EZ application available for Paycheck Protection Program

Coronavirus

ILLINOIS (WCIA) — There’s a new revised Paycheck Protection Program loan forgiveness application businesses can fill out. Not only is it revised, but officials said the EZ application requires fewer calculations and less documentation for eligible borrowers.

The new EZ version 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 the EZ application and full forgiveness application can use the 8-week covered period if their loan was made before June 5, or an extended 24-week covered period.

The PPP program is accepting applications until June 30. Borrowers will need to find a lender to apply.

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