June 17, 2020
Revised PPP Loan Forgiveness Application Released Today
For those who have already received a Paycheck Protection Program (PPP) Loan and are eager to learn about the forgiveness process, the Small Business Administration (SBA) has released a revised and “borrower-friendly” PPP Loan Forgiveness Application. The newly revised application is intended to be less complicated and easier for businesses to achieve full forgiveness of the PPP Loan.
Please note, unlike the initial PPP loan application, there is no immediate rush to complete this process. Employers will have 10 months from the date of receiving their PPP loan to submit for forgiveness.
Click here for the newly revised PPP Loan Forgiveness Application and instructions.
In addition, the SBA also released an “EZ” version of the PPP Loan Forgiveness Application for companies who qualify in any one of these three categories:
Borrowers who are self-employed and do not have employees, and did not use any employee salaries for the computations on the Borrower Application Form,
Borrowers who did not reduce employees’ wages by more than 25% and did not reduce the number of employees or the average paid hours of employees,
Borrowers who experienced reductions in business as a result of government agency health COVID-19 directives regarding sanitation, social distancing, or other safety requirements, but did not reduce employee wages by more than 25%.
For more information on the EZ Application, please see the Instructions and PPP EZ Loan Forgiveness Application. Borrowers may also complete their Loan Forgiveness Application online with their lender.
Our team will provide further guidance on this and other “Frequently Asked PPP Questions” shortly.
If you have any questions, please visit our COVID-19 Resources Page (EAcovid19help.com) or reach out to us by email at email@example.com. We are here to help.
The Employer Advantage Team