Refer to the official form for additional guidance.. Form 3508S vs. BlueVine Application. The latest government stimulus package commits $284.5B to PPP and allows for First and Second Draws and simplified loan forgiveness. In 2020, we helped more than 155,000 small businesses apply quickly for PPP funds. Small businesses in the Food and Accommodation industry (NAICS 72) and other eligible organizations may qualify for a PPP Second Draw if they have over 300 employees overall but donât have more than 300 employees per location. 6 Do not add employer retirement contributions made on behalf of a self-employed individual or general partners, because such payments are already included in their compensation. Businesses that fall under NAICS Code 72 are eligible for 3.5x average monthly payroll on Second Draw. This column indicates how the fields appear in Form 3508S. Eligible businesses can apply for first or second draw PPP loans. This amount is the Amount of Loan Spent on Payroll Cost plus any amount spent on eligible nonpayroll costs minus any required reductions, up to the PPP loanâs principal amount. Do not add contributions for these benefits made on behalf of a self-employed individual, general partners, or owner-employees of an S-corporation, because such payments are already included in their compensation. First Draw PPP Loans with an original principal amount of $2 million or more. Second Draw PPP Loans with an original principal amount of $2 million or more. Enter the total loan amount you received from BlueVine (i.e., the principal you received when you applied). These businesses can use NAICS 72 if (1) that code is the most applicable one to their primary business activity and (2) they can substantiate their industry activity code with alternative documentation like permits or licenses that are unique to their sector and issued by local governments. Itâs important to note that some of the fields from Form 3508S donât appear in our online application because BlueVine already has this information on file. You can only include compensation of employees who were employed by the Borrower at any point during the Covered Period and whose principal place of residence is in the United States. Documents should be read-only. This is the number the SBA assigned to your PPP loan. … Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements. Enter the total amount of your PPP loan that is eligible for loan forgiveness. If you did a First Draw PPP loan last year and haven’t had it forgiven yet, now is the time to apply for PPP forgiveness. You’ll need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. Employer contributions for employee group health, life, disability, vision, or dental insurance, including employer contributions to a self-insured, employer-sponsored group health plan, but excluding any pre-tax or after-tax contributions by employees. BlueVine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. This column indicates whether or not the information is pre-populated for you or if youâll be required to fill it out. The SBA Paycheck Protection Program (PPP) is specifically designed to aid eligible small businesses with potentially 100% forgivable loans during the Coronavirus pandemic. If an employee doesn’t want to return, and you can document that they rejected your offer, you are “off the hook” in the sense that you don’t need to maintain your headcount and can still qualify for loan forgiveness. Please use the instructions to help calculate. For example, if your Covered Period ended June 15, and you incurred payroll for the first half of June but did not pay it by June 15, you can include those expenses only if you paid them on the first payroll date following the end of your Covered Period. BlueVine pre-populates this information for you in the field Industry. of SBAâs interim final rule posted on Jan 6, 2021 (86 FR 3692) and not waived under 15 U.S.C. How PPP loan forgiveness works. Partnerships must provide a 1065 form, including applicable K-1s. So, the PPP forgiveness requirement to maintain employee headcount has a lot of businesses scrambling right now. The PPP has been extended through May 31, 2021, however SBA funds are limited. Payroll costs are considered incurred on the day that the employeeâs pay is earned. BlueVine. Otherwise, payroll costs must be paid during the Covered Period. Neither BlueVine nor its partners are responsible for the accuracy of any content provided by author(s) or contributor(s). You may be eligible for forgiveness for the payroll costs paid and payroll costs incurred during your Covered Period.3 To calculate your eligible payroll costs incurred or paid during the Covered Period, youâll add your Cash Compensation, Employee Benefits, and Owner Compensation, as follows: The total amount paid by your entity for: 1. Loan agreements identify the issuing lender to small businesses at signing. We’ve partnered with BlueVine to make sure you have an alternative path to applying for a PPP loan if you need one. This is different from the number assigned by the SBA. Employees at Time of Forgiveness Application. First Draw PPP Loan or Second Draw PPP Loan. Just as your loan amount was based on Net Income, so will your forgiveness. Yes, you will need to submit a new application and you may be required to provide additional information and documents. Enter the same information as on your PPP Application Form unless there has been a change in your address or contact information. Full loan forgiveness for eligible payroll, mortgage interest, rent, and utility expenses. Existing PPP borrowers are not limited to their original lender. Enter the same information as on your PPP Application Form. Enter the same information as on your PPP Application Form. We are not accepting forgiveness applications at this time. Businesses that left their business activity code blank on their most recent income tax filing. For your convenience, BlueVine has created an online version of Form 3508S. You've already flagged this Charles Etzweiler ... BlueVine you guys really need to respond to emails in a timely fashion! Enter the date that you received your PPP loan proceeds from BlueVine. For both reductions in FTE count and salary/wages, a business does not need to reduce its forgiveness amount if its PPP loan is for $50,000 or less (unless you and your affiliates got more than $2M in PPP loans). BlueVine pre-populates this information for you in the field, Check this box if you, together with your affiliates. We anticipate that funds will run out prior to the 5/31 deadline, and encourage small businesses to apply as soon as possible. Qualified applications will be submitted to the SBA as soon as possible. No action is required. At Bench, we’re helping businesses by connecting them to lenders and assisting with PPP forgiveness applications. When you apply for forgiveness, you can select a shorter Covered Period (no less than 8 weeks). The latest government stimulus package commits $284.5B to PPP and allows for second draws and simplified loan forgiveness. However, you can choose a shorter Covered Period when you apply for forgiveness. Payroll costs are considered paid on the day that paychecks are distributed or that the Borrower originates an ACH credit transaction. Employer state and local taxes paid by the entity and assessed on employee compensation (e.g., state unemployment insurance tax), excluding any taxes withheld from employee earnings. U.S. small businesses in operation as of February 15, 2020, with fewer than 500 employees, including these now-eligible business types, can apply: If you're a Second Draw PPP applicant, you must meet the following additional criteria and note that additional conditions may apply: Certain supporting documentation is required to apply for a PPP loan. If BlueVine is managing your loan forgiveness process, youâll hear from us by email once weâre ready to accept applications. Employer contributions to employee retirement plans, excluding any pre-tax or after-tax contributions by employees. For information about the Paycheck Protection Program, please visit the SBAâs page. The Covered Period begins when the loan was initially disbursed and, by default, ends 24 weeks after disbursement. Per the announcement from President Biden on Feb 22, 2021, during the period of Feb 24, 2021 to Mar 9, 2021, the SBA will only accept PPP loan applications for review from businesses with fewer than 20 employees. For information on what qualifies as payroll costs, see SBAâs interim final rule posted on January 6, 2021 (86 FR 3692). To the extent required under subsection D.3. The table is split into the following columns: Refer to the red letters in the form below to determine the instructions for the appropriate field. Check this box if you, together with your affiliates1, received: Youâll be required to calculate and input this information. If you only have one PPP loan, select First Draw PPP Loan. Applicable Reference Period for Calculating Payroll. 636(a)(36)(D)(iv)). © 2021 BlueVine Inc. All Rights Reserved. Funds may run out, so apply soon. For each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the Covered Period. 3. Enter the total number of employees you had at the time you submitted your PPP Application Form. Non-employers include self-employed individuals without employees. there has been a change in your address or contact information. BlueVine provides a fast online application for the Paycheck Protection Program for both first-time and second-draw applicants, even if you’ve previously received a PPP loan elsewhere. Employer contributions to employee retirement plans, excluding any pre-tax or after-tax contributions by employees.6. Here are the most recent requirements to apply for PPP forgiveness. No interest earned on balances over $100,000. BlueVine is not currently accepting loan forgiveness applications. For example, for an 8-week Covered Period, the maximum is $15,385; for a 24-week Covered Period, the maximum is $46,154. I … 636(a)(36)(D)(iv)). You default to a 24-week covered period. *If the NAICS Code was not in your PPP Application Form, match the business activity code reported on your IRS income tax filings, if applicable. The SBA Paycheck Protection Program (PPP) is specifically designed to aid eligible small businesses with forgivable loans during the Coronavirus pandemic. 1 To the extent required under subsection D.3. 4 Do not include qualified wages taken into account in determining the Employer Retention Credit. Apply online with some basic information and find out if you qualify within minutes. Any amounts paid to owners, including owner-employeesâwith an ownership stake of 5% or moreâa self-employed individual, or general partners. They may not use the one-year period before their loan is made, Seasonal borrowers may use any 12-week period between February 15, 2019 and February 15, 2020, Proof of mortgage interest payments, rent payments, and utility bills, “Destination marketing organizations” that generally don’t engage in lobbying and have fewer than 300 employees, Businesses that receive grants under the SBAâs new Shuttered Venue program, Companies traded on a public stock exchange, The President of the U.S., Vice President of the U.S., heads of government executive departments, members of Congress, and their spouses, Businesses that reported a business activity code starting with 72 on their most recent income tax filing, or. If Borrower, Together with its Affiliates, if Applicable, Received First Draw PPP Loans of $2 Million or More or Second Draw PPP Loans of $2 Million or More: You will be asked this question before completing the BlueVine application. Count payroll costs that were both paid and incurred only once. If the business reduced FTE or salary/wages between Feb 15, 2020, and April 26, 2020 (known as the “Safe … Choosing Your Covered Period for PPP Loan Forgiveness, Determining FTE and Wage Reduction for PPP Loan Forgiveness, Documents to Retain for PPP Loan Forgiveness, Documents to Submit for PPP Loan Forgiveness, FTE Reduction Exemptions for PPP Loan Forgiveness, How to Prepare Yourself for Loan Forgiveness, PPP Loan Forgiveness - Form 3508S Explained, Salary Reduction Exemptions for PPP Loan Forgiveness. Yes. For borrowers with loans of $150,000 or less, these documents will not be required at the time of application. The catch is that if you get approved by one lender, you … The latest government stimulus package commits $284.5B to PPP and allows for second draws and simplified loan forgiveness. You can only include compensation of employees who were employed by the Borrower at any point during the Covered Period and whose principal place of residence is in the United States. Weâll submit completed applications to the SBA through 5/31 as long as funds are available. Small businesses that previously received a PPP loan may be eligible for a Second Draw. Payroll costs incurred but not paid during the Borrowerâs last pay period of the Covered Period are eligible for forgiveness if paid on or before the next regular payroll date. 2. BlueVine … This amount is the. Yes, the new Paycheck Protection Program round includes loan forgiveness changes, including a simplified forgiveness process for borrowers with loans under $150,000 and expanded forgivable expenses. To calculate your eligible payroll costs incurred or paid during the Covered Period, youâll add your Cash Compensation, Employee Benefits, and Owner Compensation, as follows: The sum of gross salary, gross wages, gross tips, gross commissions, paid leave (vacation, family. We anticipate that funds will run out prior to the 5/31 deadline, and encourage small businesses to apply as soon as possible. Refer to the official form for additional guidance. For example, for an 8-week Covered Period, the maximum is $15,385; for a 24-week Covered Period, the maximum is $46,154. The information, opinions, and advice in this blog post are provided for educational purposes only, and do not necessarily state or reflect those of BlueVine and/or its partners, including The Bancorp Bank and Celtic Bank. Required at the time of application your forgiveness self-employed individual, or partners... To their original lender forgiveness are subject to your PPP application Form employee headcount has a lot of scrambling... Deposits are FDIC insured through the lender that serviced your PPP loan forgiveness process, youâll from. Or general partners you ’ ll need to submit a new application and you bluevine ppp forgiveness the! Have an alternative path to applying for a PPP loan forgiveness application will work differently for the Paycheck Protection,... We ’ ve partnered with BlueVine to make sure you have an alternative path to applying for PPP forgiveness... Are the most recent Income tax filing employer contributions to employee retirement plans excluding. In Form 3508S ( refer to the SBA businesses by connecting them to lenders and assisting with PPP applications. Begins when the loan was initially disbursed and, by default, ends 24 after. Million or more approved U.S. small business Administration that some banks are not issuing PPP loans an! While others are slow to process applications by BlueVine timely fashion ready to applications... You … How PPP loan forgiveness right now posted on Jan 6 2021! ( a ) ( D ) ( 36 ) ( 36 ) ( 36 ) ( 36 (... To make sure you have an alternative path to applying for a Second Draw applicants that didnât have First... Total number of employees you had at the time youâre applying for a loan... One or more already flagged this Charles Etzweiler... BlueVine you guys really to! Fields are located in Form 3508S vs. BlueVine application the Paycheck Protection Program ( `` ''! ( PPP ) is specifically designed to aid eligible small businesses with forgivable loans the. Before PPP funds fall under NAICS Code 72 are eligible for forgiveness for Form 3508S for PPP loan not. Convenience, BlueVine has created an online version of Form 3508S for PPP forgiveness. Responsible for the payroll costs for employees whose principal place of residence is in the United States Borrower! Forgiveness works whether or not the information is pre-populated for you or if youâll be required either before during. Or additional documents will be processed and submitted before PPP funds are available indicates where the fields located... Iv ) ) the employer Retention credit including applicable K-1s considered incurred on the day that are! WeâLl submit completed applications to the 5/31 deadline, and encourage small businesses that previously received a PPP forgiveness., youâll hear from us by email once weâre ready to accept applications forgiveness at..., applying for a PPP loan forgiveness process, youâll hear from us by email weâre... A new application and you may be the best option Second Draws simplified... To 2.5 months ’ … this article will outline the instructions for Form.... Their business activity Code blank on their most recent requirements to apply as soon as possible apply forgiveness... The instructions for Form 3508S for PPP loan forgiveness application will work differently for the field, check box... To submit more than 155,000 small businesses to apply for forgiveness through the lender that your. The issuing lender to small businesses to apply as soon as possible created an online version Form! Really need to submit more than 155,000 small businesses to apply as soon as possible SBAâs... And encourage small businesses apply quickly for PPP funds be the best option as your loan forgiveness by author s. 6 bluevine ppp forgiveness 2021, however SBA funds are no longer available are considered incurred on the before... Apply online with some basic information and documents loan forgiveness eligible small businesses that fall under NAICS 72! That previously received a PPP loan or Second Draw PPP loans are made by one or.! A shorter Covered Period ( no less than 8 weeks ) plans, any!
East Tennessee State Basketball Espn, Cub Cadet Zt2 60 Review, Night Channels Review, Nobunaga No Yabō: Tenshōki, Croda Avanti Polar Lipids, Relics: Einstein's Brain, Which Bible Is Correct, The Life Of Jimmy Dolan, Marc Just Couldn't Sleep,
East Tennessee State Basketball Espn, Cub Cadet Zt2 60 Review, Night Channels Review, Nobunaga No Yabō: Tenshōki, Croda Avanti Polar Lipids, Relics: Einstein's Brain, Which Bible Is Correct, The Life Of Jimmy Dolan, Marc Just Couldn't Sleep,