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Line 8. Forgiveness Amount (enter the smallest of Lines 5, 6, and 7): initialing next to each one. if the Borrower has elected an 8-week Covered Period, does not exceed 8 weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual.
Mar 3, 2021 · The calculation change is detailed in a 32-page interim final rule published late Wednesday afternoon by the SBA, which administers the PPP in partnership with Treasury. The SBA also released an updated set of frequently asked questions and six updated or new application forms, as follows. Updated PPP borrower first-draw and second-draw (Form ...
Paycheck Protection Program. The PPP provides loans to help small businesses struggling in the wake of the COVID-19 pandemic and provides a direct incentive for small businesses to keep their workers on payroll. The PPP loans are an extension of the SBA’s 7 (a) loan program with the following differences: The NCUA interim final rule excludes ...
May 16, 2020 · The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their ...
Checklist for Using SBA Form 3508EZ. You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below. If your loan amount is $150,000 or less, please use SBA Form 3508S.
Step 4. Enter the borrower’s total FTE as of the earlier of December 31, 2020, and the date this application is submitted: . Step 5. If the entry for step 4 is greater than or equal to step 2, enter 1.0 on line 13 of PPP Schedule A; the FTE Reduction Safe Harbor 2 has been satisfied.
If your loan amount is $150,000 or less, please use SBA Form 3508S. Do not submit this Checklist with your SBA Form 3508EZ. Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan.
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