PPP Forgiveness Made Easier!

Fresh updates from the SBA on PPP Loan Forgiveness – Released 10/8/2020

The SBA released a streamlined application — Form 3508S — designed specifically for those who borrowed less than $50,000.

Form-3508S-PPP-Loan-Forgiveness-Application

There was some talk before of loans under a certain amount being automatically forgiven, although this is not the case. This form does not make forgiveness automatic, so what exactly makes it so much easier than the standard app? Well,
1. For borrowers of a PPP loan less then $50,000 the total amount eligible for forgiveness is not subject to reduction if you reduced salaries or headcount (FTE)

2. Small borrowers (loans under 50k) are no longer required to show their math.

Although, borrower are still required to do the math and calculate the amount eligible for forgiveness.

Keep in mind too that even though you don’t have to show the math in your app the SBA has the right to request additional documents supporting your claims at any time.

Do you meet the requirements for this new 3508S Form? You can check it out here , but we suggest waiting to apply.

Why you should still wait to apply for forgiveness

We know you want to get it over with, but you may want to hold off.

It is clear the SBA is still coming out with relatively drastic changes, so holding off on submitting can still be a good idea for most people.

That doesn’t mean you can’t start to prepare your application!  Fill out the form to the right and download our PPP Loan Forgiveness Checklist to get started.

For more insight register for our Webinar.

Click here to register for our webinar on October 22, 2020 at 11:00AM 

  • PPP Loan Forgiveness updates
  • How you should go about applying for forgiveness.
  • Open Q&A at the end for any unanswered questions or concerns.

FREE RESOURCE

Your Guide to Set Up Subcontractors the Right Way

Are you having trouble collecting information from your subcontractors? Download our “Subcontractor Checklist Packet” to know what you need from them for 1099’s, workman’s comp, and liability audits. We’ve even included a contract for reduced liability!

Melanie Jerome, MBA

SENIOR STAFF ACCOUNTANT, FLORIDA

Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.

Seren Lunsford, MBA

STAFF ACCOUNTANT, INDIANA, QUICKBOOKS ONLINE PRO-ADVISOR

Meet Seren, one of our dedicated staff accountants here at level accounting! She is responsible for bookkeeping & payroll. Outside of the office, you can find her on the sidelines of a soccer pitch, karting track, or baseball diamond, cheering on her two active boys. Seren is also a proud owner of two gentle giants, her beloved Great Danes. In her downtime, she channels her creativity into baking and decorating sugar cookies, always eager to experiment with new baked goods ideas and recipes. With her expertise in accounting and her passion for family, pets, and baking, Seren brings a unique blend of professionalism and warmth to our team.

Ivette Rivera

EXECUTIVE ASSISTANT, FLORIDA

Ivette Rivera is our Executive Assistant at Level Accounting, juggling schedules and keeping things running smooth.

When she’s not crushing it at work, Ivette is an avid participant in her church community. As a mom, she’s all about those quality moments, whether it’s baking up a storm, hitting the water for some kayaking fun, or just chilling with a good book or binge-worthy show. And let’s not forget her partners in crime at home: Harley Quinn, the fridge-raiding pit bull, and Atlas, the cat who rules the roost. Ivette’s all about that balance between work hustle and personal bliss.