To apply for loan forgiveness: 1. Contact your PPP lender and complete the correct form: Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. The 3508EZ and the 3508S are shortened versions of the application …11/03/2021 · Since then, changes have been made to make PPP loan forgiveness for the self-employed easier to obtain. Forms 3508S and 3508EZ are simplified versions of form 3508. The self-employed can use either simplified version to make applying for PPP loan forgiveness a breeze. Please note: you will not need to fill in these forms yourself. Instead, you apply for PPP forgiveness through your PPP …Loan Forgiveness Application Form 3508 Revised July 30, 2021 PPP Borrower Demographic Information (Optional) Instructions 1. Purpose. Veteran/gender/race/ethnicity data is collected for program reporting purposes only. 2. Description. This form requests information about each of the Borrower’s Principals. Add additional sheets ifnecessary. ;· Simplified PPP Loan Forgiveness. The Economic Aid Act (the “stimulus bill”) that passed December 27, 2020 required the SBA to create a simplified one-page PPP loan forgiveness application form. The SBA met that requirement by updating and releasing a new version of the forgiveness application 3508S. There are currently three forgiveness forms:26/02/2021 · Upload all documentations required by your lender. For PPP loans over $150,000, the borrower must submit the forgiveness application for a Second Draw PPP Loan after or simultaneously with the forgiveness application of the First Draw PPP Loan. Step 5. BorrowerSelf-Employed Guide to the PPP Forgiveness Application PPP loan forgiveness - SBASelf-Employed Guide to the PPP Forgiveness Application Self-Employed Guide to the PPP Forgiveness Application PPP Self-Employed Loan Forgiveness As of 6/10/2020 Self-Employed with Employees Step 1 Track total eligible costs incurred and paid during the 8-week period following the loan funding • Owner compensation replacement Limited to the lesser of 8/52 of 2019 net profit (2019 Form 1040 Schedule C, line 31) or $15,385 • Payroll costs13/04/2021 · Applying for forgiveness. Self-employed individuals can use a simplified forgiveness application called Form 3508S. This form applies to you if your loan amount is $150,000 or less. If your loan was for more than $150,000, you can use Form 3508EZ so long as you did not reduce your FTE headcount or salaries and wages by more than 25%.04/05/2021 · PPP Loan Terms for Self-Employed Workers. The PPP loan program’s original rules made it difficult for self-employed workers to qualify for any meaningful size loan, and the payroll ratio requirements made it impossible to receive complete forgiveness on the loans. However, new changes to the program impact how self-employed worker loans are calculated and forgiveness criteria. Maximum PPP Loan …15/04/2020 · For many self-employed individuals, PPP loan forgiveness will be based largely or entirely on owner’s compensation replacement. We discuss this in detail in our article: Self-employed: How to Fill Out the PPP Forgiveness Application. The Bottom Line on Applying for PPP When Self-Employed. If you qualify for PPP, by all means be sure to apply.
