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

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Jason Vissers

Jason Vissers

Jason Vissers is a writer and cereal chef from San Diego. He graduated with a Political Science degree from San Diego State University in 2001. He's been writing about website builders, crowdfunding sites, online lenders, and credit cards for Merchant Maverick since 2015. Additionally, Jason can't eat raisins.
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    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?

      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.

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