Payroll Protection Program (PPP) Loan Forgiveness Explained

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The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). 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 (Revised 11/30/20)

PPP Forgiveness Worksheet With Safe Harbor Test

PPP Loan Forgiveness Application (Revised 11/30/20)

Form 3508EZ

PPP Loan Forgiveness EZ Application Instructions (Revised 11/30/20)

PPP Forgiveness Worksheet for the EZ Application

PPP Forgiveness Application 3508EZ (Revised 11/30/20)

PPP Loan Forgiveness Explained-Part 1

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

PPP Loan Forgiveness Explained-Part 2

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