SBA Adds Another Simplified Forgiveness Method, Form 3508S for PPP Loans of $50K or Less

Sal Trifilio

October 09, 2020

SBA-form-3508S-image-1200x627_V1

With talks of a new round of Paycheck Protection Program loans frozen in Congress due to stalled COVID-19 stimulus negotiations, banks and credit unions have been solely focused on Forgiveness.

Many lenders have already successfully submitted Forgiveness applications to the Small Business Administration, but with few responses until recently.

This week, it looks like the SBA is ready to break their silence and not just by getting reviews of Forgiveness applications underway.

Last night the SBA announced Form 3508S, a simplified version of Form 3508 aimed at PPP loans totaling $50,000 or less.

According to the SBA the new form will be slimmed down to require little more than borrower attestation to the requested forgiveness amount and proper use of funds, as well as submission of relevant supporting documents.

While the paper version of the form is available, the SBA Portal and API have not yet been updated to support Form 3508S. However, the SBA has said they are working on this and will provide updates as they make progress.

For more information on Form 3508S and how this impacts PPP Forgiveness, join our insights team this afternoon for a 30-min insights session at 1pm EST.

Save your seat here.

Save Your Seat

Featured Demo

PPP-Doc-Upload_Resource(2)-1050x750

Popular

New

Attract more relationships, faster

Contact Us