Everything you should know about PPP Loan Forgiveness

Borrowed a PPP loan and want to be forgiven?  Here is what you should know:

  • Your forgiveness application is filed with the lender directly, not SBA
  • The application can be filed after day 56 but no later than 10 months after the end of the borrower’s covered period
  • All loan payments (not forgiven), including interest are deferred until the later of 10 months after the last day of your covered period; or receipt of final approval or denial of forgiveness from the SBA
  • Up to the full amount of the loan plus accrued interest (through approval of forgiveness application) are eligible for forgiveness
  • You cannot have forgiveness of qualified costs in excess of loan amount
  • Lender must issue a decision to SBA on a loan forgiveness application no later than 60 days after receipt of a complete loan forgiveness application form from a borrower
  • If lender denies forgiveness, borrower may subsequently request that the lender reconsider its application for loan forgiveness, unless SBA has determined the borrower is ineligible for a PPP loan
  • SBA must issue an appropriate forgiveness amount to the lender no later than 90 days after the lender issues its decision to the SBA
  • If applicable, SBA will deduct EIDL advance amounts from the forgiveness amount remitted to the lender

Apply for forgiveness now or wait?

  • This is entirely up to you and if your lender is ready. So, check in with your lender first to see if they are accepting forgiveness applications.

What we are recommending:

  • For any borrowers under $150,000 we are recommending holding off on applying . There is still a chance there will be blanket forgiveness for these borrowers.
  • For borrowers over $150,000, we will start preparing and submitting applications after 11/10/2020. For borrowers that primarily used their funds for payroll costs.

Which PPP Forgiveness Application should you use?

  • 3508S filers 
    • Use this form if PPP Loan amount received was $50,000 or less
  • 3508EZ filers 
    • Use this form if one (or more) of the items below applies to you
    • Self employed individual, independent contractor or sole proprietor who had no employees at the time of the PPP loan
    • Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of hours of their employees; or
    • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%
  • 3508 filers
    • Used by any borrower who cannot use Form 3508S or Form 3508EZ or who chooses to fill out the lengthier application

You can watch our full webinar covering this topic to learn more!

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Your Guide to Set Up Subcontractors the Right Way

Are you having trouble collecting information from your subcontractors? Download our “Subcontractor Checklist Packet” to know what you need from them for 1099’s, workman’s comp, and liability audits. We’ve even included a contract for reduced liability!

Justice Bragg

Business Development Specialist, Florida

At work, Justice is passionate about helping the team make decisions and connections that propel the business forward. He prioritizes client satisfaction by serving as a medium to facilitate communication to the proper channels making sure every issue is properly addressed.

Outside of work, Justice enjoys exercising by going to the gym and playing pickleball with his friends. He is a self-proclaimed foodie who can’t say no to trying a new restaurant, sometimes even immediately regretting it.

Zachary Williams

Staff Accountant, Florida

At Level Accounting, Zach is responsible for bookkeeping & payroll. He is dedicated to ensuring financial success for our clients.

Beyond the office walls, Zach’s weekends are filled with adventure, whether he’s exploring Florida’s hidden gems with his wife or battling it out in tournaments. When it’s time to unwind, you’ll find him at the movies or casting his line out for a relaxing fishing session.

Melanie Jerome, MBA


Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.

Seren Lunsford, MBA


Meet Seren, one of our dedicated staff accountants here at level accounting! She is responsible for bookkeeping & payroll. Outside of the office, you can find her on the sidelines of a soccer pitch, karting track, or baseball diamond, cheering on her two active boys. Seren is also a proud owner of two gentle giants, her beloved Great Danes. In her downtime, she channels her creativity into baking and decorating sugar cookies, always eager to experiment with new baked goods ideas and recipes. With her expertise in accounting and her passion for family, pets, and baking, Seren brings a unique blend of professionalism and warmth to our team.

Ivette Rivera


Ivette Rivera is our Executive Assistant at Level Accounting, juggling schedules and keeping things running smooth.

When she’s not crushing it at work, Ivette is an avid participant in her church community. As a mom, she’s all about those quality moments, whether it’s baking up a storm, hitting the water for some kayaking fun, or just chilling with a good book or binge-worthy show. And let’s not forget her partners in crime at home: Harley Quinn, the fridge-raiding pit bull, and Atlas, the cat who rules the roost. Ivette’s all about that balance between work hustle and personal bliss.