PPP step 2 - Leumi USA

Step 2: Choose Your Application form

Application Checklist

You may use one of two forgiveness application forms: 3508EZ or 3508. Your application package must include the items required for the form you select. No application will be accepted without all the required documentation.

If you can check at least one of these three boxes….

You are self-employed, an independent contractor, or a sole proprietor who had no employees at the time of loan application and did not include any employee salaries in the computation of average monthly payroll in your loan application.

You did not reduce annual salary or hourly wages of any employee who made $100,000 or less on an annualized basis in every 2019 pay period, by more than 25% during the Covered Period or Alternative Payroll Covered Period compared to the period between 1/1/2020 and 3/31/2020;
and
You did not reduce the number of employees or average paid hours of employees between 1/1/2020 and the end of the Covered Period, excluding any reduction caused by (i) your inability to rehire individuals who were employees on 2/15/2020 or hire qualified individuals to fill the open positions on or before 12/31/2020, and (ii) any employee refusing your offer to restore hours.

You did not reduce annual salary or hourly wages of any employee who made $100,000 or less on an annualized basis in every 2019 pay period, by more than 25% during the Covered Period or Alternative Payroll Covered Period compared to the period between 1/1/2020 and 3/31/2020;
and
You were unable to operate during the Covered Period at the same level of business activity as before 2/15/2020, due to direct or indirect compliance with requirements or guidance issued between 3/1/2020 and 12/31/2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19 (“COVID Requirements or Guidance”).

 . . . you may use SBA Form 3508EZ and this checklist:

PPP Loan Forgiveness Application on SBA Form 3508EZ (Instructions)
          PPP Borrower Demographic Information Form (optional)
Payroll Supporting Documents
FTE Supporting Document (if you checked only the second box above)
Non-payroll Supporting Documents (if applicable)

If you cannot check any of the boxes above, you must use SBA Form 3508 and this checklist:

PPP Loan Forgiveness Application on SBA Form 3508 (Instructions)
          PPP Loan Forgiveness Calculation Form
          PPP Schedule A
          PPP Borrower Demographic Information Form (optional)
Payroll Supporting Documents
FTE Supporting Documents
Non-payroll Supporting Documents (if applicable)

None of the information should be construed as legal advice or an assurance that the SBA will agree with the Bank’s standards. If you have any questions regarding your application, please refer to the SBA resources provided on page 2 of this notice and speak with your legal advisor or accountant.