New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

North Dakota District Office - June 17, 2020

u s small business administration
Paycheck protection program, PPP


Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, 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. 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 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 

Download PPP Forgiveness Forms & Instructions

 


PPP Loan Forgiveness Webinars

Tuesday, June 23, 2020 at 2:00 pm CT
Wednesday, June 24, 2020 at 8:30 am CT

Join the SBA North Dakota District Office and SBA Resource Partners for a step-by-step training on completion of the PPP loan forgiveness application. We will explain the factors that determine the loan forgiveness amount and walk through example calculations that are part of the forgiveness application process. You will also have the opportunity to ask questions.

Register for the June 23 Webinar

Register for the June 24 Webinar