SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

From the SBA Press Office:

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...