Did you receive a First (or Second) Draw Paycheck Protection Program (PPP) Loan of $150,000 or less for an individual First (or Second) Draw PPP Loan?
If you responded “yes”, then, the one-page PPP Loan Forgiveness Application Form 3508S is for you.
You’ve already applied for loan forgiveness using PPP Loan Forgiveness Application Form 3508EZ or 3508? No worries!
Per SBA Procedural Notice 5000-20077, if you are eligible to use Form 3508S, you may resubmit the loan forgiveness application using Form 3508S at any time until the SBA notifies the lender of a final SBA loan review decision or remits to the lender the PPP loan forgiveness payment.
Resubmissions are not permitted after the SBA notifies the lender of a final SBA loan review decision or remits the PPP loan forgiveness payment to the lender.
Borrowers using SBA Form 3508S, who received a PPP loan of more than $50,000 (and borrowers of $50,000 or less that together with their affiliates received PPP Loans totaling $2 Million or more), subject to FTE and Salary/Wage reductions, must follow SBA Form 3508 and its instructions to calculate the Loan Forgiveness amount, although not required to submit the Form 3508 or any related documents. SBA retains the authority to request such information/documents during its loan review/audit.
Information you’ll need for completing this form:
- Loan amount
- Loan number
- Disbursement date
- Employee totals
- Covered period dates
- Amount of the loan spent on payroll costs
- The amount of the loan for which forgiveness is being sought
You are not required to submit any supporting documentation with the application but need to maintain payroll, nonpayroll, and other documents that could be requested during an SBA loan review or audit, per the instructions to Form 3508S.
Form 3508S and InstructionsForm 3508 and Instructions
Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First and Second Draw PPP loan.
If you have questions, please contact your HM&M advisor.
Contact Us
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
IRS Extends Due Dates for 2015 Affordable Care Act Information Reporting On December 28, 2015 the IRS announced in Notice 2016-4, the extension of due dates for the 2015 health coverage information reports that ...
Paycheck Protection Program (PPP) Update – October 16, 2020 PPP Forgiveness Simplification On October 8th, Treasury and the U.S. Small Business Administration (“SBA”) issued a new interim final rule (“IFR”) on loan forgiveness. (See ...
A new Qualified Opportunity Zone (“QOZ”) program to encourage investment in low-income communities (“LICs”) is part of the massive tax law enacted in December 2017 that is often referred to as the Tax Cuts and ...
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and ...
Latest Blog
As this reminder was going to press, a Texas-based federal court issued a preliminary injunction prohibiting the federal ...
The landscape of gift and estate tax planning is experiencing significant shifts, with the upcoming 2026 sunset looming ...
Are you planning to make a Qualified Charitable Distribution (QCD) in 2024? Yes? Then read on … A ...
HM&M Updates
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...