PPP LOAN FORGIVENESS

All you need to know to complete your loan forgiveness application.

SBA PPP LOAN FORGIVENESS FACTSHEET - 10/30/2020

SBA PPP LOAN FORGIVENESS Q&A - 10/13/2020

SBA PPP LOAN FORGIVENESS FAQs - 08/04/2020

*New* SBA Form 3508S Loan Forgiveness Application available to     borrowers if they received loans of $50,000 or less

• For borrowers with loans of $50,000 or less, the SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process. 

SBA Form 3508EZ Loan Forgiveness Application available to borrowers if they:

• 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%.

SBA Loan Forgiveness Application Form 3508 - Long Form

• For all loans over $50,000

LOAN FORGIVENESS APP/TOOL - If your lender does not yet have a calculator to determine your loan fogiveness, try this website.>>

06/08/2020 - Clarification on PPP Flexibilty Act

06/05/2020 - PPP Loan Terms Relaxed

     Paycheck Protection Program Flexibility Act of 2020

05/06/2020 - Wisconsin Bankers Association PPP Forgiveness Guidance