On June 17, 2020, the US Small Business Administration (SBA) released both a shortened and a revised loan forgiveness application for the Paycheck Protection Program (PPP). The new “EZ application” is particularly friendly to borrowers, and significantly reduces the amount of paperwork and calculations PPP borrowers need to undertake.
To be eligible to use the EZ Application, borrowers must fall into one of the following categories:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, 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%.
Per the SBA: “Both 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. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.”
Click here to view the EZ Forgiveness Application.
Click here to view the Full Forgiveness Application.
TCIA is committed to keeping our members up to date on the latest developments with the PPP and other government programs critical to your business. Please contact Aiden O’Brien, TCIA’s Advocacy & Standards Manager at firstname.lastname@example.org with any questions.