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Loan Forgiveness Application Form 3508 Revised July 30, 2021. OMB Control No.: 3245-0407 Expiration Date: 01/31/2022. Paperwork Reduction Act – You are not required to respond to this collection of information unless it displays a currently valid OMB Control Number.
See subsection B.16 of SBA’s interim final rule posted on January 6, 2021 (86 FR 3692). This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to ...
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SBA Form 3508 (06/20) Page 3 Paycheck Protection Program OMB Control Number 3245-0407 Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Line 1. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2.
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Line 7: Enter the number from PPP Schedule A, line 13. Line 8: Enter the amount on line 6 multiplied by the amount on line 7. This calculation incorporates the loan forgiveness reduction required for any full-time equivalency (FTE) employee reductions as described in PPP Schedule A. Line 9: Enter the PPP Loan Amount. Line 10:
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Jul 30, 2021 · This amount reflects the loan forgiveness reduction required for salary/hourly wage reductions in excess of 25% for certain employees as described in PPP Schedule A. Line 10: Add lines 1 through 8, subtract line 9, enter the total. If this amount is less than zero, enter a zero. Line 11: Enter the number from PPP Schedule A, line 13.
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The SBA’s requirements for documents that each borrower must submit with a SBA Form 3508 are denoted on page 7 in the SBA’s Paycheck Protection Program PPP Loan Forgiveness Application Form 3508 (revised January 19, 2021). The portal provides you an easy way to upload your supporting documents into folders associated with the
Line 7 asks the borrower to “[e]nter the number from PPP Schedule A, line 13.” Schedule A, Line 13 (the FTE reduction quotient) takes the Total Average FTE and divides that number by the Average FTE during the Borrower’s chosen reference period (i.e. February 15, 2019-June 30, 2019 or January 1, 2020-February 29, 2020). 6
