Paycheck Protection Program: SBA Form 3508EZ
The Small Business Administration (SBA) has recently updated their Paycheck Protection Program (PPP) loan forgiveness application process by offering SBA Form 3508EZ (EZ Form). This new application is shorter than the original and easier to use, due to fewer calculations and documentation for eligible applicants. Borrowers may use Form 3508EZ if they qualify for at least one of the three following options:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25% AND did not reduce the number or hours of their employees (with the exception of laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period AND experienced reductions in business activity as a result of health directives related to COVID-19.
Those who check at least one of the above boxes can proceed with using the EZ Form to apply for PPP loan forgiveness. If a Borrower is unable to check one of these three boxes, they must submit the original PPP Loan Forgiveness Application (SBA Form 3508).
The EZ Form should only be filled out by those who have not already submitted a PPP application. After completing the EZ Form, Borrowers should submit it to their Lender; Borrowers may also submit this application electronically.
For more information or help with the application process, contact a KerberRose Trusted Advisor.
Form 3508EZ Instructions
PPP Loan Forgiveness Application