SBA updates, simplifies Paycheck Protection Program loan forgiveness application

Jun 17, 2020 - 02:58 PM
COVID19 Web Sized

The Small Business Administration today released a revised loan forgiveness application for the Paycheck Protection Program, which implements provisions of the recently enacted PPP Flexibility Act.

The agency also released an “EZ” version of the application (for borrowers who: are self-employed and have no employees; did not reduce employees’ salaries or wages by more than 25% and did not reduce employees or employee hours; or experienced reduced business activity due to COVID-19-related health directives and did not reduce employees’ salaries or wages by more than 25%. Details on applying these provisions are available in instructions to the EZ form. 

Both applications give borrowers the option of using the original eight-week covered period for loans made before June 5 or an extended 24-week covered period, the agency said. 

Yesterday, SBA released an interim final rule revising certain previous rules for the program to conform with the PPP Flexibility Act, recently enacted legislation supported by the AHA. The Coronavirus Aid, Relief, and Economic Security Act created the forgivable loans to help eligible small businesses keep workers on the payroll during the pandemic. 

Related News Articles

Headline
CDC report finds COVID-19 vaccine for children reduced chances of ED, urgent care visits
The Centers for Disease Control and Prevention Dec. 11 released a report that found last year’s version of the COVID-19 vaccine was 76% effective in preventing…
Headline
AHA responds to FDA request for information on AI-enabled medical devices
The AHA provided recommendations to the Food and Drug Administration Dec. 1 in response to a request for information on the measurement and evaluation of…
Headline
Permanent recall issued for Baxter ventilation system
The Food and Drug Administration has identified a Class I recall of Baxter Life2000 Ventilation Systems due to a cybersecurity issue discovered through…
Headline
CDC data shows rise in flu, COVID-19 cases across states 
Flu cases are growing or likely growing in 39 states, according to the latest Centers for Disease Control and Prevention data from Nov. 11. COVID-19…
Headline
Recall issued for mislabeled potassium chloride
The Food and Drug Administration yesterday published an announcement from Otsuka ICU Medical saying that the company issued a voluntary recall for a mislabeled…
Headline
Study finds flu, COVID-19 infection temporarily raises risk of heart attack, stroke 
A study published Oct. 30 by the American Heart Association found that people have an elevated risk of heart attack and stroke following flu and COVID-19…