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Schedule C and F Filers with No Employees

- FOR SCHEDULE C AND F FILERS WITH NO EMPLOYEES -

You may have heard or read that SBA has issued a new 3508S loan forgiveness application for loans that are $50,000 and less. For Schedule F and Schedule C filers who have no employees the application process is fairly simple. If your PPP loan amount was based on your Schedule F or Schedule C as a self-employed individual with no employees, we are handling your forgiveness application directly. The amount of your loan forgiveness is based on your 2019 Schedule C or F which we should already have a copy of and will use for the amount forgiven.

Click here for PPP Loan Forgiveness Application Form 3508S Instructions

Click here for PPP Loan Forgiveness Application Form 3508S

Here is what we would like you to do:

  1. Carefully read through the application and all the certifications
  2. Complete the following sections of the attached application form-Please complete this form electronically if at all possible so there are no misinterpretations by us or SBA.  If you cannot complete it electronically please print clearly.
    1. Business (Borrower) Name
    2. DBA or Tradename ONLY IF IT WAS USED IN YOUR APPLICATION
    3. Business Address
    4. Business TIN/EIN or SSN which ever was used on your application
    5. Business phone number
    6. Primary contact person
    7. E-mail address
    8. PPP Loan Amount
    9. PPP Loan Disbursement Date -THIS IS THE DATE OF YOUR NOTE
    10. Employees at time of Application and at Time of Forgiveness -ENTER ZERO OR NONE -
    11. EIDL Amount  and number if applicable– Most of you probably did not receive an Economic Injury Disaster Loan but if you did it will need to be deducted from the amount forgiven.  We do not have any information on whether or not you received an EIDL loan.
    12. Forgiveness Amount – Unless you received an EIDL loan this amount should be the same as your loan amount
    13. Initial each of the Representations and Certifications
    14. Sign the application either electronically as noted or with a wet signature, date it and list your title as Owner
    15. Return the application to your lender
    16. Demographic Information on page 2 of the application is optional.  You can complete this if you want to, but it is not required.

YOUR LENDER WILL COMPLETE SBA LOAN NUMBER AND LENDER PPP LOAN NUMBER UPON RETURN OF YOUR APPLICATION.

Please complete the application and return it as soon as possible so we can process your request with SBA.  If you have questions, please reach out to your lender or Shane Tiernan, Director of Lending, at shane.tiernan@gnbbank.com. 

Thank you for your patience as we work together through this program.

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