The SBA has issued the Paycheck Protection Program loan forgiveness application. There is also a new “EZ” version of the loan forgiveness application that applies to borrowers who:
• 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%
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.