Any business that received a Paycheck Protection Program Loan will now have to complete SBA Form 3508 and submit it via their lending institution to the SBA. Unfortunately, completing the form requires complicated calculations and backup documents. You will likely need assistance completed the application.
If you would like us to complete your Form 3508, we will require the following information:
- The EIDL advance amount received.
- The EIDL application number
- Your business’ bank statements starting with the month that the PPP funds were received and include all statements capturing the activity for the next 24 weeks.
- The payroll journals for 2019 and 2020. These journals need to be converted into an excel spreadsheet in a CSV format. They should the include the following:
- Employee name,
- Social security #
- Pay period start date
- Pay period end date
- Date the payroll was paid
- Hours worked
- Gross pay.
Other payroll information needed is:
- Employee contribution for the employee health insurance
- Employee contributions to retirement plans
- Federal and State unemployment insurance paid
- Quarterly Form 941’s for 2019 and 2020
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings
- Eligible non-payroll costs
- Rent obligations, send us a copy of the lease and copies of the cancelled checks starting 2/15/20
- Copies of the invoices for electricity, gas, water, telephone, internet service and proof of payment (cancelled checks) starting 2/15/20
- Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans starting 2/15/20
- The amount the employer paid for the employee’s health insurance and retirement account
Please note if you were unable to restore the employee full time equivalent headcount before 12/31/20, there is no reduction in potential loan forgiveness if, “in good faith” you can document the following:
- Inability to rehire individual who were employees as of 2/15/20
- Inability to hire similarly qualified employees for unfilled positions on or before 12,31,20: or
- Inability to return to same level of business activity as such business was operating at before 2/25/20 due to compliance with requirements established or guidance issued by HHS, CDC, OSHA during the period 3/15/2- to 12/31/20 related to maintenance of the standards for sanitation, social distancing or any other worker or customer safety requirement related to Covid-19.
The borrower must retain all documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.
Once we receive the above information we will prepare the PPP loan forgiveness application. If the amount received was $50,000 or less and there are no employees our fee will be $350.00. For all others prior to commencing work we will inform you of our fee.
Please call if you have any questions.