UPDATED PPP LOAN APPLICATION FORM RELEASED

In a significant new development, the SBA just announced that borrowers of PPP loans of $50,000 or less may use SBA Form 3508S (or a lender’s equivalent form) to apply for loan forgiveness, an abbreviated submission that is simpler than the alternative form for borrowers of larger PPP loans. Importantly, a borrower that uses SBA Form 3508S (or a lender’s equivalent form) is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages that would otherwise apply. 

Please contact your MSL advisor if you have any questions about this change, or if you would like assistance applying for loan forgiveness.