PPP Forgiveness

My friend Johanna Hearns, District Manager at ADP( This email address is being protected from spambots. You need JavaScript enabled to view it.) has come through again with some very worthwhile information for small business owners.

“As you may or may not know, as of October 8th the Treasury Department and SBA released a simplified PPP forgiveness application (Form 3508S). In accordance with this Interim Final Rule (IFR), qualifying PPP borrowers will not need to document compliance with the targeted FTE and wage level maintenance requirements. Loan forgiveness amounts will not be reduced, even if FTE or wage levels decreased during or after the covered period, as long as the loan was $50,000 or less, and the borrower, when combined with any affiliates, collectively received less than $2 million.

Many borrowers who received PPP loans have already completed their specified “covered period” and spent the PPP loan proceeds and may be ready to submit the related forgiveness applications (SBA Form 3508, 3508EZ or 3508S). The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. It is not urgent that forgiveness applications be submitted soon. As a reminder, under the PPPFA, loan repayments for any amounts not forgiven are not required until ten months after the expiration of a borrower’s covered period. Borrowers should check with their lenders directly to determine if they are prepared to accept forgiveness applications. ADP clients can obtain the appropriate reports in their ADP solution and should gather other documentation demonstrating how PPP loan proceeds were used, including mortgage interest, rent payments and utilities. ADP will continue to closely monitor federal legislation and guidance affecting PPP loans.”

The link for the actual form and instructions is here.

Please note, I have reached out to several lenders who worked with me to obtain PPP for clients but they are not yet ready to receive any forgiveness applications.  The Best thing to do is reach out to the lender you worked with.


I just received an email from Dime Community Bank last week related to the opening of their portal for PPP forgiveness.

Please check with the financial institution that you work with to see if they have begun to accept the forgiveness applications.

If they have, I strongly recommend that you process your application as soon as possible to start the procedure.