SBA Publishes Revised PPP Loan Forgiveness Application
On June 16, 2020, the Small Business Administration (SBA) published a revised Paycheck Protection Program (PPP) Loan Forgiveness Application (Application). The Application can be found here The Application Instructions can be found here:
The SBA also published an EZ PPP Loan Forgiveness Application (EZ Application), which can be used by 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; 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%.
These revised applications and the publication of a new Interim Final Rule follow the Flexibility Act Amendments, which we wrote about in our article entitled: Congress Expands PPP Forgiveness and Relaxes Spending Rules.
For advice on complying with the PPP rules and applying for forgiveness, borrowers should consult with their lender, tax professionals and the attorneys of Burke, Warren, MacKay & Serritella, P.C.