On October 8, 2020, the Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action, set forth in a new interim final rule, streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses and also allows lenders to process forgiveness applications more swiftly. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020.
The new, streamlined PPP Loan Forgiveness Application (Form 3508S) includes one page of required information and one page of optional demographic data. This is the second time that the forgiveness process has been simplified since the original loan forgiveness application was released in May. In response to changes made to the program by the PPP Flexibility Act in June, the SBA and Treasury issued a more “borrower-friendly” version of the application, along with an EZ version for use for certain program participants.
Click here to view the streamlined PPP loan forgiveness application. Click here to view the instructions.
If you have questions about PPP loan forgiveness, please contact Bob Grossman, Don Johnston or Mike Weber at 412-338-9300.
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