• Schoelles and Associates

Simplified application for forgiveness of the Payroll Protection Program loans

The Treasury Department and SBA released a simplified application for forgiveness of the Payroll Protection Program loans. This is not for automatic forgiveness. So if you received less than $50,000 from this program, Form 3508S will be less complicated to complete. Substantiation is still required and approval must be obtained.

The form can be downloaded at: https://www.sba.gov/sites/default/files/2020-10/PPP%20Loan%20Forgiveness%20Application%20Form%203508S.pdf

The instructions are at: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S-Instructions.pdf

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