3508EZ Forgiveness Application
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:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. OR
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (except laid-off employees who refused an offer to return). OR
- Did not reduce salary or wages for any employee by more than 25% during the covered period and had reductions in business activity as a result of health directives related to COVID-19.
Forgiveness Processing Steps - Please Read Carefully
Step 1: Download and Complete the Following Items.
Once downloaded, complete both the EZ PPP Application and collect the appropriate documentation found in the EZ Loan Forgiveness Checklist.
Step 2: Submit your Application and Supporting Documentation.
Upload your completed Application and Loan Forgiveness Checklist documentation to the Secure File Portal below.
Step 3: AFNB will Review Items for Completeness.
In order to ensure accuracy, AFNB will review all items prior to submitting to the SBA.
Step 4: AFNB will determine if your loan is eligible for forgiveness based on SBA's Guidelines for Loan Forgiveness Guidelines.
AFNB will notify you if your loan qualifies for loan forgiveness.
Note: Due to the volume of PPP loans it may take up to 60 days for AFNB to notify you if your loan is eligible for loan forgiveness.
Step 5: Submission to the SBA.
AFNB will submit your application to the SBA. Your Loan Officer will contact you once SBA issues it's decision.
Note: Approval may take SBA up to 90 days after AFNB submits your forgiveness application.
AFNB cannot provide financial, legal or tax advice, including interpretation of the SBA’s rules or guidance for loan forgiveness, or how they may apply to the circumstances of your business. Please seek financial, legal or tax advice from your financial, legal and/or tax professional(s). Please note that the information above is taken directly from the SBA and/or the SBA Paycheck Protection Program Loan Forgiveness Application, and is posted here solely for your convenience. It is not intended to be, and should not be considered, comprehensive or definitive. Please be sure to consult the SBA and/or U.S. Treasury PPP websites for information related to loan forgiveness and the PPP program. Guidance and rules directly from the SBA and/or the U.S. Treasury will supersede and control over any information below or in any FAQ posted here, to the extent of any conflict.