October 12, 2020

In an effort to support small businesses and nonprofits significantly impacted by COVID-19 and the resulting economic crisis, the Small Business Administration (SBA) and Treasury announced a simple Paycheck Protection Program (PPP) loan forgiveness application for loans of $50,000 or less. Read the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

The simplified, 2-page application Form 3508S exempts borrowers of PPP loans of $50,000 or less from reductions in forgiveness based on reductions in full time equivalent (FTE) employees and employee salary and wages. View the instructions for borrowers.

If you have any questions about the simplified PPP loan forgiveness application or general questions about the program, contact our COVID-19 Response team at questions@grfcpa.com.