PPP Update October 9, 2020
The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
SBA is issuing an alternative Loan Forgiveness Application, SBA Form 3508S, for use by PPP borrowers applying for loan forgiveness on PPP loans with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates1 received loans totaling $2 million or greater.
PPP forgiveness forms are now available.
- Borrower Forgiveness Information Guide
- Frequently Asked Questions
- PPP Instructions - Form 3508S (For loans less than $50,000)
- PPP Application - Form 3508S (For loans less than $50,000)
- PPP Instructions - Short Form 3508EZ
- PPP Application - Short Form 3508EZ
- PPP Instructions - Long Form 3508
- PPP Application - Long Form 3508
If you have any further questions, please don’t hesitate to reach us at [email protected].