The Small Business Administration and Treasury Department issued a press release on October 8th, 2020. The announcement provides greater administrative relief for PPP recipients with loans of $50,000 or less. The agencies worked together to provide the simplest form, for forgiveness application, to date.
The amount of work necessary to complete the form 3508S, and required documents, is considerably less than forms 3508, or 3508EZ. Due diligence and accuracy are still critical when completing the form. Consult with your CPA, bank, or trusted advisor for more details and help completing your form.
Be sure to consider the tax implications of forgiveness. The choice to apply for forgiveness is a simple one, knowing how it will affect your business and personal tax situation is more complex. Consulting with your CPA or tax advisor is highly recommended.
Below is a link to the Treasury Departments press release. Form 3508S, instructions, and an Interim Final Rule are also available with the press release.
