1/17/2024 0 Comments Blue acorn loan forgivenessAlso ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused.ģ. Ignore reductions that arose from an inability to rehire individuals who were employees on Februif the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. The Borrower did not reduce the number of employees or the average paid hours of employees between Januand the end of the covered period. The Borrower did not reduce the annual salary or hourly wages of any employee by more than 25% during the covered period or alternative covered period compared to the period between Januand Ma(for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at annualized rate of pay in excess of $100,000) The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower’s application form.Ģ. To qualify for the EZ application one of the following must apply:ġ. There are no complicated spreadsheets or detailed calculations required. How much did you spend on allowable business costs (payroll, mortgage interest, rent or lease payments, and utilities)? How much was your loan? How much is your payroll divided by 60%? Loan forgiveness will be the lesser of these three amounts. In doing so, Treasury has simplified the application process and has provided two separate applications, including an EZ application. Department of Treasury released revised PPP loan forgiveness applications on June 17th in response to changes enacted by the Paycheck Protection Program Flexibility Act of 2020. It is being updated as new information becomes available. This article was originally published on May 18th and was most recently updated on June 18th.
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