Great news! The Small Business Administration has released a much-anticipated, streamlined loan forgiveness application for PPP loans totaling $150,000 or less.
Our team at Fourth Capital is accepting applications and has already received approval from the SBA on many of those submitted. Please carefully review the steps below, and remember, we are here to help every step of the way.
Here’s how the process will work:
Step 1: Choose Your Application
For loans of $150,000 and under:
You will complete the two-page application, Form 3508S. This form includes certifications but does not require calculations to be submitted with the application. You will be required to submit documentation verifying forgivable payroll and non-payroll expenses. In addition, borrowers must retain the documentation supporting their certifications for six years but do not need to submit it.
For loans over $150,000:
The SBA has two applications for PPP forgiveness of loans over $150,000. The 3508 or the 3508EZ. The EZ application is much simpler, but you must meet certain requirements to be eligible to use it. Review the criteria to determine which application you are eligible to use.
Step 2: Collect Documents
You will need to collect documentation. Many payroll providers are creating standard PPP payroll reports to help you calculate forgiveness. Check with your provider to determine if they have prepared one for you and view the list of the required documents (included on the application form) to start collecting what you need.
Step 3: Submit Application and All Supporting Documents
Once you have completed the application and gathered all supporting documents, please submit everything at one time to our dedicated PPP team. We will review your entire packet and contact you with any follow-up questions. Then, your application will be submitted to the SBA for a decision. If your application is approved, you will receive a confirmation via email. If any loan balance remains after the forgiveness decision is given, we will be in touch soon after to talk through your options.
Important Note: When completing your application, disregard the SBA PPP Loan Number and the Lender PPP Loan Number. You may leave these blank. We will complete this portion before submitting it to the SBA.