Get Sba 3508ez 2020-2025

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%