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3508EZ: Borrowers who are self-employed with no employees OR borrowers who did not reduce employee salaries by more than 25% and did not reduce employee hours OR borrowers who reduced business activity due to COVID-19 health guidelines and did not reduce employee salaries by more than 25%
Borrowers must use Forms 3508 to not just request loan forgiveness, but also to determine the amount of forgiveness. To get your PPP loan forgiven, you must: Use it for eligible expenses (60% of the loan for payroll costs and 40% for mortgage interest, rent, and utility costs)
Small business owners who utilized the Paycheck Protection Program (PPP) can apply for loan forgiveness on eligible expenditures. PPP forgiveness requires applying through the Small Business Administration (SBA) online portal or individual lender.
Self-employed workers can now receive up to 100% forgiveness on PPP loans.
When To Use The 3508EZ Form. The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000.
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When To Use The 3508EZ Form. The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000. If you're eligible to use the 3508EZ form when applying for PPP loan forgiveness, you'll get to save some time and energy compared to those who have to fill out the regular 3508 form.
If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender's equivalent form). Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First and Second Draw PPP loan.
Any borrower who received a Paycheck Protection Program loan can use Form 3508 to apply for forgiveness.
Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable. Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692.
Both Form 3508 and Form 3508EZ require multiple calculations and various supporting documents to show the forgiveness amount you've requested. Alternatively, Form 3508S simply asks you to: Provide the amount you spent on payroll. Provide the forgiveness amount you've requested.

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