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, visit our PPP Forgiveness Hub.