Comments on: Forgiveness for PPP Loans $50,000 or Less: The New 3508S Form https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/ Actionable Insights from Small Business CPAs Sat, 17 Oct 2020 13:02:00 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Stephen Nelson CPA https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10165 Sat, 17 Oct 2020 13:02:00 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10165 In reply to Tom.

You only look at first $100K someone makes and owners only get 2.5 months, so for shareholder-employee, that’s $8333 a month for 2.5 months. Or $20,833.

For non-owner employees, $100K limit also applies (but isn’t relevant in your case) and you get 24/52nd per employee. With $40K employee, that’s probably $18,462.

Those are limits. Also, you need to pay these amounts to get forgiveness.

]]> By: Tom https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10163 Fri, 16 Oct 2020 12:29:39 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10163 Hi Stephen – any instructions or guidance for S Corporations? I have an S Corporation with two employees – me and a second employee. I take 120K compensation annually and the second employee takes 40K. I’m trying to do the math for the forgiveness, but getting confused as to which rules to follow. There are some stated about 2.5 times, others about $100,000 salary limit. Unsure which calculation method to use. Your guidance is much appreciated.

]]> By: Stephen Nelson CPA https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10146 Wed, 14 Oct 2020 21:58:09 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10146 In reply to Manuel N.

No, not yet. And I think the longer Congress can’t decide, the less likely a restart becomes. Sorry.

]]> By: Manuel N https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10138 Wed, 14 Oct 2020 17:04:02 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10138 I thought they had opened up for the PPP loans again? Is this correct? If so this is my 1st time applying,is the 3508S the correct form? For a independent Contractor.. Thxs

]]> By: Stephen Nelson CPA https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10137 Wed, 14 Oct 2020 16:11:20 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10137 In reply to Abdulrahman sesay.

We don’t really have a way to put you on a mailing list. But we email people whenever we have a particularly relevant blog post. And to get on that list, you just need to have downloaded one of our ebooks.

Note: Many of the ebooks are free! So grab one of the free ones. You’ll give your email address for that. And then you can be assured of getting a notice.

]]> By: Abdulrahman sesay https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10132 Wed, 14 Oct 2020 02:29:03 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10132 Please I’m a Uber driver since 2016 and I’m active driver I once apply for the ppp loan but unfortunately I applied on late on July and my application was turned down I forwarded all my 1099 and necessary documents ID card…it comes out that I had an email from PPP loan it over…so please can you send me emails when it’s going to be done for the forgiveness fund…

]]> By: Stephen Nelson CPA https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10128 Tue, 13 Oct 2020 12:51:32 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10128 In reply to Stephanie.

Yes. That’s correct. So if you can use 3508S, you may as well go for it now. Not much reason to wait…

]]> By: Stephen Nelson CPA https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10127 Tue, 13 Oct 2020 12:50:36 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10127 In reply to Tom Hammar.

I think the IRS Notice 2020-32, published earlier, stands. Also, it’s worth reading the notice… My opinion is, IRS has this right.

]]> By: Tom Hammar https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10126 Mon, 12 Oct 2020 22:29:53 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10126 Any news or prospects for regarding if, how and when the tax impact of the forgiveness will work? Latest I heard the forgiveness will not be taxable but to the extent you use forgiven loan proceeds to pay for business expenses (which of course you will) these expenses will not be deductible.

Thought Congress was going to “fix” this as they had from the beginning promised this to be tax free but this seems to be another thing lost in the political stalemate. Just wondering from the standpoint of 4th quarter estimated tax payments. Thanks!

]]> By: SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less - Tax & Accounting Blog https://evergreensmallbusiness.com/forgiveness-for-ppp-loans-50000-or-less-the-new-3508s-form/#comment-10125 Mon, 12 Oct 2020 19:21:16 +0000 http://evergreensmallbusiness.com/?p=11310#comment-10125 […] Forgiveness for PPP Loans $50,000 or Less: The New 3508S Form […]

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