The Small Business Administration released a three-page "EZ" Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. The form applies to borrowers who meet any one of these three criteria:
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. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. SBA also updated the regular forgiveness form to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.
Download the PPP Loan Forgiveness EZ Application instructions here.