Paycheck Protection Program: Guidance on Loan Forgiveness

Updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms were released by the US Small Business Administration (SBA) and Treasury.

PPP loan forgivenessThe PPP Loan Forgiveness Application Form 3508S is a one-page form for borrowers that received a PPP loan of $150,000 or less. The borrower doesn’t need to submit supporting documents, but would need to provide the following information on the form:

  • The loan amount
  • Disbursement date
  • Employee totals
  • Covered period dates
  • Amount of the loan spent on payroll
  • The amount of the loan for which forgiveness is being sought

Other Loan Forgiveness Applications:

PPP Loan Forgiveness Application and Instructions Form 3508

PPP Loan Forgiveness Application and Instructions Form 3508EZ

PPP Borrower’s Disclosure of Certain Controlling Interests

PPP Calculation Guidance:

How to calculate maximum loan amount for first draw PPP loans and what documentation to provide

How to calculate revenue reduction and maximum second draw loan amounts including what documentation to provide

Join Our Newsletter

Sign up to receive exclusive newsletters with the latest information affecting you and your organization.

Posted in

SHARE THIS POST