Paycheck Protection Program Loan Forgiveness Information

We appreciate our business owners and understand your impact in our communities. Our goal is to provide a seamless process to help our business members maximize forgiveness of Paycheck Protection Program (PPP) loans, and we are now accepting forgiveness applications for all PPP loans funded in 2020.

For First Draw PPP loans received in 2021 and all Second Draw PPP loan applications, we will notify you via email when we are ready to accept those forgiveness applications.

Simplified 3508S Form for Loans of $150,000 or Less

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted on December 27, 2020 (the Act), created a simplified process for businesses that received PPP loans of $150,000 or less to apply for loan forgiveness. On March 5, 2021, the Small Business Administration (SBA) began accepting the new streamlined 3508S Forgiveness Application. Nusenda is now processing these applications for eligible PPP loans received in 2020.

  • To access the forgiveness application, enter the exact business name and Tax ID of the business (for individuals and sole proprietors, this will be your Social Security Number if you do not have an Employer Identification Number).
  • You will receive a one-time security passcode via email. Enter the code to access the application.
  • For streamlined processing of loans $150,000 or less, select the 3508S form.

If you have any issues accessing the application, please email us at, and a team member will contact you to assist.

The streamlined 3508S Forgiveness Application requires fewer calculations, less documentation, and does not require borrowers to show the calculations used to determine the loan forgiveness amount; however, the SBA may request information and documents to review those calculations as part of its loan review and audit processes. Borrowers must also retain all employment records/payroll documentation in its files for four years and all other documentation for three years after the date the loan forgiveness application is submitted.

Forgiveness Application for Loans Exceeding $150,000

For loans over $150,000, the following forgiveness applications are also available:

  • 3508EZ — You can apply for forgiveness of your First Draw PPP Loan using the SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you meet certain criteria related to reductions in number of employees or salaries/wages during the covered period. Refer to the 3508EZ Application Form and Instructions for a detailed list of criteria you must meet to use this form.
  • 3508 Standard Form — All borrowers with loans $150,000 or more that are not eligible to use the 3508EZ must use the 3508 Standard Form.

Remember that the SBA retains the right to audit any PPP loan. Borrowers are required to retain all records relating to your Forgiveness Applications for the following time-frames:

  • Employment Records for a 4-year period.
  • Records relating to all other Eligible Expenses for a 3-year period.

Other Important Changes to PPP Forgiveness

EIDL Advance Deduction

Congress has removed the requirement to deduct Economic Injury Disaster Loan (EIDL) advances from the amount of PPP Loan Forgiveness.

Changes to Eligible Expenses

The Act expands the use of PPP loan proceeds, including additional eligible expenses. This does not remove the requirement that at least 60% of the loan proceeds must be used for Payroll Costs. The change is effective for all PPP loans that have not already been forgiven.

Please see our Important Updates Regarding the Paycheck Protections Program for additional details on these changes.

We are sharing this PPP loan forgiveness information in an effort to help you understand these changes. This information is based solely on Nusenda’s interpretation of the legislation and guidance from the U.S. Department of Treasury and the U.S. Small Business Administration (SBA). Due to the rapid pace of these changes and impending guidance, Nusenda makes no representations or warranties regarding this information. We encourage all business members to visit these resources for updates.