New, simpler PPP forgiveness application available for loans under $50k

Washington Connection - October 28, 2020

Financial Management

Disaster Planning

Federal Compliance

Oct. 15, 2020: The U.S. Small Business Administration (SBA) released a new loan forgiveness application (SBA Form 3508S) for Paycheck Protection Program (PPP) loans of $50,000 or less. This application is intended to simplify the loan forgiveness process for borrowers by requiring fewer calculations and less documentation. Additionally, borrowers who use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in FTE count or in salaries or wages. As a reminder, SBA began approving PPP forgiveness applications and remitting forgiveness payments to lenders on Oct. 2, 2020.
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