Form 3508s revised january 19 2021-2026

The document is the Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S, revised on January 19, 2021. It is intended for borrowers who received a PPP loan of $150,000 or less and outlines the application process for loan forgiveness. The form requires information about the borrower, loan details, and certifications regarding compliance with PPP rules. It also includes instructions for calculating eligible payroll and nonpayroll costs, documentation requirements, and borrower responsibilities to ensure proper use of funds and eligibility for forgiveness.

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Click ‘Get Form’ to open the form in the editor.
Begin by entering your Business Legal Name, Business Address, and TIN (EIN or SSN) in the designated fields. Ensure this information matches your previous applications.
Select whether you are applying for a First Draw or Second Draw PPP Loan by checking the appropriate box.
Fill in the SBA PPP Loan Number and Lender PPP Loan Number as provided by your lender.
Input the total PPP Loan Amount and Disbursement Date. This should reflect the amount you received from your lender.
Indicate the number of employees at both the time of loan application and forgiveness application.
Define your Covered Period, ensuring it aligns with your loan disbursement date and is between 8 to 24 weeks long.
Calculate and enter the Amount of Loan Spent on Payroll Costs and Requested Loan Forgiveness Amount based on eligible expenses during your Covered Period.
Review all entries for accuracy before signing. The Authorized Representative must sign and date the application.

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What is the SBA form 3508S?

Paycheck Protection Program PPP Loan Forgiveness Application Form 3508S.

How to get forgiveness for an SBA loan?

For businesses that received a Paycheck Protection Program (PPP) loan, they have ten months after the end of the covered period to apply to have the loan forgiven. The covered period starts when the loan is provided and ends either 8 or 24 weeks later.

What are the new rules for PPP loan forgiveness?

You have to use at least 60% of the funding on payroll costs in order to get the most out of PPP loan forgiveness. You can still receive some forgiveness if you dont follow this rule, but the amount will reduce in proportion to the percentage you did spend on payroll.

What documents are needed for PPP forgiveness?

Payroll Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period:

What is the difference between 3508S and 3508EZ?

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).