COVID Relief Update: New 3580S Form Simplifies PPP Loan Forgiveness Process
In a further effort to streamline the PPP program for small businesses, the SBA has just released a revised 3508S form to be used to apply for forgiveness of PPP loans under $150,000.
The revised form, which is linked below, removes the requirement to provide supporting documentation at the time of forgiveness of the qualified payroll and other costs. It’s important to note that supporting documentation as detailed in the original PPP legislation must still be maintained; you simply don’t have to include it when you apply for forgiveness. See page 4 of the form instructions for a complete listing of the supporting documentation.
Also, your bank may require you to use their online portal to submit a completed forgiveness form 3508S; please check with them for the next steps. If you have further questions about the new form or any other aspect of the PPP process, contact your Weiss tax professional directly.
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