Start by gathering the following details and documentation:

• Name of your business: business legal name, DBA, trade name (if applicable)
• Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
• SBA loan number.
• Your PPP loan amount.
• EIDL advance amount (if you got one)

When can I apply for PPP Round 2 forgiveness?

Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

How do I get PPP loan forgiveness?

To apply for PPP loan forgiveness, use the SBA’s Loan Forgiveness Application form, Form 3508, or your lender’s equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.

How to file for loan forgiveness under the PPP Act?

Forms and Process: As of December 26, 2020, there were three types of loan forgiveness application forms: Form 3508, Form 3508EZ, and Form 3508S. However, the PPP2 Act provides for a more simplified forgiveness application process for loans of $150,000 or less, ‎including a one page certification containing the number of employees retained …

Which is the best form to use for PPP forgiveness?

Each borrower applying for PPP forgiveness will need to use one of these forms. 3508 is the form you will use if your loan is OVER $150,000 and you DO NOT qualify for any safe harbors. 3508EZ is the form you will use if your loan is OVER $150,000 and you DO qualify for one of the available safe harbors.

Can a SBA loan be forgiven with a PPP loan?

The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents you’ll need to qualify for PPP loan forgiveness.

Which is the forgiveness form do you use?

There are now three forgiveness forms: Each borrower applying for PPP forgiveness will need to use one of these forms. 3508 is the form you will use if your loan is OVER $150,000 and you DO NOT qualify for any safe harbors. 3508EZ is the form you will use if your loan is OVER $150,000 and you DO qualify for one of the available safe harbors.