Payroll Protection Program (PPP) Loan Forgiveness Explained

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There are two forms available for borrowers to use to apply for forgiveness, Form 3508 and the Form 3508EZ.

Borrowers can use the new EZ application if they meet the following requirements.

    • “Are self-employed and have no employees; OR”
    • “Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR”
    • “Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.”

Form 3508
PPP Loan Forgiveness Application Instructions
PPP Forgiveness Worksheet With Safe Harbor Test
PPP Loan Forgiveness Application (Revised 6.16.2020)

Form 3508EZ
PPP Loan Forgiveness EZ Application Instructions (Revised 06.16.2020)
PPP Forgiveness Worksheet for the EZ Application
PPP Forgiveness Application 3508EZ (Revised 06.16.2020)

 

Topic: Payroll Protection Plan (PPP) Loan Forgiveness

Summary: Payroll Protection Program (PPP) Loan Forgiveness Explained

Key Learning Objectives and Actionable Insights:

    • Application Overview
    • Schedule Completion
    • Application Completion
    • Safe Harbor Tests
    • Other Tips and Considerations

Presentation slides

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Virginia SBDC