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People also ask
What are common PPP forgiveness mistakes?
Common mistakes on PPP loan applications include: Incorrect business information, such as incorrect business name, address, or tax ID number. Inaccurate financial information, such as incorrect revenue or expenses. Incorrect loan amount or loan term.
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