SBA Issues Updated PPP Guidance and Forms

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently released additional PPP guidance and resources:  

• Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1/19/21)
• How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (1/17/21)
• Procedural Notice: PPP Borrower Resubmissions of Loan Forgiveness Applications Using Form 3508S, Lender Notice Responsibilities to PPP Borrowers, and Offset of Remittances to Lender for Lender Debts (1/15/21)
• Procedural Notice: Paycheck Protection Program Excess Loan Amount Errors (1/15/21)
• Helpful reminder for this round of PPP: Make sure the PPP First Draw Loan number is included in the Second Draw PPP Loan application. As part of the Second Draw Borrower application, applicants must enter the SBA loan number of the First Draw PPP loan (i.e., the loan that was originated in 2020). SBA loan numbers have the following format to help borrowers identify the SBA loan number of their first PPP loan: XXXXXXXX-XX (eight numbers followed by a dash and then two more numbers). PPP lenders should make SBA loan numbers easily accessible to their borrowers.

New Forms

• Loan Forgiveness Application and Instructions – Form 3508S (1/19/21)
• Loan Forgiveness Application and Instructions – Form 3508EZ (1/19/21)
• Loan Forgiveness Application and Instructions – Form 3508 (1/19/21)
• Borrower’s Disclosure of Certain Controlling Interests (1/19/21)