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SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness. The three versions of the form include a regular Form 3508, Form 3508EZ, and 3508S. The SBA and Treasury released Form 3508 on May 15, 2020.
PPP Application Deadline Extended to May 2021: The U.S. Senate voted to extend the PPP program until the end of May 2021, giving small businesses more time to apply and the government more time to process requests.
There is no deadline to apply for PPP loan forgiveness. Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It's recommended you apply for forgiveness before you need to make your first PPP loan payment.
Your loans can be forgiven in full if the funds were spent on qualifying expenses such as payroll, rent/mortgage and utilities. You either apply to SBA directly or work with your lender to obtain PPP loan forgiveness. If your loan is less than $150,000, generally speaking you go through the portal.
Any borrower who received a Paycheck Protection Program loan can use Form 3508 to apply for forgiveness.

People also ask

When Are Loan Forgiveness Applications Due? Submitted PPP ApplicationPPP Loan DisbursementLoan Forgiveness Application Due9/14/20209/28/20201/12/2022 Sep 7, 2021
PPP Is Back With $310 Billion in Additional Funding, But Small-Business Owners Must Act Fast. The new round will go even quicker, so those who missed out must choose the right bank and move immediately.
The SBA Denied Your PPP Loan Forgiveness Application What if your loan isn't 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.
To apply for PPP loan forgiveness, use the SBA's Loan Forgiveness Application form, Form 3508, or your lender's equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.
Round 3, which provisioned $284 billion in additional funding for the PPP, was signed into law on Dec 27 and is set to expire on March 31, 2021.

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