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Small Business Administration Releases Updated Application for Forgiveness of PPP Loans of $150,000 and Under

CPAs & Business Consultants

Rachel Van Slembrouck
Rachel Van Slembrouck, CPA CPAs & Business Consultants

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The U.S. Small Business Administration released an updated one-page simplified loan forgiveness application for businesses that received Paycheck Protection Program loans of $150,000 or less. This application applies to both PPP1 and PPP2 loans, but forgiveness for each round must be applied for separately.

Recipients of loans of $150,000 or less will apply for forgiveness using Form 3508S. They will need to disclose the loan amount, the loan disbursement date and covered period dates, number of employees as of the time of the loan application and as of the time of forgiveness, and amount of funds spent on payroll costs. They must also disclose the requested amount of loan forgiveness.

Applicants will not be required to submit any supporting documentation to their lender or the SBA with their forgiveness application; however, they are required to maintain any payroll, nonpayroll or other documents in their records. 

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

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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