On June 17, the SBA released a revised application form and instructions that companies will use to apply for loan forgiveness. The SBA also released a new EZ application form which reduces the calculations and documentation needed. The new EZ form can be used if any one of these apply:
- Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the loan application and did not include employee salaries in the loan application.
- The borrower did not reduce compensation of any employee by more than 25 percent during the covered period or the Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020 AND did not reduce the number of hours of their employees; or
- The borrower did not reduce compensation of any employee by more than 25 percent during the covered period or the Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020 AND borrower was unable to operate during the covered period at the same level of business activity as of before February 15, 2020, due to compliance requirements from government agencies.
We have attached the application forms and instructions for your convenience.
- PPP Loan Forgiveness Application (Revised 6.16.2020)
- PPP Loan Forgiveness Application Instructions (Revised 6.16.2020)
- PPP Forgiveness Application 3508EZ ( Revised 06.16.2020)
- PPP Loan Forgiveness Application Form EZ Instructions (Revised 06.16.2020)
If you have any questions, please do not hesitate to contact your Core accountant.
