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The U.S. Small Business Administration on Wednesday posted a revised Paycheck Protection Program loan forgiveness application reflecting changes to the program signed into law by President Trump on June 5.
In addition to issuing a revised full forgiveness application, SBA also published an EZ version of the forgiveness application that 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%.
“We are glad to see a simplified application to help our small businesses here in Arkansas,” SBA Arkansas District Director Edward Haddock said in a news release. “Considering that the average loan amount in Arkansas is nearly $80,000, this will help simplify the forgiveness process for a large number of small businesses and borrowers.”
The SBA said the EZ application requires fewer calculations and less documentation for eligible borrowers. 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) or an extended 24-week covered period.