SBA Releases New PPP Loan Forgiveness Forms
The Treasury Department assisted with their creation
On June 17, 2020, the Trump administration released a new, shorter version of the loan-forgiveness application form for certain borrowers under the Paycheck Protection Program (PPP), after lawmakers urged the administration to streamline the loan-forgiveness process.
The Small Business Administration (SBA), in consultation with the Treasury Department, released a three-page "EZ" form.
The departments said that this version of the form can be used by borrowers that are self-employed or have no employees, did not reduce salaries and wages by more than 25 percent and did not reduce the number and hours of their workers, or experienced reductions in business activity due to the coronavirus (COVID-19) and did not reduce the salaries and wages of employees by more than 25 percent.
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