The Small Business Administration (SBA) released a slew of PPP guidance and updates yesterday, including the new simplified, one-page application for borrowers of loans for $150,000 or less – Form 3508S. …

Who is eligible for PPP loan forgiveness EZ?

Form 3508S is the simplest PPP loan application form available. Only borrowers who took out loans that were $150,000 or less can use the form. The Consolidated Appropriations Act expanded who can use this version of Form 3508. Originally, only borrowers who took out loans of $50,000 or less could use it.

When to apply for loan forgiveness with PPP?

One of the most common questions businesses have about PPP loan forgiveness is when to file the paperwork for it. In October 2020, the Small Business Administration and Treasury Department released a simpler application for forgiveness for any business whose loan totaled less than $50,000.

How to help your client apply for loan forgiveness?

You are your client’s accountant, not their lender. You won’t be able to give them all the answers relating to PPP loan forgiveness, but their lender can. Advise clients to communicate with their lender throughout the process. Talk to your clients about asking their lender: 4. Help prepare or review forgiveness application form

How to apply for a first draw PPP loan?

Our first few webinars will introduce PPP with a focus on how to apply for a First Draw PPP Loan and loan forgiveness, with a brief discussion about the Second Draw PPP loan application process as well. The later webinars will focus on PPP loan forgiveness. Check back here for more information.

Can you get loan forgiveness from ConnectOne bank?

We at ConnectOne Bank are committed to working with you throughout the life cycle of the Paycheck Protection Program (PPP). If you have received a PPP loan, the next step in the process will be the Loan Forgiveness Application. Eligible borrowers* may qualify for up to 100% of the PPP loan.