SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
Summary
SBA news release 20-48, published June 17, 2020. It announces that the SBA, in consultation with the Department of the Treasury, posted a revised Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed by President Trump on June 5, 2020, along with a new EZ version. The release says the EZ application applies to borrowers that are self-employed with no employees, that did not cut employee salaries or wages by more than 25% or reduce employee numbers or hours, or that had reduced business activity from COVID-19 health directives without cutting salaries or wages by more than 25%.
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Archived news release 20-48 SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Pay... Published on June 17, 2020 WASHINGTON— Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, 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 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. 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. Click here to view the Full Forgiveness Application. ### About the U.S. Small Business Administration The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov . Media contacts U.S. Small Business Administration Email Press_Office@sba.gov
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