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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.
Obtaining loan forgiveness Like the first round, second-draw PPP loans are entirely forgivable if the funds are used for approved expenses between the 8-and-24-week \u201ccovered period\u201d and fund disbursement is properly documented.
As of December 26, 2020, there were three forms and three sets of instructions: (a) PPP Loan Forgiveness Application Form 3508EZ (\u201cForm 3508EZ\u201d), and PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers/Checklist for Using SBA Form 3508EZ (\u201cForm 3508EZ Instructions\u201d); (b) PPP Loan Forgiveness ...
Missing the deadline will initiate monthly payments with interest. After the deadline, borrowers may still seek forgiveness up until their loan matures, which could be either two or five years.
U.S. Bank. U.S. Bank is accepting applications for first and second PPP loans. Existing customers nationwide can apply, as can non-customers located in states with U.S. Bank branches.
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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.
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.
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.
This means, like the first PPP loan, the second round of PPP loans will also be fully forgivable if you follow the forgiveness guidelines. At least 60% of the loan must be spent on payroll and the rest spent on other eligible expenses.
Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.

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