Refusal to Return to Work
June 15, 2020
Connecting Your Systems to Work For You
June 19, 2020
The SBA and Treasury have introduced updated, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness applications. The revised full application and a new EZ version incorporate changes from the PPP Flexibility Act of 2020. The EZ application is designed for self-employed individuals with no employees, businesses that maintained employee wages and hours, or those impacted by COVID-19 health directives without reducing employee wages by more than 25%.
This streamlined option reduces calculations and documentation requirements, making the forgiveness process simpler for eligible borrowers. Borrowers can now choose between the original 8-week covered period or an extended 24-week period for loan forgiveness. These updates aim to simplify the process and help businesses maximize their PPP loan forgiveness.
Whether you’re self-employed, have maintained employee wages and hours, or faced COVID-19-related disruptions, these changes provide a clearer path to loan forgiveness. By offering more flexibility and reducing administrative burdens, these changes ensure that businesses can focus on recovery while securing full loan forgiveness where possible.
Next Level Solutions is here to guide you through these updates and help you complete the application that best fits your situation. If you’re unsure how these updates apply to your business, our team is ready to help simplify the process and ensure you meet all requirements seamlessly. Please reach out to us for guidance.