PPP Loans Update for Borrowers of Less than $50,000
Posted On: October 9, 2020 in: News & Releases
by Park Bank
The Small Business Administration just released new guidance that simplifies the loan forgiveness application for PPP loans of $50,000 or less.
If you borrowed less than $50,000, you will need to complete the two-page application – Form 3508S – which includes certifications from you as the borrower, along with documentation that verifies your forgivable payroll and non-payroll expenses.
In addition, you will need to retain any documentation related to your PPP loan for six years, including documentation that you submitted with your original PPP loan application, documentation supporting your eligibility for a PPP loan, etc. You will not need to submit this documentation – only the documentation verifying your forgivable payroll and non-payroll expenses, as mentioned above.
For further detail, review the Form 3508S Instructions for Borrowers supplied by the SBA.
We will periodically update this information, so check back often. If there are any discrepancies between the information on this page and the SBA’s page, please follow official SBA guidance.