PPP Loan Forgiveness Application Form 3508EZ.pdf

## Paycheck Protection Program (PPP) Loan Forgiveness Application Summary (Form 3508EZ)

This form outlines the process for businesses to apply for forgiveness of their PPP loans, which were designed to provide financial relief during the COVID-19 pandemic.

Key Elements:

Applicant Information: Includes business name, DBA/tradename (if applicable), address, tax identification number (EIN or SSN), phone number, primary contact details, and SBA PPP loan number.
Loan Details: Specifies the PPP loan amount, disbursement date, number of employees at both the loan application and forgiveness application stages, and any EIDL Advance received.
Payroll and Nonpayroll Costs: The form requires breakdown of eligible costs (payroll, mortgage interest, rent/lease payments, utilities) for forgiveness calculation.
Forgiveness Amount Calculation: Uses a formula based on payroll cost (at least 60% of the forgiveness amount), loan amount, and covered period to determine potential forgiveness.
Representations and Certifications: The borrower (or authorized representative) certifies:
That the requested forgiveness amount was used for eligible expenses.
Compliance with salary/wage requirements (e.g., no more than 25% reduction in salaries or hourly wages compared to pre-pandemic levels).
Accuracy of submitted information and documentation.
Awareness of potential penalties for fraudulent applications.
Additional Certifications: The borrower must choose one of two certifications regarding employee headcount and business operations during the covered period, based on COVID-19 related closures/restrictions.

Process:

Businesses complete Form 3508EZ and submit supporting documentation to their lender.
Lenders review applications for eligibility and forward approved applications to SBA for final approval.