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Businesses with a Paycheck Protection Program (PPP) loan of $50,000 or less now have a much simpler avenue for loan forgiveness. The simplified forgiveness form (3508S) is a simple form that just has you confirm you spent the funds in the appropriate manner, sign it, and you're done. Spending the funds in an appropriate manner means:
You have 10 months from the completion of the covered period to apply for the loan forgiveness. Your lender will most likely prompt you when they are ready for your application.
For more information on the PPP loan forgiveness, you can check this out.
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