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  • Sba 3508ez 2020

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Paycheck Protection ProgramOMB Control No. 32450407 Expiration date: 10/31/2020PPP Loan Forgiveness Application Form 3508EZ Business Legal Name (Borrower)DBA or Tradename, if applicableBusiness AddressBusiness.

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How to fill out the SBA 3508EZ online

Filling out the SBA 3508EZ form online is an important step in seeking forgiveness for your Paycheck Protection Program loan. This guide provides clear and easy-to-follow instructions to help you accurately complete the form.

Follow the steps to complete your SBA 3508EZ application online.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Enter the business legal name in the ‘Business Legal Name’ field, along with any applicable DBA or tradename, business address, and business TIN (EIN or SSN). Also, provide the primary contact information including name, business phone number, and email address.
  3. Fill in the SBA PPP loan number and the lender PPP loan number. Record the PPP loan amount and the date the loan was disbursed.
  4. Indicate the number of employees at the time of the loan application and at the time of the forgiveness application.
  5. If applicable, enter the EIDL advance amount and the EIDL application number. Indicate your payroll schedule and specify the covered period for the loan.
  6. In the forgiveness amount calculation section, provide the amounts for payroll costs, business mortgage interest payments, business rent or lease payments, and business utility payments.
  7. Calculate the potential forgiveness amounts by adding the totals from the previous line items and enter them according to the instructions.
  8. In the certification section, the authorized representative must initial next to each statement confirming the use of funds, compliance with payroll requirements, and accuracy of documentation.
  9. Conclude by signing and dating the document, providing the printed name and title of the authorized representative.
  10. After completing the form, save your changes, download a copy for your records, and print or share the form as necessary.

Complete your SBA 3508EZ form online today for a smooth application process.

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Questions & Answers

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Yes, certain SBA loans, specifically those processed under the Paycheck Protection Program (PPP), are eligible for forgiveness when using the SBA 3508EZ form. To qualify, borrowers must meet specific requirements related to maintaining payroll and using funds for designated expenses. This process simplifies how you can seek forgiveness, making it easier for businesses to recover financially. Uslegalforms can provide guidance and resources to help you navigate these requirements efficiently.

Not all loans qualify for forgiveness under the SBA 3508EZ provisions. Any loans used for ineligible expenses such as refinancing outstanding loans or any amounts used for non-payroll costs may lose their forgiveness eligibility. Additionally, if the borrower does not maintain employee headcount or salary levels, they may also face forgiveness reduction. It’s essential to understand these criteria to fully benefit from the forgiveness application process.

For a 24-week Covered Period, that total is $46,154 for purposes of this 3508EZ. You can only include compensation of employees who were employed by the Borrower at any point during the Covered Period or Alternative Payroll Covered Period and whose principal place of residence is in the United States.

The Direct Forgiveness Portal allows PPP borrowers whose loans are $150,000 or less to apply for forgiveness directly to the SBA by submitting a simple pre-filled application. Using MS Edge or Google Chrome browsers is recommended for an optimal experience.

Forms 3508S and 3508EZ are simplified versions of form 3508. The self-employed can use either simplified version to make applying for PPP loan forgiveness a breeze.

A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.

A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.

Unless you qualify to use the EZ or S versions, you must apply with the regular Form 3508. 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).

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.

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%

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