Borrowers that receive a PPP loan of $150,000 or less may receive forgiveness if the borrower satisfies SBA PPP loan forgiveness requirements, completes and submits to the loan provider the SBA Form 3508S Loan Forgiveness Application. Among other things, the application includes certifications, the number of employees the borrower was able to retain because of the loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount.
All other borrowers for loan amounts greater than $150,000 or that are unable to complete the certification will need to provide the following information: