Last Updated: November 20, 2020 10:00 a.m. ET

Update on PPP Loan Forgiveness

Message from Jennifer Roberts, CEO of Chase Business Banking

I hope you’re staying well as November and the end of the year come into view. We continue to invite customers with a PPP loan to request Forgiveness, generally starting with those who received funding first.

The Small Business Administration has created the simpler Form 3508S for smaller PPP loans. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.

We will continue to share updates on this page. Thank you for being a Chase customer.

Sincerely,


 

Before requesting Forgiveness, follow these 4 steps:

1. Complete our Forgiveness Checklist

Forgiveness Checklist

2. Watch our on-demand webinar  ‘How to request PPP Loan Forgiveness through Chase’  

On-demand webinar

3.  Review these Form 3508EZ examples that illustrate how to calculate your loan Forgiveness amount

Form 3508EZ examples

4.  Use these instructions to upload the documents you need to support your request

Supporting document instructions

For answers to common questions about SBA rules and Forgiveness, click here.

Important information for borrowers with PPP Loans of $50,000 or less.

The Small Business Administration has created the simpler Form 3508S for borrowers who received a PPP loan of $50,000 or less and who, together with their affiliates, didn’t receive PPP loans totaling $2 million or more. If you satisfy both criteria, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 now.

Form 3508S requires fewer calculations, and borrowers who qualify to use this form are  exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages. We recommend you complete the Forgiveness checklist now.

 

If you want to request Forgiveness before the Form 3508S is incorporated, you must decide whether to use Form 3508EZ or 3508.
 

SBA Form 3508S   | SBA Form 3508S Instructions

SBA Form 3508EZ | SBA Form 3508EZ Instructions

SBA Form 3508      | SBA Form 3508 Instructions



If you can’t request Forgiveness using either SBA Form 3508S or 3508EZ, you must use Form 3508. 

If you are not receiving emails from us about Forgiveness, please check your spam folder and email privacy settings.

Crisis Preparedness


Resources to help you prepare in our current environment  

All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender