Blog Post

Treasury Issues the PPP Loan Forgiveness Application

Nathan R. Olansen

Hot off the press, Treasury has issued the PPP Loan Forgiveness Application (SBA Form 3508). The 11-page application (we know, more paperwork) provides many of the answers you wish existed at the time you applied for your PPP Loan, such as:


  1.    When the “covered period” begins (helpful for biweekly payroll schedules)
  2.    Whether your loan exceeds $2M (assume those will be earmarked for more thorough review)
  3.    Maximum cash compensation eligible for forgiveness (capped at $15,385 per individual)
  4.    Payroll costs incurred but not yet paid at the expiration of the covered period
  5.    Eligible non-payroll costs
  6.    Calculating Full-Time Equivalency employees
  7.    FTE Safe-Harbor for reduction in number of employees
  8.   Ordering rules for calculating the amount of PPP Loan forgiveness


You can find the Loan Forgiveness Application . If you need help completing the information, please give us a call at (757) 687-8888. Happy reading!

Nathan headshot

Written By Nathan R. Olansen


Nathan R. Olansen is a Shareholder in the law firm of Midgett Preti Olansen. His practice is focused on estate planning, probate and trust administration, IRS and state and local tax audit and tax collection cases, as well as individual and entity tax planning, asset protection and a variety of related transactional matters.

Our Blog

Latest Resource Articles

The materials on this website were prepared by Midgett Preti Olansen PC. They are for informational purposes only. They are not intended to constitute, nor do they constitute, legal advice. Neither use of this website, nor an initial call or communication to an attorney is intended to create or creates an attorney-client relationship. The only way to become a Midgett Preti Olansen PC client is through mutual agreement. Do not act on any information on this website without first seeking professional advice.