A new form requires fewer calculations and less documentation for businesses.
The Trump administration today slashed the amount of paperwork that small businesses must fill out to avoid being stuck with debt from government-backed loans, in response to an outcry from lawmakers and business groups that the process was too complicated.
The Small Business Administration and the Treasury Department released a three-page "EZ" loan forgiveness form that certain borrowers from the so-called Paycheck Protection Program would be able to use. The administration said it requires fewer calculations and less documentation than the full application. The initial version of the forgiveness form was 11 pages.
The SBA and Treasury said the new application process would be "borrower-friendly."
The business owners allowed to use the EZ application include those who are self-employed or have no employees and those who did not reduce salaries by more than 25 percent. To use the form, businesses must also certify that they didn't cut employees' hours or were unable to operate at pre-coronavirus levels because of health mandates.
The SBA and Treasury also released a shorter version of the full forgiveness application.
Source: Politics, Policy, Political News Top Stories https://www.politico.com/news/2020/06/17/small-business-loan-forgiveness-form-ppp-325526