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New and Revised Paycheck Protection Program Loan Forgiveness Applications Released

New and Revised Paycheck Protection Program Loan Forgiveness Applications Released

Service Businesses  |  Healthcare  |  Nonprofit  |  Manufacturing & Distribution  |  Government Contractors  |  Construction & Real Estate

The Small Business Administration (SBA) has released a revised loan forgiveness application for the Paycheck Protection Program (PPP) and a brand new EZ loan forgiveness application.

EZ PPP Loan Forgiveness Application

The SBA released an abbreviated loan forgiveness application that requires less calculations and documentation than the full PPP loan forgiveness application. This application can be used by borrowers who:

  • Are self-employed and don’t have any employees;
  • Didn’t reduce salaries or wages of their employees by more than 25% and didn’t reduce the number of employees or hours of employees; or
  • Experienced reductions in business activity due to COVID-19 related restrictions and didn’t reduce salaries or wages of employees by more than 25%.

You can view the instructions for the application here and the application itself here.

Revised PPP Loan Forgiveness Application

The changes in the revised PPP loan forgiveness application reflect the changes made by the Paycheck Protection Program Flexibility Act of 2020. You can view the revised application here

Read More About the PPP

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Published on June 18, 2020