Fill out the form below and we’ll get in touch with you right away! One of the main benefits of the Paycheck Protection Program (PPP) is that businesses can qualify for up to 100% forgiveness, if they spend at least 60% of the funds on payroll costs and keep the same staff at close to the same salary. There is one exception to the 25% salary reduction rule. Carefully review the SBA Provided Instructions. Find out who’s getting checks, unemployment benefits, student loan relief and more. A connection service for all types of businesses — even startups. Employee must have been employed during the covered period and have a U.S. principal residence. Updated 11-30-20 with new expiration date . You must apply for forgiveness, so the SBA and treasury know if you used the loan as directed, and not to expand your business or even hire new employees. We provide Human Capital Management solutions to help you automate your payroll and onboarding processes so you can concentrate on running your business. The lender (i.e. All versions. The traditional covered period varies depending on when you applied. product provider, We cannot provide you with personal advice or recommendations, Data indicated here is updated regularly, guide to getting full PPP loan forgiveness, financing your business during the coronavirus outbreak. Otherwise, you can still qualify for a reduced forgiveness amount. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Forgiveness for the PPP loan is not automatic. PPP Forgiveness FAQ Three Applications â Updated Oct. 23, 2020 There are three different forgiveness applications: EZ, full and 3508S, which is for loans of $50,000 or less. However, to qualify for this application process, you must: The EZ Application does not require adjustment calculations found on the PPP Loan Forgiveness Schedule A Application. The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. Application. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. However, the old forgiveness application is geared towards the original terms of loan forgiveness before passing the PPP Loan Flexibility Act. We can help! The alternative covered period starts the first day of the pay period after your business receives PPP funding. Your business must have already received a PPP loan and meet one of the following criteria to qualify for EZ Forgiveness: If your business experienced a loss from government shutdowns, it can still qualify for the EZ forgiveness application, even if it had to cut employee hours. Prepare Your Business for Stage 2 Coronavirus Reopening, https://workplacehcm.com/wp-content/uploads/2018/08/workplace-hcm-logo.png. The Borrowerâs eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. The line items are as follows: The PPP Loan Application and EZ Application are sometimes difficult to navigate. Both the EZ and Full Applications have been simplified to streamline the forgiveness process. Here’s how the ECRA could affect small business owners — if it’s passed. The EZ Form still requires the borrower to do calculations, provide documentation, but not as much as compared to the full form, and certification. But employee wages must stay within 25% of precoronavirus salaries. However, the old forgiveness application is geared towards the original terms of loan forgiveness before passing the PPP Loan Flexibility Act. The 3508S form is only for borrowers with PPP loans of $50,000 or less. Steady flow of credit card sales, bad credit OK. Get flat rate, short-term financing based on the financial health of your business, not your credit score. Optional, only if you want us to follow up with you. You can either calculate them per employee with actual weekly hours divided by 40 hours; thus a 30 hour person would be 0.75 FTE. A checklist for borrowers to determine if they can apply for forgiveness of PPP loans using SBA Form 3508EZ. Determine if you can use the SBA EZ Loan Forgiveness Application. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Determining the best application for your needs may be overwhelming, especially when working on reopening your business or implementing new CDC guidelines. You're required to submit the following documents to your lender along with your EZ application form. Forgiveness for the PPP loan is not automatic. If your business received a PPP and didn't lay off employees or reduce salaries may be eligible to fill out a simplified forgiveness application. We may also receive compensation if you click on certain links posted on our site. What is the difference between the Covered Period and the Alternative Payroll Covered Period? The PPP Loan Forgiveness Application has two ways to calculate FTEs. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. If you think you qualify, ask your lender for an EZ Forgiveness form. Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule. At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location. Related: New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule. Do not submit this Checklist with your SBA Form 3508EZ. If you used a third-party service provider, you can file reports from that provider instead of your bank account statements and tax forms. The alternative covered period is meant to make calculating forgiveness easier for businesses that distribute payroll every two weeks or more frequently. While we receive compensation when you click links to partners, they do not influence our content. If you like, fill out the form on the last page with information about the demographics of your company's ownership or leadership — the principal. Employers may attest they used the loan in 24 weeks as opposed to 8 weeks. The PPP Loan Forgiveness Application Form 3508EZ, or EZ forgiveness, requires fewer calculations and documentation than the full forgiveness application. Potential forgiveness amount (add lines 1-4), Forgiveness amount (the smallest total between lines 5, 6, and 7). How long does it take to get disability insurance benefits? Alternatively, you can use a binary option of either 1.0 for anyone who is full time at 40 hours and 0.5 for anyone who works under 40 hours. Watch our overview of the PPP Loan Forgiveness process. A leading online business lender offering flexible financing at competitive fixed rates. A leading online business lender offering flexible financing at competitive fixed rates new emergency Act. Site for more details forgiveness EZ Instructions 2 EZ and full Applications have been simplified to streamline the process... 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