The EZ application requires less documentation and fewer calculations.
|The U.S. Small Business Administration (SBA) and the Department of the Treasury posted a revised Paycheck Protection Program (PPP) loan forgiveness application that is more borrower-friendly. The SBA, in addition to revising the full forgiveness application, has also published a new EZ version of the forgiveness application.|
The EZ version applies to borrowers that:
- Are self-employed with no employees; OR
- Did not reduce the wages or salaries of their employees by more than 25%, and did not reduce the hours of their employees; OR
- Experienced reductions in business activity due to COVID-19 health directives and did not reduce the wages or salaries of their employees by more than 25%.
The EZ application requires less documentation and fewer calculations for eligible borrowers. More information regarding these provisions are detailed in the instructions of the EZ application form, which can be accessed using the link below.
Both applications allow borrowers to use the original 8-week covered period (for loans made before June 5, 2020) or an extended 24-week covered period. The applications are more efficient and will make it easier for businesses with PPP loans to realize full forgiveness.
To view the EZ Forgiveness Application, click below.
To view the Full Forgiveness Application, click below.
About the U.S. Small Business Administration
The U.S. Small Business Administration is a resource for small businesses backed by the federal government. The SBA empowers small business owners and entrepreneurs by providing the support and resources they need to start, grow, maintain, or expand their businesses, or recover from a disaster. The SBA delivers services through a network of field offices and partnerships. To learn more about the SBA, visit www.sba.gov.
For information about current legislation relevant to your business, please visit the CGA COVID-19 Business Resource Page on our website.
For assistance with your PPP Loan or Forgiveness Application, please contact a CGA Business Law Attorney.
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