PPP – Updated Loan Forgiveness Forms
SBA has released two new PPP Loan Forgiveness forms: 3508EZ and 3508. Here are links to the two forms
The EZ form requires less documentation and fewer calculations than previously required.
The EZ form applies to borrowers who meet any one of these three criteria:
1. Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
2. Did not reduce salary or wages for any employee by more than 25% and did not reduce the number of hours of their employees (excepting laid-off employees who refused an offer to return).
3. Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act (PPPFA) and issued a new interim final rule that implements changes made by the PPPFA. This is a link for the updated information on the PPP Program