On June 17, 2020, the US Small Business Administration (SBA), in consultation with the Department of the Treasury, published a new PPP Loan Forgiveness Application Form 3508EZ (EZ Forgiveness Application), which requires fewer calculations and less documentation for eligible borrowers.
The EZ Forgiveness Application and the EZ Forgiveness Application Instructions are available on the SBA.gov website.
The EZ Forgiveness Application applies to borrowers that:
- 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 as a result may have laid off or furloughed employees but did not otherwise reduce the salaries or wages of their employees by more than 25%.
Borrowers intending to utilize the EZ Forgiveness Application should be prepared to submit documentation evidencing their eligibility (as outlined in the EZ Forgiveness Application Instructions).
