Coronavirus Resources for Small Businesses
If your business received a PPP loan of $150,000 or less, you can apply for loan forgiveness using Form 3508S.
You will not have to do any calculations or provide any supporting documentation (like payroll records or tax forms). The only information required is:
For PPP loans of $150,000 or less, businesses are not required to submit any supporting documentation with their loan forgiveness application. However, businesses are required to keep records showing what the PPP loan was spent on for at least 3 years after the loan is forgiven, as the Small Business Administration may review or audit the loan to check for fraud. Page 4 of Form 3508S lists the records you are required to maintain (but not submit).
When to Apply for Forgiveness
You can apply for loan forgiveness any time after you have spent the loan. The deadline to file for forgiveness is 10 months after the end of your chosen covered period (see above for explanation of the covered period).
Where to Apply for Forgiveness
You apply for forgiveness with the same bank/lender that gave you the PPP loan. They may have their own version of Form 3508S and it may be online instead of on paper.
PPP Loans Greater than $150,000
There are different forms and documentation requirements for forgiveness of PPP loans of more $150,000. For more information about these loans and their forgiveness requirements, visit our website or the US Small Business Administration’s website.
Visit: Small Business Alert Archive
Return to: LSBA Home Page