SBA Releases Updated PPP Loan Forgiveness Applications

SBA Releases Updated PPP Loan Forgiveness Applications

June 16, 2020 – The U.S. Small Business Administration, in consultation with the Treasury, posted a revised, Paycheck Protection Program (PPP) Loan Forgiveness Application.

In addition, the SBA also published a new EZ version of the forgiveness application that 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 40%, 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 EZapplication requires fewer calculations and less documentation for eligible borrowers.

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, 2020) 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.

Click here to view the EZ Forgiveness Application Instructions.

Click hereto view the EZ Forgiveness Application.

Click here to view the Forgiveness Application.

Click here to view the Forgiveness Application Instructions

We will continue to update our Resource Center with new information, tools and guides to help you through the loan forgiveness process. If you would like to view the Loan Forgiveness Application, you can visit the Treasury’s website by clicking here.