What is the easiest PPP forgiveness form?
Form 3508S
The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan.
Who is eligible for 3508EZ?
However, you’ll have to meet at least one of the following three criteria to be eligible to use the 3508EZ form: You are a self-employed individual, an independent contractor, or a sole proprietor who had no employees at the time you applied for a PPP loan.
What is the difference between 3508 and 3508EZ?
Unless you qualify to use the EZ or S versions, you must apply with the regular Form 3508. 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).
Who can use SBA Form 3508S?
BORROWER
A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.
Is Chase accepting PPP forgiveness?
Here’s how Forgiveness will work for PPP loans processed through Chase. It is your obligation, as the borrower, to understand the SBA’s rules. You’ll need to use either the 3508EZ or 3508 form. If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase.
What is Form 3508 EZ?
PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. Checklist for Using SBA Form 3508EZ. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508EZ if you can check at least one of the three boxes below.
What is SBA Form 3508S?
If you took out a Paycheck Protection Program loan for $150,000 or less, the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. Originally this form was for loans of $50,000 or less but the Economic Aid Act, or “stimulus bill,” raised the limit to $150,000.
Who do I submit my PPP loan forgiveness to?
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
Will PPP loans under $150 000 be forgiven?
Small Business Administration: PPP loan borrowers under $150K get forgiveness through new portal. The Small Business Administration has created an online portal that allows for direct loan forgiveness for borrowers of up to $150,000.
Is it too late for PPP loan forgiveness?
You can submit a forgiveness application any time after your covered period ends. You don’t have to wait the ten months.