On June 5, 2020 the President signed the Paycheck Protection Program Flexibility Act into law. The act modified the PPP forgiveness process and provided some much anticipated relief to business owners. On June 16, 2020 the Small Business Administration released amendments to the forgiveness application and instructions. At the same time, a new EZ forgiveness application and instructions were also released.
Paycheck Protection Program EZ Loan Forgiveness Application (Released June 16, 2020)
Paycheck Protection Program EZ Loan Forgiveness Application Instructions (Released June 16, 2020)
Paycheck Protection Program Loan Forgiveness Application (Revised June 16, 2020)
Paycheck Protection Program Loan Forgiveness Application Instructions (Revised June 16, 2020
Highlights of the new legislation include:
Your bank still remains the best resource for guidance on the forgiveness process - including whether the EZ application will apply to your business. HCP will continue to share additional details as more information becomes available.
HCP provides the information in this blog for general guidance only. The content does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other advisers. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied.