The Small Business Administration (SBA), and the Treasury Department have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page form that borrowers who received no more than $150,000 can use to apply for forgiveness.
The newly released form, called the PPP Loan Forgiveness Application Form 3508S, can be used by PPP loan recipients who received no more than $150,000. When filling out the form, the applicant will need to provide information about the loan amount, the disbursement date, employee totals, the amount of the loan spent on payroll, the amount of the loan that the applicant is requesting be forgiven, and other information related to the PPP loan. Applicants are not required to to submit any supporting documentation with the application, but they are required to maintain documentation that could be requested during review of the loan.
The SBA and Treasury Department also released Forms 3508 and 3508EZ, for PPP loan recipients who do not qualify to use Form 3508S. When submitting Forms 3508 and 3508EZ, loan recipients must also provide payroll and non-payroll documentation.
If you or your business received a PPP loan and need help navigating the forgiveness process, please contact our office. We would be happy to guide you.
This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.