The U.S. Small Business Administration in consultation with the Department of the Treasury have unveiled a revised, “borrower-friendly” Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, which was signed into law by President Trump on June 5, 2020.  They also released a three-page EZ version of the 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 percent.

The original application was released in mid-May and was 11 pages long.

The EZ application requires fewer calculations and less documentation for eligible borrowers.   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.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

Click here to download the EZ Forgiveness Application.

Click here to download the Full Forgiveness Application.

For guidance on the PPPL Forgiveness Applications, contact our professionals.

Grossman St. Amour CPAs PLLC virtual doors are open and we are assisting our clients with audit, accounting, and tax issues as well as matters relating to COVID-19.  As a certified public accounting firm located in central New York, Grossman St. Amour CPAs has been in business for over 60 years.  The firm provides businesses and individuals with accounting, audit, taxation, business planning and valuation, financial planning, investment consulting, and fraud examination and deterrence services.  For more information about how Grossman St. Amour CPAs PLLC can be of service to you, contact our professionals.

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