This week, the U.S. Small Business Administration revised the Paycheck Protection Program loan forgiveness application. Ernest Figueroa has more information about the loan forgiveness application…
The Small Business Administration published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25 percent, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25 percent.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
The applications give borrowers the option of using the original eight-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.
EZ Forgiveness Application.
https://tinyurl.com/PPP-Loan-Forgiveness-Applicati
EZ Forgiveness Application instructions
https://tinyurl.com/3508EZ-instructions
Full Forgiveness Application
https://tinyurl.com/full-forgiveness-application
Full Forgiveness Application instructions
https://tinyurl.com/full-forgiveness-instructions
