Get Fillable 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.

SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS.

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.

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

Any business type can use Form 3508S, from contractors to corporations.

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.

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.

SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS.

SBA Form 3508S A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS.

Any business type can use Form 3508S, from contractors to corporations.