You can apply for forgiveness of your Paycheck Protection Program (PPP) loan using the SBA Form 3508S only if the total PPP loan amount you received from your Lender was $50,000 or less. However, a borrower that, together with its affiliates (see 85 FR 20817 (April 15, 2020) regarding the application of SBA’s affiliation rules and the exemption of otherwise qualified faith-based organizations from SBA’s affiliation rules), received PPP loans totaling $2 million or more cannot use this form. If you are not eligible to use this form, you must apply for forgiveness of your PPP loan using SBA Form 3508 or 3508EZ (or Lender’s equivalent form). SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
The SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process.