Although it has been quiet on the Paycheck Protection Program (PPP) front as of late, there are still many issues and topics being worked on behind the scenes at the U.S. Treasury Department and SBA. As a result, On June 16th, 2020, the SBA (in consultation with the US Treasury department) issued additional updates and revisions on the Paycheck Protection Program (PPP) Loan Forgiveness application. The SBA also unveiled a new EZ application for forgiveness of PPP loans. Note that the new application and the additional EZ application will supersede the version previously released by the SBA on May 15th, 2020.
In combination with the most recent interim rules issued by the SBA on June 5th, (https://www.congress.gov/bill/116th-congress/house-bill/7010/text), the revised PPP Loan Forgiveness Application and instructions include several notable or previously unanswered items, including:
The EZ PPP Loan Forgiveness Application (https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf) requires fewer calculations and less documentation than the full application. It is important to note, however, that each lender may still have varying requirements for documentation required when submitting the application for loan forgiveness. The EZ application can be used by borrowers that: