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The PPP Loan was created to help ease some of the unprecedented effects caused by COVID-19 amongst the SMB community. Though it has brought some relief to businesses of all sizes, it has also brought with it a lot of questions regarding how it will be forgiven. Below are some of the burning questions being asked and the most up-to-date answers to them.
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In order to facilitate the process for sole proprietors, independent contractors, or self-employed individuals with no employees, the guidance explains you can use SBA Form 3508EZ or the lender equivalent. While Form 3508EZ is not quite a “check the box” scenario, it is far easier to understand than SBA Form 3508, which would likely require the assistance of a lawyer or CPA. The assumption here is that no employees, other than the owner, were used to calculate the amount of the loan on the front-end application. The PPP FAQs also clarify that all PPP lenders may accept scanned copies of signed loan forgiveness applications and documents containing the information and certifications required by SBA forms 3508, 3508EZ, or a lender equivalent. This avoids the need for any in-person meetings between borrowers and lenders.
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Source for Information: https://www.forbes.com/sites/allbusiness/2020/08/07/treasury-issues-new-faqs-on-ppp-loan-forgiveness/amp/
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We hope that this information serves as an additional resource in maneuvering the intricacies of the PPP Loan. If you have any more questions or want to stay up-to-date with the latest news impacting SMBs follow us on the following platforms.

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