The recently issued PPP loan forgiveness application is noticeably shorter than its predecessor (reduced from 11 to 5 pages) and is accompanied by a new instructions supplement. The application also includes guidance on the new 24-week covered period, covered period elections, required expense minimums, FTE safe harbors, FTE reductions, and an overview of the necessary documentation.

On June 17, 2020, the Small Business Administration (SBA) issued a new Paycheck Protection Program loan application guidance. Also, there is now a new short loan forgiveness application Form 3580 EZ designed especially for self-employed and other qualifying borrowers.

In the search for assistance in managing the COVID-19 crisis, many businesses have turned to the Paycheck Protection Program (PPP). Borrowers can receive a low-interest loan and have a portion, or all, of the loan forgiven if proceeds are spent on certain expenses.

The Paycheck Protection Program (PPP) has been an important lifeline for businesses impacted by the COVID-19 emergency. Many businesses were required to manage expenses while obeying stay-at-home orders and forced business closures. To provide immediate help, the PPP was launched to provide low-interest loans, with favorable terms, to provide the necessary cash infusion.

The COVID-19 crisis continues to transform the business landscape. The convergence of forced business closures and dwindling demand for services has forced many to make difficult business decisions. For some, this has resulted in the need to layoff or furlough employees while others are carefully analyzing operating expenses.

The COVID-19 emergency has created a host of new challenges that businesses and employees must endure. For those impacted by the forced business closures and stay at home orders, it has meant finding new ways to deliver products and services while making the tough decisions around expense management and maintaining financial vitality.

There is a continual flow of news regarding the Paycheck Protection Program (PPP) from the Treasury Department (Treasury) and the Small Business Administration (SBA), and last week was a busy one