Revised PPP Forgiveness Form
While many are focusing on preparing applications for second draw loans under the Payroll Protection Program (PPP), the Small Business Administration has issued a revised form for requesting forgiveness for PPP loans that borrowers have already received.
The revision to Form 3508S creates a one-page forgiveness application that requires no documentation to be attached for borrowers who received PPP loans of $150,000 or less and meet all of the requirements for full loan forgiveness.
The revised form is available from the Treasury Department at: https://home.treasury.gov/system/files/136/PPP–Loan-Forgiveness-Application-Instructions–Form-3508S-1192021.pdf
Prior to the enactment of the Consolidated Appropriations Act of 2021, Form 3508S was only available for borrowers with loans of $50,000 or less. As discussed in our post on December 22, 2020, the new law streamlined the forgiveness process, and the revision to Form 3508S reflects this change.
For loans that exceed $150,000, borrowers can request forgiveness using Form 3508EZ, if they have not reduced the number of full-time equivalent employees or reduced employee salary or wages. The SBA has also issued a revision of this form, which is available from the Treasury Department at: https://home.treasury.gov/system/files/136/PPP–Loan-Forgiveness-Application-Instructions–Form3508EZ-1192021.pdf
All other borrowers can request forgiveness using Form 3508, which is available from the Treasury Department at: https://home.treasury.gov/system/files/136/PPP–Loan-Forgiveness-Application-and-Instructions–Form-3508-1192021.pdf