U.S. Treasury Releases Simplified PPP Loan Forgiveness Application for Loans Under $50K
The U.S. Treasury has just released its newest version of the PPP loan forgiveness application which greatly simplifies the process for borrowers with loans of $50,000 or less.
The new application (Form 3508S) is a two-sided single page form with no calculations required. Borrowers are still required to certify that the PPP funds were spent on qualified costs, and submit records to their bank to support the forgiveness amount listed on the application. The form also includes several certifications that must be initialed by the borrower.
Notably, the new form has eliminated the Full Time Equivalent employee (FTE) and wage requirements that were an essential part of the original program, which in turn eliminates any penalty from a reduction of FTEs or wages. Again, this change applies only to PPP loans of $50,000 or less.
Links to both the new application form and instructions for borrowers are included below. If your PPP loan is under $50,000 and you’d like help in completing the application, or if you have any other questions about the PPP program, please reach out to your Weiss tax professional.
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