Ppp Loan Forgiveness Application Form 3508ez Instructions
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People also ask
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Who qualifies for PPP loan forgiveness application form 3508EZ?
Are you a self-employed individual, independent contractor or sole proprietor who had no employees and did not include any employee salaries in calculating average monthly payroll when you applied for your PPP loan? If YES, use Form 3508EZ. -
How do I know if I qualify for 3508EZ?
You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using the SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can answer “Yes” to either 1) or 2) below. If your loan amount is $150,000 or less, you will use SBA Form 3508S. -
What documents do I need to submit with 3508EZ?
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount. -
Does 3508EZ require documents?
Required. Business Utility Payments: Copy of invoices from Feb 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments. -
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. -
Does 3508EZ require documentation?
Under the SBA Rules, you are required to submit supporting documentation with your forgiveness request. With that said, we've designed this guide to assist you with determining the required documentation. This list reflects requirements for SBA Form 3508EZ, including sole proprietors and independent contractors. -
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.
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