Breaking News

SBA Creates EZ Version PPP Loan Forgiveness Application

By SEMA Washington, D.C., Staff

Companies that received a Paycheck Protection Program (PPP) loan may now be eligible to request forgiveness for at least eight weeks of payroll costs, rent and other bills. The U.S. Small Business Administration (SBA) has revised the recently-issued application for requesting full forgiveness. The SBA has also created an EZ version application for borrowers that:

  • 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%, OR
  • Are self-employed and have no employees.

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 eight-week covered period or an extended 24-week covered period. 

For more information, visit the SBA website.