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How do I apply for PPP loan forgiveness?

In order to apply for PPP loan forgiveness, you’ll need to complete a 3508EZ Form or 3508 Form and submit it to your lender.

There are two PPP loan forgiveness applications you should be aware of: 3508EZ Form and the regular 3508 Form. In general, if you applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees, then you should complete 3508EZ. All other applicants should complete the regular 3508 Form. 

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Note: Vast Bank is not yet accepting applications for forgiveness. Please become familiar with application requirements as you prepare documentation. 

3508EZ Form: For Self-Employed, Independent Contractors and Sole Proprietors (See Additional Criteria)

The Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:

  1. Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
  2. Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
  3. Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.

For the official 3508EZ application instructions, download the SBA’s Form 3508EZ guide (PDF).

3508 Form: For Applicants Who Do Not Meet EZ Form Criteria 

On June 17, the SBA updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act.

Here’s how to complete this form:

  • Complete basic company information on the main Loan Forgiveness Calculation form
  • Complete Schedule A Worksheet to see if you meet the headcount and pay requirements
  • Complete Schedule A to find your payroll and compensation costs
  • Complete the rest of the Loan Forgiveness Calculation Form to determine your total eligible costs and our forgiveness amount

For the official application instructions, download the SBA’s Form 3508 guide (PDF).

Third-Party Online Application Tool

After seeing the complexity of the regular Form 3508 PPP loan forgiveness application, entrepreneur Mark Cuban, an Oklahoma community bank, and Arkansas FinTech collaborated to provide PPP borrowers a simple way to assess their PPP loan forgiveness potential, while also simplifying the application process for all small businesses.

PPP.BANK* is a free, secure resource for small businesses, non-profits, and sole proprietors across the United States who received a Paycheck Protection Program (PPP) loan and are now applying for forgiveness. This website automates the 11-page forgiveness application and results in a PDF that can be provided to the lender.

Keep in mind that the accuracy is dependent upon the information you provide, and the tool cannot guarantee any of the analysis or results produced. You are ultimately responsible for ensuring the accuracy of the data. So make sure to check that your information is correct before submitting to your lender. 

*PPP.BANK is a third-party tool. Vast Bank gives no warranty or guarantee as to its accuracy.

Additional PPP Loan Resources & Links

Helpful links on the Paycheck Protection Program (PPP) that is part of the CARES Act.