PPP Loan

Small Business Administration Releases Simpler Form for Forgiveness of Smaller PPP Loans

CPAs & Advisors

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The U.S. Small Business Administration released a new, simplified loan forgiveness application for businesses that took Paycheck Protection Program loans of $50,000 or less.

Borrowers are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent employees or reductions in employee salaries or wages. Most of the form involves certifications that the borrower must initial. The form does not require reporting amounts; however, borrowers still must submit documentation to their lenders.

Access the instructions for completing the PPP Loan Forgiveness Application Form 3508S.

Is your PPP loan between $50,000 and $150,000?

Congress may pass the PPP Small Business Forgiveness Act, which would forgive all loans under $150,000 with a one-page attestation form from the borrower. While we wait for Congress, we recommend that businesses with loans between $50,000 and $150,000 should wait to apply for loan forgiveness.

Reach out to your Yeo & Yeo professional about your situation. Visit Yeo & Yeo’s COVID-19 Resource Center for ongoing updates and resources available to assist you further.

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