The US Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) Loan Forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
That one page form, called the PPP Loan Forgiveness Application Form 3508S, can be used by eligible businesses that received a PPP loan of $150,000 or less. The form seeks information about the borrower’s loan amount, disbursement date, employee totals, covered period dates, amount of the loan spent on payroll, and the amount of the loan for which Forgiveness is being sought. Businesses are not required to submit any supporting documentation with the application but are mandated to maintain payroll, non-payroll, and other documents that could be requested during an SBA loan review or audit.
The SBA and Treasury released/updated other PPP loan forgiveness applications: Form 3508 and Form 3508EZ. Borrowers must submit payroll and non-payroll documentation when applying for Forgiveness with those forms, which provide lists of the required documents. In addition, the SBA and Treasury released Form 3508D, which certain individuals must use to disclose controlling interest in an entity applying for a PPP loans.
If you are a Firstrust customer with a PPP loan of $150,000, and have not applied for Forgiveness, you can apply using the simplified form today. Please note, the SBA will not be able to accept the applications from lenders until they update their platform and software, which is expected to be early March.