Who can use Form 3508S? If your PPP loan amount was less than $150,000, you can use the forgiveness Form 3508S. However, you are ineligible to use Form 3508S if your business has a contract or agreement of affiliation with other businesses and the PPP loan total across all affiliates is greater than $2 million.
Do I need to submit documentation with Form 3508S?
The Borrower is not required to submit the Form 3508 or any related documentation with its Form 3508S forgiveness application, but the SBA may request those calculations as part of its loan review and audit process.
Where do you submit the 3508S form?
Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
What supporting documents are needed for PPP forgiveness?
How to Get Your PPP Loan Forgiven
- Name of your business: business legal name, DBA, trade name (if applicable)
- Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
- SBA loan number.
- Your PPP loan amount.
- EIDL advance amount (if you got one)
What documents do I need to submit for PPP loan forgiveness?
Federal payroll tax filings (IRS Form 941) Income, payroll, and unemployment insurance filings from your state. Receipts for employer contributions to group benefit plans. Receipts for any retirement plan contributions.
What happens if you don’t apply for PPP forgiveness?
If you don’t apply for loan forgiveness, your loan payments will be deferred for 10 months after the end of your selected covered period (8 or 24 weeks, depending on your loan) No collateral or personal guarantees are required. The government and lenders are not allowed to charge you any fees for your loan.
How do I spend PPP for forgiveness?
You can apply for forgiveness once you have spent the money from either the First Draw or the Second Draw PPP. You don’t have to have applied for forgiveness from the First Draw PPP before applying for the Second Draw PPP. Contact your lender to begin the forgiveness process.
How to fill out your PPP forgiveness application form?
On May 18, the SBA released the official form you’ll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508. But it’s not the simplest form to fill out. In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven.
When does the loan forgiveness form 3508s expire?
PPP Loan Forgiveness Application Form 3508S OMB Control No. 3245-0407 Expiration date: 12/31/2023 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. Business Legal Name (“Borrower”)
When to use form 3508s for a PPP loan?
However, you are ineligible to use Form 3508S if your business has a contract or agreement of affiliation with other businesses and the PPP loan total across all affiliates is greater than $2 million. Any business type can use Form 3508S, from contractors to corporations.
When do I need to use form 3508s?
