ALL PPP borrowers who received $150,000 or less should use form 3508S or the lender equivalent. If you borrowed $150,000 or less, you should use the new streamlined form 3508S (or lender equivalent) with Janurevision date.
Your lender will notify you of the forgiveness amount that the SBA pays and if you will have any payments due on your loan. Submit the form and documentation to your PPP lender and continue to communicate with your lender throughout the loan forgiveness process. (Forms 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.) Your lender can provide further guidance on which form you should use. They will provide you with the correct loan forgiveness form to fill out for your application-either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent. You’ll want to get together all of your documentation as outlined here and then contact your PPP lender. If you received any of your PPP loans (First or Second Draw) via DreamSpring or TMC, or if your lender has not opted-in, you will need to contact your lender for next steps and follow their instructions on applying for loan forgiveness. Here’s the SBA’s recording of a training webinar for use of the direct forgiveness portal.
Check the SBA’s list of PPP lenders who have opted-in to the SBA PPP Direct Forgiveness Portal.
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For full details, read our post about the new SBA PPP Direct Forgiveness Portal and other recent rule changes. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S. The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal.
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