Business owners flocked to their lending institutions to apply for the funds to keep their companies afloat and employees paid during the COVID-19 Pandemic. The Paycheck Protection Program (PPP) was one of the most highly anticipated sections of the CARES Act that was passed on March 27, 2020. If you have questions about your unique situation, please reach out to your Blue & Co. We are here to help guide and assist borrowers through this process and help gather required documentation for your lender. It is important for borrowers to “get in front” of their loan forgiveness calculation and make adjustments before the end of the covered period if necessary. Each borrower has their own individual set of circumstances, and the answers are not always black and white. We realize that some borrowers may still need assistance and have more questions. PPP Loan Forgiveness Application Instructions for Borrowers.PPP Loan Forgiveness Application Form 3508EZ.PPP Loan Forgiveness Application Form 3508EZ Instructions for Borrowers.The revised forgiveness applications and instructions can be found here: will have more information related to the PPP forgiveness application forthcoming. Interesting to note it appears businesses with loans greater than $2,000,000 are eligible to use the EZ form.īlue & Co. We believe many clients will be able to use the EZ form.
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This is a welcome development and will ease many business owners’ minds on how to apply for forgiveness. The Borrower was unable to operate during the covered period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between Maand Decemby the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19. The Borrower did not reduce the annual salary or hourly wages of any employee by more than 25% during the covered period or alternative covered period compared to the period between Januand Ma(for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at annualized rate of pay in excess of $100,000) Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused.ģ. Ignore reductions that arose from an inability to rehire individuals who were employees on Februif the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. The Borrower did not reduce the number of employees or the average paid hours of employees between Januand the end of the covered period. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower’s application form.Ģ.
To qualify for the EZ application one of the following must apply:ġ. There are no complicated spreadsheets or detailed calculations required. How much did you spend on allowable business costs (payroll, mortgage interest, rent or lease payments, and utilities)? How much was your loan? How much is your payroll divided by 60%? Loan forgiveness will be the lesser of these three amounts.
In doing so, Treasury has simplified the application process and has provided two separate applications, including an EZ application.
Department of Treasury released revised PPP loan forgiveness applications on June 17th in response to changes enacted by the Paycheck Protection Program Flexibility Act of 2020. It is being updated as new information becomes available. This article was originally published on May 18th and was most recently updated on June 18th.
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