PPP exemption application is simplified again!These small owners can apply for exemption by filling out 1 page of paper-Food Squad

Catering boss must read the blue words above

Last week, SBA and the U.S. Department of the Treasury jointly released the latest simplified application form for PPP loan repayment. This latest form is applicable to small businesses with PPP loans of less than $50,000 or less. SBA issued a simplified application form for exemption in June, which further simplified the exemption steps; starting from August 6 this year, small businesses that have taken PPP loans can begin to apply for exemption.

And last week,The latest simplified application form, Form 3508S, has only 1 page to fill out, Businesses with a loan amount of US$50,000 or less do not need to perform complicated calculations and only need to fill in basic information.

If your PPP loan amount is less than $50,000 and you have not yet started to apply for the exemption, you can press and hold the QR code below to identify or pull to the end of the article to read the original text and download the latest form 3508S

How to fill in?

The table is divided into two parts,The information that needs to be filled in the first part includes: basic information of the company, the amount of PPP loans received, the number of employees when applying for loans, the number of employees when applying for loan exemptions, the amount of EIDL Advance, etc.

It should be noted that there is an Expire Date in the upper right corner of the form that is displayed as 10/31/2020. The expiration date is only to show that SBA has complied with the "Reduce Paperwork Law" and does not need to be bothered.After the expiration, the SBA will publish a form with the same content, then go to the SBA official website to download the latest version3508S FormJust fine.

The second part is the signature part. Please read carefully and sign your initials in each column.It mainly means that you understand the content of the PPP loan and the requirements of the waiver application, including whether you use it reasonably, whether the number of employees is consistent, etc., and that you may face charges if there is deception.

This form only requires you to provide basic information and signature,However, SBA emphasizes that you need to keep all documents and evidence that can be self-certified for future review.

If you meet the requirements for using this new form but have already submitted a PPP exemption application, you do not need to use this form to apply again.If your company is part of a large organization, you cannot use this form even if your loan amount is less than $50,000.This form is only applicable to loan holders with a total loan amount of less than US$200 million together with other related institutions.

References:

https://www.inc.com/diana-ransom/paycheck-protection-program-loan-forgiveness-form-3508s.html

https://www.currentfederaltaxdevelopments.com/blog/2020/10/14/deadline-to-apply-for-forgiveness-of-ppp-loan-is-loan-maturity-date-not-october-31-2020

About "North American Meal Exam News"

"North American Meal Exam News" is the sister number of the North American head gastronomy new media "Eating Food Team". It aims to serve North American Chinese food and beverage practitioners and is committed to building a professional service platform for the North American food and beverage industry. We hope to promote the two-way exchange of Chinese and American catering culture, support Chinese food to go overseas, and serve overseas brands in China.

Please click here if you find this article useful

PPP exemption application is simplified again!These small owners can apply for exemption after filling out 1 page

Latest Articles

What do you have for dinner in 2021?Dallas people eat this? !

The Internet celebrities of the milk tea class are here in Dallas!Here comes a OneZo pill that will fill you with energy

Cajun grabbing seafood is delicious and discounted! Go for a seafood feast at Holiday Season!

recall! Dairy products in Costco, Trader Joe's, and Wholefoods supermarkets are suspected of being contaminated with listeria!

Your late night canteen is here! The top 10 fast food restaurants in North America are released

I returned to China during the Spring Festival and I was shocked again...