PPP Loan Forgivess Application Form 3508EZ Eligibility - Spidell

PPP Loan Forgivess Application Form 3508EZ Eligibility

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Message Board PPP Loan Forgivess Application Form 3508EZ Eligibility

  • This topic has 1 reply, 2 voices, and was last updated 1 week, 2 days ago by Mike Giangrande.
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    • #273803
      Anonymous
      Member

      I am wondering if a client is eligible to use Form 3508EZ if they laid of an employee PRIOR to 02/15/20.  One of the boxes that needs to be checked to qualify to use the form states “Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period….. AND Borrower did not reduce the number of employees or the average paid hours of employees between <span style=”text-decoration: underline;”>January 1, 2020</span> and the end of the Covered Period.”  I would have expected that second part to read “between FEBRUARY 15 and the end of the covered period.  Looking for an explanation and specifics on this January 1 rule.

    • #274007
      Mike Giangrande
      Participant

      Employees laid off prior to February 15, 2020 are not counted in the employee reduction calculation.

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