Form 3508s PDF
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People also ask
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What form do I need to fill out for loan forgiveness?
PSLF Form After Making 120 Qualifying Payments If your PSLF form is approved for forgiveness, then you'll be notified that the entire remaining balance of your eligible Direct Loans will be forgiven, including all outstanding interest and principal.
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What is the 3508S form?
Click here for the PPP Loan Forgiveness Application Form 3508S. NOTE: A borrower can apply for forgiveness of their First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508S only if the loan amount received was $150,000 or less for an individual First or Second Draw PPP Loan.
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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.
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What form do I fill out for PPP forgiveness?
Applying for forgiveness using the portal can take as little as 15 minutes. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S. If you would prefer to work with your lender, lenders can still accept PPP forgiveness applications directly.
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How do I record PPP forgiveness?
If the SBA forgives the loan, the entity should offset its debt balance by recording a gain on its extinguishment. If the SBA does not forgive the loan, the school should reduce its debt balance as they make loan repayments, just as they would any other debt.
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How do I report PPP forgiveness on my taxes?
Forgiven PPP loans are considered "Other Tax Exempt Income" for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B (partnerships).
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Is there a way to get your SBA loan 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.
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Which PPP forgiveness form to use?
Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S.
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