OMB Control No.: 32450407 Expiration Date: 7/31/2021Paycheck Protection ProgramPPP Loan Forgiveness Application Form 3508S Revised January 19, 2021 A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER.
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How to fill out the PPP Loan Forgiveness Application Form 3508S Revised January 19, 2021 online
Completing the PPP Loan Forgiveness Application Form 3508S can be a straightforward process. This guide provides detailed step-by-step instructions to help users navigate through each section of the form online, ensuring you meet all requirements for loan forgiveness.
Follow the steps to complete your PPP loan forgiveness application online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Start filling out the form by entering the Business Legal Name (also known as 'Borrower'), Business Address, and, if applicable, DBA or Tradename.
- Provide the NAICS Code related to your business and enter your Business TIN (EIN or SSN) along with the Primary Contact information, including phone number and email address.
- Select whether this application is for a First Draw PPP Loan or Second Draw PPP Loan by checking the appropriate box.
- Fill in the SBA PPP Loan Number and Lender PPP Loan Number, which were provided when your loan was approved.
- Enter the PPP Loan Amount that corresponds to the total disbursed amount for your loan.
- Indicate the PPP Loan Disbursement Date, referring to the date you received your loan proceeds.
- Provide the number of Employees at Time of Loan Application and Employees at Time of Forgiveness Application to document your workforce changes.
- Specify the Covered Period by entering the beginning and end dates, which reflect the duration in which you can spend the funds.
- If applicable, check the box if you received First Draw or Second Draw PPP Loans of $2 million or more alongside affiliates.
- Document the Amount of Loan Spent on Payroll Costs and the Requested Loan Forgiveness Amount, ensuring that these figures align with the eligible costs incurred during the Covered Period.
- Sign and date the application in the designated area to certify that all information is correct and complies with the PPP requirements.
- Once you have completed all fields, save changes, and download the completed application. You may also print or share the form as necessary.
Complete your PPP Loan Forgiveness Application Form 3508S online today for efficient processing.
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What should I submit for PPP forgiveness?
Name of your business: business legal name, DBA, trade name (if applicable) Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN) SBA loan number. Your PPP loan amount. EIDL advance amount (if you got one)
How do I submit my PPP loan forgiveness application?
Contact your PPP lender and complete the correct form: ... Compile your documentation: Submit the forgiveness form and documentation to your PPP lender: ... Continue to communicate with your lender throughout the process:
What form do I use for PPP forgiveness?
Any borrower who received a Paycheck Protection Program loan can use Form 3508 to apply for forgiveness.
How do I fill out the PPP loan forgiveness application?
Complete basic company information on the main Loan Forgiveness Calculation form. Complete Schedule A Worksheet to see if you meet the headcount and pay requirements. Complete Schedule A to find your payroll and compensation costs.
Is there a form for PPP forgiveness?
If your PPP loan amount was less than $150,000, you can use the forgiveness Form 3508S.
How do I fill out PPP forgiveness application?
Here's how to tackle this form:Complete Schedule A Worksheet to see if you meet the headcount and pay requirements. Complete Schedule A to find your payroll and compensation costs. Complete the rest of the Loan Forgiveness Calculation Form to determine your total eligible costs and our forgiveness amount.
How do I fill out a PPP loan forgiveness application form 3508S?
The SBA and Treasury released two other PPP loan forgiveness applications: Form 3508 and Form 3508EZ. ... The relaunched PPP began accepting applications Jan. 11 from community financial institutions that loan primarily to underserved businesses.
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