SBA Releases PPP Forgiveness Form

SBA Releases PPP Forgiveness Form for Loans of $150,000 or Less
The SBA released revised PPP Loan Forgiveness Application Form 3508S late Tuesday night. This form was revised to now be applicable for borrowers that received $150,000 or less from either a first draw or a second draw PPP loan. Form 3508S was originally only available to those borrowers who received $50,000 or less in PPP funding. The new form is one page in length and requires the borrower to list the PPP loan amount, the number of employees (headcount NOT FTE) at the time of the original loan application and at the time of the forgiveness application, the covered period dates, the amount of the loan spent on payroll costs, and the requested loan forgiveness amount. The borrower must also make two certifications regarding compliance with eligible use of funds and that the information provided is true and correct. Read More