Ppp Loan Forgiveness Application Form 3508ez Instructions
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People also ask
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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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How do I write off PPP loan forgiveness?
Enter expenses as you normally would - including any that were paid with PPP funds. At the bottom of the Expenses section, look for a field labeled Expenses nondeductible to state related to a forgiven Paycheck Protection Program loan.
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Which PPP loan forgiveness form is the easiest to use?
If your PPP loan amount is $150,000 or less, you qualify to file for forgiveness using Form 3508S which is a one-page simplified version of Form 3508. If your PPP loan amount is $150,000 or less, you qualify to file for forgiveness using Form 3508S which is a one-page simplified version of Form 3508.
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How do you classify PPP loan forgiveness?
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
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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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Who can use 3508EZ?
WHO CAN USE FORGIVENESS APPLICATION FORM 3508EZ? 1. 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.
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Will PPP loans under $150,000 be audited?
Who will be audited? PPP loans in excess of $2 million are automatically triggered for an audit by the SBA. The SBA has created a safe harbor for any PPP loan borrower that, together with its affiliates, received loans of less than $2 million.
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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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