
Paycheck Protection ProgramOMB Control No. 32450407 Expiration date: 10/31/2020PPP Loan Forgiveness Application Form 3508SA BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000.
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How to fill out the Fillable Form 3508s online
The Fillable Form 3508s provides a streamlined process for borrowers with PPP loans of $50,000 or less to apply for loan forgiveness. This guide offers step-by-step instructions to help users complete the form accurately and efficiently.
Follow the steps to complete the Fillable Form 3508s online.
- Click ‘Get Form’ button to obtain the form and open it in your online editor.
- Enter your business legal name in the ‘Business Legal Name’ field. If your business operates under a different name, include this in the ‘DBA or Tradename’ section.
- Provide your business address, including city, state, and zip code, in the designated field to ensure proper identification.
- Input your Business TIN in the appropriate section. This may be your Employer Identification Number (EIN) or Social Security Number (SSN).
- Fill in your business phone number and ensure the primary contact's name and email address are correct for any future correspondence regarding the application.
- Record the SBA PPP Loan number and Lender PPP Loan number as instructed on the form. This information is critical for tracking your application.
- Complete the PPP Loan amount and disbursement date. Be precise to avoid any discrepancies.
- Indicate the number of employees at the time of loan application and again at the time of forgiveness application to assist with verification.
- If applicable, enter your Economic Injury Disaster Loan (EIDL) advance amount and application number in the designated fields.
- Detail the forgiveness amount you are requesting, ensuring that it complies with the guidelines provided.
- Review the certification section where the Authorized Representative must initial next to each statement confirming the accuracy of the information provided.
- Sign and date the application, ensuring all entries are completed to prevent any processing delays.
- Once all sections are fully filled out, you can save changes, download, print, or share the completed form as needed.
Take the next step towards securing your loan forgiveness by completing the Fillable Form 3508s online today.
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Can I use Form 3508s?
Any business type can use Form 3508S, from contractors to corporations.
Who can use SBA Form 3508s?
SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS.
Can I apply PPP loan again?
A second PPP loan is only available to businesses that were in operation before February 15, 2020. They must have used up their initial PPP loan and have incurred a 25% or more reduction in revenue in 2020. ... If the businesses recorded $15,000 or less in Q2 sales in 2020, they are eligible to apply for a second PPP loan.
Which form should I use for PPP loan forgiveness?
If you are unable to check one of the boxes, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508.
How do I fill out a PPP loan forgiveness application form 3508ez?
3:54 13:57 Suggested clip How to Complete the PPP Loan Forgiveness Application Form 3508EZYouTubeStart of suggested clipEnd of suggested clip How to Complete the PPP Loan Forgiveness Application Form 3508EZ
Should I use 3508s or 3508ez?
The difference between the forms lies in the calculations you need to do. Form 3508 requires the most calculations, Form 3508EZ requires less calculations, and Form 3508S is nearly calculation-free (cue the celebration). The form you use depends on certain factors such as: How much you borrowed.
Who can use Form 3508s?
SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS.
What is SBA Form 3508s?
SBA Form 3508S (10/20) Page 1. PPP LOAN FORGIVENESS APPLICATION FORM 3508S INSTRUCTIONS FOR BORROWERS. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508S only if the total PPP loan amount you received from your Lender was $50,000 or less.
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