Source: Valley Bank
What you need to know

The SBA (Small Business Administration) just released new guidance on a streamlined forgiveness application for PPP (Paycheck Protection Program) loans totaling $50,000 or less. Form 3508S is a two-page forgiveness application that requires certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their certifications for six years, but do not need to submit it.

What you need to do

If your PPP loan was $50,000 or less and you did not receive PPP Loans together with your affiliates totaling $2 million or more, go to Valley’s forgiveness webpage and download the SBA Form 3508S along with the instructions. These items will give you exact eligibility criteria and the ability to complete a draft prior to Valley opening its online portal.

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