SBA Streamlines PPP Forgiveness Application
On Wednesday, June 17, 2020, the SBA released a three-page “EZ” Paycheck Protection Program loan forgiveness application (Form 3508EZ), requiring less documentation and fewer calculations, for borrowers who meet certain criteria. Borrowers eligible for Form 3508EZ:
- Have applied for the PPP loan as self-employed, independent contractor, or sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (except for those who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
Updates to the regular SBA Form 3508 were made to reflect the changes made by Congress in the PPP Flexibility Act.