New and Revised Guidance for the Paycheck Protection Program:
Pursuant to the Payroll Protection Program Flexibility Act recently passed by Congress and signed into law by the President, SBA and the U.S. Treasury have issued new guidance as well as revised borrower and lender applications. Details here.
Revised PPP Loan Forgiveness Application and New EZ Version:
In addition to revising the full forgiveness application, SBA has published a new EZ Version that can be used by 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 #COVID19, and did not reduce the salaries or wages of their employees by more than 25%.
Full announcement here.