On June 17th, The U.S. Small Business Administration created a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application, in addition to revising the full forgiveness application. The new EZ version applies to borrowers that:
- 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; OROn
- 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%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. 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 make it easier for businesses to receive full forgiveness of their PPP loan.
Click here to view the EZ Forgiveness Application.
Click here to view the Full Forgiveness Application
Click here to view the Full Forgiveness Application
Have questions? Here’s how the USFWC is here to resource you co-op:
- The USFWC is hosting an office hour on June 17th with Wegner CPAs about the EIDL and PPP loans.
- Reach out to covi19@usworker.coop with any questions
- Visit our COVID-19 resource center
- We are also gathering member experiences so that we can tell the story of how worker co-ops have been affected during COVID-19, to inform our programming and advocacy work. Please take 10 minutes to fill out our survey.
