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Lenders are urging the Small Business Administration to simplify and streamline the forgiveness process for Paycheck Protection Program loans between $150,000 and $2 million. As of right now, Borrowers with loans under $150,000 may use Form 3508S which requires very little effort in terms of calculations and documentation. All other Borrowers must use Form 3508 or 3508EZ. These forms are more complicated than the 3508S and lenders are seeing a significant number of application form errors and delays in forgiveness processing.
We expect an SBA decision on this very soon since some Borrower loan repayments could begin as early as July 2021. We will provide updates as we learn more.
Click the link below to read important news from the IRS about scams, tax law updates and more.