CollisionWeek

Your source for the latest collision repair industry news, statistics and trend analysis.

  • News
  • Research
  • Feature
  • Subscribe
You are here: Home / News / New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

June 17, 2020 By CollisionWeek Editor

SBA and Treasury adds simplified forgiveness form in response to concerns that its original forgiveness application was overly burdensome for small businesses.

Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5.  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • SBA PPP loan program iconAre 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; OR
  • 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.  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.

Over 93% of collision repair facility respondents to a survey by CollisionWeek indicated they had applied for government-backed loan and grant programs.

Yesterday, the SBA announced the reopening of its Economic Injury Distaster Loans and Advance Program.

Filed Under: News Tagged With: Paycheck Protection Program, U.S. Small Business Administration

Interview Sponsors

IBIS Publisher Partner

Login

Remember Me
Subscribe | Lost your Password?

Tags

AAA AASP/NJ Acquisitions Advanced Driver Assistance Systems Agreements Signed Annual Conference Auto Care Association Automotive Service Association Autonomous Vehicles Awards Axalta Coating Systems Board of Directors Boyd Group California Canada Career and Technical Education CARSTAR CCC Collision Repair Education Foundation Coronavirus Diagnostics Donations Earnings Florida General Motors I-CAR Insurance Auto Auctions Lawsuits legislation LKQ Corporation Mitchell International National Auto Body Council Network Affiliations New Jersey New Vehicle Sales Non-OEM Parts Openings People PPG Industries Regulations Scholarships Service King Collision Repair Centers Texas United Kingdom Workforce Development

Recent Articles

  • Justin Jude to Succeed Dominick Zarcone as LKQ President and CEO Next Year November 27, 2023
  • ProColor Collision Adds Repair Center to Network in Ontario, California November 27, 2023
  • Lift Auto Group Acquires New Collision Repair Center in Port Coquitlam, British Columbia November 27, 2023
  • Main Auto Body Named AASP/NJ Shop of the Year November 27, 2023
  • China Motor Insurance Industry Projected to Reach $171.9 Billion by 2028 November 27, 2023
  • Federal Judge Dismisses Lawsuit that Alleged Tesla Monopolizes Repair and Parts Markets for its Vehicles November 22, 2023
  • Over 49 Million Americans Expected to Take to the Roads in the U.S. Over Thanksgiving November 22, 2023

CollisionWeek Membership

  • Login
  • Lost Password
  • Membership Details
  • Register
  • Sponsors
  • Subscription Information
  • Terms of Use for CollisionWeek

More Information

About CollisionWeek
Contact Us
Privacy Policy
Event Calendar
Take the Collision Repair Business Conditions Survey

Copyright 1999-2023 - QuanDec Corporation - All Rights Reserved ยท Log in