Last week, the U.S. Small Business Administration, in consultation with the Department of the Treasury, released an updated PPP loan forgiveness application.
The organization also released a new EZ version of the PPP loan forgiveness application for borrowers that meet one of the following criteria:
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Self-employed with no employees
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An employer who 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
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An employer who 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%.
To learn more about this simplified forgiveness application and the revised full forgiveness application requirements, click here to visit the US SBA website.
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