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HSC CORONAVIRUS C OMMUNICATION 
 

Edition #33

January 22, 2021

HSC COVID-19 Fast Response Team

We are here to help! 

 

In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a  Coronavirus Resource Center on our website for ongoing information. 

 

In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals. 

 

If you have questions or would like to speak with this team, please contact your HSC team member or Kyle Wininger,

CPA, CICA, CVA, CFE at  kwininger@hsccpa.com. 

New PPP Loan Forgiveness Forms

 

On January 20th, the SBA released updated PPP forgiveness forms including a new one-page form for loans under $150,000. These forms may be used for applying for forgiveness for the original PPP loans and 2nd draw PPP loans.

 

PPP Loan Forgiveness Application Form 3508S (replaces the previous under $50,000 version)

This form can be used for borrowers with loan amounts of $150,000 or less, even those borrowers with combined loans to affiliates totaling $2 million or more. Unlike the long form 3508, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508S does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review or audit processes. This requirement indicates that although the $150,000 form is easier to complete, the borrower must still perform the cumbersome forgiveness calculations unless they are under $50,000 or meet the same requirements of the 3508EZ form (did not reduce wages more than 25% and did not reduce FTE’s).

 

PPP Loan Forgiveness Application Form 3508EZ  

Borrowers can use this form to apply for forgiveness of a First or Second Draw (PPP) Loan if the Borrower’s PPP loan amount is more than $150,000 and the Borrower did not reduce annual salary or hourly wages of any employee (making less than 100,000 in 2019 on an annualized rate) by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (when excluding FTE and hours reductions allowed to be excluded under Safe Harbor 1 rules)

 

Loan Forgiveness Application Form 3508

The third form released by SBA is used for all other borrowers to apply for forgiveness, requires full forgiveness calculations and support to be submitted with the application. 

 

 

For more information on which forgiveness forms are the right fit for you or on PPP second draw loans please contact Scott Touro, MBA at   stouro@hsccpa.com.

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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues.  Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.

Evansville Office

21 SE Third Street

Suite 500

Evansville, IN  47708

(812) 464-9161

Louisville Office

545 S Third Street

Suite 102

Louisville, KY  40202

(502) 584-4142

As a reminder, you are receiving this email because you are a valued client of Harding, Shymanski & Company, P.S.C.  For more information on our company, please visit our website.

 

 

Harding, Shymanski & Company, P.S.C

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