PPP Loan Forgiveness
Understanding your opportunity for loan forgiveness.
Steps to Loan Forgiveness...
You've applied for and received your PPP funds...now what?
The U.S. Small Business Administration, in consultation with the Department of the Treasury, has developed a borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
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%.
The EZ application requires fewer calculations and less documentation for eligible borrowers.
Watch our quick tutorial (at right) to help you through the process of completing the application.