The PPP loan forgiveness process is still evolving and while we expect the SBA will continue to tweak the rules of the program, we can share with you what we know at the present date. The SBA has provided forgiveness applications, form 3508 (regular form), form 3508EZ (short form) and recently form 3508S (simple form), along with instructions for completion of each. The most recent version of the forms has a revision date of January 19, 2021. The forgiveness applications and instructions for completion of each are available on the SBA website at the following links.
SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 01-19-2021)
SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 01-19-2021)
SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 01-19-2021)
If your PPP loan amount does not exceed $150,000 you may use the new 3508S application. This application is simpler than the other two options. Again, this is for loan amounts of $150,000 or less. Please review the instructions for completing the form before you begin.
If your PPP loan amount exceeds $150,000 you must use one of the other applications either the 3508EZ or the regular 3508. Please review the qualifications and certifications on the first page of the 3508 EZ application instructions. If you can check one of the two boxes on the first page of the 3508 EZ instructions, you may use the 3508 EZ application for submission. Otherwise, you should use the 3508 regular application. Please read the instructions closely before attempting to complete either application.
While the documentation requirements may vary, the SBA has listed the minimal documentation requirements that must be presented to the Bank along with your application for forgiveness. Please refer to page 7 of the 3508 regular application instructions, page 4 of the 3508 EZ application instructions for details concerning the minimal required documentation to be submitted along with your application. Refer to page 4 of the 3508S application instructions for details concerning the documentation you are required to maintain as part of your records. Peoples Independent Bank reserves the right to request further documentation, as needed, to aid in obtaining the maximum amount of forgiveness possible with each application.
We will attempt to streamline this process as much as possible, but we ask that you remain patient as the SBA continues to change and update their procedures. If you have questions regarding your application, please contact your local Peoples Independent Bank lender.