To apply for loan forgiveness: 1. Contact your PPP lender and complete the correct form: Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. The 3508EZ and the 3508S are shortened versions of the …Once the Loan Forgiveness Application is received, the Lender has 60 days to submit a decision to the SBA, using the SBA’s Payroll Protection Forgiveness Platform. The SBA has 90 days to make a decisionand remit the forgiveness funds to the lender. If the SBA determines that the borrower was ineligible, the loan will not be eligible for loan04/05/2021 · The PPP loan program’s original rules made it difficult for self-employed workers to qualify for any meaningful size loan, and the payroll ratio requirements made it impossible to receive complete forgiveness on the loans. However, new changes to the program impact how self-employed worker loans are calculated and forgiveness ;· This article now contains the latest PPP loan forgiveness updates from the Small Business Administration (SBA) and Treasury Department, released on January 19, 2021. The latest changes apply to loans of $150,000 or less—the maximum loan amount for most sole proprietors, independent contractors, and self-employed ;· If you are applying for forgiveness for a PPP loan from 2020, it is a first draw PPP loan. SBA PPP Loan Number: This will be the E-tran number generated by the SBA. Each loan has a corresponding E-tran number. If you cannot find your number, contact your lender as they will have it on file. Lender PPP Loan Number: This is the number assigned to your loan by your lender and will be available on your signed loan documents. If you cannot find your number, …PPP loan forgiveness - SBASelf-Employed Guide to the PPP Forgiveness Application Self-Employed Guide to the PPP Forgiveness Application A Complete Guide to PPP Loan Forgiveness for the Self 13/04/2021 · Applying for forgiveness 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. If your loan was for more than $150,000, you can use Form 3508EZ so long as you did not reduce your FTE headcount or salaries and wages by more than 25%.If you are self-employed and seeking PPP loan forgiveness, you can file the SBA’s simplified Form 350EZ, Paycheck Protection Program PPP Loan Forgiveness Application, with the lender that issued your loan. You will also need to submit the Schedule C from your 2019 individual income tax return that shows your business’s income and ;· Self-employed individuals and independent contractors can use PPP loans following the SBA’s guidance. If you use the loans appropriately, then your business has the potential to receive 100% loan forgiveness. Here’s a list of eligible PPP fund expenses:25/08/2020 · We created a comprehensive, comprehensible guide all about PPP loan forgiveness for the self-employed, sole proprietors, and independent contractors. This is everything we know based on information directly from the SBA and the 19th Interim Final Rule (IFR) filed on June 19th, 2020.

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