Streamlined Loan Forgiveness Application Now Available for PPP Borrowers

If you received a loan totaling $50,000 or less through the Paycheck Protection Program, the administrative burden associated with applying for forgiveness is now much lighter. The Small Business Administration recently issued Form 3508S, which is a far simpler loan forgiveness application, especially in comparison to the original 3508 form and even the 3508EZ form. For example, Form 3508S is a single page and requires very little paperwork when applying for PPP loan forgiveness. Small business owners who borrowed $50,000 or less will need to certify the following: Loan funds were used for eligible expenses; Payroll costs were at least...

01 June

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Major Developments in the Paycheck Protection Program Pt. 2

Posted by Bobby Feisee

in Bobby's Blog, News

In addition to new regulations governing loan forgiveness, another major development with the PPP program was the passage of legislation that would significantly modify key provisions within the program. The U.S. House of Representatives, by a vote of 417-1, passed the "Paycheck Protection Program Flexibility Act." This legislation aimed to address numerous concerns raised by small business owners since the passage of the CARES Act. The PPPFA reduces the amount of the loan needed to be spent on payroll from 75 percent to 60 percent. This means you will be able to spend more of the PPP loan on rent, mortgage...