General Surgery Coding Alert
Use Form 3508S for PPP Loan Forgiveness
Question: How can we apply for loan forgiveness under the Paycheck Protection Act? Montana Subscriber Answer: The good news is that the Small Business Administration (SBA) now has a simplified, one page form (3508S) for you to fill out, as required by the Consolidate Appropriations Act of 2021 (CAA) signed into law late last year. As required by the law, the form asks for only two dollar amounts: the amount of the loan spent on payroll costs and the requested loan forgiveness amount. Filing the form doesn’t guarantee automatic forgiveness of your PPP loan. Reductions such as the salary and hourly wage reduction provision and the full-time equivalent reduction rules apply to loans of $50,000 or less. A link to the new form is at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses — scroll down to the “3508S” entry posted Jan. 19 in the “For Borrowers” section. The form is one page, with six pages of instructions following.
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General Surgery Coding Alert
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Use Form 3508S for PPP Loan Forgiveness
Question: How can we apply for loan forgiveness under the Paycheck Protection Act? Montana Subscriber [...] - Reader Questions:
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