tci General Surgery Coding Alert - 2021 Issue Q1

Reader Questions: Use Form 3508S for PPP Loan Forgiveness

Question: How can we apply for loan forgiveness under the Paycheck Protection Act? Montana Subscriber Answer: The good news is that the Small Business Administration (SBA) now has a simplified, one page form (3508S) for you to fill out, as required by the Consolidate Appropriations Act of 2021 (CAA) signed into law late last year. As required by the law, the form asks for only two dollar amounts: the amount of the loan spent on payroll costs and the requested loan forgiveness amount. Filing the form doesn’t guarantee automatic forgiveness of your PPP loan. Reductions such as the...

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