THE EVERETT ADVOCATE – FRiDAy, JunE 26, 2020 Page 11 "yOuR FinAnCiAL FOCuS" Joseph D. Cataldo Paycheck Protection Program EZ Forgiveness Form The borrower is self-employed and has no employees; or Did not reduce the salaries T he SBA, working with the Department of the Treasury, announced the release of new Form 3508EZ for certain Paycheck Protection Program (PPP) borrowers in order to apply for forgiveness of the PPP loan. This Form is much simpler than the initial forgiveness loan application. This will not only streamline the process for the PPP borrowers, but also for the lenders that served as the intermediary between the SBA and the borrower. The lender is the one that has to actually approve the forgiveness loan application. In order to be eligible to complete Form 3508EZ, borrowers must meet the following criteria: or wages of their employees by more than 25% and did not reduce the number of hours of their employees; or Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%. On page one of the instructions to Form 3508EZ you will fi nd a checklist with 3 checkboxes. If you can check off at least one of those 3 checkboxes, you will be able to complete Form 3508EZ, which is only a two-page form. On page two of Form 3508EZ, the borrower must check off certain representations and certifi cations. The fi rst page of the application has the forgiveness amount calculation: Line 1: list the gross payroll for the covered period Line 2: list business mortgage payments made during the covered period Line 3: list business rent paid during the covered period Line 4: list business utility payments made during the covered period Line 5: add the amounts on lines 1 through 4 Line 6: insert the amount of the PPP loan Line 7: divide line 1 by 60 percent (this is the payroll paid out requirement) Line 8: the forgiveness amount. The lesser of lines 5,6 or 7 The covered period is either the 8 - week period following the date your loan was funded, if you so elect, or the new 24week period following the date your loan was funded. Many businesses will need to take advantage of the new 24- week period in order to meet the 60% of gross payroll test. This new form was welcomed relief to borrowers and lenders of the PPP. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, registered investment advisor, AICPA Personal Financial Specialist and holds a masters degree in taxation. AUTOTECH 1989 SINCE Is your vehicle ready for the Summer Season?!! Recharge your vehicle's AC for the warm weather! Includes up to 1 LB. of Refrigerant* (*Most Vehicles/Some Restrictions May Apply) AC SPECIAL Only $69.95 DRIVE IT - PUSH IT - TOW IT! CASH FOR YOUR CAR, TRUCK OR SUV! 2012 FORD FUSION SEL 2015 NISSAN ALTIMA 6 Cylinder, Auto., 1 Previous Owner, Most Pwr., Options incl. Keyless Entry, & Pwr. Sunroof. Only 110K Miles! ALL TRADES WELCOME! $5,995 Easy Financing Available! Only 104K Miles, One Owner, Most Power Options, in Excellent Condition. QUALITY & PRICE $7,250 781-321-8841 1236 EasternAve • Malden EddiesAutotech.com We Pay Cash For Your Vehicle! WE’RE OPEN and Here for You In-Person and Telemedicine Appointments at Our Stoneham and Malden Locations Are you coping with an injury, joint problem, sprain or strain? Some healthcare needs can’t and shouldn’t wait. Even during this uncertain time, our expert orthopedic, pain management, physical therapy and occupational therapy specialists are here to help you. Both of our locations are open and we are offering in-person and telemedicine appointments during regular business hours. We’ll work with you to determine the best option for your needs. Contact us to schedule an appointment: (781) 279-7040 • agilitydoctor.com Agility Orthopedics
12 Publizr Home