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Form 3508S The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan.
If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lenders equivalent form). Each PPP loan must use a separate loan forgiveness application form.
When To Use The Regular 3508 Form. The regular 3508 form is for borrowers that received first or second draw PPP loans of more than $150,000. The 3508S and 3508EZ PPP forgiveness forms are shorter and easier to fill out than the standard 3508 form, so they will require less of your time.
Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable. Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692.
Form 3508S The S form is the simplest forgiveness form, requiring the fewest calculations and least amount of documentation. You may use Form 3508S if your loan amount was $150,000 or less for an individual First or Second Draw PPP Loan.
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The remaining funds must be used for qualifying expenses in order to be forgiven. These qualifying expenses include rent, utilities, and interest payments on a mortgage. Funds are available, so if you have not applied for a PPP loan yet, you may want to consider doing so.
Record the PPP loan deposit as a Loan Payable within the liabilities section on your balance sheet. This can also be considered a long-term liability, but since most or all of it can be forgiven within the year, we recommend putting it under current liabilities.
For borrowers whose lender is participating in direct forgiveness, you can use our portal to apply after August 4, 2021. Direct forgiveness borrowers must use the SBA forgiveness portal. The questions you will be asked in the portal correspond to those asked on SBA form 3508S.
Unfortunately, PPP loans in 2022 arent happening eligibility for the program ended in May 2021 and there are no signs of it coming back. There are other options for securing small business funding besides PPP loans. Read on to learn about your options for how to get the funding you need.
What if your loan isnt forgiven in full? You will have to repay any amount of the PPP loan at a 1% interest over a 5 year term. However, loan payments will be deferred for six months but will start incurring interest immediately.

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