PPP Loan Forgiveness Application Walk through

05.26.2020 05:41 PM

PPP borrowers must apply for loan forgiveness with the lender that processed the loan by filing SBA Form 3508

Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.

The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.

Roy Vargis CPA