We recognize that three types of PPP loan forgiveness forms are now available. We will breakdown how each form should be used based on the situations that your business has experienced during your disbursement of the loan to the end of your covered period.
Use the Form 3508S when
- Your loan size is less than $50,000
Use Form 3508EZ when
- Your loan size is between $50,000 and $2,000,000
- You are a sole proprietorship, independent contractor, and self-employed
- You had zero employees at the time of the application
- You did not reduce employee compensation (for those under $100,000) by 25% or more during the covered period AND if reduced, did not restore before December 31st, 2020
- You did not reduce the number of employees or average hours between January 1st, 2020 to the end of your covered period AND/OR you could not operate at the same levels from March 1st to December 31st, 2020 due to HHS, CDC, or OSHA.
Use Form 3508 when
- Your loan size is between $50,000 and $2,000,000
- You did reduce employee compensation (for those under $100,000) by 25% or more during the covered period AND if reduced, did restore before December 31st, 2020
- You did reduce the number of employees or average hours between January 1st, 2020 to the end of your covered period