Get the free PPP Forgiveness Application - Required Documents - Form 3508 - 1-2021 Rev.docx

UNION BANK Paycheck Protection Program Required Documentation Form 3508 In reviewing the guidance surrounding the Paycheck Protection Program, Union Bank has determined that the following information

How to fill out ppp forgiveness application

How to fill out ppp forgiveness application

1. To fill out the PPP forgiveness application, follow these steps:
2. Gather all the necessary documents and information, including your PPP loan number, lender information, and payroll documentation.
3. Complete the PPP Loan Forgiveness Application form provided by your lender. This form may vary depending on the type of loan you received (e.g., Form 3508, Form 3508EZ, or Form 3508S).
4. Fill out the application accurately, providing all required information, such as business information, loan amount, covered period, and forgiveness amount requested.
5. Calculate the payroll costs and eligible non-payroll costs incurred or paid during the covered period and ensure they meet the forgiveness requirements.
6. Document and provide proof of payroll costs and eligible non-payroll costs, such as payroll reports, tax forms, utility bills, mortgage interest payments, and lease agreements.
7. Complete the forgiveness calculation, considering any reductions in employee headcount or salary/wage reductions that may affect your forgiveness amount.
8. Submit the completed forgiveness application and supporting documentation to your lender within the specified timeframe.
9. Keep a copy of the application and all submitted documents for your records.
10. Await the lender's review and determination of your forgiveness application. They will communicate their decision and any remaining loan balance, if applicable.

Who needs ppp forgiveness application?

1. Businesses that received a PPP loan and want to have the loan amount forgiven need to submit the PPP forgiveness application.
2. This includes small businesses, sole proprietors, independent contractors, nonprofits, and other eligible entities that received the loan to cover payroll costs and other permitted expenses.
3. Even though the PPP loans are expected to be forgiven, the forgiveness application acts as a formal request to have the loan forgiven and provides documentation to support the forgiveness calculation.
4. It is important for any eligible entity that received a PPP loan to complete and submit the forgiveness application to ensure they can maximize the loan forgiveness and minimize any potential repayment obligations.

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What is ppp forgiveness application?

PPP forgiveness application is a form used by borrowers to apply for forgiveness of their Paycheck Protection Program (PPP) loan.

Who is required to file ppp forgiveness application?

Any borrower who received a PPP loan and wants to have the loan forgiven is required to file a PPP forgiveness application.

How to fill out ppp forgiveness application?

PPP forgiveness application can be filled out online or on paper, and requires the borrower to provide information about how they used the PPP funds.

What is the purpose of ppp forgiveness application?

The purpose of PPP forgiveness application is to request forgiveness of a PPP loan based on the borrower's eligible expenses and usage of funds.

What information must be reported on ppp forgiveness application?

Information such as payroll costs, rent or mortgage interest, utilities, and additional eligible expenses must be reported on PPP forgiveness application.