3508 Standard Forgiveness Application
3508 Standard Form:
To apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) loan, Borrowers may use the Form 3508EZ or the Form 3508S application or complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan).
- Each PPP loan must use a separate loan forgiveness application form.
- You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan.
- For a Second Draw PPP Loan in excess of $150,000, you must submit a loan forgiveness application for your First Draw PPP Loan before or simultaneously with the loan forgiveness application for your Second Draw PPP Loan, even if the calculated amount of forgiveness on your First Draw PPP Loan is zero.
- If this application is being submitted for a First Draw PPP Loan approved on or before August 8, 2020 and the Borrower is required to submit an SBA Form 3508D disclosure of a controlling interest, that disclosure must be submitted to the lender not later than 30 days after submission of this loan forgiveness application.
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.
Forgiveness Processing Steps - Please Read Carefully
Step 1: Download and Complete the Following Items.
Once downloaded, complete both the Standard PPP Application and collect the appropriate documentation found in the 3508 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.