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Update February 10, 2021: Forgiveness & Year End Interest Statements

Forgiveness

Changes have been made to the Paycheck Protection Program forgiveness application 3508S. Borrowers can apply for forgiveness of First or Second Draw Paycheck Protection Program (PPP) Loans with SBA Form 3508S if the loan amount you received was $150,000 or less for an individual First or Second Draw PPP Loan (previously $50,000). Each PPP loan must use a separate loan forgiveness application form.

The 3508S application can be found to the right in the Round 1 Forgiveness Portal. This form requires fewer calculations and reduced documentation for eligible borrowers and does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, the SBA may later request information and documentation to review those calculations as part of its loan review or audit processes, so please keep this information handy.

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