this PPP forgiveness worksheet!

[schirallicpa]

I'm going to scream before I get thru this.

Table 1 of PPP Schedule A worksheet SBA Form 3508

"List employees who:

Received compensation from the Borrower at an annualized rate of less than or equal to $100,000 for all pay periods in 2019 or were not employed by the Borrower at any point in 2019."

 

Why do I have to read this 10x to make sense of it.  

[Lion EA]

You do realize there will be at least one more revision of Form 3508. Maybe Form 3508-EZ will stay the same, maybe, unless there's some sort of universal forgiveness for the smaller loans. Is your bank taking forgiveness applications yet? Most are waiting on final final regulations and building their own online application for borrowers to fill out. I've heard banks give dates like mid-July and late-July to accept submissions.

Relax. Breathe. Go back to preparing tax returns for pay. Give your clients lists of documentation to gather. Stay well.

[schirallicpa]

That made me laugh!

[Lee B]

I have taken 2 online webinars already and I am taking another webinar on Tuesday, because they keep changing the forms, rules and guidance.

I have also seen lengthy step by step articles about completing the forgiveness process.

Unfortunately, there are  still a number of unanswered questions.

[JohnH]

The latest guidance from SBA, a FAQ sheet released on Monday Aug 3, helps clear up some (but not all), of the key questions which have been loitering in our minds these past few weeks. Here's a link,  just in case you haven't seen it from another source and don't mind clicking on links.  https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness?utm_medium=email&utm_source=govdelivery