COVID-19: PPP & EIDL Loan Information

Form 3508S Instructions

Box One

  • Borrower did not reduce more than 25% the salary or hourly rate of any employees during the Covered Period compared to the preceding full quarter AND
  • Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period, excluding any FTE Reduction Exceptions.

Box Two

  • Borrower did not reduce more than 25% the salary or hourly rate of any employees during the Covered Period compared to the preceding full quarter AND
  • Borrower was unable operate during the Covered Period at the same levels as before February 15, 2020 due to compliance issues involving COVID customer and employee safety guidance issued by the HHS, CDC, or OSHA.

If you are relying on Box One, you should follow the instructions regarding FTE Reduction Exceptions, if any.

If you are relying on Box Two, you should follow the instructions regarding FTE Reduction Safe Harbor #1.

If you are unable to check either boxes, you will need to use Form 3508. If you are using the Excel Forgiveness Calculator, it will be decided which form you will need to use.


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