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As always, we want to share with you all of the information we have available. The Small Business Administration (SBA) has released initial details regarding the forgiveness of these loans.

Recent updates related to PPP Loan Forgiveness:

  • SBA has released a forgiveness application labeled form 3508EZ to be used for eligible business owners.
  • SBA released an updated form 3508 (full forgiveness application) which now has a total of 5 pages, versus the 11 pages on the previous version.

You may be eligible to use Form 3508EZ application if you meet the following requirements:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

Recently released Applications (Form 3508 & Form 3508EZ) and instructions:

As a reminder, Paycheck Protection Program rules and updates can be found at treasury.gov
https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

Stay Up to Date with SBA

We encourage you to visit the SBA’s website at sba.gov to gain additional knowledge and support any questions you may have.

Recent Press Release by SBA
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

Read Press Release

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