The Small Business Administration (SBA) and Treasury released Thursday, Oct. 8, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000.
Form 3508S removes several issues that make the standard application for forgiveness confusing and time-consuming for small borrowers. Specifically, a borrower of a PPP loan of less than $50,000 is no longer required to reduce the amount eligible for forgiveness if the borrower meets certain conditions.
Aside from these important changes, the application process remains largely the same.