PPP Update –

The SBA has issued the Paycheck Protection Program loan forgiveness application. There is also a new “EZ” version of the loan forgiveness application that applies to borrowers who:

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

Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.  Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.

Click here to view the EZ Forgiveness Application.

Click here to view the Full Forgiveness Application.

If we can be of assistance, please email us.

See earlier COVID-19 updates at www.schenectadymetroplex.org.