Outstanding news for those of you who received a PPP Loan of $50,000 or less. Attached are a few links for SBA Forms 3508, 3508EZ and our new SBA Form 3508S.
- Please use SBA Form 3508S for Loan Forgiveness if the loan amount disbursed to you/your company/church, etc. was $50,000 or less. This new, streamlined, Loan Forgiveness Application will be beneficial for those of you who fall into this category and will lessen the time it takes to apply.
Documents that Each Borrower Must Maintain but is Not Required to Submit:
- All records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to its eligibility for a PPP loan, documentation necessary to support the Borrower’s loan forgiveness application, and documentation demonstrating the Borrower’s material compliance with PPP requirements. The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon req
PPP Loan Forgiveness-$50,000 or Less: SBA Form 3508S:
PPP Loan Forgiveness-$50,000 or Less Instructions: SBA Form 3508S:
PPP Loan Forgiveness Application Instructions for Borrowers: SBA Form 3508: https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Instructions%20%28Revised%206.16.2020%29.pdf
PPP Loan Forgiveness Application: SBA Form 3508: https://www.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29-fillable_0-508.pdf
PPP Loan Forgiveness Application Instructions for Borrowers: SBA Form 3508EZ: https://www.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf
PPP Loan Forgiveness Application: SBA Form 3508EZ: https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Form%20EZ%20Instructions%20%28Revised%2006.16.2020%29.pdf
Loan Forgiveness Calculation Form: https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29.pdf
