OMB Control Number: 32450416 Expiration Date: XX/XX/2024PAYCHECK PROTECTION PROGRAM AFFILIATION WORKSHEET The purpose of this Affiliation Worksheet is to collect information from a borrower that answered.
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How to fill out the SBA 3511 online
The SBA 3511 form, also known as the Paycheck Protection Program Affiliation Worksheet, is a crucial document that assists borrowers in providing necessary information to the Small Business Administration regarding their eligibility for the PPP loan. This guide offers clear, step-by-step instructions for users to efficiently fill out the form online.
Follow the steps to successfully complete the SBA 3511 form online.
- Click 'Get Form' button to obtain the form and open it in the editor.
- Begin with Part A – Borrower Information. Enter the legal name of the borrower, address, any applicable DBA or tradename, tax identification number (TIN), work phone number, primary contact name, SBA PPP loan number, email address, and the original principal amount of the PPP loan. Indicate whether this is a first draw or second draw PPP loan.
- Proceed to Part B – Affiliation Information. Complete Section I by answering questions 1 through 6. Check the box in the 'Confidential?' column if the information is kept confidential. If you answer 'YES' to any question, you are not required to complete Sections II, III, and IV.
- In Section II, select the size standard used to evaluate the borrower’s size for eligibility: Employee-based Size Standard, Receipt-based Size Standard, or Alternative Size Standard. Check the appropriate box.
- Move to Section III and provide information about the borrower's size standard and industry information, including industry classification codes, number of employees, average annual receipts, average net income, and tangible net worth, depending on the size standard chosen.
- In Section IV, list all affiliates of the borrower. For each affiliate, indicate the relationship to the borrower and provide necessary details in the 'Additional detail on Affiliate relationship to Borrower' field.
- Complete the certifications at the end of the worksheet by having an authorized representative sign, print their name, title, and date.
- After filling out all sections, ensure that all information is accurate and complete. Save your changes, download a copy, print it or share it as needed.
Complete your SBA 3511 form online now to ensure you meet the necessary requirements for your Paycheck Protection Program loan.
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Is there a way to get out of an SBA loan?
The SBA generally doesn't offer 100 percent forgiveness on 7(a) and 504 loans, no matter how dire your finances are. However, for companies that have had to cease operations, the SBA will consider settlements that have been agreed to between a borrower and their loan issuer.
What happens if I can't pay an SBA loan?
The SBA Will Initiate Collections The SBA guarantees all partner lenders 50% to 80% of the loan, even if you don't pay. In case of default, the SBA will pay up to 85% of the loan amount. Though the amount they actually pay your lender will be 85% of the loan minus the debt recovered from selling your assets.
Is the SBA form 1846 still required?
SBA clarified that use of this form is no longer required for any loans and that it has been removed from the Agency website.
How do I get out of SBA debt?
Borrowers can apply once they've used all the loan proceeds they're requesting forgiveness for. Borrowers can apply for forgiveness any time up to five years from the date that SBA issued the SBA loan number.
Can the SBA loan be forgiven?
Business owners defaulting on their SBA loan can apply for loan forgiveness, but that does not guarantee the SBA will approve the request. It is more commonly referred to as an "offer in compromise". The SBA evaluates your case and discusses the matter with the lender.
Do I have to pay back SBA COVID loan?
Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your loan status or to make payments. You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note.
How do I resolve an SBA debt?
Assuming there is still an amount due that cannot be paid in full, the SBA will entertain an OIC. The SBA offers an OIC program for borrowers facing financial hardship. This program allows eligible borrowers to settle their debt for less than the full amount owed, provided certain criteria are met.
Are SBA disaster loans forgivable?
If you are approved for a loan, you are not obligated to accept it. Funds you get from SBA must be repaid over time. For questions about the SBA disaster loan program, please call the SBA at 800-659-2955 (TTY: 800-877-8339).
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