There’s good news today for those who received PPP loans of $50,000 or less! A new, simplified forgiveness application has just been released which removes much of the work associated with the full version, including the removal of the FTE and Salary Reduction calculations. Although there continues to be no automatic forgiveness for PPP loans, this application significantly simplifies for the forgiveness process for those who received smaller loans.

The new Form 3508S is available here. Although the application does not require any of the calculations required in the full version, several certifications must be made and could require substantiation at a later time if the SBA decides to follow up. The application indicates that it should take about 15 minutes to complete.

Please continue to work with your lender to receive forgiveness, including submitting your application. As always, you’re welcome to discuss general questions with us at your convenience. We believe this information to be complete and accurate as of October 9, 2020.