Current Federal Tax Developments

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Revised SBA Forms Released for Forgiveness of PPP Loans

The Small Business Administration met the requirement to issue the one page form for PPP loan forgiveness by 24 days after the date of enactment of the Consolidated Appropriations Act, 2021. The agency also published additional updated forms.

You can find the revised forms below:

  • Form 3508S - One page forgiveness form for PPP loans of up to $150,000 along with instructions.

  • Form 3508-EZ - Simpler application for forgiveness for borrowers that meet certain safe harbors

  • Form 3508 - Full application for forgiveness of PPP loan for those that don’t qualify for using either of the other two forms

The SBA also released a form for borrowers to disclose controlling interests (Form 3508D)