The U.S. Department of Treasury and Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) Loan Forgiveness application.
Not only did the Treasury and SBA simplify the full loan forgiveness application, they also released a new EZ Forgiveness Application for qualified borrowers. These new updates reflect changes made to the forgiveness program by the PPP Flexibility Act and make it easier for borrowers to fill out the application.
The new EZ Forgiveness Application makes the process much simpler for certain borrowers. Borrowers can use this version if they meet one, but not necessarily all, of the following:
- Are self-employed
- Didn’t reduce wages by more than 25% and didn’t reduce the number of hours of their employees
- Experienced reductions in business activities as a result of health directives related to COVID-19 and did not reduce wages by more than 25%
The EZ Forgiveness Application no longer requires detailed employee information and requires less documentation than the full forgiveness application.
For more info on the application updates, register for our webinar on June 26 at 10 a.m.