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Another PPP Simplification

On October 8th, the SBA released Form3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the funds were used for forgiveable expenses, but no numbers are required. It is not yet clear whether individual banks will have additional requirements for documentation.

If you qualify to use this form, our recommendation is to run a Payroll Summary report, with columns by employee, beginning the date of your loan and ending 24 weeks later, and keep it in your files with a copy of your Form 3508S. If the amount of the gross pay for 24 weeks is greater than your loan amount, no further expenses (utilities, rent, pension, insurance) would need to be reviewed.