Is PPP Loan Forgiveness SBA Form 3508S For You?

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 Instructions

 

Form 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.

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For more information check out HM&M’s COVID-19 Resources page.

HM&M COVID-19 Resources