Paycheck Protection Program (PPP) Loan Forgiveness
The SBA, in consultation with the Treasury Department, released additional PPP loan forgiveness guidance and resources as follows:
New IFR: Loan Forgiveness & Review Procedures Per Economic Aid Act
• IFR Document
Revised PPP Loan Forgiveness Applications
• PPP Loan Forgiveness Application Form 3508
• PPP Loan Forgiveness Application Form 3508EZ
• PPP Loan Forgiveness Application Form 3508S
Please note the 3508S application remains a streamlined application and now includes loan forgiveness for PPP loans $150,000 and under. This form requires fewer calculations and less documentation for eligible borrowers. Please refer to the updated instructions, which also now state that supporting documents must be maintained but NOT required to submit.
Borrower Disclosure Form
Per the Economic Aid Act, borrowers that received First Draw PPP Loans before December 27, 2020 are required to disclose whether a Covered Individual held a Controlling Interest in the Borrower at the time the Borrower’s loan application was submitted to the PPP lender. A form is now offered for this discloser.
• Borrower’s Disclosure of Certain Controlling Interests
For more information you can also visit www.SBA.gov/PaycheckProtection.