The SBA has issued a revised, borrower-friendly PPP loan forgiveness application. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application. This version only applies to 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 EZ application requires fewer calculations and less documentation for eligible borrowers. 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.
View the full statement from the SBA.
Access the EZ application here.
Acccess the revised Full Forgiveness application here.
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