Small Business or Commercial Loan Payment Assistance

Paycheck protection program 


The final date to obtain a PPP loan was August 8, 2020.

On June 16th the SBA Released New Borrower Applications and Instructions for PPP Loan Forgiveness
 
The Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required.
 
Form 3508EZ applies to borrowers who meet any one of these three criteria:
 
·         Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
·         Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
·         Did not reduce salary or wages for any employee by more than 25% and experienced reductions in business activity as a result of specific health directives related to COVID-19.
 
The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. Please review the application early to determine whether you qualify for the streamlined forgiveness; while we have generally described the criteria the application includes more details which may impact your ability to use this process.

SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.
 
For more information on SBA Coronavirus relief options go to:   https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Again, this law will likely be subject to additional guidance by SBA and Treasury. Small-business borrowers should have a firm understanding of the provisions above and any related guidance to ensure they meet the criteria for loan forgiveness. It is your obligation to stay informed of the latest guidance related to the Paycheck Protection Program at the SBA, U.S. Treasury Assistance for Small Business and U.S. Treasury FAQ websites.

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