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All PPP lenders may accept scanned copies of signed loan forgiveness applications and documents containing the information and certifications required by SBA Form 3508, 3508EZ, or lender equivalent. Example: A borrower uses a biweekly payroll cycle. Visit www.biz2x.com. And that way we can help you do your PPP forgiveness, okay. With the recent SBA updates on the Paycheck Protection Program (PPP) forgiveness rules, the restrictions have loosened and become a bit easier for PPP loan recipients. We offer a free consultation at your location to help design your event. Fill in the information below and one of our experts will be in touch soon. Download and fill out the forgiveness form 3508 EZ and send it to K servicing. Example: A borrower received its loan before June 5, 2020 and elects to use a 24-week Covered Period. You click that link and that will take you to the PPP forgiveness portal. Was approved for my ppp round 2 forgiveness through biz2x . The good news is the principal and interest amounts can be deferred for up to six months. Example 2: A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period. Wonder how much of the interest they're forcing on these loans they'll get to receive from the govt (and thus our hard earned tax dollars). 5.go to console on the top. If you click View, you are going to see This is the PPP forgiveness application form 3508S, okay, so confirm that the information here is correct. Please see the steps below regarding how to begin the forgiveness process. But if you want to fill it out, you can. Hello from Freedom Tax Accounting, were an accounting firm where we have been providing quality tax and accounting services now for over 20 years. PPP loans issued after 6/5/2020 will have a 5-year term. New clients only. Once you complete the PPP forgiveness application form, through K Servicing, K Servicing has 60 days to process your PPP forgiveness application form and send it to the SBA. With the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), the SBA has introduced a Second Draw PPP Loan for eligible businesses that have already received a PPP loan. 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. Use it to fill out a PPP forgiveness application online to send to your lender. It's telling me the Form is not signed. Kabbage.com Explainer Melbourne, Australia 9 months ago 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. Anyone have a similar experience? Under Step 2, because the salary reduction was not remedied by December 31, 2020, the Salary/Hourly Wage Reduction Safe Harbor is not met, and the borrower is required to proceed to Step 3. If you laid off an employee, then offered to rehire the same employee for the same salary or wage and number of hours, but they declined the offer, your loan may still be forgiven for the full amount. These smaller borrowers will only need to send Form 3508S to lenders. No. Menu The lender is responsible for notifying the borrower of remittance by SBA of the loan forgiveness amount (or that SBA determined that no amount of the loan is eligible for forgiveness) and the date on which the borrowers first payment is due, if applicable. Biz2Credit Inc. 1 Penn Plaza, 31st Floor, New York, NY 10119. Popular Pages Loan Forgiveness Payroll Costs FAQ 8 outlines the treatment of retirement benefits for owners, which are different from this general approach. If so how? If the borrower did not submit its 2019 IRS Form 1040 Schedule C (or F) to the Lender when the borrower initially applied for the loan, it must be included with the borrowers forgiveness application. Partner with us to reach potential merchants using our patented technology on the Biz2X platform. So, the complete PPP loan amount thats what you put on payroll costs. The amount on line 1.c would be 0.75 or more, so the borrower would enter $0 in the Salary/Hourly Wage Reduction column for that employee on the PPP Schedule A Worksheet, Table 1. Posted on January 19, 2023; Posted in matador brussel sprouts recipematador brussel sprouts recipe About. Thanks for watching this video. Okay, now once you have your SBA loan number you will get an email from K Servicing that email is going to look like this; as a reminder that now you can apply for forgiveness, but you cannot apply for forgiveness via K Servicing website. The borrower is responsible for paying the accrued interest on any amount of the loan that is not forgiven. If you reduced your number of employees or their wages during the 24-week period, your loan forgiveness amount will be reduced.2. ocean magic surf report. Kabbage Funding is a trademark of American Express, used by KServicing under license. Forgiveness is not provided for employer contributions for retirement benefits accelerated from periods outside the Covered Period or Alternative Covered Period. Yes. On October 3, 2022, Kabbage, Inc. d/b/a KServicing and certain of its affiliates filed bankruptcy cases in the United States Bankruptcy Court for the District of Delaware. In this video, we show you step-by-step instructions on how to complete your Kabbage or K Servicing PPP loan forgiveness application via the Biz2X PPP loan forgiveness portal. State income, payroll expense, and unemployment insurance filings, Health and retirement insurance contribution documents, Documents that verify eligible interest, mortgage interest, lease or rent obligations, and utility payments before February 2020 (canceled checks, receipts, accounting statements). The examples below are for a borrower using a 24-week Covered Period. The firm, formerly known as Kabbage, processed more than $7 billion worth of Paycheck Protection Program (PPP) loans before the company's technology and a . Keep in mind, this list may vary by lender. 550 Team Members Top-Notch Talent in Data Science, Development, Marketing and Partnerships 3 Patented Fintech Solutions "KServicing has partnered with Biz2Credit to process borrower applications for PPP loan forgiveness. How can we assist you? No. Borrowers are also eligible for loan forgiveness for payments for employer state and local taxes paid by the borrowers and assessed on their compensation, for the amount paid by the borrower for employer contributions for their employee health insurance, and for employer retirement contributions to their employee retirement plans capped at the amount of 2.5/12 of the 2019 employer retirement contribution. The first day of the borrowers first payroll cycle that starts in the Covered Period is June 7. Borrowers can apply for forgiveness at this link. If your loan is over $150,000 and was provided through our partner Celtic Bank, you'll need to apply for forgiveness through Celtic. You can send to their customer service so that's it's documented you sent the completed form to the lender. Weight Loss Direct LLC. Your lender has to submit your application to the SBA within 60 days of your filing for forgiveness regardless of documentation. These electricity costs are eligible for loan forgiveness because they were incurred during the Covered Period and paid on or before the next regular billing date (November 6). Are Paycheck Protection Loans guaranteed by the SBA? Took about 2-3 weeks after applying for forgiveness, Wast did approve f'r mine own ppp round 2 forgiveness through biz2x. Note that while you can use a PPP loan to pay interest on non-mortgage debt, payments on non-mortgage debt will not qualify for loan forgiveness. This video is intended for educational purposes and should not be taken as legal or tax advice. *Cant be combined with any other offer. Let us assist you on your way to financial freedom. As long as a borrower submits its loan forgiveness application within ten months of the completion of the Covered Period (as defined below), the borrower is not required to make any payments until the forgiveness amount is remitted to the lender by SBA. For Safari, press command-option-C. Microsoft Edge Inspect Element, View Source Keyboard Shortcut. Contact your PPP lender and complete the correct form: And then once you are in K servicing, youre going to see this. About. And then it takes you to this page where it says the form is completed. #kabbagepppforgiveness #kservicingpppforgiveness #kabbageppp #pppforgiveness, Schedule a FREE Consultation With One of Our Tax Accounting Advisors, Programe su consulta y obtenga respuestas de uno de nuestros expertos asesores financieros. How to Calculate PPP Loan Forgiveness and Apply, Paycheck Protection Program (PPP) loan forgiveness guidelines, Filed (or will file) Schedule C with Form 1040 to the IRS to report business income, PPP Loan Forgiveness Calculation Form must submit with the application to your lender, PPP Schedule A must submit with the application to your lender, PPP Schedule A Worksheet used to determine if you meet the FTE employee headcount and pay requirements. Only 40% of your PPP loan can be used for expenses other than payroll for certain business structures. The lease was renewed in March 2020. Phone Number 212-644-455. Interest on unsecured credit is not eligible for loan forgiveness because the loan is not secured by real or personal property. You click the arrow at the bottom right to move forward. It is going to ask you if you are a veteran or not your gender, your ethnicity and your race, but these demographic questions are optional, but you do have to put your name, your email address and your title. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Get The Employee Retention Tax Credit (ERTC) in 2023 - BEWARE OF SCAMS, 7 IRS Changes That Can Affect Your 2022 Tax Return, Hurricane IAN SBA EIDL Disaster Loan in Florida, Top 5 LLC Benefits For Real Estate Investments, The Employee Retention Tax Credit is Still Available to Businesses in 2022, Kabbage (K Servicing) PPP Loan Forgiveness Application via Biz2X | Form 3508S, 1016 E Osceola Parkway, Kissimmee, 34744, Florida, United States, Ten Tips to Help You Choose a Tax Preparer, Eight Facts to Help Determine Your Correct Filing Status. Are Paycheck Protection Loans guaranteed by the SBA? The documents that borrowers should maintain to show compliance with this exemption include the written offer to rehire an individual, a written record of the offers rejection, and a written record of efforts to hire a similarly qualified individual. You'll enjoy the same great service and security you've come to expect with your line of credit just through our new site. Okay, your demographic questions are optional. PLATFORM FEATURES. Okay, especially if youre self-employed, okay. Now if youre doing PPP forgiveness for PPP one, you click first drop PPP loan. 2 Payroll costs include all forms of cash compensation paid to employees, including tips, commissions, bonuses, and hazard pay. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBAs compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. Fill in the form below and one of our specialists will be in touch soon! Paycheck Protection Program (PPP) loan forgiveness guidelines Read article; What You Need to Know to Repay Your PPP Loan Read article; Self-Employed contractors can apply for Paycheck Protection Program loans Read article; What if Paycheck Protection program loan forgiveness is denied Read article; Ultimate guide to PPP loan forgiveness Read . Employer expenses for employee group health care benefits that are paid or incurred by the borrower during the Covered Period or the Alternative Payroll Covered Period are payroll costs eligible for loan forgiveness. Fill in the information below to discuss your case with one of our experts via phone call, Zoom or WhatsApp. 100% forgiveness may be achieved if funds are proven to be used 75% for payroll expenses and 25% for covered costs. The borrower would then multiply the weekly salary reduction by 24 (because the borrower is using a 24-week Covered Period). 1016 E Osceola Parkway, Kissimmee, FL 34744 If youre unable to hire qualified employees to fill positions before December 31, 2020, you must provide supporting documents. If youre self-employed, youre going to choose sole proprietor. The Paycheck Protection Program Loan Process with Biz2Credit Step 1 You Fill Out the PPP Application Online Step 2 Our SBA-Approved Lender Verifies Information Step 3 Upload Required Supporting Documentation Step 4 The SBA Accepts Your Application Step 5 Get Funds in Your Account After 8 Weeks Loan Forgiveness Eligibility Can Be Verified 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. Kabbage, Inc., doing business as KServicing, is not affiliated with American Express. You'll receive an email when it is time to apply for forgiveness.To apply, click the link in the email to log into the Biz2Credit platform. Employee and compensation levels are maintained. The borrowers Covered Period runs from Monday, April 20 through Sunday, October 4. S Corporations: The employee cash compensation of an S-corporation owner-employee, defined as an owner who is also an employee, is eligible for loan forgiveness up to the amount of 2.5/12 of their 2019 employee cash compensation, with cash compensation defined as it is for all other employees. For one Kservicing is not the lender of record on your loan therefore they do not have the right to hold up your forgiveness application for any reason. A link to the SBA press release can be found here. The Paycheck Protection Program, which was signed into law as part of the CARES Act on March 27, 2020, with an initial $349 billion in funding, was a lifeline not just to small businesses, but . If any portion of your loan forgiveness amount is denied, your lender may ask you to provide more documentation to reevaluate your forgiveness application. The entire electricity bill payment is eligible for loan forgiveness (even if charges are invoiced separately), including supply charges, distribution charges, and other charges such as gross receipts taxes. or CALL US at 407-502-2400. Press J to jump to the feed. 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. Calculate the amount (if any) by which the maximum loan forgiveness will be reduced. 1 1 3. In November, a federal court ordered the SBA to release certain SBA loan data. Alright. Borrowers must provide documentation to support forgiveness-eligible expenses. K Servicing basically made a partnership with the Biz2X and you have to apply through the Biz2X portal. Youre going to see your PPP loan number, youre going to see that PPP loan amount, youre going to see the date that you receive your PPP funds. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. The Biz2X Platform is the natural outgrowth of Biz2Credit's established platform software that brands like HSBC and Popular Bank have chosen to launch new online lending initiatives. If you are an existing customer who previously applied for PPP loan, please enter the email you used to apply for the loan to log into the portal. 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. Reduction in Defaults. Now, one of the most common questions we get is how long does this process take right now. You get that email, you put that code here you click Continue and it takes you to this page okay. Now once the SBA gets the forgiveness form, the SBA has an additional 90 days to finish your PPP forgiveness. Yes. Sign into KServicing using your Kabbage login information Email Address Password Forgot your password? If the funds are used appropriately, business owners can apply for full loan forgiveness to have the entire amount of the loan forgiven. I got my first PPP thru biz2 on feb 4, 21..I just applied last week for forgiveness and it was granted in two days..they will put the info on your dashboard once 8 wks pass from date of your first ppp loan. Be sure to document this. If your forgiveness application was submitted after your deferral period, payments are due while the application is under review. Here youre going to put the number of employees at time of the loan application. Borrowers can apply for forgiveness any time up to the maturity date of the loan. 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. Employee benefits including costs for vacation, parental, family, medical, or sick leave allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit, State and local taxes assessed on compensation, For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee, Any compensation of an employee whose principal place of residence is outside of the United States, The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary, Federal employment taxes imposed or withheld between February 15, 2020, and June 30, 2020, including the employees and employers share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees. 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. 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. The eligible non-cash compensation payments should be included on lines 7 and 8 of PPP Schedule A of the Loan Forgiveness Application (SBA Form 3508), for borrowers using that form, and do not count toward the $20,833 cap per individual. commuter benefits, HSAs), Ancillary benefits (i.e. And a lot of people who got the PPP through Kabbage do not know their PPP loan number. Your loan through Kabbage, Inc. was made by the lender identified on your loan agreement.