If you are a small business owner and a PPP (Paycheck Protection Program) loan user, then this article is for you. Here we will guide you to apply for forgiveness of your active loan. Let us see how to do it.
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This is how you can apply for PPP loan forgiveness
- First get the form SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S from your loan lender.
- Complete the documentation :
- For Payroll Users – Bank account statements / Payroll reports with details of cash compensation paid to employees , Tax forms / Payroll reports, Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans
- Non Payroll Users – Business mortgage interest payment receipts, Business rent / lease payment receipts, Business utility payments.
- Submit the form and documents to your loan lender.
- That is it. Your part is done. You have applied for PPP loan forgiveness.
In case you have any questions, you can just drop down your questions below in the comment section.