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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.
PPP Loan Forgiveness Application Form 3508S. OMB Control No. 3245-0407. Expiration date: 12/31/2023. A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS.
Paycheck Protection Program PPP Loan Forgiveness Application Form 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).
PPP Simple Forgiveness Journey using Form 3508S. If your PPP loan amount is $150,000 or less, you qualify to file for forgiveness using Form 3508S which is a one-page simplified version of Form 3508.
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After you make your 120th qualifying monthly payment for PSLF, youll need to submit the PSLF form to receive loan forgiveness. You must be working for a qualifying employer at the time you submit the PSLF form.
SBA Form 3508 and SBA Form 3508EZ do require a borrower to provide additional documentation upon forgiveness submission. In the instructions for each form, see the section titled Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application for additional details.

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