Today, the U.S. Small Business Administration, in consultation with the
U.S. Department of the Treasury, posted a revised, user-friendly
Paycheck Protection Program loan forgiveness application implementing
the PPP Flexibility Act of 2020.
In addition to revising the full forgiveness application, the SBA also
published a new “EZ” version of the forgiveness application applying to
borrowers who:
• 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%.
“This is great news for small businesses,” said SBA Regional
Administrator Steve Bulger, who oversees agency operations in the
Atlantic and Mid-Atlantic regions. “The EZ application requires fewer
calculations and less documentation, which makes the process much less
intimidating. I’m sure this will go a long way toward improving access
and helping us distribute the remaining PPP appropriations to support
small business owners and their employees.”
Details regarding the applicability of these provisions are available in
the instructions to the new EZ application form. Both applications give
borrowers the option of using the original 8-week covered period (if
their loan was made before June 5) 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.
To view the EZ Forgiveness application, visit
https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf.
To view the Full Forgiveness application, visit
https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%2
