PPP Borrower Demographic Information Form requests information about each borrowing companys specific owners, managers, and other stakeholder information. Your loan forgiveness eligibility increases if: The amount of your loan that is forgiven is equal to the amount you spend during the 8 to 24 weeks following loan origination toward eligible expenses, including: Forgiven amounts will not be considered cancellation of indebtedness income for federal tax purposes. Contact Information 925B Peachtree St NE PMB 383 Atlanta, GA 30309-3918 Visit Website Email this Business. 40%. And here see reassess SBA loan number, this number that appears here, thats going to be your SBA loan number that you need to find out in order to complete the forgiveness. Once you sign it then they continue with the PPP forgiveness process. Loans through PPP have a fixed interest rate of 1%. Search: Quizizz Hack Tampermonkey. Any loan amount not forgiven has a maximum term of two years at a fixed rate of 1% interest. Payment of these fees by the borrower is eligible for loan forgiveness. The Alternative Payroll Covered Period applies only to payroll costs, not to non-payroll costs. If you used more than 40% on non-payroll expenses, your forgiveness amount will be reduced by the percentage of the loan you used on ineligible expenses. The first day of the borrowers first payroll cycle that starts in the Covered Period is June 7. But in this case, see that the second draw PPP loan still has a balance that means that this loan, this PPP two still has not been forgiven, okay. 800-200-5678. Now the next step, basically here youre going to put your business legal name. If you see any information thats incorrect, go back and click Regenerate, okay, or go back to the arrows and fix anything that you need to fix. This is based on how much you spent on payroll and other eligible expenses like rent and utilities during the 24-week period. Fill in the information below to discuss your case with one of our experts via phone call, Zoom or WhatsApp. 2 Top Businesses by Annual Sales for 621310 - Click for Complete Profiles: Joint Corp. Ultimate Guide to Paycheck Protection Program (PPP) Loans, Paycheck Protection Program (PPP) loan forgiveness guidelines, Self-Employed contractors can apply for Paycheck Protection Program loans. Alright. This Act has allocated $284 billion for both First and Second Draw loans. If youre doing forgiveness for PPP two, then you click the second drop PPP loan. Anyone have a similar experience? PPP Loan Forgiveness Applications This free resource helps business owners apply for PPP loan forgiveness. 318, because those contributions are included in cash compensation. K Servicing only uses your information as required or permitted by the SBA and the PPP program. Example: A borrower received its loan before June 5, 2020 and elects to use a 24-week Covered Period. For forgiveness questions, please email pppforgiveness@kservicing.com. In connection with American Expresss acquisition of Kabbage, weve established KServicing to maintain consistency in the way you manage your existing loans. For purposes of determining forgiveness of the borrowers PPP loan, the March 2020 renewed lease is deemed to be an extension of the original lease, which was in force before February 15, 2020. The good news is the principal and interest amounts can be deferred for up to six months. platform assistant jobs Photo Gallery Connect with Us! So, here you put your covered period here is going to say the cover period date; this is the date that you got the funds and depending on how many weeks you put in this line, this number is going to change. Press question mark to learn the rest of the keyboard shortcuts. The borrowers Covered Period runs from Monday, April 20 through Sunday, October 4. If you were unable to operate between February 15, 2020, through the end of the covered period, or if your level of business activity was affected because of COVID-19 and the required compliance guidance of social distancing, keep supporting documentation. Biz2Credit Inc. 1 Penn Plaza, 31st Floor, New York, NY 10119. The Covered Period or Alternative Covered Period for any borrower will end no later than December 31, 2020. You will need to provide verifying documents that prove the number of full-time employees, eligible payroll costs, and verification that you met the staffing and pay requirements for the service period. Example: A borrower uses a biweekly payroll cycle. You can call our office to set up the initial consultation. You click Get started and basically, youre going to get a four-digit code via email. If electronic signatures are not feasible, then when obtaining a wet ink signature without in-person contact, lenders should take appropriate steps to ensure the proper party has executed the document. Borrowers can apply for forgiveness any time up to the maturity date of the loan. PPP loans issued after 6/5/2020 will have a 5-year term. | Learn more about Dragomir Bivol's work experience, education, connections & more by visiting their profile on LinkedIn In addition to the specific caps described below, the amount of loan forgiveness requested for owner-employees and self-employed individuals payroll compensation is capped at $20,833 per individual in total across all businesses in which he or she has an ownership stake. These FAQs and other information from K Servicing are, The SBA is no longer accepting applications for PPP loans. The preceding information and more information regarding PPP loan forgiveness can be found on the SBA website using the following link, EIDL vs PPP loans: How SBA Coronavirus Business Loans Work. Now if you did not get a PPP loan as self-employed and your business does have payroll, then here you have to put the amount of PPP loan that you used on payroll inside the cover period that you used. or CALL US at 407-502-2400. Rated 4.6 out of 5 based on . There's no mention of this on the SBA website, instead this is what the SBA says on their loan forgiveness page: 1. If you have already received a PPP loan please visit Amuref.com for details on Forgiveness. If youre unable to hire qualified employees to fill positions before December 31, 2020, you must provide supporting documents. I called KServicing and they've confirmed that they have retained Biz2X.com to accept Forgiveness applications. The PPP loan program allows small business owners and self-employed individuals to apply for funds up to 2.5 times their monthly payroll costs. You'll receive an email when it is time to apply for forgiveness. Use it to fill out a PPP forgiveness application online to send to your lender. No. Remember that the approved costs subject to forgiveness are broader than just payroll, and also include mortgage interest, rent and utilities. Now if youre self-employed, you put the complete PPP loan amount for example, in this case, this person received 17,002 65. And here, you need to click this blue button that says complete forgiveness application. The borrower should refer to the Salary/Hourly Wage Reduction section under the Instructions for PPP Schedule A Worksheet in the PPP Loan Forgiveness Application Instructions. Because the employees hourly wage was reduced by exactly 25% (from $20 per hour to $15 per hour), the wage reduction does not reduce the eligible forgiveness amount. Sign in Our Partners; . Interest accrues during the time between the disbursement of the loan and SBA remittance of the forgiveness amount. The obligations must have been in place before February 15, 2020. This treatment follows the computation of self-employment tax from IRS Form 1040 Schedule SE Section A line 4 and removes the employer share of self-employment tax, consistent with how payroll costs for employees in the partnership are determined. If the loan is fully forgiven, the borrower is not responsible for any payments. Now if you see in this case, if you see the first draw that says a balance is zero, that means that this PPP loan has already been forgiven. If youre not self-employed here you can put LLC member, CEO, President, whatever title you have on your business. Payroll Employee compensation including: Approved Business Costs You can use funds for non-payroll costs and expenses such as business rent, utilities, mortgage interest payments, and interest payments on other qualifying debt obligations. If the borrower applies for forgiveness before the end of the 24-week Covered Period, it must account for the salary reduction (the excess reduction over 25%, or $240) for the full 24-week Covered Period. New clients only. Owners draw compensation (except for sole props), Fringe benefits (i.e. So I got my forgiveness form sent to the SBA almost 2 weeks ago through Biz2Credit. Loan Forgiveness Payroll Costs FAQ 8 outlines the treatment of retirement benefits for owners, which are different from this general approach. The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. If you fall into one of these two categories, you may qualify for forgiveness: You must fill out the following on the standard forgiveness application: To use the PPP Forgiveness EZ Form, you must meet one of the following: Before you start to fill out your forgiveness application, you will need to have a few pieces of documentation and information ready. ocean magic surf report. If the salary or hourly wage of a covered employee is reduced by more than 25% during the Covered Period or the Alternative Payroll Covered Period, the portion in excess of 25% reduces the eligible forgiveness amount unless the borrower satisfies the Salary/Hourly Wage Reduction Safe Harbor (as described in the Loan Forgiveness Application (SBA Form 3508 or lender equivalent)). Run around with new guidelines have to pause then resubmit Jan-Feb 2021. You can download it for your records and after this you need to wait a couple of days because then youre going to get an email from K Servicing with a DocuSign link. The borrower pays its September electricity bill on October 16. Under Step 3.a., $39,000 (75% of $52,000) is the minimum salary that must be maintained to avoid a penalty. Borrowers are also eligible for loan forgiveness for payments for employer state and local taxes paid by the borrowers and assessed on their compensation, and for employer retirement contributions to their employee retirement plans capped at the amount of 2.5/12 of their 2019 employer retirement contribution. For example, if the borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. Okay, your demographic questions are optional. Only 40% of your PPP loan can be used for expenses other than payroll for certain business structures. So, then you click Submit when you click Submit, basically it asks you Are you sure? These are your credentials to log into the Biz2Credit platform.On your KServicing dashboard, locate the SBA loan number in the 'SBA Note' linked document on the loan overview tab on the right-hand side of the page under the SBA loan documents section.". There is also the new SBA EZ application and instructions that require less documentation and fewer calculations, dependent on the borrowers eligibility. Example 3: An employee earned a wage of $20 per hour between January 1, 2020 and March 31, 2020 and worked 40 hours per week. Is there any update on by when will the loan forgiveness portal by Biz2Credit be updated? . Did you ever resolve this problem? Create an account to follow your favorite communities and start taking part in conversations. You can contact us by phone, email, or by visiting our offices: Remember that we are part of Freedom Group, a conglomerate of companies dedicated to providing quality services in accounting, taxes, financial consulting, insurance, real estate, business incorporation, among others. If you do not know your NICS code that is on your corporate tax return on their first page. Landmark Healthcare Svcs Inc. Chiro One Wellness Centers LLC. The borrower has a biweekly payroll cycle, with a payroll cycle ending on Saturday, April 18. Kabbage (K Servicing) PPP Loan Forgiveness Application via Biz2X | Form 3508S 5,325 views Sep 1, 2021 196 Dislike Share Freedomtax Accounting 37.1K subscribers In this video we show you. The PPP is retroactive to February 15, 2020. The borrower would then multiply the weekly salary reduction by 24 (because the borrower is using a 24-week Covered Period). Now once again, if you do not know or if you want help from us to complete your PPP loan forgiveness application, this is our contact information. In this video we are going to show you how to complete your PPP forgiveness application if you got your PPP loans through Kabbage or K Servicing, and if your PPP loan is $150,000 or less. To apply for PPP loan forgiveness, whether you have employees, or are self-employed, you (the borrower) must fill out a completed loan forgiveness application and submit it to your lender according to your lenders instructions.
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