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A new, free online tool is available to help PPP borrowers complete the forgiveness application for Paycheck Protection Program (PPP) loans. ADP Customers, see below.
Available at PPPForgivenessTool.com, the dynamic platform automates the forgiveness process for PPP borrowers. The tool is available to any business approved for a PPP loan, regardless of the lender it worked with to receive funding.
The tool will produce all government-required forms automatically. The PPP applicants will be able to electronically sign the SBA Form 3508, PPP Loan Forgiveness Calculation Form, or Form 3508EZ, and the required source documents will be saved into a downloadable file that can be provided to PPP lenders.
Final Treasury and U.S. Small Business Administration (SBA) FAQs on PPP forgiveness are expected to be released soon, and the PPP loan forgiveness tool will be updated to reflect any new changes. Based on this, I recommend that borrowers wait for the final guidance before generating the final signed Form 3508.
Pre-fill PPP Loan Forgiveness Application in ADP RUN
ADP Customers can now pre-fill the SBA Form 3508EZ PPP Loan Forgiveness Application with your information that has been entered through payroll. The additional fields needed for completion of the application are available for input. Access to this new feature is available directly through Accountant Connect.
Benefits: By answering a few questions upfront, there is no need to look through multiple reports to find the data required to apply for loan forgiveness.
To access the PPP Loan Forgiveness Application through Accountant Connect:
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For more news and reporting on the loan and stimulus tax programs related to the Coronavirus, please visit my Coronavirus blog page here.
https://www.chriswhalencpa.com/category/coronavirus-related/
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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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