Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. Likes: 599. The simplest calculation is to add up the total hours worked by all three employees and divide that total by 40. In early October, the Michigan Supreme Court invalidated Governor Gretchen Whitmer's executive orders, including those relating to COVID-19 and workplace safety. Business Legal Name ("Borrower") DBA or Tradename, if applicable Existing borrowers may be eligible for PPP loan forgiveness. You can always email [email protected] , that lenders make a one-time, full disbursement of the PPP loan within ten calendar days of loan approval, if a PPP loan is increased under paragraphs 1. PPP Loan Forgiveness Application Form 3508S. All loan terms will be the same for everyone. The form was released as a revision to the existing Form 3508S and is titled "PPP Loan Forgiveness Application Form 3508S Revised January 19, 2021." _____ The i nformation provided in this application is true and correct in all material respects . SBA Form 3508S (10/20) Page 2 (not the Alternative Payroll Covered Period) wherever there is a reference in this application to "the Covered Period" only. This is calculated by averaging their monthly owner draws. 1.4.1. 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. Paycheck Protection Program . I understand that knowingly making Enter the loan number assigned to the PPP loan by the Lender. Payroll costs consist of compensation to your employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or . Payroll. _____ The information provided in this application is true and correct in all material respects . UPDATED NOVEMBER 23, 2021 AT 8:30 AM SBA Guidelines for PPP Loan Forgiveness are subject to change. Reetuparna (Reena) Dutta is a partner at Hodgson Russ LLP specializing in civil and criminal government investigations, prosecutions, and white collar criminal defense. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. OMB Control No. SBA and Treasury Announce PPP Re-Opening; Issue New Guidance. If you received your 2021 First and/or Second Draw PPP loan through Lakeland Bank, you may begin, continue, or check the status of . If you received your 2021 First and/or Second Draw PPP loan through Lakeland Bank, you may begin, continue, or check the status of . Here's how you'd do that: Aggregate your 2019 monthly draws in a simple spreadsheet, divide the sum by 12, and you'll get your monthly . Lakeland Bank is accepting forgiveness applications for 2021 First and Second Draw PPP loans through our online portal.. The Authorized Representative of the Borrower certifies to all of the below by initialing after each one. About For I Apply Funds Additional Can Ppp . As previously discussed, the Economic Aid Act provided for a new one-page Paycheck Protection Program (PPP) loan forgiveness application for borrowers with PPP loans of $150,000 or less. Has used or will use the full amount of the first PPP. If you dont have it, ask your lender. Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. This action involved the purchase of minority interests in an LLC that was equally owned by several siblings, pursuant to Corporations Code 17707.03, subd.(c)(1). This article discusses the changes to the Form 3508S. No Time to Waste. All initials and signatures must be done in ink. Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. The information provided in this application and the information provided in all supporting documents and forms is true and correct in all material respects. The borrower's NAICS code is now required. Date: June 3, 2022 Contact: newsroom@ci.irs.gov LOS ANGELES An Orange County man has agreed to plead guilty to federal criminal charges that he fraudulently obtained more than $5 million in COVID-relief loans for three sham companies. Form 3508 i. Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%. If you received a PPP loan that was $50,000 or less, you are exempt from having to maintain your employee and compensation levels in order to receive loan forgiveness. Download .pdf. To update you on our loan forgiveness numbers, the breakdown of our 641 loans is as follows: 414 (67%) have not yet applied for forgiveness. California. This page will be updated upon issuance. This is the number assigned by the SBA to your loan. The SBA also released updated versions of PPP loan forgiveness application Forms 3508 and 3508EZ. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. No electronic initials or signatures will be accepted. To complete this form, start with completing Table 1 on page 4 of the Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S OMB Control No. PPP Loans PPP Forgiveness FAQs. The Borrower has complied with all requirements in the Paycheck Protection Program Rules (Sections 7(a)(36), 7(a)(37), and 7A of the Small Business Act, the PPP interim final rules, and guidance issued by SBA through the date of this application), including the rules related to: Originally this form was for loans of $50,000 or less but the Economic Aid Act, or "stimulus bill," raised the limit to $150,000. OMB Control No. Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. : 3245-0407 Expiration Date: 7/31/2021 Paycheck 227 (33%) have applied. View PPP--Loan-Forgiveness-Application-Instructions--Form-3508S-1192021.pdf from MARKETING 1101 at Atlanta Technical College. Section 17707.03, subd. The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. PPP Loan Forgiveness Information - Updates and Instructions As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often. You can email us at sba-loans@cfbindiana.com or contact our call center at (765) 236-0600 and request a call from one of our loan experts. Shares: 300. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Cheng v. Coastal L.B. Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. Otherwise, you may have to use Form 3508. Forms 3508S, 3508EZ, and full 3508 display an expiration date of October 31, 2020. Warner attorneys Steve Palazzolo, Karen VanderWerff and DeAndre' Harris presented a webinar focused on current workplace safety requirements. _____ The information provided in this application is true and correct in all material respects . There is a new "check box" to indicate whether the application is for the forgiveness of a First Draw or Second Draw PPP loan. The Paycheck Protection Program originally authorized $349 billion (in the first round of funding; $310 billion was added for round 2, and an additional $285B in funding was obtained for 2021 so far) in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Many business owners and financial advisors shared concerns about its complexity and rigid rules. (c)(1), allows members of an LLC to respond to an application for judicial dissolution by purchasing the interests . : 3245-0407 Paycheck Protection Program Expiration Date: 7/31/2021 PPP Loan Forgiveness Application Form 3508S Revised January 19, 2021 A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS. She assists companies in diverse industries, including financial services, healthcare, manufacturing, construction, and real estate, to conduct internal investigations and to respond to government-initiated enforcement actions . Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. _____ The i nformation provided in this application is true and correct in all material respects . If less than 60% of the loan amount is used on payroll costs, the amount of the loan that is forgiven may be reduced. I understand that knowingly making You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508S only if the total PPP loan amount you received from your Lender was $150,000 or less, and you are unable to register successfully to submit your forgiveness application directly with the SBA. On January 19, 2021, the SBA released this new form. First Hawaiian Bank has partnered with Ceridian Employer Services and ADP to offer payroll solutions to help you prepare taxes, handle direct deposits, and more. When self-employed individuals apply for PPP loans, their "average monthly payroll cost" figures are substituted by owner compensation. 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. Updated July 28, 2021 to include the new SBA PPP Direct Forgiveness Portal. The Paycheck Protection Program Flexibility Act provides that at least 60% of the covered loan amount must be used for payroll costs. Home. _____ The information provided in this application is true and correct in all material respects . Assocs., LLC, 69 Cal.App.5th 112 (Sep. 1, 2021). What is Can I Apply For Additional Ppp Funds. Late in the evening on January 19, the U.S. Small Business Administration (SBA) posted the simplified Paycheck Protection Program (PPP) loan forgiveness form that was mandated by the 2021 Consolidated Appropriations Act (CAA). You need to do a calculation to determine how many FTE's you have. This page will be updated upon issuance. The Small Business Administration recently released guidance that helps provide clarity. Let us show you how our payroll services can increase productivity and reduce overhead costs to allow you to focus more on your business. I understand that knowingly making a false statement to . Your loan must still be spent on approved costs and you will still need to document that you spent at least 60% of your funds on payroll expenses. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government, led by the Donald Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying . Information regarding these requirements may be found in the Form 3508S Instructions and the Paycheck Protection Program Rules. I understand that knowingly making Lakeland Bank is accepting forgiveness applications for 2021 First and Second Draw PPP loans through our online portal.. UPDATED NOVEMBER 23, 2021 AT 8:30 AM SBA Guidelines for PPP Loan Forgiveness are subject to change. A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. One works 40 hours a week, the other works 35 hours a week, and the third works 30 hours a week. If you took out a Paycheck Protection Program loan for $150,000 or less, the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. The key changes to Form 3508S are as follows: Borrowers with PPP loans of $150,000 (up from $50,000) or less can now use the form. The total of 105 hours divided by 40 is 2.63. Note: You must submit a forgiveness application for your first PPP loan before, or at the same time, as the second draw forgiveness application is submitted. SBA Form 3508S. The SBA and Treasury released Form 3508 on May 15, 2020. _____ The information provided in this application is true and correct in all material respects . Calculating your Second Draw Paycheck Protection Program loan amount and navigating the loan forgiveness process can be complicated.This episode of The Art of Dental Finance and Management podcast helps break down the details dentists need to know about the PPP.. I understand that knowingly making This time, loans are capped at $2 million as opposed to $10 million. About For Can Ppp Additional Apply I Funds . Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S OMB Control No. I understand that knowingly making I understand that knowingly making iv. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S.