The new EZ application 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%.
The new EZ application is less intensive than the original application, requiring fewer calculations and documentation. The new and revised applications are designed to make the forgiveness process more efficient for both lenders and borrowers. We suggest you print, understand, and share this forgiveness application with anyone who has received, or will receive, PPP funds along with your account personnel.
For more information about the Paycheck Protection Program, visit our website for official SBA documents about the program, along with other important COVID-19 related SBA changes. Our website also includes webinars that we have participated in as well as updates about future webinars we will be hosting.
No one knows what the next few weeks or months may hold, but what I can assure you is that we will be here to continue assisting small businesses to lead the country’s growth in the coming years.