NEW PPP Loan Forgiveness Application Form 3508S for Self Employed & Independent Contractors

Step by step instructions on how to complete the NEW PPP loan forgiveness form 3508S for self employed, independent contractors, sole proprietors, or single member LLC.

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LINK TO PPP FORGIVENESS APPLICATION FORM 3508S - https://www.sba.gov/sites/default/fil...

LINK TO NAICS CODE WEBSITE - https://www.naics.com/search/

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PPP LOAN FORGIVENESS APPLICATION FORM 3508S INSTRUCTIONS FOR BORROWERS

You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using thisSBA Form 3508S only if the loan amount you received from your Lender was $150,000 or less for an individual First or SecondDraw PPP Loan. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508or 3508EZ (or lender’s equivalent form). Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First and Second Draw PPP loan.
SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers.

SBA Form 3508S 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 or audit processes. Complete this SBA Form 3508S in accordance with the instructions below, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.

If this application is being submitted for a First Draw PPP Loan approved on or before August 8, 2020 and the Borrower is
required to submit an SBA Form 3508D disclosure of a controlling interest, that disclosure must be submitted to the lender not later than 30 days after submission of this loan forgiveness application. See subsection B.16 of SBA’s interim final rule posted on January 6, 2021 (86 FR 3692).

If this loan forgiveness application is being submitted for a Second Draw PPP Loan, the Borrower must submit simultaneously to its lender documentation supporting the gross receipts reduction certification on the Borrower’s loan application (if the Borrower did not previously submit such documentation to the lender.

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