The Small Business Administration (SBA) announced that its lender’s PPP Forgiveness Application portal will be opening on August 10th. This means that the Bank is now able to accept completed applications for PPP forgiveness – Form 3508 or 3508EZ. We encourage you to speak to your accountant if you have any specific questions regarding eligible expenses for forgiveness.
On October 8th, the SBA released a new form of application, Form 3508S, for requesting forgiveness of PPP loans of $50,000 or less. This is a welcome change as it simplifies the forgiveness process for many PPP borrowers.
As the borrower, you’re responsible for understanding the program rules and if your loan qualifies for forgiveness. You should also check the SBA’s site and the Treasury’s site frequently as they are regularly updated.
The PPP Flexibility Act (signed into law on June 5th) provides borrowers with additional opportunities to qualify for loan forgiveness. Below is an overview of the changes made to the program:
If you obtained your PPP Loan with Country Bank are ready to submit your forgiveness application and supporting documentation, please utilize the Secure Loan Documentation Portal to upload all of your information. A few things to note on this portal:
Per the SBA guidelines:
We will continue to be in touch with you along the way in order to keep you informed of the process.
On June 18, 2020, the Small Business Administration released an “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required.
Form 3508EZ applies to borrowers who meet any one of these three criteria:
This streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. SBA has also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act.
Borrowers who received a PPP loan of $50,000 or less may be eligible to apply for forgiveness using the simplified Form 3508S which is included below.