PPP Loan Forgiveness Application Form 3508S PPP Borrower Demographic Information Form (Optional) Instructions 1. Purpose. Veteran/gender/race/ethnicity data is collected for program reporting purposes only. 2. Description. Thisform requests information about each of the Borrower’sPrincipals. Add additional sheetsif necessary. 3. Definition of Principal11/03/2021 · 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 ;· 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 · How to complete Form 3508S for Self-Employed Individuals with no Employees. By Bill Cunningham This is a blog on how to apply for Program Protection Program (PPP) loan forgiveness Form 3508S for self-employed individuals with no employees. The blog will help you calculate owner replacement compensation or the amount that you paid you want to include other eligible …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 costsSelf-Employed Guide to the PPP Forgiveness Application Self-Employed Guide to the PPP Forgiveness Application PPP loan forgiveness - SBASelf-Employed Guide to the PPP Forgiveness Application 13/04/2021 · 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. This form applies to you if your loan amount is $150,000 or Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: Employee and compensation levels are maintained. The loan proceeds are spent on payroll costs and other eligible expenses; and. At least 60% of the proceeds are spent on payroll costs.

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