Existing borrowers may be eligible for PPP loan forgiveness. Use this form to apply for the Paycheck Protection Program (PPP) with an eligible lender for a First Draw loan.An Applicant that files an IRS Form 1040, Schedule F, and calculates the PPP loan amount using gross income must also use this form. PPP Lender Agreement. How do I apply for PPP Loan? • You will need to fill out the Paycheck Protection. SBA has developed another alternative loan forgiveness application, SBA Form 3508S, Paycheck Protection Program – PPP Loan Forgiveness Application Form 3508S. Instructions for Lenders. Yes, you can take out a state bridge loan and are still be eligible for the PPP loan. Eligible businesses could qualify for one SBA guaranteed loan under the PPP.