PPP Loan Applications Due by June 30, 2020. That depends on the size and structure of your business. Because Mary received both the PPP and the EIDL grant, she will enter the amount of $1,000 in the top section of Form 3508EZ, and her PPP loan-forgiveness amount will … Borrowers can begin applying for loan forgiveness eight weeks from the date they receive the loan proceeds. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. Get the latest posts delivered right to your inbox. the date where you have to demonstrate that you have restored FTEs or salary/wages to prove you meet the applicable safe harbor) is the earlier of December 31, 2020 or the date you submit your loan forgiveness application. Here are 8 important tips and warnings on PPP loan forgiveness gleaned from the application and new SBA guidance. The new FAQ clarifies when loan forgiveness applications are due. 0 The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. Overview. On October 8, 2020, the SBA posted an alternative PPP Loan Forgiveness Application Form 3508S (“SBA Form 3508S”) for borrowers with a PPP loan of … All versions. Lots of business owners started freaking out this month because at the top of the PPP loan forgiveness applications, there is an “expiration date” of 10/31/2020. The Paycheck Protection Program Flexibility Act includes changes that should bring a sigh of relief for business owners who continue to struggle to get back on their feet in the wake of COVID-19. The period ended (or will end) after 8 weeks or 24 weeks. First, the loan forgiveness applications provide that the FTE and salary/wages safe harbor date (i.e. And there are some banks that won’t be announcing their forgiveness process until late August or early September. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. – Submit the PPP Loan Forgiveness Calculation Form – Submit PPP Schedule A and Substantiation – Lender has 60 days to review and make a decision; SBA has another 90 days after that. The loan application process closed Aug. 8, 2020, but you can learn how to maximize PPP loan forgiveness. %%EOF First, the loan forgiveness applications provide that the FTE and salary/wages safe harbor date (i.e. The Small Business Administration (SBA) released guidance on October 13, 2020 that confirms PPP loan forgiveness applications are not due on October 31 – and explains what probably caused the confusion. 27 October 2020 > Small Businesses Many businesses applying for loan forgiveness were shocked when they saw an October 31st deadline listed on the upper right corner of their application forms. The information provided on this website does not, and is not intended to, constitute legal, tax or accounting advice or recommendations. OR. Version 6|Effective: 2020-11-30.Download pdf; Updated 11-30-20 with new expiration date. To protect these small businesses facing financial turmoil, initial funds of $350 billion, and later an additional $320 billion, were signed into law as part of the CARES Act. For loans being disbursed July 16 and later, this means that you will not be able to take full advantage of the 24 weeks. Related programs: PPP. Download .pdf. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. How to compute FTEs Example. However, the new SBA guidance explains that this expiration date is the temporary expiration date for approved use of the forms. Please note that October 31, 2020 is not the deadline to apply.. Related programs: PPP. If you received your PPP loan prior to June 5, 2020, you can still choose to use the eight-week forgiveness window. A better way to handle the busy tax season. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. Ha! I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. Unlike personal tax returns, filing S Corp taxes requires a degree of expertise that not all accountants will have, and it involves... New Legislation and statistics give hope that we will return to business as usual in the not-so-distant future. SBA Releases PPP Loan Forgiveness Application and Instructions for Borrowers – May 18, 2020 by Adam Hill. The period ended (or will end) after 8 weeks or 24 weeks. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. The application consists of: * The PPP Loan Forgiveness Calculation Form; * PPP Schedule A; * The PPP Schedule A Worksheet; and * The (optional) PPP Borrower Demographic Information Form. To be eligible to use the EZ application you must meet certain requirements (we’ll go over those next). If you had a PPP loan prior to the Paycheck Protection Program Flexibility Act being signed, you can choose to use the original 8-week period instead of the 24-week period. As COVID-19 brought many shutdowns throughout cities in the US, many businesses were struck with a struggle to stay open, follow strict guidelines, or shut down and let go of their staff. Clarification on the Loan Forgiveness End Date. You can find the most up-to-date information here . Version 6|Effective: 2020-11-30.Download pdf; The application consists of: * The PPP Loan Forgiveness Calculation Form; * PPP Schedule A; * The PPP Schedule A Worksheet; and * The (optional) PPP Borrower Demographic Information Form. The content on this website is provided “as is;” no representations are made that the content is error-free. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. PPP Loan Forgiveness Calculation Form. "When you submit your application for forgiveness, that will go directly through the lender that you originally received the PPP loan through and then they will work with the SBA on the forgiveness process." December 31, 2020 is the final cutoff date for eligible expenses. Updated 06/23/2020. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. endstream endobj startxref 327 0 obj <>stream As discussed in our June 4, 2020, Client Alert on the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the PPPFA amended several key provisions of the Paycheck Protection Program (PPP), but one item that did not change is the application deadline.This means all PPP applications are due by June 30, 2020. endstream endobj 298 0 obj <. By Office of Capital Access. Payroll taxes are essentially federal taxes that the government requires employers and employees to pay in order to fund... With Taxfyle's desktop and mobile app, you can file your taxes from anywhere, at any time. When is Your PPP Loan Forgiveness Application Actually Due? You should consult your own legal, tax or accounting advisors before engaging in any transaction. The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. When is the loan forgiveness application due? As discussed in our June 4, 2020, Client Alert on the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the PPPFA amended several key provisions of the Paycheck Protection Program (PPP), but one item that did not change is the application deadline.This means all PPP applications are due by June 30, 2020. • Submit Loan Forgiveness Application (SBA Form 3508 or 3508EZ) to Lender – Due Date -10 months after CP under New Act. PPP Loan Forgiveness Calculation Form. 10 Things We Learned from the PPP Forgiveness Application 3. The SBA answered, "No." On August 4, 2020 and August 11, 2020, the SBA posted the Paycheck Protection Program Frequently Asked Questions (FAQS) on PPP Loan Forgiveness (“FAQs”), on August 24, 2020, it posted Interim Final Rule – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs and on October 8, 2020, it posted Interim Final Rule – Additional Revisions to Loan Forgiveness and Loan Review Procedures, … ... Paycheck Protection Program Loan Forgiveness Application. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. PPP borrowers must apply for loan forgiveness with the lender that processed the loan. After much confusion surrounding the actual due date, the SBA released this guidance to all who are in the process of submitting for loan forgiveness. "It is important to remember that the PPP loans are going directly through lenders, not directly through the SBA," Clendenning said. By Office of Capital Access. Total of 5 months. The PPP Loan Forgiveness Application (AKA “the standard application”) helps businesses that may have PPP loans $50,000 or more and made more significant employee reductions (more than 25%) and wages, or for businesses that may have more complex situations. X Co. incurred $100,000 of costs eligible for forgiveness over the next 8 weeks. %PDF-1.5 %���� QUESTION: I’m really confused on the Payroll Protection Program (PPP) loan forgiveness application deadline. SBA Releases PPP Loan Forgiveness Application and Instructions for Borrowers – May 18, 2020 by Adam Hill. PPP Loan Forgiveness Calculation Form. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. The SBA has released the “Paycheck Protection Program Loan Forgiveness Application”[1] that contains information on the PPP forgiveness program. When is my PPP loan forgiveness application due? It released a third PPP Loan Forgiveness application for those who received $50,000 or less in loan proceeds. PPP borrowers must apply for loan forgiveness with the lender that processed the loan. Applications for PPP loan forgiveness are due within 10 months after the last day of your Covered Period. For loans made before June 5, 2020, you can choose to use either an 8-week or 24-week loan forgiveness covered period. The due date is not October 31, however applicants may submit before that. Is October 31, 2020 the deadline for borrowers to apply for forgiveness?" The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Those who are ready to apply for PPP loan forgiveness must do so through their lender. This week the SBA has released a guidance that resolves confusion the due date of the PPP loan forgiveness applications. If you are certain a portion of your PPP loan will be unforgiven and want to conserve cash flow. EZ Loan Forgiveness Application: The simplified two page loan application makes applying for loan forgiveness easier. Loans are considered to be “made” on the date the SBA assigned a loan number to your PPP Loan. X Co. borrowed a $100,000 PPP loan on April 10, 2020. Below are the ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020. Please note that October 31, 2020 is not the deadline to apply.. h�b```�f?~�g`��0pd`d��JᎬ׆y�6T4���-;����sݶF�=B�����z{�����(� ��@��j�20n��|`' �2����`����� ��|�j k�c`ܮ���:�@�by���E��4� ��; Effective Nov 30, 2020. Download .pdf. For the 8-week period beginning April 10, X … Borrowers can begin applying for loan forgiveness eight weeks from the date they receive the loan proceeds. PPP Loan Forgiveness Calculation Form. The SBA has stated that it intends to provide a new Loan Forgiveness Application and new guidance that are updated in accordance with the new PPP Flexibility Act. The funds can be used to pay any eligible expenses incurred during the period beginning on the date the lender makes the first disbursement of the PPP loan to the borrower. The SBA has apparently been receiving many inquiries regarding the due date. Because Mary received both the PPP and the EIDL grant, she will enter the amount of $1,000 in the top section of Form 3508EZ, and her PPP loan-forgiveness amount will … The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. Many took this to mean that the application was due on 10/31 because, well, that’s kind of what it says, right? If you apply for forgiveness after using all your PPP funds on September 15th, 2020 (whether your covered period is over or not), for the purpose of Safe Harbor, you will compare the number of FTEs you had on the most recent payroll to those you had on payroll on February 15, 2020. You are not required to submit your PPP loan forgiveness application before December 31, 2020. The Covered Period began on the date you received your PPP funds. Tickmark, Inc. and its affiliates do not provide legal, tax or accounting advice. Due date for loan forgiveness is NOT October 31. Applications for PPP loan forgiveness are due within 10 months after the last day of your Covered Period. Applications can be found directly through the SBA’s website, which lays out everything needed to be considered for loan forgiveness. Due date for loan forgiveness is NOT October 31. PPP Loan Applications Due by June 30, 2020. The Covered Period began on the date you received your PPP funds. Given that PPP applications opened on April 3, that means the very earliest borrowers could apply would be May 29 – assuming the loans were approved and funded the same day. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. the date where you have to demonstrate that you have restored FTEs or salary/wages to prove you meet the applicable safe harbor) is the earlier of December 31, 2020 or the date you submit your loan forgiveness application. 1. The Paycheck Protection Programs loans (PPP Loans) were aimed to help struggling businesses and provide an incentive for them to stay open. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Many businesses applying for loan forgiveness were shocked when they saw an October 31st deadline listed on the upper right corner of their application forms. For loans made on or after June 5, 2020, your loan forgiveness covered period is 24 weeks. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). Generally, enterprises that received PPP loans under $2 million should use PPP Loan Forgiveness Application Form 3508S to apply for forgiveness. As of June 5, 2020, a new bill was signed into law by the President to expand the PPP loan forgiveness rules. h�bbd``b`z$g��@ �6���I ��`��>�;a"�AD$H�2��_$jf2012� ��%�3��` �, 297 0 obj <> endobj Question : The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. ... Paycheck Protection Program Loan Forgiveness Application. It released a third PPP Loan Forgiveness application for those who received $50,000 or less in loan proceeds. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of … One question among the FAQs says, "The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Concerns had arisen among many PPP borrowers because the program’s loan forgiveness application forms (3508, 3508EZ and 3508S) show an expiration date of “10/31/2020” in the upper-right corner. The new PPP FAQs come as the August 8, 2020, deadline to apply for a PPP loan fast approaches, and as Congress and the White House negotiate a new … Not sure if you should go with the 8-week or the 24-week covered period? When is the loan forgiveness application due? Effective Nov 30, 2020. 2. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. On October 8, 2020, the SBA posted an alternative PPP Loan Forgiveness Application Form 3508S (“SBA Form 3508S”) for borrowers with a PPP loan of … The funds can be used to pay any eligible expenses incurred during the period beginning on the date the lender makes the first disbursement of the PPP loan to the borrower. Others have sold their entire PPP loan portfolio to special purpose loan servicers, and those servicers will now be making forgiveness determinations. All versions. Although your loan document may state that your first payments are due in six months, the PPP Flexibility Act signed on June 5, 2020 revised the law so that payments are not due on your PPP loan until forgiveness has been determined. However, the form indicates that it expires 10/31/2020. You can find the most up-to-date information here . Listed under FAQs, businesses will see that the SBA explains “borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from the loan’s origination, depending on the borrower’s agreement.” Within this newly added guidance, the SBA also reminds borrowers “that loan payments are deferred only until 10 months after the last day of each borrower’s loan forgiveness covered period.” This was a relief to small businesses that began rushing to complete their applications, believing they needed to be submitted by the end of October 2020. This week the SBA has released a guidance that resolves confusion the due date of the PPP loan forgiveness applications. The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. Applications for loan forgiveness will be processed by your lender. The SBA has released the “Paycheck Protection Program Loan Forgiveness Application”[1] that contains information on the PPP forgiveness program. Hopefully, this information will help prop up the bottom line for a … The due date is not October 31, however applicants may submit before that. If you received your PPP loan before June 5, you can still use an 8-week period. When is my PPP loan forgiveness application due? The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. Here are 8 important tips and warnings on PPP loan forgiveness gleaned from the application and new SBA guidance. Updated 11-30-20 with new expiration date. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. Given that PPP applications opened on April 3, that means the very earliest borrowers could apply would be May 29 – assuming the loans were approved and funded the same day. With so much uncertainty about the actual deadline, the Small Business Administration (SBA) released extra guidance to ensure business owners had the right deadline dates expected to submit their loan forgiveness applications. When employers are eligible to submit the PPP loan forgiveness application. However, borrowers that meet one of three criteria can use the much simpler PPP Loan Forgiveness Application Form 3508EZ: Some banks have been accepting forgiveness applications since July 2. 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