The Small Business Administration (SBA) recently announced changes to the Paycheck Protection Program (PPP) loan forgiveness application.
Under a new Interim Final Ruling, SBA has now provided a new PPP Loan Forgiveness Application Form 3508S as an additional option for borrower’s with a $50,000 or less PPP loan. The new form and process are intended to be simpler for borrowers and lenders and also provide for exemptions from employee reduction to headcount and/or salary and wages otherwise required per the Coronavirus Aid, Relief, and Economic Security Act. You can read the new ruling by clicking here. The new form can be viewed here, and instructions for the new form can be found here.
The new form and process will take additional time to implement into our AgCountry forgiveness application process. If you have not yet received an email invite to the AgCountry forgiveness portal, it will be delayed until the new form and process have been updated. If you have already received an email invite, you may want to delay beginning your application until the new form and process have been updated. Lastly, if you have already completed an application with AgCountry and you wish to change and take advantage of the new form, please reach out to your loan officer who can pass your request along to our process team.
We will continue to keep you updated with any future changes to the program or process.