In some of our previous posts, we mentioned that the financial institutions, Chambers of Commerce, small business groups, etc. were pushing for the increase of the threshold of form 3508 from the initial amount of $50,000 to the $150,000. In fact, some of the financial institutions stopped the forgiveness process intake (or never started it) waiting for this new threshold.
In December 2020, the stimulus package was approved and on Jan 19, 2021, the new forms have been release. See links below for the new forms.
Forgiveness application S (under $150k) – https://www.sba.gov/sites/default/files/2021-01/PPP%20–%20Loan%20Forgiveness%20Application%20and%20Instructions%20–%20Form%203508S%20%281.19.2021%29.pdf
Forgiveness application EZ (Certify one of the following a) Did not reduce number of employees or average paid hours unless unable to hire or refused b) Unable to operate … at the same level )- https://www.sba.gov/sites/default/files/2021-01/PPP%20–%20Loan%20Forgiveness%20Application%20and%20Instructions%20–%20Form%203508EZ%20%281.19.2021%29.pdf
Forgiveness application – https://www.sba.gov/sites/default/files/2021-01/PPP%20–%20Loan%20Forgiveness%20Application%20and%20Instructions%20–%20Form%203508%20%281.19.2021%29.pdf
