Who is eligible for 3508EZ?
You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below. If your loan amount is $150,000 or less, please use SBA Form 3508S.
Should I use 3508EZ or 3508?
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 documents do I need to submit with 3508EZ?
Cash Compensation paid to employees. • Wages & Salaries.
Is there a new form for PPP loan forgiveness application?
If you received a Paycheck Protection Program loan for less than $150,000, your forgiveness process just got easier. 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.
Do I need to calculate FTE for 3508ez?
If you were unable to operate during your covered period at the same level of business activity as before February 15, 2020 due to compliance with federal, State or local COVID-19 restrictions or guidance, you do not need to submit FTE documentation.
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.
Do I need to calculate FTE for 3508EZ?
What kind of proof is needed for PPP loan forgiveness?
Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Can I use the EZ form for PPP forgiveness?
The SBA also released a PPP Loan Forgiveness Application Form 3508EZ (EZ Form) for certain PPP borrowers to use, if eligible. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification.
Will PPP loans under $150 000 be automatically forgiven?
Small Business Administration: PPP loan borrowers under $150K get forgiveness through new portal. The Small Business Administration has created an online portal that allows for direct loan forgiveness for borrowers of up to $150,000.
What is the difference between 3508S and 3508EZ?
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.
How are FTEs calculated for PPP?
To calculate the average FTE for each employee, Borrowers need to accumulate the total hours paid during the Covered Period (and chosen Reference Period) and divide the average number of hours paid per week during the relevant period by 40, and round to the nearest tenth.
Who is eligible for 3508S?
Eligibility. A borrower who received a PPP loan of $50,000 or less is eligible to use Form 3508S. However, a borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use Form 3508S.
What is the easiest PPP loan forgiveness form?
Form 3508S
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. Note that each PPP loan must use a separate loan forgiveness application form.
Can you pay yourself with PPP loan?
However, it is important to note that you cannot receive both Unemployment Benefits and a PPP loan at the same time. You can use the PPP funds to pay yourself through what’s called owner compensation share or proprietor costs. This is to compensate you for a loss of business income.
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.
How do I prove FTE for PPP loan forgiveness?
Do I have to submit documents with form 3508S?
How do I get an E-ZPass MA?
E-ZPass MA provides customers with electronic toll collection through the use of a transponder. Apply online receive your free transponder in the mail Schedule an appointment to apply in person and receive your free transponder To you will need the following information: License plate number (s) as listed on your vehicle registration
What is a 1023 ez form used for?
About Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501 (c) (3) of the Internal Revenue Code Form 1023-EZ is used to apply for recognition as a tax-exempt organization under Section 501 (c) (3).
How does E-ZPass work in New York?
E-ZPass is an electronic toll collection system that allows you to prepay your tolls, eliminating the need to stop at the toll plaza. As your vehicle enters the toll lane, the E-ZPass tag that is mounted on your vehicle’s windshield is read. As your vehicle passes through, your E-ZPass account is charged the proper amount.
When will my E-ZPass transponder kit be mailed to me?
Your E-ZPass transponder kit will be mailed to you within two business days of receiving your online order. The kit will include an E-ZPass transponder, mounting adhesive strips, installation instructions and an explanation of the E-ZPass billing arrangement. 20 Retail Locations In Hampton Roads… It’s that easy!