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Paycheck Protection Program OMB Control No. 32450407 Expiration date: 1/31/2021PPP Loan Forgiveness Application Form 3508SA BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000

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How to fill out sba form 3508 forgiveness

01

Gather all necessary documentation such as payroll records, mortgage statements, lease agreements, and utility invoices.

02

Complete the SBA Form 3508, making sure to fill out all sections accurately and truthfully.

03

Submit the completed form along with all supporting documentation to your lender within the designated timeframe.

04

Your lender will review the information provided and make a decision on whether or not to grant forgiveness for your PPP loan.

Who needs sba form 3508 forgiveness?

01

Businesses that received a Paycheck Protection Program (PPP) loan and are seeking forgiveness for the loan amount.

02

Owners of small businesses looking to have their PPP loan forgiven to avoid repayment obligations.

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What is sba form 3508 forgiveness?

SBA Form 3508 is a loan forgiveness application for borrowers of the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Who is required to file sba form 3508 forgiveness?

Borrowers who received a Paycheck Protection Program loan and wish to have their loan forgiven must file SBA Form 3508.

How to fill out sba form 3508 forgiveness?

To fill out SBA Form 3508, borrowers need to provide details about their PPP loan, payroll and non-payroll expenses, calculate the amount of forgiveness, and submit the form along with the required documentation.

What is the purpose of sba form 3508 forgiveness?

The purpose of SBA Form 3508 is to determine and request forgiveness for the PPP loan based on eligible expenses incurred during the covered period.

What information must be reported on sba form 3508 forgiveness?

Information that must be reported includes the total amount of the loan, payroll costs, non-payroll costs, the number of employees, and any reductions in employment or salary.

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