OMB Control No.: 32450407 Expiration Date: 01/31/2022Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ Revised July 30, 2021 Business Legal Name (Borrower) Business AddressDBA.
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How to fill out the SBA 3508EZ online
The SBA 3508EZ is designed for borrowers seeking forgiveness of their Paycheck Protection Program loans. This guide will provide you with clear, step-by-step instructions for completing the form online, ensuring you understand each section to maximize your loan forgiveness.
Follow the steps to complete the SBA 3508EZ form online.
- Click ‘Get Form’ button to access the SBA 3508EZ application. This will allow you to download the form and start filling it out.
- Begin by entering the business legal name and business address in the provided fields. Ensure that the information matches what is on your original loan application.
- Complete the fields for DBA or tradename (if applicable), NAICS code, and business TIN (EIN, SSN, ITIN). These identifiers will help validate your business within the SBA's system.
- Select whether you are applying for a First Draw PPP Loan or a Second Draw PPP Loan by checking the appropriate box.
- Fill in the SBA PPP Loan Number and Lender PPP Loan Number. If you don’t know your SBA PPP Loan Number, contact your lender.
- Enter the PPP Loan Amount and the PPP Loan Disbursement Date accurately to reflect the funds you received.
- If applicable, note any increase in the PPP Loan Amount and the corresponding dates for the increase.
- Complete the employee information fields. Enter the number of employees at the time of loan application and at the time of the forgiveness application.
- Specify the covered period for your expenses. This is the duration for which you are seeking forgiveness and must be between 8 to 24 weeks post-loan disbursement.
- For each eligibility line from 1 to 8, provide detailed figures for payroll and nonpayroll costs incurred during the covered period. Ensure that all calculations are accurate.
- Calculate the potential forgiveness amount by summing the previously entered values, and then determine the smallest amount from lines 9, 10, and 11.
- Complete the optional borrower demographic information section if willing. This data assists the program on diversity and inclusion, but is not required.
- Review all information for accuracy. Once completed, you can save changes, download, print, or share the form with your lender.
Be sure to file your SBA 3508EZ form online today to take the next step in securing your loan forgiveness.
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Get answers to your most pressing questions about US Legal Forms API.
What is the loan limit for 3508EZ?
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.
Who can use SBA direct forgiveness portal?
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.
Can self-employed use form 3508S?
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.
Who is eligible for SBA form 3508S?
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.
Who can use SBA form 3508S?
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.
Do I use 3508EZ or 3508S?
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).
What is SBA form 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.
Who can use SBA form 3508EZ?
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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