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Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal . Applying for forgiveness using the portal can take as little as 15 minutes. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S.
- SBA Direct Forgiveness Portal
This portal is made available by the US Small Business...
- SBA Form 3508S
A borrower may use this form only if the borrower received a...
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- First Draw PPP Loan
PPP is a loan designed to provide a direct incentive for...
- Get Help With Your PPP Loan
SBA has 68 District Offices around the country that provide...
- PPP Lender Information
On February 22, 2021, President Biden announced the...
- PPP Lenders Participating in Direct Forgiveness
Get federal and state tax ID numbers; Apply for licenses and...
- SBA Direct Forgiveness Portal
Dec 21, 2021 · Rev. Proc. 2021-48 provides that taxpayers who receive partial or complete forgiveness of a PPP loan may treat the resulting tax-exempt income as received or accrued: (1) as eligible expenses are paid or incurred; (2) when the taxpayer files an application for forgiveness of the PPP loan; or (3) when the PPP loan forgiveness is granted.
C, line 7: Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income March 3, 2021 OMB Control No.: 3245-0407 Expiration Date: 9/30/2021 AN APPLICANT MAY USE THIS FORM ONLY IF THE APPLICANT FILES AN IRS FORM 1040, SCHEDULE C AND USES GROSS INCOME TO CALCULATE PPP LOAN AMOUNT . Check One: Sole proprietor
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Most SBA-approved lenders have been requiring an IRS Form 1040 and Schedule C as part of the PPP application for non-employers, and while it may be possible to prove your income using other documentation, your application and approval process will be much faster if you can provide a Schedule C 1040 as part of your application.
You (the Borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using this SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below. If your loan amount is $150,000 or less, please use SBA Form 3508S.
In addition, at least 60% of the loan forgiveness amount (which may be lower than the total loan proceeds) must be used for eligible payroll costs. The threshold was originally set at 75% in the CARES Act and was reduced to 60% by the Paycheck Protection Program Flexibility Act (Source: PPP Flexibility Act, P.L. 116-142, June 5, 2020).
The Paycheck Protection Program Flexibility Act of 2020, which became law on June 5, 2020, extended the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.
