Revised October 2020:
The Small Business Association (SBA) recently released a revised forgiveness application for the Paycheck Protection Program (PPP), including a new EZ application. These reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5. The new streamlined process can result in more qualified businesses.
Click the links below to see the application forms and their instructions:
• Revised PPP Loan Forgiveness Application - For Loans $50,000 and UP
• EZ PPP Loan Forgiveness Application - For Loans of less thatn $50,000
To check if you are qualified to use the new EZ PPP Loan Forgiveness Application, you should be able to tick-off any of the following:
- You are self-employed and have no employees.
- If you have employees, you did not reduce your employees' hours or reduce their salaries or wages by more than 25%.
- As a result of health directives related to the Coronavirus (COVID-19), you were unable to operate during the covered period at the same level of business that existed before February 15, 2020, AND you had employees, and you did not reduce their salaries or wages by more than 25% during the covered period.
To know more about how this could affect your business, schedule a consultation with this link: Free Consultation