In January, 2021, the SBA updated the 3508S Loan Forgiveness Application which allows for expanded use on PPP loans up to $150,000.
The SBA has clarified the following information:
- Beginning March 5, 2021, SBA will require all loan forgiveness applications to use the new 2021 version of this 3508S.
- The changes to the 3508S form will make this a primary form for most AgCountry PPP borrowers.
- The new form and its requirements simplify the forgiveness application process with fewer calculations and no requirements for supporting documents.
- NOTE: Unless it is being used to request forgiveness of a Second Draw loan and borrower did not yet provide documentation for the 25% gross receipts.
- In addition to updating the 3508S, there are updated versions to the 3508EZ and the 3508 applications.
- These are intended to be used for either a First Draw or Second Draw loan forgiveness.
AgCountry Requirements Effective Immediately:
- AgCountry asks borrowers to only use the 2021 forms when applying for PPP loan forgiveness.
- Because of the broader use and simplified 3508S application, AgCountry will only be accepting paper loan forgiveness applications going forward.
- AgCountry will not be utilizing the electronic portal to accept applications.
Borrowers seeking loan forgiveness must complete the following steps:
- Download the appropriate SBA application from the sba.gov website.
- Provide completed paper form to your Loan Officer at your local branch office for processing.