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  • Form 3508

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Use additional blank sheet for continuation of items identifying each item by number. APPLICATION FOR REMISSION OR CANCELLATION OF INDEBTEDNESS For use of this form, see AR 600-4; the proponent agency.

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How to fill out the Form 3508 online

This guide offers a comprehensive, step-by-step approach to filling out the Form 3508 online. Designed to assist military members with their application for remission or cancellation of indebtedness, this guide ensures clarity and ease of understanding.

Follow the steps to accurately fill out the Form 3508.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Complete Section 1, starting with 'TO' by providing the complete address and phone number of the unit commander. Next, fill in ‘FROM’ with your name, rank, pay grade, and contact information, including your email address and military service dates.
  3. In Section II, report your average monthly income. Fill out your monthly gross military and civilian salary, then calculate the total gross salary.
  4. Section III requires you to detail your average monthly expenses. List each expense category, including rent, food, utilities, and any additional living expenses. Be sure not to duplicate any expenses.
  5. Proceed to Section IV to list all debts that require monthly payments. Specify the name and address of each creditor, along with the purpose, original amount, unpaid balance, and amount due monthly. Ensure to record any debts incurred.
  6. In Section V, provide additional data such as any bankruptcy declarations or enlistment bonuses received. Detail your financial standing and assets including cash, real estate, and vehicles.
  7. Fill out Section VI, which summarizes your combined monthly income and expenses. Calculate the balance and indicate how much you can apply towards your debt monthly.
  8. In Section VII, provide any additional remarks or necessary information regarding your application.
  9. Finally, complete Section VIII by signing and dating the application, affirming the information provided is accurate. Ensure that your immediate commander verifies financial data if you are an active-duty soldier.
  10. Once all sections are completed, save changes to your form. You may choose to download, print, or share the form as needed.

Start completing your Form 3508 online today to ensure your application is submitted on time.

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The key difference between Form 3508EZ and Form 3508S lies in the eligibility criteria and complexity. Form 3508EZ is designed for borrowers who meet certain conditions, allowing for a simplified application process. In contrast, Form 3508S caters specifically to those with PPP loans of $150,000 or less, offering even fewer documentation requirements. Understanding these distinctions can help you choose the right form for your needs.

Generally, PPP loans under $150,000 will not be subjected to a mandatory audit for forgiveness. However, borrowers must accurately complete the Form 3508, as the SBA reserves the right to review the application and supporting documentation. It is essential to maintain careful records of how funds were used to remain compliant with the law. With resources from US Legal Forms, you can ensure that you submit a well-prepared application for the best possible outcome.

The 3508S and 3508EZ applications are simplified compared to the regular 3508 form. The chief differences are that the easier forms don't require you to fill out a Schedule A form or a Schedule A Worksheet. However, you have to meet certain criteria to use one of the easier forms.

You'll be asked for some basic questions about your business then asked to provide the following information: Your PPP loan amount: Your PPP loan disbursement date: Employees at time of PPP loan application: Employees at time of forgiveness application: Your covered period. Amount of loan spent on payroll costs:

Requirements include: Copies of canceled checks. Bank statements with ACH information. Utility bills. Mortgage statements. Lease agreements. List of all employees on your payroll during the covered period. Evidence that your employees were kept on payroll or rehired upon receiving the loan.

We want to clarify that completion of Form 3508D is only required in certain circumstances which we are outlining below. It is not required for all PPP borrowers. The Form 3508D is mentioned in a section that refers to a specific situation as outlined below. It only needs to be completed when the following applies.

In order to successfully fill out Form 3508, you'll need the following information: Your business's legal name, DBA or trade name, and your business EIN or personal Social Security Number. Your business address, phone number, primary contact, and email address. Your SBA PPP Loan Number. The lender's PPP Loan Number.

Forgiven PPP loans and EIDL grants are considered "Other Tax Exempt Income" for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B (partnerships).

After receiving a PPP loan, borrowers must apply for forgiveness through their lender by filling out the Small Business Administration (SBA) form and providing supporting documents. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness.

Borrowers must use Forms 3508 to not just request loan forgiveness, but also to determine the amount of forgiveness. To get your PPP loan forgiven, you must: Use it for eligible expenses (60% of the loan for payroll costs and 40% for mortgage interest, rent, and utility costs)

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232