Applying for Forgiveness of your PPP Loan
PPP Loan borrowers should be diligent in keeping accurate payroll and accounting records to maximize their loan forgiveness amount. All eligible expenses should be tracked and recorded with accompanying documentation during the entire 24-week time period to allocate funds. Consult with your tax advisor, legal counsel, accountant, and/or payroll service to assist your business when necessary. Goldenwest will contact borrowers with additional instructions on how to submit your PPP Loan forgiveness documents.
The SBA has provided three different loan forgiveness applications for borrowers. Both applications give borrowers the option of using the original 8-week period or the extended 24-week covered period.
PPP Loan borrowers must select, complete, and submit one of the applications:
- Full Loan Forgiveness Application Packet (Form 3508); OR,
- EZ Loan Forgiveness Application Packet (Form 3508EZ); OR,
- S Loan Forgiveness Application Packet (Form 3508S).
Borrowers electing to use the EZ Loan Forgiveness Application must meet ONE or more of the following conditions:
- You are self-employed and have no employees; OR
- Your business did not reduce salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; OR
- Your business experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
Borrowers electing to use the S Loan Forgiveness Application must meet the following conditions:
- Total loan amount is $50,000 or less
- The borrower, together with its affiliates, has not received loans totaling $2 million or greater
PPP Loan borrowers should review the instructions in the packet, and return the completed application via email to COVID19relief@gwcu.org with a subject line of FORGIVENESS APPLICATION with your business name (i.e., FORGIVENESS APPLICATION Smith's Lawn Service, LLC).
Download a PDF version of the Full Forgiveness Application Packet.
Download a PDF version of the EZ Loan Forgiveness Application Packet.
Download a PDF version of the S Loan Forgiveness Application Packet.