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If you received a Paycheck Protection Program (PPP) loan of $50,000 or less and will be seeking forgiveness, there is a new application aimed at making the process simpler.
On Oct. 8, the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced the simpler forgiveness application for qualifying loans. The application, Form 3508S, can be downloaded, completed and turned into your lender.
Under the forgiveness application, borrowers must confirm eligible payroll costs, number of employees, and non-payroll costs such as mortgage, rent and utility obligations, according to an analysis from NAR.
Find the full Instructions for Completing Loan Forgiveness Application – Form 3508S and download a copy of the Simpler Loan Forgiveness Application – Form 3508S
