04/20/2022: PPP Borrowers – Loan Forgiveness
Start the Process of Forgiveness in May 2022
As we head into May, for those PPP borrowers that have not done so already, it’s time to start thinking about applying for forgiveness of your Paycheck Protection Program (PPP) loan.
The SBA’s website provides some very good information about how to apply for forgiveness. You can find that information again here.
Did your business receive a PPP Loan for $150,000 or less?
If so, we recommend you start the process using the SBA Form 3508S. Our team is ready to help you. It’s the simplest form the SBA created and the starting point for you. If, however, your loan is over $150,000, start with the SBA Form 3508EZ.
If you can certify that you did not reduce the number of employees or the average paid hours of employees between January 1, 2020, and the end of your covered period, or were unable to operate from February 15, 2020, at the same level of business due to compliance requirements you may use this form.
If you did reduce employees, during the timeframe outlined above you will need to complete the SBA Form 3508. I can’t emphasize enough – we’re here for you and ready to assist you during this process.
We highly recommend SBA’s website as well, as it provides very good information about how to apply for forgiveness.
All associated links for the SBA’s portal and a link to the SBA’s PPP Loan Forgiveness page can be found on our Community Blog page on the Seneca Savings website. Simply search ‘PPP Loan Forgiveness.’
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