Nassau Standard

Raich Ende malter and Co Llp issued the following announcement on June 18

Revised PPP loan forgiveness applications available

Application, CARES Act, COVID-19 Update, Paycheck Protection Plan, SBA

A revised, user-friendly Paycheck Protection Program (PPP) loan forgiveness application has been released by the U.S. Small Business Administration in consultation with the U.S. Department of the Treasury, implementing the PPP Flexibility Act of 2020. The SBA also published a new “EZ” version of the forgiveness application, which applies to 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%.

Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original eight-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. Links to instructions and applications for each follow.

Links to forms

• EZ Application instructions https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf
• EZ Application https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf
• Formal application instructions https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1_0.pdf
• Formal application https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

ALSO: EIDL applications are now available again. As of June 16, 2020, the restrictions on limiting applications to agricultural businesses has been lifted.

As always, we encourage you to reach out with any questions to your trusted REM advisor.

This is an ongoing series of updates provided to help businesses attain financial aid to offset loss of revenue due to the COVID-19 pandemic. Previous articles in this series can be found here.

Original source can be found here.