Skip to main content
The Bank of San Antonio Logo

SBA Releases EZ PPP Loan Forgiveness Application

June 22, 2020
Image of Downtown San Antonio

On June 17th, 2020, the U.S. Small Business Administration released a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application. In addition to revising the full forgiveness application (Form 3508), the SBA also published a new EZ version of the forgiveness application. The EZ application (Form 3508EZ), which requires fewer calculations and less documentation applies to borrowers that:

  • Are 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%.

Both applications give borrowers the options of using the original eight-week covered period (for loans made before June 5th, 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.

Remember, The Bank of San Antonio is working with a leading third-party software provider to automate and simplify the forgiveness application. Your banker will email you a link to our online portal to complete the loan application process.

Related News