What to Expect During the SBA PPP Loan Forgiveness Review Process

PPP Loan Forgiveness

By Steve Whitehill 2020 was a tough year for business owners. Many small business owners are struggling to stay afloat during these challenging economic times. If you are one of them and are considering applying for loan forgiveness under the SBA’s Paycheck Protection Program (PPP), it would be in your best […]

SBA Announces Simplified PPP Loan Forgiveness for PPP Loan $50k or Less – 3508S

Loan Forgivness 3508S

by Steve Whitehill In early October 2020, the Small Business Administration issued additional Paycheck Protection Program (PPP) guidance for simplified forgiveness for loans of $50,000 or less in order to ease the process from smaller borrowers. The move simplifies the proceeding of financial relief to small businesses and guarantees that taxpayer […]

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 […]