PPP Loan Forgiveness Applications

SBA and Treasury Announce New Simplified Application for the Paycheck Protection Program Loans less than $50,000.


Thursday, October 8, 2020
 
SBA and Treasury issued a simplified application for PPP loans less than $50,000. Issued with a new simplified application - SBA Form 3508S - the Interim Final Rule established de minimis exemptions from the full-time equivalent (FTE) employee reduction penalty and from the employee salary and wages reduction penalty for PPP Loans of $50,000 or less.
 
Click hereDownload Adobe Reader to read this link content to view the simpler loan forgiveness application (SBA Form 3508S).
Click hereDownload Adobe Reader to read this link content to view the instructions for completing the simpler loan forgiveness application.
 
 
 
Wednesday, June 17, 2020
 

WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • 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%.

The EZ application requires fewer calculations and less documentation for eligible borrowers.  Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

Click hereDownload Adobe Reader to read this link content to view the Checklist.

Click hereDownload Adobe Reader to read this link content to view the E-Z Application.

Click hereDownload Adobe Reader to read this link content to view the Full Forgiveness Application.

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For assistance or questions, we would ask that you contact your local Citizens Bank Banking Center CEO or Citizens Bank Gladewater CEO Luke Kimbrough via email or by phone at 903-845-5566. Luke will make certain that you are put in contact with the right lender to assist you with your application.

Learn more at treasury.gov/cares

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