The SBA and U.S. Treasury have released a revised Paycheck Protection Program Loan Forgiveness Application and interim guidance regarding program changes. The agencies have also published a new EZ Application version that requires fewer calculations and less documentation for 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%
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.
Contact a Pace SBDC Business Advisor at firstname.lastname@example.org with any PPP application questions. You can also check out the SBA website or Pace SBDC’s PPP program page for more detail and links to relevant materials.