If you have a Paycheck Protection Program (PPP) loan of $50,000 or less, the SBA/Treasury Department announced the following:
There is now an easy loan forgiveness application for all Paycheck Protection Program (PPP) loans of $50,000 or less.
This decision streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses.
This decision will also allow lenders to process forgiveness applications far more swiftly.
SBA began approving PPP loan forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP loan forgiveness applications in an expeditious manner.
PPP Loan Forgiveness Application.
If you have a PPP loan of $50,000 or less, we have listed several links below to use:
Experts agree that all loan forgiveness applications should be completed as soon as possible as Form 3508S has a printed expiration date of October 31, 2020; however, a final loan forgiveness due date is not yet made public as of October 14, 2020.
popdevteamThe SBA and Treasury Department Announce Total Forgiveness For All PPP Loans Of $50,000 Or Less
Last month LendEDU reported that almost half of all college students surveyed believe they will be entitled to student loan forgiveness. Most of them will be disappointed to find out that this isn’t true. Public Service Loan Forgiveness (PSLF) was designed only for those employed in certain professions. Generally, employment with the following types of organizations qualifies for PSLF:
Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code
Government organizations at any level (federal, state, local, or tribal)
Other types of not-for-profit organizations that provide certain types of qualifying public services
Contrary to popular belief, this program doesn’t simply wipe out college loan debt. The PSLF was designed to forgive the remaining balance on Direct Loans after 120 qualifying monthly payments have been made while working full-time for a qualifying employer.
If you’re a non-profit and a qualifying employer, you need to be prepared to assist your employees and understand the information being requested. If you’re not a qualifying employer, you also need to be prepared to share this information with your employees as the misconception about who is eligible seems, at least according to this recent survey, to be overwhelming!
The process for borrowers begins with employer certification. If you’re like many employers, you have not yet prepared to handle employee requests for loan forgiveness. October of 2017 is the date when the first borrowers will become eligible for PSLF, but many employees are submitting requests ahead of time to find out how close they are to qualifying.
At minimum, we suggest a few simple steps to prepare for employee requests related to the PSLF:
Develop a written process that outlines how you will handle employee requests.
Make sure your payroll and HR staff are familiar with the employment certification form which can be found here.
Designate a person responsible for the completion of the forms and determine who is permitted to sign as the employer’s “authorized official.”
PSFL Program is not new, but this is the first year that employees can begin receiving loan forgiveness. Don’t wait until October, when the Program is sure to receive increased media attention, to consider how you will respond to employee requests!
popdevteamAre Your Employees Eligible for Loan Forgiveness?
With over 16 years of comprehensive HR experience, Yeimilyn energizes our clients to develop smart and efficient employee management practices. Her specialties include compliance with all HR employment laws (FLSA, FMLA, OSHA, ADA, EEO, among others), payroll processing, dealing with difficult employees, hiring, training and retaining all-star teams, creating an employer brand, and overall process efficiency and improvement. She’s a member of the Society for Human Resources Management and previously served on the Board of Directors of the Greater Miami Society for Human Resources Management as Vice President of Membership and on the Diversity & Inclusion and Professional Development Committees.
Cofounder/Client Service Supervisor
Willy Muniz is one of the Cofounders of Miami Payroll Center. With 17 years’ experience in the payroll industry, his expertise lies in relationship-management ensuring our clients’ needs are met and the highest levels of customer satisfaction achieved. His focus is on growing business relationships with current clients and bringing new companies of all sizes onboard. Willy’s passion as a business owner is ensuring our clients understand the full potential of our products and services and how it can transform the way they do business
Cofounder/Payroll Accounts Director
Susy Muniz is one of the Cofounders of Miami Payroll Center with 17 years of payroll and tax compliance experience. She is known for taking the reins and assisting clients with the most challenging of obstacles to make a difference in their businesses. Her specialties include client implementation, compliance with all tax laws, Workers Compensation policy administration and payroll requirements across the 50 states. Susy’s passion as a business owner is to promote small businesses, find smart solutions to challenging problems, encourage business owners and their teams, and to further Miami Payroll Center’s work as a group of talented and ethical professionals.
Business Development Officer
Rene Cibran has over 28 years of industry experience in payroll, human resources and financial services. As Business Development officer for Miami Payroll Center, Rene helps employers reduce the high cost of essential business services such as Payroll Processing, Workers Compensation, Human Resources and Major Medical Insurance plans. Rene has been licensed since 1995, as an insurance agent and financial advisor with a proficiency in Employee Benefits, Retirement Planning and Long Term Care. Mr. Cibran has received numerous awards during his extensive tenure in employer services and is committed to giving back to the community. Rene currently serves on the Board of Directors for South Florida Hispanic Chamber of Commerce and has been involved with the Alzheimer’s Association, Pancreatic Cancer Action Network, and is a former board member of the Alliance for Aging. Mr. Cibran has a Master’s Degree in Business Administration (MBA) from Nova Southeastern University and received his Bachelor’s Degree from Florida International University.
Cofounder/Human Resources Consultant
Alex Santos, M.S., M.B.A., S.P.H.R., is a senior human resources and instructional systems designer with over 20 years of professional experience. Alex’s work in private industry has focused heavily on the development of learning systems that transform employee performance from ordinary to remarkable. Alex’s expertise lies in building systems that support and reward service excellence at every level of the organization. He accomplishes this by combining organizational development strategies and tactics with blended (both online and offline) learning programs with line-of-sight alignment to clearly defined performance goals.
He earned his Master of Science in Instructional Systems from The Florida State University in ‘96, and his Master of Business Administration from The University of Miami in ‘03. In addition, he holds the coveted Senior Professional in Human Resources certification from the Human Capital Institute.