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Is there a new form for PPP loan forgiveness application?

If you received a Paycheck Protection Program loan for less than $150,000, your forgiveness process just got easier. On January 19, 2021, the Small Business Administration (SBA) released an updated PPP Loan Forgiveness Application Form 3508S which requires fewer calculations and less documentation from borrowers.

Will there be another PPP loan in 2022?

Unfortunately, PPP loans in 2022 aren't happening \u2013\u2013 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.

Which SBA PPP forgiveness form should I use?

Borrowers may also complete this application electronically through their Lender. If you are unable to check one of the boxes above, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508.

Can I use 3508S?

Who can use Form 3508S? If your PPP loan amount was less than $150,000, you can use the forgiveness Form 3508S. However, you are ineligible to use Form 3508S if your business has a contract or agreement of affiliation with other businesses and the PPP loan total across all affiliates is greater than $2 million.

What is the new PPP forgiveness form?

You can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508S only if the loan amount you received from your Lender was $150,000 or less for an individual First or Second Draw PPP Loan.

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