Interested in training for your team? Click here to learn more

PPP Forgiveness and ERC Update: Forms 3508, 3508EZ, and 3508S; Eligible Costs, Required Documentation

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, July 13, 2021

Recorded event now available

or call 1-800-926-7926

This course will cover the latest developments in the PPP loan forgiveness application process for tax advisers and others assisting businesses through the application process complexities.


The SBA has issued 5.2 million loans under the Payroll Protection Program totaling more than $525 billion. The SBA has said it will audit all loans over $2 million, although most of the loans were $150,000 or less.

The Consolidated Appropriations Act of 2021 allows employers to claim both PPP loan forgiveness and the Employer Retention Credit (ERC). The change is retroactive but double-dipping on wages paid is not allowed. Businesses are relying primarily on tax professionals for assistance in completing and maximizing these benefits.

Forms 3508 or 3508EZ must be completed to substantiate compliance. For loans of $150,000 or less, borrowers can complete form 3508S and omit complex FTE (full-time equivalent) calculations. For others, definitions of eligible payroll, which includes more than wages reported on form 941, and other eligible costs must be understood and included.

Early application is permitted but impacts the calculations of included costs. The forgiveness process' length leaves taxpayers not knowing if their loan was forgiven before the due date of their current year income tax return. Tax professionals must grasp the nuances of these complex applications and the latest guidance in order to best serve businesses struggling in the current economic environment.

Listen as our payroll protection loan expert explains the PPP loan forgiveness process from the due date of the initial application to ultimately appealing a decision if needed and including preparation of Forms 3508, 3508EZ, and 3508S along with required supporting documentation to substantiate compliance.



  1. Payroll Protection Program forgiveness overview
  2. Forgiveness application process
  3. Employer retention credit
  4. Completing Forms 3508 and 3508EZ
  5. Eligible costs
  6. Documentation
  7. Appeals


Our panelist will cover these and other key issues:

  • The interplay between the employer retention credit and PPP loan forgiveness
  • What costs are included in eligible payroll costs?
  • How are payroll costs determined for owner/employers?
  • What are the steps to appeal if costs aren't forgiven?
  • How are full-time employee equivalents determined?


Pon, Lawrence
Lawrence K.Y. Pon, CPA/PFS, CFP, EA, USTCP, AEP

Tax Attorney
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive tax and financial planning, tax preparation and...  |  Read More

Access Anytime, Anywhere

CPE credit is not available on downloads.