PPP Loan Forgiveness Application Update

Please note: Franklin Savings Bank is not accepting PPP loan forgiveness applications at this time.

Loan Forgiveness Applications will only be eligible for submission to us based upon the following:

  • SBA’s Final Ruling has been established (TBD);
  • The 24-week requirement has been met.

While the SBA has not finalized the PPP loan forgiveness application, they have released drafts of two applications: Form 3508 Loan Forgiveness Application and Form 3508Z EZ PPP Loan Forgiveness Application. The latter application requires less documentation and fewer calculations; however, it only applies to borrowers who meet one of the following criteria:

  • Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
  • Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number of hours of their employees.
  • Did not lower salary or wages for any employee by more than 25% during the covered period, and experienced reductions in business activity as a result of health directives related to COVID-19.

The current version of SBA’s Loan Forgiveness Application reflects recent changes initiated by Congress as part of the PPP Flexibility Act, which is included in a new Interim Final Rule summarizing these changes.

Please note: The deadline for the Paycheck Protection Program loan application has been extended to August 8th.

Other helpful resources:

SBA Webinars each Wednesday:

Join Skype Meeting

Join by phone: 1.202.765.1264 | Conference ID: 522409519#

PPP Loan – Forgiveness FAQs – added 08.6.2020

PPP Form 3508 Instructions – added 06.17.2020

PPP Form 3508EZ Instructions – added 06.17.2020

U.S. Department of Treasury – CARES Act