SBA Releases Simplified PPP Forgiveness Application and Revised Standard Application While Providing Additional Guidance

PPP Loan Forgiveness Application Header

Last week the SBA issued a Simplified PPP Forgiveness Application, Form 3508 EZ, that streamlines the forgiveness process for certain applicants as well as provided additional guidance.Who is eligible to use Form 3508EZ? Self Employed Individuals and General Partners that did not include any employees in the Borrower Application Form that was submitted to the…

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Important Changes to Paycheck Protection Program

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act Of 2020 into law thus allowing businesses a greater opportunity to use PPP funds received in conjunction with the progression of their activity. This change should increase one’s chances of allowing the loan to be completely forgiven. THE FOLLOWING ARE THE KEY PROVISIONS OF THE ACTExtension of Covered Period…

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