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SBA Releases New PPP Forgiveness Forms

 

The U.S. Small Business Administration released new Payroll Protection Plan (PPP) loan forgiveness applications.  Some of the key changes are as follows:

  • Form 3508S is now applicable for loans of $150,000 or less
    • Borrowers will need to report the amount of the loan spent on payroll and the total amount of loan forgiveness
    • The remainder of the application borrowers will certify compliance with program
       
  • Forms 3508EZ and 3808 allow for additional expenses to be used for forgiveness:
    • Covered operations expenditures – software, cloud computing, and HR/accounting
    • Covered property damage costs – 2020 public disturbances, not covered by insurance
    • Covered supplier costs – expenditures to a supplier that are essential to the recipient’s operations
    • Covered worker protection expenditures – PPE and costs to comply with COVID-19 safety guidelines

As a reminder, lenders are currently accepting applications for the second round of the Payment Protection Program.  In order to qualify, a borrower must have fully exhausted their first Payment Protection loan in addition to experiencing a decrease in quarterly revenue in any quarter in 2020 compared to the same quarter in 2019 or a 25% decrease for the entire year.

If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional.  You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford), or email us at info@cironefriedberg.com.
 

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CironeFriedberg, LLP
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