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Month: June 2020

The SBA released two new applications for PPP forgiveness, as the follow-up to the PPP Flexibility Act that recently passed in Congress. The SBA developed a simplified application, the EZ application, which is three pages, and the regular application is now five pages. To use the EZ application, you must meet one of the below criteria:
  1. you are a self-employed, independent contractor or sole proprietor and have no employees or
  2.  you did not reduce the wages of your employees by
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More changes, but more flexibly! Now signed by the President, the PPP Flexibility Act protects and promotes the original intent and goals of the Paycheck Protection Program: to help borrowers reach full, or almost full, loan forgiveness. While things are still not yet final, here’s what we know right now:

The Changes:

  • The Act changes the 75% payroll expenditure requirement to 60%, allowing borrowers to use 40% of funds on other allowed uses such as rent and utilities.
  • Borro
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