SBA Forgiveness Application Resources
On June 16, 2020, the SBA released updates to the PPP forgiveness application and introduced a shorter version called the Form 3508EZ. This application requires less documentation and fewer calculations for borrowers who meet certain criteria. This application can be used by borrowers who meet one of these three requirements:
- The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form.
- The Borrower did not reduce annual salary or hourly wages of any employee by more than 25% during the covered period (compared to the period between January 1, 2020 and March 31, 2020) AND did not reduce the number of employees or average paid hours of employees between January 1, 2020 and the end of the Covered Period (Ignore reductions that arose from an inability to rehire individuals previously employed on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused.).
- The Borrower did not reduce annual salary or hourly wages of any employee by more than 25% during the covered period (compared to the period between January 1, 2020 and March 31, 2020) AND experienced a reduction in business activity as a result of health directives related to COVID-19.
Review the SBA PPP Forgiveness Applications
To help you prepare for the forgiveness application process, you may want to familiarize yourself with the applications and instructions released by the SBA. However, please know that there is no need to complete these forms as we are developing a more streamlined application form. Once it's ready, we will email an invitation for borrowers to apply.
Application: Click here to download the SBA Paycheck Protection Program Loan Forgiveness Application
Instructions: Click here to download instructions for the SBA Paycheck Protection Program Loan Forgiveness Application
EZ Application: Click here to download the SBA Paycheck Protection Program EZ Loan Forgiveness Application
EZ Instructions: Click here to download instructions for the SBA Paycheck Protection Program EZ Loan Forgiveness Application