On June 17, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, released a revised, borrower-friendly Paycheck Protection Program (PPP) Loan Forgiveness Application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application. Per the SBA, the EZ application requires fewer calculations and less documentation for eligible borrowers.
In this webinar, we discuss the revised PPP Loan Forgiveness Applications that were released. We will discuss both applications and which borrowers are eligible to use them in this webinar.
Click here to view the EZ Forgiveness Application.
Click here to view the Full Forgiveness Application.
Q: When will the new reports likely be available?
A: We don’t have any immediate guidance on the timeline, but we hope to have the report by late next week or the following.
Q: What line do you enter the amount used to pay for health insurance premiums?
A: On the long form, Line 6 of the Schedule A.