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Regular 3508, 3508EZ, or 3508S: Which PPP Forgiveness Form Is Right For My Small Business?

Learn what criteria qualifies you (type of business, loan amount, etc.) qualifies you for which forgiveness form.

    Erica Seppala
  • 12 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Erica Seppala

Erica Seppala

Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
Erica Seppala
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12 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Dana M Hiles

    WHERE DO I MAIL MY 3508EZ FORM?

      This comment refers to an earlier version of this post and may be outdated.

      Jessica Dinsmore

      Hi Dana,

      You’ll need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself.

      Note that you may need to submit more than just a completed application form to qualify for loan forgiveness. Depending on the amount you’ve received and how you spent your loan funds, you may also need to submit payroll documentation, bank statements, account statements, tax forms, receipts, and/or canceled checks to support your forgiveness claim.

      More specifics can be found within the post if you’d like more details. I hope that helps!

        This comment refers to an earlier version of this post and may be outdated.

        Teri Lowers

        I filled a ppp loan n was told the sba approved my.loan been waiting for my money and then read that people are doing these applications and scamming people how can tell if you.have bee scammed ?? I filed with blueacorn ?? How can i see if my loan is legitimate ?? Plz help im losing everything thank you teri

          This comment refers to an earlier version of this post and may be outdated.

          Jessica Dinsmore

          Hi Teri,

          I’m so sorry for the situation you are in. Hopefully, you’ve been funded already but if you are still unsure and wondering what is going on, you can try the SBA’s status checker. We wish you the best!

            This comment refers to an earlier version of this post and may be outdated.

            MELISSA

            IN ORDER TO APPLY FOR PPP 2 DO WE HAVE TO “HAVE” FORGIVENESS OR JUST HAVE APPLICATION SUBMITTED FOR FORGIVENESS?

              This comment refers to an earlier version of this post and may be outdated.

              Jessica Dinsmore

              Hi Melissa,
              To qualify for a second draw, borrowers must have already used or plan to use all funds from their first draw. This post on PPP Round 2 explains in more detail.

                This comment refers to an earlier version of this post and may be outdated.

                Deborah L Swales

                My PPP Loan same directly from SBA and not through a lender. Who do I submit my 3508S form to?
                Thanks

                  This comment refers to an earlier version of this post and may be outdated.

                  Jessica Dinsmore

                  Hi Deborah,

                  We haven’t been able to find any information on the SBA funding PPP loans. Perhaps this is an EIDL loan or grant? Those are funded by the SBA. I’d recommend following up with the SBA to determine the source of the funding. Best wishes!

                    This comment refers to an earlier version of this post and may be outdated.

                    Gloria DeLano

                    I am a little confused as to which form to use. The loan amount was $74,100.00, We did not have to reduce the salary for our 5 employees and we did not have to close for any period of time.
                    So should I use 3508, 3508EZ or 3508S

                      This comment refers to an earlier version of this post and may be outdated.

                      Jessica Dinsmore

                      Hi Gloria,

                      Based on the information provided, you can definitely use the 3508S form (the simplest one).

                        This comment refers to an earlier version of this post and may be outdated.

                        David Galpin

                        Regarding the use of 3508EZ: “The borrower did not reduce the number of employees or the average paid hours of employees between Jan 1, 2020 and the end of the Covered Period”. What if we did reduce this number for a few weeks prior to receiving the PPP loan but then brought everyone back 100% for the duration of the loan. Would we still qualify for the EZ form?

                          This comment refers to an earlier version of this post and may be outdated.

                          Jessica Dinsmore

                          Hi David,

                          So it sounds like you did not reduce the annual salary or hourly wages of any employee by more than 25 percent during the Covered Period as compared to the period between Jan 1 and March 31, 2020 — this means that even if you don’t meet the additional condition that you did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period, you can still use the 3508EZ form if and only if you were

                          … unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.”

                          Basically, if you do meet this last condition, you should be able to use the EZ form, but if you don’t meet this last condition, then you can’t.

                            This comment refers to an earlier version of this post and may be outdated.

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