Simplified PPP Forgiveness Applications Released

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Simplified PPP Forgiveness Applications Released

Citing the need to ease the burden of proof for businesses seeking forgiveness for Paycheck Protection Program (PPP) loans, the U.S. Treasury Department and Small Business Administration have created two simpler, shorter "borrower friendly" loan forgiveness application forms.

The revised full application has been reduced to five pages (including a page of instructions) from the original form's 11 pages. In addition, a new "EZ" application is just three pages, including instructions, and features simplified calculations. The EZ form is customized for the self-employed, those who have no employees, or borrowers who meet certain wage and headcount criteria.

You can download the new application forms here.

The EZ form can be used by borrowers who can prove any one of the following three criteria:

They are self-employed, an independent contractor or have no employees

They did not reduce the salaries or wages of their employees more than 25 percent AND did not reduce the number of hours of their employees (their FTE) during specified time periods

They experienced reductions in business activity as a result of the coronavirus pandemic AND did not reduce the salaries or wages of their employees by more than 25 percent.

For additional assistance in managing your company through the pandemic, preparing for the reopening of businesses, or for help in calculating the PPP allocation for loan forgiveness purposes, please contact Gray, Gray & Gray at (781) 407-0300.

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