For loans $150,000 or less, use SBA Form 3508S
On January 19, 2021, the U.S. Small Business Administration released updated Form 3508S, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $150,000 or less.
PPP Forgiveness Form 3508S Application
For loans greater than $150,000, SBA Form 3508 or 3508EZ still apply.
This is the borrower-friendly, streamlined forgiveness version that is intended to make the forgiveness application process easier for most PPP borrowers. The “EZ” version of the forgiveness application applies to borrowers who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%
PPP Forgiveness Form 3508 Document Checklist
Information for Borrowers
We’ve developed an online portal to expedite the PPP forgiveness process for our clients. Here’s everything you need to know:
Q. What is the C&N Forgiveness Portal?
A. The C&N Forgiveness Portal is an online system that you will access to:
Q. Where can I find the C&N Forgiveness Portal?
- Submit and sign your PPP forgiveness application electronically
- Upload supporting documentation
- Communicate directly with the C&N team
A. You can access the C&N Forgiveness Portal at https://cnbankpa.lenderscooperative.com/
Q. Will I receive instructions for using the portal?
A. Yes, when it is time for you to apply, C&N will send you an email inviting you to apply for forgiveness. The email will include your link to the new C&N Forgiveness Portal along with detailed instructions. Please keep an eye out for this email!
Q. Is there any other way to apply for forgiveness?
A. The C&N Forgiveness Portal is the only way to apply for forgiveness through C&N.
Q. Is there anything I can do in advance to prepare?
A. To make sure you're prepared, we encourage you to continue to review the guidance for forgiveness and gather the required documentation as outlined within the forgiveness applications:
- visit the Small Business Administration Website for the latest on PPP loan forgiveness.
- review the appropriate SBA Forgiveness Application Form 3508S, Form 3508EZ, or Form 3508 found above, and the corresponding instructions for each form. The C&N Forgiveness Portal will require most of the information within these forms.