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SBA Streamlines PPP Forgiveness Application for Many PPP Borrowers

Monday, June 22, 2020Written by: Jessica Slaughter

The Small Business Administration has released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:

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  • Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
  • Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
  • Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
     

The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portionimportant-announcement.jpg of PPP borrowers. SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.

 

Find more information linked here. 





Article by: Jessica Slaughter

Jessica Slaughter Image
Tags: Paycheck Protection Program (PPP)