>>Update via Chamber of Commerce subscribed email chain<<
The U.S. Small Business Administration (SBA) announced a new EZ Paycheck Protection Program form for eligible PPP borrowers to use to apply for forgiveness. The SBA also made borrower-friendly revisions to the full forgiveness application. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike. The new EZ application requires fewer calculations and less documentation than the revised full forgiveness application. Eligible applicants must meet the following criteria:
Click here to access the form.
- 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%