Revised PPP Loan Forgiveness Application – In addition to the SBA-3508 we now have a SBA-3508EZ

PPP 3508 - Loan Forgiveness

By Steve Whitehill

Thank goodness, there is a new “EZ” short form for borrowers who meet certain criteria. See instructions and form below.

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf

https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf

 

There is also a revised standard application and instructions below.

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1.pdf

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

Importantly pages 8-10 of this new rule (below) provide that you can pay employees the full 100K pro rated amount for the 24 weeks ($46,154) but owners are limited to 2.5 months ($20,833).

https://home.treasury.gov/system/files/136/PPP-IFR–Revisions-to-the-Third-and-Sixth-Interim-Final-Rules.pdf

More to come all this soon.