New SBA Forgiveness For Loans Under $150,000

Note:  On December 21 Congress passed major extensions to the PPP program, including a greatly simplified process for forgiveness for loans under $150,000.  The SBA will not have a new application form for these streamlined applications until mid to late January.  Please watch this page for updated information.  Until then, we have removed links to forgiveness applications.

The new SBA forgiveness application form 3508S is available for most PPP borrowers with loans under $50,000.  Please follow these steps to prepare for and complete the 3508S application for forgiveness:

  1. Download and read the SBA Instructions for form 3508S (green button below).
  2. Determine that you are beyond the "Covered Period" (8 or 24 weeks if loan disbursed before June 5 and 24 weeks if disbursed on or after June 5.  See the SBA Instructions and the FAQs for more information on Covered Period.).
  3. Gather the required documentation as described in the SBA Instructions in PDF file format only.
  4. Link to the PowerForm online 3508S.  (See Suggestions for completing the online 3508S form below.)
  5. When you complete the online 3508S form with the required PDF attachments, the files are automatically sent to us for review and processing. 
  6. After we, the lender, and the SBA review your application for forgiveness, you will be notified by email.  The process can take several weeks.  (It is not necessary to inquire about the status of forgiveness after you file.  We will inform you if additional documentation is required and when the forgiveness is approved or declined.)
  7. File your PPP loan records in a place for safe-keeping for six years, as explained in the Instructions.

We are not able to provide accounting or legal advice about the information you provide in the forgiveness application.  We can respond to questions about the application process - please email forgiveness@ppp-apply.com. 

The new SBA forgiveness application form 3508S is available for most PPP borrowers with loans under $50,000.  Please follow these steps to prepare for and complete the 3508S application for forgiveness:

  1. Download and read the SBA Instructions for form 3508S (green button below).
  2. Determine that you are beyond the "Covered Period" (8 or 24 weeks if loan disbursed before June 5 and 24 weeks if disbursed on or after June 5.  See the SBA Instructions and the FAQs for more information on Covered Period.).
  3. Gather the required documentation as described in the SBA Instructions in PDF file format only.
  4. Link to the PowerForm online 3508S.  (See Suggestions for completing the online 3508S form below.)
  5. When you complete the online 3508S form with the required PDF attachments, the files are automatically sent to us for review and processing. 
  6. After we, the lender, and the SBA review your application for forgiveness, you will be notified by email.  The process can take several weeks.  (It is not necessary to inquire about the status of forgiveness after you file.  We will inform you if additional documentation is required and when the forgiveness is approved or declined.)
  7. File your PPP loan records in a place for safe-keeping for six years, as explained in the Instructions.

We are not able to provide accounting or legal advice about the information you provide in the forgiveness application.  We can respond to questions about the application process - please email forgiveness@ppp-apply.com.