|The U.S. Small Business Administration, in consultation with the Department of the Treasury, recently posted a revised, borrower-friendly PPP loan forgiveness application. |
In addition to revising the full loan 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;
Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number of hours of their employees;
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%.
Read the full press release here for more details.