Earlier this week, the Department of Treasury and the Small Business Administration (SBA) issued a new EZ loan forgiveness application, as well as a revised full forgiveness application for Paycheck Protection Program (PPP) loans.

The revised full forgiveness application was issued to accommodate changes made to the PPP associated with the implementation of the Big “I” supported PPP Flexibility Act, which was signed into law by President Trump on June 5.

Additionally, the Department of Treasury and the SBA also issued a new EZ version of the forgiveness application. This application requires fewer calculations and less documentation for eligible borrowers. The EZ version of the application applies to borrowers that meet one of the following requirements:

• Are self-employed and have no employees.
• Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of hours of their employees.
• 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%.

As the Trump administration continues to release guidance on the PPP and other COVID-19-related relief efforts, the Big “I” will make the most up-to-date government affairs information available on the coronavirus resource page and in the weekly News & Views e-newsletter.

Wyatt Stewart is Big “I” senior director of federal government affairs.