Simpler PPP Forgiveness for Loans of $50,000 or Less
On October 8, the SBA released a simpler Paycheck Protection Program (PPP) forgiveness application for small businesses.
Under this streamlined forgiveness process, borrowers with loans of $50,000 or less are exempt from reductions in the forgiveness amount based on reductions in full-time equivalent employees, salary, or wages. The application and instructions can be found here:
- PPP Loan Forgiveness Application Form 3508S
- Instructions for Completing the PPP Loan Forgiveness Application Form 3508S
Once we receive your application, we will review it for completeness and notify you of any missing information. We will notify you when your application has been submitted to the SBA for approval. If you are not eligible to use this form, you can apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ. Learn more here.
Thank you for choosing GSB as your PPP program partner and for your patience as we all navigate this process. Please reach out to your lender with any questions.
More information is also available on the Treasury website here.