The Small Business Administration (SBA) released a revised, borrow-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act, which was signed into law on June 5. In addition to the revisions of the act, SBA has released a new EZ version of the borrowers application. This is available to borrowers that:
- Are self-employed and have no employees.
- 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.
- 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%.
For more information on the EZ Forgiveness Application and for a copy of the application, click here.