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New 3508S form: PPP forgiveness simplified for loans of $50,000 or less

There is a reason to rejoice in these tough times. Relaxations to the Paycheck Protection Program (PPP) forgiveness scheme, for those whose loan amount is $50,000 or less, was announced a few weeks ago.

  • No reduction in the total amount eligible for forgiveness, even if your business has reduced salaries or headcount (FTE)
  • No need to submit the calculations that show how you arrived at the forgiveness amount.
  • Simpler supporting document rules

Applying for forgiveness has also been made so much simpler, for small business owners, with the new 3508S application form . This is a rather short and straightforward one-page form. Read on to see how you can fill out this form online :

How to fill in the 3508S application for PPP forgiveness

Once you have downloaded the 3508S application, fill in the essential details such as your business name, contact information, PPP loan number and amount, count of employees and tax identification number. If you have applied for the EIDL loan, be sure to include its details too.

Representations and certifications

Next, you need to add your initiative to a few representations and certifications. Here is what some of it broadly encompasses::

  • You have only requested for as much forgiveness as the principal amount of the PPP loan
  • The PPP loan was not used for unauthorized purposes
  • The forgiveness has been accurately calculated
  • You have submitted accurate information and documentation

Since the SBA audits all forgiveness requests, you are advised to answer truthfully and retain PPP records for six years – in case they ever need to cross-check you claims. Continuar leyendo: “New 3508S form: PPP forgiveness simplified for loans of $50,000 or less” →