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 …04/05/2021 · 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 ;· 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%.11/08/2021 · This new SBA PPP loan forgiveness portal makes the PPP loan forgiveness application for self-employed faster. If you cannot apply for PPP forgiveness as an independent contractor via the new SBA PPP forgiveness portal then you are going to have to apply for PPP loan forgiveness for self-employed via the bank or lender that provided your PPP loan SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 loan forgiveness - SBASelf-Employed Guide to the PPP Forgiveness Application Self-Employed Guide to the PPP Forgiveness Application A Complete Guide to PPP Loan Forgiveness for the Self If you are self-employed and seeking PPP loan forgiveness, you can file the SBA’s simplified Form 350EZ, Paycheck Protection Program PPP Loan Forgiveness Application, with the lender that issued your loan. You will also need to submit the Schedule C from your 2019 individual income tax return that shows your business’s income and expenses.

Tags: Sba ppp loan forgiveness application for self employed, Sba ppp loan forgiveness rules for self employed, Sba ppp loan forgiveness self-employed no employees, Sba guidance on ppp loan forgiveness for self employed,