The SBA recently released the PPP Loan Forgiveness Application for borrowers to complete.
The SBA also recently issued a new EZ Forgiveness Application for borrowers who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25 percent, 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 percent
As we await more guidance from the SBA regarding the forgiveness process, please review the application and begin to gather documentation. We also recommend reviewing with your accountant. We will continue to provide updates as we review the guidance and streamline our process to assist with PPP Loan Forgiveness.