The Small Business Administration (SBA), in consultation with Treasury, has released both a new EZ and revised, full Paycheck Protection Program (PPP) loan forgiveness application.
The new and revised forms come on the heels of a recent request made by over 40 bipartisan senators to simplify the forgiveness filing process for certain borrowers. Additionally, the updated forms released on June 17 follow updated PPP guidance released last week.
The updated guidance and forms move to implement the Paycheck Protection Program Flexibility Act (PPPFA), which President Trump signed on June 5, 2020. The PPPFA aims to expand usability of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s PPP for small businesses.
Notably, both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or the PPPFA’s extended 24-week covered period, according to Treasury’s June 17 press release. However, the EZ application requires fewer calculations and less documentation for eligible borrowers.
The new EZ forgiveness application can be located here.
The revised, full forgiveness application can be located here.
Wilson Tax Law Group, APLC (www.wilsontaxlaw.com) is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal tax defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor, trial attorney for the IRS and trial attorney for the Franchise Tax Board.
For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC
Newport Beach and Yorba Linda, California