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SBA Issues EZ Form for PPP Loan Forgiveness Application

 

On June 16th, the SBA issued the revised Paycheck Protection Program (PPP) loan forgiveness application process. Borrowers now have the ability to complete the PPP Loan Forgiveness Application Form 3508EZ if certain requirements are met. To be eligible for the EZ form, the Borrower must be able to meet one of the three eligiblity requirements:

  1.  Be self-employed, an 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 payroll in the loan application process.

  2.  Have not reduced employee salaries (employees making less than $100,000 annually) by more
       than 25% during the Covered Period or Alternative Payroll Covered Period compared to the first
       quarter of 2020; and

  • The number of employees or the average hours paid to employees between January 1, 2020 and the end of the Covered period was not reduced. Employee reduction does not take into account:
    • Inability to rehire employees, or
    • Employee’s refusal to work hours

  3.  Have not reduced employee salaries (employees making less than $100,000 annually) by more
       than 25% during the Covered Period or Alternative Payroll Covered Period compared to the first
       quarter of 2020; and

  • The Borrower was unable to operate at the same level of business as of February 15, 2020 due to compliance with government COVID-19 regulations.

If one of the three requirements above are met, the Borrower can complete the 3508EZ.  If you qualify, click here for more details about the one-page form.

If you need assistance or have any questions related to your PPP loan, you can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford), or email us at info@cironefriedberg.com.


 

CironeFriedberg, LLP
CironeFriedberg, LLP
info@cironefriedberg.com
24 Stony Hill Rd, Bethel, CT 06801
(203) 798-2721
6 Research Dr, Suite 450, Shelton, CT 06484
(203) 366-5876
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of 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 competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. 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, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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