PPP Loan Forgiveness

Business owners who received a PPP loan have 10 months following the end of the 24-week Covered Period to submit to their lender for forgiveness. Assuming you received your PPP loan in mid-April, you have until July 31^st to complete the forgiveness application with the IRS.

• Practice owners with PPP loans of $150k or less would use the 3508S
  • https://www.sba.gov/document/sba-form-3508s-ppp-3508s-loan-forgiveness-application-instructions
• Practice owners can file the short-form, Form 3508EZ, if they did not reduce their employee hours and also did not reduce employee salaries by more than 25%
  • https://www.sba.gov/document/sba-form-3508ez-ppp-ez-loan-forgiveness-application-instructions
• Everyone else uses the form 3508
  • https://www.sba.gov/document/sba-form-3508-ppp-loan-forgiveness-application-instructions

We can help you apply for PPP Loan Forgiveness with your lender. Our fee for to complete the Form 3508S is $750, discounted to $500 if you use our firm’s payroll service, while our fee is $1,000 to complete the Form 3508EZ or $1,500 for the Form 3508.

Please email us at practicehelp@schwartzaccountants.com to request our help with our PPP Loan forgiveness application.