SIOUX FALLS, S.D. (KELO) — The U.S. Small Business Administration released a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less.
According to the form, borrowers who apply are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries
or wages. The simpler application, SBA Form 3508S, doesn’t require borrowers to show calculations used to determine their loan forgiveness amount. But SBA could request information and documents as part of its loan review process.
SBA began approving PPP forgiveness applications and remitting forgiveness payments on October 2, 2020, according to a news release.