Paycheck Protection Program: Update To Loan Forgiveness Applications

On January 19, 2021, revised PPP Loan Forgiveness Applications were released. The forms address significant changes in the recent law and simplify the loan forgiveness process for borrowers with loans of $150,000 or less.

Expansion of Borrowers Qualifying to Use the Form 3508S

The borrowers eligible to request loan forgiveness of their PPP loan using the simplified Form 3508S has been expanded from loans of $50,000 or less to loans of $150,0000 or less. This modification will allow a much larger number of small businesses access to the simplified form.

The revised Form 3508S can be used to request forgiveness for both first draw and second draw loans of $150,000 or less.

Documentation of Eligible Forgiveness Expenses Need Not be Submitted with the Form 3508S