Paycheck Protection Program Revised Forgiveness Application


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 sbdc@pace.edu 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.

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Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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