On 6/17/2020, the Small Business Administration (SBA) posted a revised version of the Paycheck Protection Program (PPP) loan forgiveness application. According to the SBA, this revised application is more “borrower-friendly” than the original application. In addition, the SBA released an EZ version of the application that requires fewer calculations and less documentation for eligible borrowers, who include 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 did not reduce the salaries or wages of their employees by more than 25%.

The revised PPP application can be found here.

The new EZ application can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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