PPP loan forgiveness simplified for loans of $ 50,000 or less
Updated: Oct 13, 2020
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday 10/08 by Treasury and the U.S. Small Business Administration (SBA).
The new application form, SBA Form 3508S, can be used by PPP borrowers applying for forgiveness on PPP loans with a total loan amount of $50,000 or less, unless those borrowers together with their affiliates received loans totaling $2 million or more. Instructions for Form 3508S also were released.