Yesterday, June 17, the Small Business Association (SBA) and U.S. Department of Treasury published a revised and simplified version of the Paycheck Protection Program (PPP) loan forgiveness application. The SBA also published a new EZ version of the forgiveness application that has fewer calculations and less documentation for eligible borrowers.
This new EZ version 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%.
If you or your company have questions or a legal matter related to the PPP loan, or any other business matter, please contact Anderson Jones Attorneys by email or phone at (919) 277-2541.