On October 8, 2020, the Small Business Administration released a streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less.
The new single page forgiveness application, form 3508S, includes certifications from the borrower, but does not require calculations to be submitted with the application. It is important to note, however, that applicants using form 3508S are still required to submit all of the same documentation verifying forgivable payroll and non-payroll expenses.
The Bank will work as expeditiously as possible to get the form 3508S into an electronic format for completion and submission. When the electronic form 3508S is ready for use, we will send out invitations to our PPP borrowers with loans of $50,000 or less; but until then, no action on your part is required.
In the meantime, you can review the new 3508S application form and the instructions for its completion using the links below:
Review the instructions for Form 3508S
For PPP borrowers with loans more than $50,000 but not exceeding $150,000, there is still a possibility that Congress will enact more broad reaching relief as part of another federal stimulus package; however, we do not know if or when this might occur. If you have already spent your PPP funds on eligible expenses and have all of your supporting documentation ready to submit, you can choose to move forward with forgiveness now, by emailing us at MVSBCommercialCredit@mvsb.com and requesting an invitation to our PPP loan forgiveness portal.
Should you have questions about the PPP loan forgiveness process, please feel free to contact your loan officer, or email us at MVSBCommercialCredit@mvsb.com.
