An 18-page PDF detailing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans was just one of the many PPP-related documents released this week by the U.S. Small Business Administration and Treasury.
Here is a rundown:
- PPP Loan Forgiveness Application Form 3508S, a one-page application for borrowers that received a PPP loan of $150,000 or less, does not require borrowers to submit any supporting documentation, but they must maintain payroll, nonpayroll and other documents that could be requested during an SBA loan review or audit.
- Two other PPP loan forgiveness applications, Form 3508 and Form 3508EZ, require borrowers to submit payroll and nonpayroll documentation.
- Certain individuals must use Form 3508D to disclose controlling interest in an entity applying for a PPP loan.
- Also released was an interim final rule consolidating prior PPP loan forgiveness rules and incorporating changes made by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260.
- A 12-page document details calculation processes and required documentation for first-draw PPP loans by business type.
- A procedural notice explains what PPP borrowers must do if they or their lender made an application error that resulted in a borrower receiving a PPP loan amount that exceeds the borrower’s correct maximum loan amount.
- A procedural notice establishes the requirements and processes for borrower resubmission of a loan forgiveness application using SBA Form 3508S when forms 3508 or 3508EZ were previously submitted.
The relaunched PPP began accepting applications Jan. 11 from community financial institutions that loan primarily to underserved businesses. The application window opened Jan. 14 for lenders with $1 billion or less in assets and for all lenders on Tuesday.
Resources from the AICPA:
- Plan for your clients to get both PPP loans and the ERC
- PPP Resources page