New Simpler Forgiveness Application for Certain Paycheck Protection Program Loans
The U.S. Small Business Administration (“SBA”), together with the Treasury Department, issued a new, simpler Paycheck Protection Program (“PPP”) loan forgiveness application for PPP loans of $50,000.00 or less. Under this new application issued on October 8, 2020, the forgiveness process has been streamlined, making it easier for small businesses to apply for forgiveness of their PPP loans of $50,000.00 or less. PPP borrowers who received $50,000.00 or less may now apply for forgiveness using Form 3508S, OMB Control No. 3245-0407 with the expiration date of 10/31/2020. Additionally, the SBA guidance now makes it easier for lenders to more quickly and efficiently process these applications for forgiveness, making the process much faster and more efficient overall for PPP loans of $50,000.00 or less.
If your small business borrowed $50,000.00 or less under the PPP, contact our office to discuss your unique situation and your options in applying for forgiveness using the new, simpler loan forgiveness application.