SBA, Treasury Announce New “EZ” and Revised Full Forgiveness Applications for the Paycheck Protection Program
The U.S. Small Business Administration (SBA) and the Treasury Department have released a revised Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act. In addition to revising the full forgiveness application, SBA has also published a new “EZ” version of the forgiveness application that applies to borrowers that:
(1) Are self-employed and have no employees; OR
(2) 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
(3) 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.
Borrowers who do not meet the above criteria are required to use the revised full forgiveness application.
Note: Both the full and EZ loan forgiveness applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.
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