On Tuesday, the US Treasury and Small Business Association (SBA) released updated Paycheck Protection Program (PPP) forgiveness application forms and guidance to reflect changes made the the Paycheck Protection Program under the Consolidated Appropriations Act. This includes a one-page application, the PPP Loan Forgiveness Application Form 3508S, for borrowers who received a PPP loan of $150,000 or less.
Updated PPP Form 3508S for Loans of $150,000 or Less
Form 3508S requests information about the borrower’s total loan amount, disbursement date, covered period dates, employee totals, amount of PPP loan spent on payroll, and the amount of the loan for which the borrower seeks forgiveness. Borrower’s do not need to submit supporting documentation with this application. However, they must maintain documents that could be requested during an audit or SBA loan review, such as payroll and nonpayroll.
Revised PPP Application Form 3508 and Form 3508EZ
The Treasury and SBA also released revised PPP loan forgiveness application Form 3508 and Form 3508EZ. Form 3508-EZ is a simpler forgiveness application form for borrowers who meet specific safe harbors. The new Form 3508 is the complete PPP forgiveness application for those who do not qualify to use Form 3508S or Form 3508EZ.
Borrowers who apply for forgiveness with these forms must submit required payroll and nonpayroll documentation, which is listed on the forms.
Paycheck Protection Program Borrower’s Disclosure of Certain Controlling Interests
The SBA and Treasury also released Form 3508D. Certain individuals must use this form to disclose controlling interest in an entity applying for a PPP loan.
Contact Us for Assistance
If you need assistance applying for a first or second-draw PPP loan, need assistance applying for loan forgiveness, or would like us to review your PPP loan application form, we’re happy to help. Please call 443-320-4101 or email [email protected] to speak with a Hoffman Group representative.
Author: Megan O’Donnell