The SBA and Treasury released a simplified loan forgiveness application for PPP loans of $50,000 or less.
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To view the IFR on Additional Revisions to Loan Forgiveness and Loan Review Procedures, click here to read.
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To view SBA Form 3508S for simplified PPP loan forgiveness application, click here
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To view instructions for completing SBA Form 3508S, click here
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To view the SBA Press Release on the simplified forgiveness application, click here.
Important considerations for this announcement:
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SBA Form 3508S is a "streamlined" forgiveness application, and should NOT be interpreted as "automatic" forgiveness;
- SBA Form 3508S may not be used if total PPP loans for the Borrower and its Affiliates is equal to or greater than $2 million;
- Loans eligible for SBA Form 3508S are not subject to reduction of forgiveness based on reduction of FTE or salaries/wages; and
- Borrowers and Lenders must still follow all other PPP loan forgiveness guidelines.
We expect that there will continue to be further guidance and clarification which we will continue to provide as they become available.
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