PPP Loan Forgiveness Application Help - Wyman Legal Solutions

PPP Loan Forgiveness Application Help

We’ve said this before about PPP loan forgiveness, and we’ll say it again:

Getting your PPP loan was the EASY part. Getting your PPP loan FORGIVEN is going to be HARDER.

SBA Releases PPP Loan Forgiveness Application Form

Hot off the presses, the SBA released the PPP Loan Forgiveness Application Form. SBA Form 3508 is the 11 PAGE APPLICATION (including instructions) you must complete and submit to your lender for forgiveness of your PPP loan. You can find the application here: PPP Loan Forgiveness Application.

One thing is clear though. This application has changed the forgiveness rules. Again.

For example, we’ve been told from the beginning that the “Covered Period” for calculating your forgivable payroll and expenses is the 8 week period following your receipt of your PPP funds. But, there is now an “Alternate Payroll Covered Period”. You can opt to use the Alternative period for some, but not all, of your forgivable expenses.

What should you submit to your lender when you apply for forgiveness?

At the very least, you will need to submit the following documents:

  1. The PPP Loan Forgiveness Calculation Form with certifications.
  2. PPP Schedule A (showing all payroll and non-payroll compensation and Full Time Equivalency (FTE) reduction calculations).
  3. Documentation verifying eligible expenses.
  4. Documentation showing your average number of FTE over multiple periods of time.

To complete Schedule A, the SBA provides you with a worksheet to complete. You do not send the worksheet to your lender. But you must keep it as part of your records for six years.

Our team is combing through the application to be ready to assist you with your loan forgiveness application. This application is not for the faint of heart.

Get the help your business needs and make sure your PPP loan is forgiven.

Call us at (561) 361-8700 to schedule a complimentary consultation.