The U.S. Small Business Administration (SBA) and Department of the Treasury recently released a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act, signed into law on June 5, 2020. In addition, the SBA introduced a new EZ version of the forgiveness application to help simplify the forgiveness applications for borrowers that:
- 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%.
The message has been clear from the SBA and the Treasury, they want to make forgiveness easier for borrowers. More guidance will be provided in the coming days, but here are the recently released applications and instructions in full.
- Loan Forgiveness Application Form EZ
- Loan Forgiveness Application Form EZ Instructions
- Loan Forgiveness Application
- Loan Forgiveness Application Instructions
We are committed to getting you the latest news and information as quickly as possible. Check back at our site regularly for updates as more guidance becomes available.
