PPP Loan Forgiveness
Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).

The PPP program closed on May 31st, 2021. If you received funding through this program, details on loan forgiveness are below.

The SBA & the U.S Department of the Treasury offer three separate Paycheck Protection Program (PPP) loan forgiveness applications and related instructions. These documents will help small businesses seek forgiveness at the conclusion of the Covered Period or the Alternative Covered Period, both of which begin with the disbursement of their loans.

PPP forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. The PPP loan will be fully forgiven if, during the applicable Covered Period or Alternative Covered Period, PPP loan funds are used for payroll costs, interest on mortgages, rent, and utilities and at least 60% of the forgiven amount is used for payroll. The loan forgiveness Covered Period or Alternative Covered Period is either 1) 24 weeks after the date of loan disbursement, or through Dec. 31, 2020, whichever comes first. Borrowers who received PPP loans prior to June 8th, 2020 have the option to use the original 8-week covered period.


Forgiveness will be reduced if full-time equivalent headcount declines, or if salaries and wages decrease. There is a “safe harbor” from reductions in loan forgiveness based on reductions in full-time employees if the Borrower is unable to 1) resume level of pre COVID-19 business activity due to worker or customer safety compliance issues; or 2) rehire individuals/hire similarly qualified employees for unfilled positions by December 31, 2020.


See below for the three categories, including some basic guidelines for determining which one of three PPP Loan Forgiveness Applications a Borrower may submit:


1) PPP Loan Forgiveness Form 3508S

  • A Borrower may use this form only if the Borrower received a PPP loan of $50,000 or less.

  • A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form

  • Click here for more instructions


2) PPP EZ Application Form 3508EZ

This version requires fewer calculations and less documentation than the standard Paycheck Protection Program Loan Forgiveness Application. The EZ Form is for borrowers who:

  • Are self-employed and have no employees; OR​

  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or 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%

  • Click here for more instructions



​​3) Paycheck Protection Program (PPP) Loan Forgiveness Application



For additional helpful resources related to the PPP Forgiveness process, check out:

We know navigating different COVID-19 relief programs can be challenging. The Pace University SBDC is here to help. Contact us to schedule a no-cost, one-on-one business counseling session.


Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   


Office:  (212) 618-6655

Email:  sbdc@pace.edu

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Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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