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To apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ or the Form 3508S application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan).
Where to fill out student loan forgiveness form?
However, the Department of Education recommends completing the form online at StudentAid.gov.
How do you classify PPP loan forgiveness?
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
Which PPP loan forgiveness form is the easiest to use?
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.
What is the difference between 3508 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). The form you use depends on certain factors such as: How much you borrowed.
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People also ask
Are PPP loans under $50,000 automatically forgiven?
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.
Related links
61. How is the qualified sick leave equivalent amount for
the qualified sick leave equivalent amount is equal to the number of days during the taxable year that the individual cannot perform services in the
Paycheck Protection Program. PPP Loan Forgiveness Application Form 3508EZ. By Signing Below, You Make the Following Representations and Certifications on
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