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Simplified ppp forgiveness. Dec 11, 2020 · PPP loan forgiveness and taxes. The result is a new, simple two-page form called “PPP Loan Forgiveness Application Form 3508S. If your loan is $150,000. If you've received a Paycheck Program Protection (PPP) Loan, you need to ensure you're using the funds for eligible expenses and meeting other requirements in order to maximize your loan forgiveness amount. Under the new rules, borrowers with such loans are exempt from reductions in loan … Continue reading "Simplified PPP Jun 17, 2020 · Earlier today—June 17, 2020—the Small Business Administration (“SBA”) posted a new loan forgiveness application for recipients of a Paycheck Protection Program (“PPP”) loan. Najczęściej zadawane pytania na temat umorzenia pożyczki z PPP. The second draw PPP loan is available for businesses that received PPP loans in 2020 if: Your business has 300 or fewer employees, and. pdf. On Tuesday, January 19, 2021, the SBA delivered on that promise. Additionally, the Economic Aid Act provided for a simplified forgiveness application process for PPP loans of $150,000 or less. “The announcement by the Administration of a simplified process of loan forgiveness for small businesses who accessed $50,000 and less in PPP loans is an incredibly welcome sign,” said NASE president and CEO Keith Hall in a statement Friday. Jul 28, 2021 · Updated July 28, 2021 to include the new SBA PPP Direct Forgiveness Portal. Learn more https://bddy. You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan. Today the SBA released two versions of the PPP loan forgiveness application: 1) the EZ Forgiveness Application and 2) the revised Full Forgiveness Application. If the entry for step 4 is greater than or equal to step 2, enter 1. Borrowers holding PPP loans of $50,000 or less are exempt from any reductions in forgiveness due to:1. PPP loan forgiveness requirements differ depending on your business’s size and whether or not you have employees. This action streamlines the PPP forgiveness process to provide financial and administrative relief to the more than 100,000 small businesses here in Michigan that have received PPP Oct 15, 2020 · A new Paycheck Protection Program (PPP) Alternative Loan Forgiveness Application Form 3508S was released on Thursday, October 8, 2020, along with guidance granting a simplified application for loans of $50K and under. Feb 25, 2021 · PNC is here to help you apply for forgiveness. Learn more here. me/2MKCvxq Dec 23, 2020 · In October the SBA rolled out a simplified forgiveness form for PPP loans of $50,000 or less in a bid to cut time it took to apply for forgiveness and to assist lenders with the process. Oct 19, 2020 · This new simplified PPP loan forgiveness form 3508S should eliminate the need to collect several counts of FTE employees provided either of these statements are applicable: The borrower doesn’t produce the number of employees or average pay hours of employees between January 1st, 2020, and February 15th, 2020, the end of the Covered Period. Related articles: The new, simplified PPP forgiveness application for loans less than $50K requires less documentation and Oct 13, 2020 · Revisions to Loan Forgiveness and Loan Review Procedures were issued on Thursday, October 8. ☐ First Draw PPP Loan ☐ Second Draw PPP Loan (check one) SBA PPP Loan Number: ________________________ Lender PPP Loan Number: __________________________ If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender’s equivalent form). SBA Form 3508S. After registration, you may use this streamlined process to automatically submit your forgiveness request to your lender. Please refer to SBA resources for further information. However, borrowers who received PPP loans Oct 12, 2020 · In an October 2, 2020 release, the SBA indicated they would begin to accept PPP loan forgiveness applications. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. PPP 대출 상환 감면 관련 자주 묻는 질문. The new PPP “second draw” loan application form for 2021. The Paycheck Protection Platform allows lenders to submit PPP loan requests and their Aug 15, 2022 · The loan forgiveness process is simplified for first-time borrowers and second draw PPP loans of up to $150,000. It will allow our contractors to focus on their business and not government bureaucracy. A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. SBA is working to streamline the PPP forgiveness application process. Small Business Administration's simplified PPP loan forgiveness form applies to those with loans of $50,000 or less. Businesses with employees might be eligible for PPP full loan forgiveness if they: Maintained headcount and wages BVSUP-00024; Used at least 60% of PPP funds on paying employees and staff and spent Full Width Template WASHINGTON-The U. You will not have to do any calculations or provide any supporting documentation (like payroll records or tax forms). Oct 22, 2020 · Drastic changes (eg: extension of PPP fund “spending window” to 24 weeks) in the PPP forgiveness rules seem to be happening quite often now. Nov 8, 2020 · Other Podcasts and Guest Appearances. Enter the borrower’s total FTE as of the earlier of December 31, 2020, and the date this application is submitted: . One of those “things” is that two-thirds of Wisconsin PPP borrowers are eligible for a simplified loan forgiveness application that can take as little as 15 minutes. Loans made before June 5, 2020, have a 24-week Loan Forgiveness Covered Period, unless borrowers elect to use an eight-week Loan Forgiveness Covered Period. This new application represents a change in the calculation of forgiveness in the PPP program. 00, you will use either Form 3508EZ or Form Once you have completed each section of the simplified forgiveness application, you will see your estimated forgiveness amount. The short answer is yes and the good news is that the process has been simplified. Jan 19, 2021 · The new, streamlined forgiveness application for PPP loans totaling $150,000 or less has arrived. Dec 30, 2020 · Below are ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness ‎Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020, ‎as well as other forgiveness procedures as updated by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, ‎and Venues Act (the “PPP2 Act”). Small Business Administration released a simplified loan forgiveness application Thursday for Paycheck Protection Program (PPP) loans of $50,000 or less. The latest and simplest form is 3508S and it may be used for loans of $150,000 or less. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. The Small Business Administration (SBA) put out an Interim Final Rule (IFR) containing Step 4. 3) When the taxpayer received formal forgiveness from the SBA. Small Business Administration, in consultation with the Treasury Department, on October 9, 2020 released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Each PPP loan must use a separate loan forgiveness application form. Nov 17, 2020 · Yesterday, October 8, the US Department of the Treasury provided new guidance and released a third version of the PPP Loan Forgiveness Application, Form 3508S, targeting PPP loans of $50,000 or less. May 29, 2020 · The CARES Act expressly excludes income arising from the forgiveness of the PPP loan from taxable income. May 11, 2020 · Loan forgiveness. […] PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST. With the introduction of new non-payroll costs for PPP forgiveness, it may allow a business to save their payroll costs for the ERC calculation by maximizing the 40% non-payroll costs How to apply for PPP Loan Forgiveness. The SBA has released a simplified application for PPP forgiveness (Form 3508S) for loans of $50,000 or less. The simplified PPP loan forgiveness application will only take about 15 minutes to fill out for loans of $150K or less. The SBA also offers live customer service to borrowers at 877-552-2692. Oct 12, 2020 · The U. Ask Cari. Reductions to employee hourly wage Feb 25, 2021 · Paycheck Protection Program (PPP) Loan Forgiveness Checklist. The SBA also offers live customer service to borrowers at 877 - 552 - 2692. Preparing for Loan Forgiveness. For example: If you were funded prior to June 5, 2020 and are Jun 1, 2021 · PPP Forgiveness Frequently Asked Questions (updated as of June 1, 2021) 6 PPP loan for eligible Non-Payroll Costs. Do whatever you want with a PPP Loan Application Form 3508S: Forgiveness Simplified PPP Loan Application Form 3508S: Forgiveness Simplified PPP Forgiveness: Guide To Eligible Expenses & Forgiveness Paycheck Protection Program: fill, sign, print and send online instantly. This form may be used for both first and second draw PPP loans, regardless of when you got your PPP loan, as long as it has not yet been forgiven. This will ensure a more accessible process for borrowers, no matter loan size. Use the steps below to help you prepare: Determine if you are Eligible to Apply for Forgiveness. For example, if a business received $45K in PPP, and a $4K EIDL Advance, and after the end of the period, they only qualify for $40k of forgiveness, for whatever reason, they would then only get $36K forgiven. Aug 10, 2021 · In addition to the new SBA PPP Direct Forgiveness Portal, the SBA has a PPP customer service team available to assist borrowers with the forgiveness applications: 877-552-2692, M-F, 8am-8pm EST. Loans made on or after June 5, 2020, have a 24-week Loan Forgiveness Covered Period. The form consists of only 7 statements, most of which center around certifications that the person or company has Jul 21, 2021 · Forgiveness Application depends on PPP Loan amount: • Simplified forgiveness applications (reduced documentation) for smaller loans: (all forms revised as of Jan 19, 2021) PPP Loans: • $150,000 or less SBA Form 3508Sjust one-page online or paper • >$150,000 . To be eligible for full forgiveness, your entire PPP loan must be used for eligible costs. 00 or less. Namely, businesses can now spend their PPP money on a wider range of expenses, including Jun 21, 2020 · The PPP Forgiveness Application has been amended to reflect that the covered period is either (1) the 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) covered period. The form consists of only 7 statements, most of which center around certifications that the person or company has Jun 12, 2020 · The administration previously committed to updating the forgiveness application to reflect recent changes made to the terms of the program itself, but Democrats are hoping that officials will take Jan 20, 2021 · Simplified PPP Forgiveness Application for PPP Loans Under $150K. We recommend you take your time in reviewing the request process so that you have a clear understanding of what is required. Nov 5, 2020 · The SBA remits the amount forgiven to the lender, who must process the forgiveness payment before notifying the PPP borrower of the amount. PNC is here to help you apply for forgiveness. In May, the SBA released their first application, which I (very briefly) noted here. Mar 28, 2021 · Borrowers seeking forgiveness of a PPP loan must submit an application for forgiveness to their lenders along with certain documentation; no forgiveness is allowed unless the borrower submits the required documentation, except when the loan is not more than $150,000 and the simplified application procedure applies. 00 or less, please access this form and follow instructions provided to apply for forgiveness. Read my article on Forbes for a quick explainer and links to the new apps. The form consists of only 7 statements, most of which center around certifications that the person or company has Nov 17, 2020 · Businesses with Paycheck Protection Program (PPP) Loans less than $50,000 received good news in October. C. We expect that all of The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. This checklist will help you prepare to request Forgiveness through JPMorgan Chase. Business Legal Name (“Borrower”) This portal is made available by the US Small Business Administration to streamline forgiveness processing for PPP Borrowers. Eileen Sherr, CPA, CGMA, MT, director of the AICPA’s Tax Policy & Advocacy team in Washington, D. R. Step 5. PPP Loan Forgiveness Application Form 3508S OMB Control No. Estimated amount of the loan spent on payroll costs. Details here on Overdrive. It is your obligation, as the borrower, to understand the rules of the • On October 8, SBA released a simplified forgiveness application and instructions for borrowers with a PPP loan of $50,000 or less (other than borrowers that together with affiliates received loans totaling $2 million or more), as well as an interim final rule governing use of the new form. NECA commends the Small Business Administration for its establishment,” said James Farrell, NECA’s executive director of government affairs. The PPP Flex Act allows borrowers who received PPP funds before June 5, 2020, to elect to use their original eight-week Covered Period. and. Oct 13, 2020 · PPPローン返済免除に関するよくある質問. 19, with $284. Borrowers are eligible to use the Form 3508S if their total PPP loan amount was $50,000 or less. A PPP loan may be forgiven, in whole or in part, if certain requirements are met. The SBA revamped the existing Form 3508S application Oct 16, 2020 · For questions about the new PPP Loan Forgiveness Application Form 3508S, please contact your certified HR expert. If you started your forgiveness application but did not submit it by February 28, 2021 you’ll need to re-start Oct 15, 2020 · Update: See our January 26, 2021 post for an update regarding Form 3808S. If you do not qualify for Form 3508S, you can work with our team to complete your PPP forgiveness application quickly and securely or with the SBA through the Direct Forgiveness Portal. Do not submit this Checklist with your SBA Form 3508EZ. This checklist is meant to help you know when you are ready to apply and to help you prepare. Form 3508EZ. Oct 15, 2020 · In an attempt to make forgiveness easier for PPP loan recipients, the Small Business Administration announced on October 8 the release of a new, simplified forgiveness application for PPP For the PPP forgiveness calculation, the borrower is required to use at least 60% of the loan amount toward payroll costs allowing 40% of as non-payroll costs. May 18, 2022 · In order to qualify for 100% PPP loan forgiveness, your business must meet several criteria. . Treasury issued new rules that simplify loan forgiveness for most borrowers who received #PPP loans of $50K or less. , discusses recent IRS guidance regarding the tax treatment of loans under the U. Eligible Non-Payroll Costs are: o Interest payments on any business mortgage obligation on real or personal property (but not May 19, 2020 · There are currently three forgiveness forms: Form 3508. This guidance holds that the amount of a PPP loan that is Jul 30, 2021 · The Economic Aid Act also redesignated section 1106 of the CARES Act as section 7A of the Small Business Act, to appear after section 7 of the Small Business Act. 5 billion for new PPP loans and second loans for businesses that can demonstrate significant revenue loss. The IRS’s position (as recently published in Notice 2020-32) disallows a deduction for the payment of expenses resulting in forgiveness of a PPP loan. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. ”. Jun 24, 2020 · The Paycheck Protection Plan Flexibility Act (H. If your forgiveness amount is LESS than your PPP, that means you have a balance that needs to be paid back or you need to make changes to your application. Oct 9, 2020 · The National Association for the Self-Employed welcomed the new SBA loan forgiveness changes. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or lender’s equivalent form). Use the steps below to help you prepare: Determine if you are Eligible to Apply for Oct 14, 2020 · The IFR provides that a borrower with a PPP loan of $50,000 or less (except for any borrower that together with its affiliates received loans totaling $2 million or greater) may use the new Form 3508S (or a lender’s equivalent form) to apply for loan forgiveness. Mga Madalas Itanong Nov 22, 2021 · Taxpayers reasonably could have recognized PPP forgiveness income at any of three time periods: 1) When PPP loan proceeds were received in 2020 and used for eligible expenses; 2) When the PPP loan forgiveness application was submitted to the bank; or. On October 8, 2020, the Treasury Department and the Small Business Administration announced a simplified forgiveness application form for Paycheck Protection Program (“PPP”) loans of $50,000 or less. #SBAloans Beginning October 8, 2020, the SBA further simplified the loan forgiveness process for recipients of PPP loans of $150,000 or less by issuing the Form 3508S. Expiration date: PPP Loan Forgiveness Application Form 3508S 10/31/2020 SBA Form 3508S (10/20) A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. According to the SBA the new form will be slimmed down to require little more than borrower attestation to the requested forgiveness amount and proper use of funds, as well as submission of relevant supporting documents. Your business has received a “first Oct 12, 2020 · For some borrowers, Paycheck Protection Program (PPP) loan forgiveness just got easier. If your loan amount is $150,000 or less, please use SBA Form 3508S. Jul 30, 2021 · PPP Loan Forgiveness Application Form 3508S Revised July 30, 2021. A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $150,000 OR LESS. The second page is a voluntary demographic information form, so the application is essentially just one page. Oct 9, 2020 · The U. by Benjamin Bostic. no salary nor FTE reduction SBA Form 3508EZ • All other –SBA Form 3508 * Oct 23, 2020 · The SBA published an Interim Final Rule authorizing a new streamlined process for forgiveness of loans of $50,000 or less. Download . To achieve full PPP forgiveness, you need to spend at least 60% of your loan on allowable payroll costs during Business owners with PPP loans that are below this threshold may be eligible to complete the simplified SBA Form 3508S when applying for loan forgiveness. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Securely download your document with other editable To apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ or the Form 3508S application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Sep 22, 2020 · How PPP loan forgiveness works. If your PPP is more than $150,000, you will apply for loan forgiveness online through Bank of America using one of the following forms: Oct 12, 2020 · In an October 2, 2020 release, the SBA indicated they would begin to accept PPP loan forgiveness applications. If you have not started or have not completed your loan forgiveness application, below we have provided a resource to help you understand the process and anwser frequently asked questions. 7010), further enhanced the opportunity for loan forgiveness by expanding requirements on how the loans are spent and extending the time to use the funds to 24 weeks. Jan 28, 2021 · New Simplified Forgiveness Application For PPP Loans of $150,000 or Less. Forgiveness of a PPP loan can give business owners, employees, and the self-employed much needed relief to help ride the pandemic downturn. $40K of eligible forgiveness, less the $4K advance. Paycheck Protection Program FAQs. If your original PPP Loan amount is $150,000 or less, and you wish to apply for PPP Loan Forgiveness, you can do so directly with the SBA PPP Direct Forgiveness Portal. Beginning in March 2024, all borrowers applying for forgiveness can use SBA's Direct Forgiveness Portal (DFP). Last week, the U. Small Business Administration (SBA) released a new, simplified forgiveness application form. In these revisions made by the Small Business Administration (SBA) and the Treasury Department, recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application. Get up to 100% of your PPP loan forgiven based on how you spent the loan funds. Your business experienced a 25% revenue reduction in 2020 relative to 2019 (described further below), and. Notably, the guidance states that a borrower who uses the simplified form is Jan 20, 2021 · The SBA has released its simplified PPP loan forgiveness application form (form 3508S) and related instructions for loans of $150,000 or less. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Connecticut small businesses that borrowed $50,000 or less are eligible for a simplified PPP loan forgiveness application that can be completed in as little as 15 minutes. We’re committed to helping small businesses move forward. On Friday October 9, SBA released guidance (and a new form) for a simplified loan forgiveness process using Form 3508S. Form 3508S. If your 2021 PPP loan was $150,000 or less, you may qualify for a simplified forgiveness process using PPP Loan Forgiveness Application Form 3508S. To make your forgiveness process as easy as possible, our portal is aligned with current SBA guidelines and forms, including the simplified forgiveness application for loans of $150,000 or less. This simplified loan forgiveness process is retroactive and will apply to PPP loans of $150,000 or less, including loans from the first round of funding. “The simplified PPP forgiveness portal is a major win for electrical contractors, who have been on the forefront of this pandemic. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. Oct 9, 2020 · The Small Business Administration released on Thursday a new streamlined loan forgiveness application for Paycheck Protection Program borrowers of less than $50,000 after applications for PPP loan Fifth Third Bank continues its commitment to our clients who have PPP loans and are applying for loan forgiveness. S. We will email clients with a link to access our loan forgiveness application over the coming weeks, when the application becomes available to them. While the requirements for PPP loan forgiveness remain largely unchanged, there are a few notable exceptions. If your business received a PPP loan of $150,000 or less, you can apply for loan forgiveness using Form 3508S. We are happy to discuss how the simplified PPP forgiveness process may impact your Accounting, Bookkeeping, and/or Business Tax Planning. Jan 20, 2021 · One of the most-asked questions regarding PPP loans is if they will be forgiven, like the first round. 0 on line 13 of PPP Schedule A; the FTE Reduction Safe Harbor 2 has been satisfied. Reductions in full-time equivalent (FTE) employees, and2. Note: There is also another legislation that is pending approval, where SMBs with loans greater than $50,000 but less than $150,000 get to fill in a similar simple form. You can PPP loan of more than $150,000, you must request Forgiveness for your first PPP loan before or at the same time, even if you’re requesting $0 Forgiveness for it. Borrowers that, together with affiliates, received PPP loans totaling $2 million or greater are not eligible to use the simplified form. Small Business Administration’s Paycheck Protection Program (PPP). This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also A simplified forgiveness process for PPP loans under $150,000 What is the definition of covered period? The Covered Period begins on the origination date of your PPP loan — which is also the date HSBC disbursed the funds to you — and ends on a date you select that is between 8 and 24 weeks after the date your loan was disbursed. If your PPP loan is $150,000 or less, you will apply for loan forgiveness online through Bank of America using the simplified SBA Form 3508S. If a borrower receives a $100,000 PPP loan, and during the covered period the borrower spends $54,000 (or 54%) of its loan on payroll costs, then because the borrower used less than 60% of its loan on payroll costs, the maximum amount of loan forgiveness the borrower may receive is $90,000 (with $54,000 in payroll costs constituting 60 Nov 19, 2020 · The Wisconsin District of the Small Business Administration sent a helpful newsletter breaking down the Five Things to Know about Paycheck Protection Loan Forgiveness. Businesses only have to complete a certification to be established by the SBA, which includes: Describing the number of employees the employer retained. 3245-0407 Expiration date: 12/31/2023 A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. Jul 28, 2021 · WASHINGTON – The U. Gather Information before Applying. Existing borrowers may be eligible for PPP loan forgiveness. All lenders will be required to decision forgiveness applications received through the Aug 4, 2021 · PPP FAQs - Loan Forgiveness. About Ruth Oct 12, 2020 · The SBA and U. Form 3508EZ and Form 3508 – If your PPP Loan is greater than $150,000. The SBA updated the new application so as to align with the recent changes to the PPP legislation. Dúvidas Frequentes sobre Remissão de Empréstimos do PPP. Form 3508S – This simplified PPP Forgiveness Application can be used for all loans of $150,000. Jan 28, 2021. This one-page form requires fewer calculations and less documentation for eligible borrowers. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the Paycheck Protection Program Rules. Our PPP Loan Forgiveness Portal lets you test out various expense scenarios to make sure your forgiveness amount is maximized, submit all the necessary documentation to complete your application, fill out the 3508 or simplified forms Jun 1, 2021 · The Paycheck Protection Program reopened to all eligible borrowers on Jan. Simplified Form . You cannot use one form to apply for forgiveness of both a First and Second Draw PPP loan. The only information Eligible clients can apply now for PPP loan forgiveness Our PPP loan forgiveness portal is now open and includes a simplified forgiveness application for PPP loans of $150,000 or less. Before you request, make sure you: Have spent all of your PPP funds on eligible costs: The SBA states that Borrowers can only request Forgiveness for PPP funds Jun 23, 2020 · Example. Feb 2, 2021 · The PPP borrower will need to sign and submit a one-page certification, and there will be fewer or no documentation requirements. Oct 12, 2020 · In an October 2, 2020 release, the SBA indicated they would begin to accept PPP loan forgiveness applications. Here are the most recent requirements to apply for PPP forgiveness. The Economic Aid Act, signed into law on December 27, 2020, promised a simpler forgiveness application process for loans of $150,000 or less. If you took out a Paycheck Protection Program loan for $150,000 or less, the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. Часто задаваемые вопросы о прощении кредита PPP. Last night the SBA announced Form 3508S, a simplified version of Form 3508 aimed at PPP loans totaling $50,000 or less. Originally this form was for loans of $50,000 or less but the Economic Aid Act, or “stimulus Our process for submitting PPP Forgiveness applications has changed as of September 1, 2023. iy el vb ik oz jw mu zf ps ph