New SBA Forgiveness Form 3508S
The new SBA forgiveness application form 3508S is available for most PPP borrowers with loans under $50,000. Please follow these steps to prepare for and complete the 3508S application for forgiveness:
- Download and read the SBA Instructions for form 3508S (green button below).
- Determine that you are beyond the "Covered Period" (8 or 24 weeks if loan disbursed before June 5 and 24 weeks if disbursed on or after June 5. See the SBA Instructions and the FAQs for more information on Covered Period.).
- Gather the required documentation as described in the SBA Instructions in PDF file format only.
- Link to the PowerForm online 3508S. (See Suggestions for completing the online 3508S form below.)
- When you complete the online 3508S form with the required PDF attachments, the files are automatically sent to us for review and processing.
- After we, the lender, and the SBA review your application for forgiveness, you will be notified by email. The process can take several weeks. (It is not necessary to inquire about the status of forgiveness after you file. We will inform you if additional documentation is required and when the forgiveness is approved or declined.)
- File your PPP loan records in a place for safe-keeping for six years, as explained in the Instructions.
We have provided a link below to FAQs on the 3508S form.
We are not able to provide accounting or legal advice about the information you provide in the forgiveness application. We can respond to questions about the application process - please email email@example.com.
Note: At the time of posting this 3508S form, Congress is considering even further simplification of the forgiveness forms. Click here for more information.
Suggestions for Completing the online 3508S
- Please upload only PDF files.
- Where a number answer is required, please enter only numbers, not symbols such as '$' or commas.
- Where a date are required, please use the format 'MM/DD/YEAR' or the date picker pop-up.
- Where a number answer is required, '0' is an acceptable answer.
- Where a text answer is required, a 'N/A' is an acceptable answer.