Recap of New PPP Guidance and Applications
We’ve compiled this list to provide you with the most up-to-date information.
Paycheck Protection Program Applications
The Paycheck Protection Program (PPP) reopened on January 11, 2021, and applications will be accepted through March 31, 2021. New loan forgiveness applications are also now available.
- Form 2483 – Paycheck Protection Program Borrower Application Form – An updated version of the loan application used with the first PPP program.
- Form 2483-SD – PPP Second Draw Borrower Application Form – A new form for qualified borrowers seeking a PPP Second Draw loan.
- PPP Loan Forgiveness Application Form 3508S (revised on January 19, 2021) – A one-page forgiveness application for borrowers who received a PPP First Draw or Second Draw loan of $150,000 or less. This replaces a previous version of the form that had a $50,000 threshold for use. Borrowers who applied for forgiveness using Form 3508EZ or 3508 and wish to resubmit their loan forgiveness applications using Form 3508S should follow the process outlined in SBA Procedural Notice 5000-20077 (see below).
- PPP Loan Forgiveness Application Form 3508 and PPP Loan Forgiveness Application Form 3508EZ (both revised on January 19, 2021) – Borrowers who received more than $150,000 in a PPP First Draw or Second Draw loan can apply for forgiveness using Form 3508, Form 3508EZ, or their lender’s equivalent form.
- Form 3508D – Borrower’s Disclosure of Certain Controlling Interests – Used by certain individuals to disclose that they directly or indirectly held a controlling interest in an entity applying for a PPP loan at the time the loan application was submitted to the lender.
The SBA and Treasury have also issued interim final rules and guidance for the PPP.
- Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act Interim Final Rule – Released on January 19, 2021, this Interim Final Rule consolidates previous PPP loan forgiveness rules and includes changes resulting from the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”), which is a subsection of the CAA.
- Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act Interim Final Rule – This January 6, 2021 Interim Final Rule consolidates the prior rules for forgivable PPP loans for first-time borrowers and includes changes resulting from the Economic Aid Act.
- Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans Interim Final Rule – Sets guidelines for Second Draw PPP loans to organizations that previously received a PPP loan.
- Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns – Details funds set aside for new and smaller borrowers, borrowers in low- and moderate-income communities, and community and smaller lenders.
- Paycheck Protection Program: How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation To Provide – By Business Type – Guidance on calculating payroll costs to determine the maximum amount of a First Draw loan, and the documentation required to support each set of calculations.
- Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide – Guidance on calculating revenue reduction and payroll costs for PPP Second Draw loans, and the documentation required to support each set of calculations.
- SBA Procedural Notice 5000-20076 – Addresses the requirements for a narrow subset of PPP borrowers to reapply for or request an increase to a PPP loan. This mainly applies to First Draw PPP loans approved by August 8, 2020 (when applications to the first round of the PPP ended).
- SBA Procedural Notice 5000-20077 – As noted above, this sets the process and requirements for PPP borrowers who applied for forgiveness using Form 3508EZ or 3508 and wish to resubmit their loan forgiveness applications using Form 3508S. It also covers lender notice responsibilities to PPP borrowers.
- SBA Procedural Notice 5000-20078 –Covers the steps PPP borrowers or their lenders must take if they made an “excess loan amount error,” which the SBA defines as a “borrower or lender error made in good faith that caused a borrower to receive a PPP loan amount that exceeds the borrower’s correct maximum loan amount under the CARES Act and the Economic Aid Act.”
Please contact us online or at [email protected] with any questions. If you would like assistance navigating the PPP loan forgiveness application process, see how our PPP Loan Forgiveness Application Service could benefit you here.Sign up for e-news and alerts