The Small Business Association (SBA) has clarified the rules surrounding loan forgiveness of the Paycheck Protection Program (PPP). Until recently, many small business owners I spoke with were uncertain about what the process would look like and how they could apply for forgiveness of their loans.
Are You Eligible To Use the EZ PPP Loan Forgiveness Application?
There are two applications that must be completed and submitted when requesting a Paycheck Protection Program loan forgiveness. Those are the 3508 applications and the new 3508EZ form. If you meet at least one of the three requirements below, you may be able to complete and submit the EZ PPP loan forgiveness application.
1) You are self-employed and do not have any employees.
2) You did not reduce your employees’ hours or did not reduce their salaries or wages by more than 25%.