Payroll Protection Program - Loan Forgiveness Simplified - Form 3508S and 3508EZ

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PPP Loan is not simplified with form 3508S and Form 3508EZ
A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS.

A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.

Borrowers who had less than a total of $50,000 in PPP loans have the following new rules that apply to them.

1. There will be no reduction in loan forgiveness for a reduction in the number of FTE Employees the borrower has on its payroll.
2. There will be no reduction in loan forgiveness if salaries/wages are reduced by more than 25%.
3. There will be no need to report any employee information on the simplified application.
4. Borrowers do not have to make any calculations of their loan forgiveness amount on the form, and can simply input their loan forgiveness amount and self-certify.

Keep documentation of all the expenses for your record and be ready to provide it to the lenders.

FORM 3508EZ - Use for self-employed individuals and Contractors who used Schedule C to obtain their PPP Loan.

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