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Who will be audited? PPP loans in excess of $2 million are automatically triggered for an audit by the SBA. The SBA has created a safe harbor for any PPP loan borrower that, together with its affiliates, received loans of less than $2 million.
How do I know if my PPP loan is forgiven?
You can check your progress in the SBA direct forgiveness portal. If you submitted your application through your lender: Your lender can provide information about the progress of your forgiveness application.
Are PPP loans under $50,000 automatically forgiven?
Borrowers of loans of $50,000 or less can now have their loans completely forgiven, essentially turned into grants that do not need to be paid back, by using a check the box self-certification process that the funds were used appropriately.
What is a 3508S form?
Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S.
What is the difference between 3508 and 3508S?
The difference between the forms lies in the calculations you need to do. Form 3508 requires the most calculations, Form 3508EZ requires less calculations, and Form 3508S is nearly calculation-free (cue the celebration).
form 3508s pdf
Form 3508s pdf 2021SBA Form 3508S EIDLSBA Form 3508EZForm ppp1Public Service Loan Forgiveness form PDFSBA loan forgiveness applicationPPP loan forgiveness lookupTeacher loan forgiveness form
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A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans
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