3508S Form - Who is it for and how is it different from 3508EZ?

The SBA (in conjunction with the Treasury) have released an even simpler version of the PPP forgiveness application (Form 3508S) for borrowers who have a loan of $50,000 or less. But what's the big difference between this 3508S form and the 3508EZ form? What does this mean for those 3.5 Million borrowers who got loans less than $50k? Will this make the PPP forgiveness process smoother for those borrowers?

Borrowers are getting some blanket safe harbor from wage reductions and FTE reductions, but this is not a blanket forgiveness of the loan.

This form does not require borrowers to even show the calculation of their forgiveness request, but they are still going to have to show the banks what they spend the PPP loan on in order to qualify for forgiveness. It is straight-forward and easier to fill out than even the 3508EZ form.

Here is the 3508S form: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf
and Instructions:
https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S-Instructions.pdf

Remember to DOCUMENT all the expenses related to the PPP loan. Find guidance here: https://youtu.be/6tlCbJaoDPo

I spoke about my Sole Proprietor Webinar in the video. If you are a sole proprietor and want forgiveness guidelines and calculation worksheets, you can find that here: https://claracfo.podia.com/courses/ppp-webinar-soleprop-schedulec

Find Small Business PPP Resources here: http://learn.claracfo.com/

To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions

Find us at: https://claracfo.com/

Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

Видео 3508S Form - Who is it for and how is it different from 3508EZ? канала Clara CFO Group