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- SBA Form 3508S does not require borrowers to provide additional documentation upon forgiveness submission, but borrowers should be prepared to provide relevant documentation if requested as part of the loan review or audit processes.
www.sba.gov › funding-programs › loans
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Does SBA form 3508s require additional documentation?
Does SBA form 3508s reduce loan forgiveness?
What is form 3508s?
How does SBA determine eligibility for loan forgiveness?
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.
Dec 2, 2020 · Documentation Required to be Submitted with SBA Form 3508S Forgiveness Application (updated December 2, 2020) Please note that in addition to the documentation described below that must be submitted with your forgiveness application, SBA requires you to keep all documentation related to your PPP loan and
SBA form 3508S PPP Loan Forgiveness Application + Instructions SBA Form 3508S does not require borrowers to provide additional documentation upon forgiveness submission, but borrowers should be prepared to provide relevant documentation if requested as part of the loan review or audit processes.
SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
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2. REVIEW THE FORM 3508S INSTRUCTIONS Form 3508S instructions can be found here. 3. MAINTAIN YOUR DOCUMENTATION The SBA does not require you to show the calculations used to determine your loan forgiveness amount nor are you required to submit the supporting documentation in order to obtain forgiveness.
Jan 22, 2021 · Published January 22, 2021. Key Insights. The SBA released Form 3508S on January 19, 2021. The one-page form greatly simplifies the loan forgiveness application. Form 3508S is for PPP borrowers with first or second draw loan amounts of $150,000 or less.
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