Updated PPP Loan Forgiveness Application Forms

Updated PPP Loan Forgiveness Application Forms

06/17/2020 Tags: Announcements, In the News, COVID-19, PPP

The SBA released two Paycheck Protection Program loan forgiveness application forms today — a revised PPP loan forgiveness application and an EZ application form.

The recent enactment of the PPP Flexibility Act prompted the U.S. Department of the Treasury and U.S. Small Business Administration to revise the full forgiveness application, reducing its size from the original 11 pages.

The PPP Flexibility Act made some significant changes to the loan program. Those changes included extending the covered time period businesses could use the funds and easing the requirement that businesses use 75% of funds for payroll costs.

In addition to the revised PPP loan forgiveness application, the SBA also published a new EZ version that applies to borrowers that:

  • Are self-employed and have no employees, or
  • Did not reduce their employees’ salaries or wages by more than 25% and did not reduce their employees’ hours, or
  • Experienced reductions in business activity as a result of COVID-19 health directives and did not reduce their employees’ salaries or wages by more than 25%.

The SBA’s news release indicates that the EZ application will require fewer calculations and less documentation for eligible borrowers.

With the extended covered time period, both PPP forgiveness applications allow borrowers the option to select if they used the original eight-week period (if the loan was made before June 5, 2020) or the extended 24 weeks.

These new forms have come with new guidance, and we expect more in the coming days. Our CP advisors are continually monitoring the issued guidance and clarifications.

We’ve also created a tool that’s able to quickly pivot with these new changes to help you determine your PPP loan forgiveness levels. If you’d like more information, talk to one of our advisors today.

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This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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