Things have been slowing down on the Paycheck Protection Program front for a few days (PPP), which feels like an eternity in today’s world. Well have no fear, the Small Business Administration has been busy behind the scenes coming up with tweaks to the PPP and the application for the forgiveness of the loan proceeds.
On June 16, 2020, they released an updated PPP Loan Forgiveness Application and related instructions and included a simplified version of the form for forgiveness. As always, you should check the SBA website to make sure you’re using the most current version of the form.
Simplified version of the forgiveness application: Form 3508EZ
The SBA has also released a simplified PPP Loan Forgiveness Application on Form 3508EZ. This application is a few pages shorter than the main form and the applicant must check one of three boxes proving they qualify to use the EZ form. If you can’t check one of these three boxes, then you must use the forms I reference above and complete the full Paycheck Protection Program Loan Forgiveness Application.
One thing to note, the EZ form is to be used by most self-employed individuals. The first box to check that shows you might qualify to use the EZ form is for self-employed individuals, independent contractors, or sole proprietors who had no employees at the time of the PPP loan application and didn’t include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).
The SBA has also released an EZ form of the application. Here is that link, form 3508EZ (6-16-2020)
https://www.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf
Link to the instructions for the PPP Loan Forgiveness Application Form 3508EZ (6-16-2020):
https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Form%20EZ%20Instructions%20%28Revised%2006.16.2020%29.pdf
Standard Form and Instructions for the PPP Loan Forgiveness Application
Link to the Paycheck Protection Program Loan Forgiveness Application (6-16-2020)
https://www.sba.gov/document/sba-form–paycheck-protection-program-loan-forgiveness-application
Link to the instructions for the PPP Loan forgiveness Application (6-16-2020)
https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Instructions%20%28Revised%206.16.2020%29.pdf