SMALL BUSINESS RELIEF INFORMATION
Understanding The Paycheck Protection Program
PPP FORGIVENESS AUTOMATION
Free PPP Loan Forgiveness Application Calculator & Creator
(UPDATED- JULY 24TH - 2020)
It's a free web-based application that uses automatic calculations and built-in help wizards to create a printable PDF of the completed loan forgiveness application. You simply send a copy of the pdf, along with supporting documents, directly to your lender. You will be emailed a copy of your data file in the event you ever need to log back into the system to continue working on the application.
*Please talk with your accountant, CPA, or financial consultant before submitting your PPP loan forgiveness application as there could be tax consequences.
Free Application Calculator & Creator
This application creator was designed specifically for PPP Borrowers and Advisors.
How to print to PDF from the PPP Online App Site:
- Click On The "Print Icon" in the top right header of the PPP App Site.
- Choose “Adobe PDF” from the list of printers in the print dialog box.
- Click “OK” and enter a new file name for your PDF. Save to your desired location.
We Respect Your Data Privacy
SBA 3508EZ FORM
PPP LOAN FORGIVENESS APPLICATION EZ VERSION
SBA 3508S FORM (Under $50,000)
PPP LOAN FORGIVENESS APPLICATION S VERSION
SBA 3508 FULL/STANDARD FORM
PPP LOAN FORGIVENESS APPLICATION FULL VERSION
How To Fill Out The Forgiveness Application Video Tutorials
Congress Passes the Paycheck Protection Program Flexibility Act of 2020
7 Key CARES Act PPP Loan Changes
|Criteria||Prior Guidance||H. R. 7010|
|Covered Period*||8 weeks from date of PPP loan disbursement||The earlier of 24 weeks from date of PPP loan disbursement or
December 31, 2020
|Usage of Funds||A minimum of 75% of forgivable funds must be used on payroll costs with a maximum of 25% used on non-payroll costs||A minimum of 60% of the covered loan amount must be used on payroll costs with a maximum of 40% used on non-payroll costs|
|Extension of Safe Harbor for Compensation and FTE Reductions||Salary or hourly wage reductions or FTE reductions would not reduce forgiveness if restored by June 30, 2020||Salary or hourly wage reductions or FTE reductions would not reduce forgiveness if restored by December 31, 2020|
|Deferral of Loan Payments||6 months from the date of loan origination||10 months after the last day of the Covered Period|
|FICA Tax Deferral||Employers can defer payment of FICA from the period of March 27, 2020 through date of PPP loan forgiveness – half to be paid in 2021 and the other half paid in 2022||Employers can defer payment of FICA from the period of March 27, 2020 through December 31, 2020 – half to be paid in 2021 and the other half paid in 2022|
|Loan Maturity||2 years||For loans originated on or after enactment, 5 years|
|New Safe Harbors Based on Employee Availability – Rehire/Hiring||FTE reductions would not reduce forgiveness if the borrower can document in good faith the inability to rehire individuals who were employees on February 15, 2020 or the inability to hire similarly qualified employees for unfilled positions by December 31, 2020|
|New Safe Harbors Based on Employee Availability –Compliance with Health and Human Services, Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration||FTE reductions would not reduce forgiveness if the borrower can document in good faith an inability to return to the same level of business activity as such business was operating before February 15, 2020, due to: compliance with requirements established or guidance issued by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration during the period beginning on March 1, 2020, and ending December 31, 2020, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID– 19|
*For borrowers of PPP loans originated prior to the enactment of H. R. 7010, there is an election to be made pertaining to the covered period – 8 weeks or 24 weeks.
First Port City Bank is continuously monitoring new guidance from Congress, the SBA, as well as the Treasury and the IRS, to ensure we have the latest information when advising our customers.