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Paycheck Protection Program (PPP)

Paycheck Protection Program Loan Forgiveness

 


For loans $50,000 or less, use SBA Form 3508S

On October 8th, 2020, the U.S. Small Business Administration released Form 3508S, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The press release announcing this improvement may be found at https://home.treasury.gov/news/press-releases/sm1148 

It will likely take the U.S. Small Business Administration at least a few weeks to implement this new application. In the meantime, we’re working to update our online portal to accept the new application.  

Form 3508S

PPP Forgiveness Form 3508S Application
 
PPP Forgiveness Form 3508S Instructions
 
PPP Forgiveness Form 3508S Document Checklist

 

For loans greater than $50,000, SBA Form 3508 or 3508EZ still apply. 


Form 3508EZ
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 3508EZ Instructions
 
PPP Forgiveness Form 3508EZ Document Checklist


Form 3508
This is the full forgiveness application which will apply to all borrowers that do not qualify to file the streamlined 3508S or 3508EZ forgiveness applications
 
   
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:
 
  • Submit and sign your PPP forgiveness application electronically
  • Upload supporting documentation
  • Communicate directly with the C&N team

Q. When will the C&N Forgiveness Portal be ready?
A. The online portal is now available.

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. How will forgiveness applications be prioritized?
A. Applications will be processed in phases, beginning with loans greater than $150,000. This phased approach will help C&N ensure efficient forgiveness application processing, while saving valuable time for our PPP clients.

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 after receiving your portal invite email, 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.
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