On June 17, 2020, the US Small Business Administration (SBA), in consultation with the Department of the Treasury, published a new PPP Loan Forgiveness Application Form 3508EZ (EZ Forgiveness Application), which requires fewer calculations and less documentation for eligible borrowers. The EZ ...
At Distressed Loan Advisors, we are SBA loan forgiveness consultants who help borrowers avoid the consequences of defaulting on SBA loans. While we are not SBA attorneys or lawyers, Jason is a former bank vice president, and oversaw an SBA delinquent loan portfolio at the height of the “...
Get started for free You may have received funding from the Small Business Association (SBA) Paycheck Protection Program (PPP), which was a major component of the federal CARES Act. While the funding is technically called a loan, PPP borrowers can be forgiven 100% of the loan can be forgive...
For example, if someone has a $1.5 million loan and gets $1 million forgiven, it’s typically taxable as cancelation of debt income (CODI). But that isn’t the case here. If you use those proceeds to pay for expenses like payroll and rent, it isn’t deductible if paid by forgiven m...
The CARES Act requires that a borrower’s forgiveness be reduced for certain employees whose salary/hourly wage was reduced in excess of 25 percent. The SBA has clarified that, in calculating such reductions in the loan forgiveness amount, borrowers should only take into account decreases in salar...
(SBA) is required to issue additional guidance on forgiveness under the CARES Act, and has been promising borrowers this guidance for weeks. While an interim final rule on forgiveness still has not been published, SBA published theloan forgiveness applicationlate on May 15 (the “Application”)....
The Paycheck Protection Program loan forgiveness application has been updated to reflect changes from the Paycheck Protection Program Flexibility Act of 2020. Key insights The SBA updated the loan forgiveness application and issued a new Interim Final Rule (IFR) to incorporate more of the Paychec...
Requirements for Loan Forgiveness PPP Loans: First Draw PPP Loans: Second Draw PPP Loans: Third Draw Forgiveness Term: First Draw Forgiveness Term: Second Draw Steps to Apply for PPP Loan Forgiveness SBA Loan Programs for Small Businesses
SBA forgiveness portal to go live August 10 July 24, 2020By: Mark A. ManganoThe Small Business Administration (SBA) announced its intention to launch a loan forgiveness portal for lenders on August 10, 2020. Loans made by lenders under the Paycheck Protection Program (PPP) to qualified ...
The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. ...