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. 

Please review the Borrower Forgiveness Information Guide to determine the forms you need.

If you have any further questions, please don’t hesitate to reach us at [email protected]