BUSINESS FINANCING
Updated February 10, 2021 with the latest forgiveness guidance and applications.
The main attraction of a Paycheck Protection (PPP) loan is that it may be fully forgiven. In essence, forgiveness turns the loan into a grant.
To qualify for forgiveness requires you to spend your PPP loan funds properly in a specific period of time, and then apply for forgiveness with your lender. The rules and applications for applying for forgiveness have changed over time.
There are currently three forgiveness forms:
Form 3508
Form 3508EZ
Form 3508S
The latest and simplest form is 3508S and it may be used for loans of $150,000 or less. However, you must still calculate the amount of your loan that is eligible for forgiveness and maintain those records in case your application is audited. For that reason, you may want to fill out either Form 3508EZ or Form 3508 to calculate forgiveness, and keep that documentation with your records. PPP Applications are Now Being Accepted Complete your PPP Application in 15 minutes or less. Nav has partnered with multiple National and Regional lenders including the number one SBA loan origination software and services partner.