On June 17, the U.S. Small Business Administration and the Department of the Treasury released a revised Paycheck Protection Program (PPP) loan forgiveness application, implementing the fixes from the AGC-backed Paycheck Protection Program Flexibility Act enacted June 5. The agencies also released a streamlined “EZ version” of loan forgiveness application that may be used in limited circumstances. The EZ application requires fewer calculations and less documentation for eligible borrowers. 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. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. AGC continues to press for improvements to the PPP and will provide further updates as they develop.
For more information, contact Jimmy Christianson at jimmy.christianson@agc.org.