On June 17, 2020, the SBA released a new, streamlined loan forgiveness application form. For eligible borrowers, this form replaces the original eleven-page form and requires less documentation and fewer calculations than previously required. Eligible borrowers are:
(1) those who are self-employed and have no employees
(2) those who 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
(3) those who experienced reductions in business activity as a result of the pandemic, and did not reduce the salaries or wages of their employees by more than 25%.
The form has been updated to reflect the rules in the recently enacted PPP Flexibility Act, and it is available here.