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SBA Form - 3508S

SBA Form – 3508S

 

On October 8, 2020, the SBA in consultation with the U.S. Treasury, released a “simpler” loan forgiveness application for PPP loans of $50,000 or less.  The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any reduction in forgiveness for any salary or wage reduction. 

 

Borrowers must still complete a one-page application which includes certifications on the use of the funds. 

 

Click here to view the simpler loan forgiveness application (“Form 3508S”)

 

In addition, documentation is still required to be submitted for payroll and nonpayroll cost validation. 

 

Click here to view the instructions for completing the simpler loan forgiveness application.

 

NOTE:  This is not “blanket” or “automatic” forgiveness.  Borrowers must still provide support for their forgiveness request. 

 

All 3508S applications should be submitted using “OPTION 3 – which is the option for borrowers to file a scanned application and attach required documentation.