Also 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. The extent to which you are eligible for forgiveness depends on theįorgiveness rules and regulations issued by the SBA.This article was originally published on May 18th and was most recently updated on June 18th. Not have formal business expenses that you report on your Schedule C, you will be limited to having 60% of your Please note, the SBA has limited loan forgiveness for applicants who are self-employed. Requiring the disclosure of key individuals who own orĬontrol a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these Legal entities can be abused to disguise involvement in terrorist financing, money laundering, taxĮvasion, corruption, fraud, and other financial crimes. Obtain, verify, and record in about the beneficial owners of legal entity customers at the time a new account is To help the government fight financial crime, Federal regulation requires certain financial institutions to Up to 3.5x monthly payroll costs for a second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any Loan forgiveness are subject to your ability to meet government-set eligibility requirements. There are no fees for applying for PPP or forgiveness. BlueAcorn does not guarantee that applications will be processed and submittedīefore PPP funds are no longer available. BlueAcorn may need additional information from you laterĪnd does not guarantee that it will be able to submit your application to the SBA based solely on the Qualified applications will be submitted to the SBA. Funds are limited, and may not be available at this time. Loan agreements will identify the appropriate lender to Small Business Administration ("SBA”) lenders. PPP loans are made by one or more approved Interest rates for the Paycheck Protection Program ("PPP') are at 1%. We have your information from the initial application, so the process is streamlined and easy. Amazing Support - Videos, Email and Chat Most loans under $150,000 will be able to apply for forgiveness in just about 5 minutes.
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