SBA and Treasury Simplify PPP Forgiveness for Loans of $50,000 or Less
The SBA in consultation with the Treasury Department released a simpler loan forgiveness application, Form 3508S, for Paycheck Protection Program (PPP) loans of $50,000 or less. The new form requires fewer calculations and less documentation for eligible borrowers.
A borrower eligible to use the simplified application is exempt from any reductions in forgiveness due to a reduction in full-time equivalent employees or reductions in employee salaries or wages. Contact your bank directly for specific application requirements.
As always, feel free to contact one of our tax professionals on 973-298-8500 if you have any questions.