PPP Loan forgiveness
deadline approaches
By Loretta Cozart
If your business received a PPP Loan this year, time is fast approaching to apply for loan forgiveness. Borrowers use local lenders to manage their loans, so the application for loan forgiveness must be submitted through those lenders.
To complete the correct forms, borrowers should contact your PPP lender to complete the correct form. Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.
The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your lender can provide further guidance on how to submit the application.
Next, you need to compile your documentation which is comprised of payroll expenses and non-payroll expenses. You need bank statements, tax forms, and payment receipts to support your forgiveness application. Check with your lender for the exact documents they require. This task takes the most time to gather, so give yourself plenty of time to pull that documentation together.
Complete your loan forgiveness application and submit it to your lender with the required supporting documents and follow up with your lender to submit additional documentation as requested. Consult your lender for additional guidance and provide requested documentation in a timely manner.
Continue to communicate with your lender throughout the process. If SBA undertakes a review of your loan, your lender will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.
If your business received a PPP Loan this year, time is fast approaching to apply for loan forgiveness. Borrowers use local lenders to manage their loans, so the application for loan forgiveness must be submitted through those lenders.
To complete the correct forms, borrowers should contact your PPP lender to complete the correct form. Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.
The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your lender can provide further guidance on how to submit the application.
Next, you need to compile your documentation which is comprised of payroll expenses and non-payroll expenses. You need bank statements, tax forms, and payment receipts to support your forgiveness application. Check with your lender for the exact documents they require. This task takes the most time to gather, so give yourself plenty of time to pull that documentation together.
Complete your loan forgiveness application and submit it to your lender with the required supporting documents and follow up with your lender to submit additional documentation as requested. Consult your lender for additional guidance and provide requested documentation in a timely manner.
Continue to communicate with your lender throughout the process. If SBA undertakes a review of your loan, your lender will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.




















