Get 100% PPP Loan Forgiveness With The NEW Form 3508S

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PPP loan forgiveness just got a whole lot easier. In this video I walk though who can apply, what form to use, and how to fill out the form. This is everything you need to know about Paycheck Protection Form 3508S for your PPP loan and EIDL advance


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Back in April millions of small businesses had received PPP forgivable loans which were set to be spent in 8 weeks and fully forgiven if a business had met certain criteria like not reducing payroll more than 25%.

By May many businesses had the issue that their 8 weeks were running out and they would not receive complete forgiveness under current guidelines. The forgiveness window was then extended to 24 weeks which gave many businesses relief but left the issue of reductions in payroll reducing total forgiveness and extremely complicated forgiveness applications.

Then a second application came out that was slightly easier to follow.... but not much easier. It still included payroll calculations and forgiveness ratios.

Last friday the SBA came out with the PPP forgiveness form 3508S, this form gives 100% forgiveness to PPP loans under $50,000 with much MUCH less hassle than any form before it.

This doesn’t make forgiveness automatic but it’s pretty darn close. Looking at the instructions for this form nearly all the confusing parts of the last forms have been eliminated.

The most important elimination being a PPP loan recipient of less than $50,000 is no longer required to reduce forgiveness if the small business:

1. Reduces wages of employees during the loans covered period compared to the reference period. To translate that to english in the past if let’s say you had an employee who made $4,200 a month in February but then the pandemic hit and you reduced pay 25% to $3,150 this would have affected your PPP loan forgiveness, but not anymore.

2. Your PPP loan won’t be reduced if your business reduced the total number of full time equivalent employees while under your PPP loan. This is very similar to the first reason where in the past this would affect total loan forgiveness.

SBA Form 3508S: https://www.sba.gov/sites/default/fil...


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