The SBA released a revised Loan Forgiveness Application implementing the PPP Flexibility Act of 2020. Additionally, the SBA published a new EZ Loan Forgiveness Application that applies only to borrowers that:
- Are self-employed and have no employees, OR
- Did not reduce salaries or wages of their employees by more than 25%, and did not reduce the number of 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%.
Both forgiveness applications give you the option of using the original 8-week Covered Period (if your loan was received prior to June 5, 2020) or an extended 24-week Covered Period.