New loan forgiveness application available now

New loan forgiveness application available now

WASHINGTON--Wednesday, June 17, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted a revised, Paycheck Protection Program loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new "EZ" version of the forgiveness application applying to borrowers who:
• 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%
"This is great news for small businesses," said SBA Regional Administrator Steve Bulger, who oversees agency operations in the Atlantic and Mid-Atlantic regions. "The EZ application requires fewer calculations and less documentation, which makes the process much less intimidating."
For additional information see http://www.sba.gov/coronavirus.