Jan 20 SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS

On January 19, 2021, the Small Business Administration (SBA) released the revised Form 3508S for First Draw and Second Draw Paycheck Protection Program (PPP) borrowers seeking forgiveness on loans of $150,000 or less.  As detailed in the Consolidated Appropriations Act, 2021, this one-page form provides a simplified loan forgiveness process for borrowers meeting this loan balance threshold.

Eligible borrowers that have already submitted for loan forgiveness on either Form 3508 or Form 3508EZ, but have yet to receive an SBA decision on said forgiveness, should consult the Procedural Guidance surrounding the resubmission procedures.

Sax will continue to update you as further details are made available.  Reach out to your Sax advisor or email [email protected] with questions.  For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.