The National Lumber and Building Materials Dealers Association notified member dealers the Small Business Administration (SBA) and Treasury Department issued a revised Paycheck Protection Program (PPP) loan forgiveness application in an email. The new application implements changes from the Paycheck Protection Program Flexibility Act, signed into law by President Trump earlier in June.
In addition to the full forgiveness application, the SBA also published an ‘EZ’ version of the forgiveness application. The EZ application is applicable for borrowers that are self-employed and have no employees, borrowers that 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, and borrowers that experienced reductions in business activity as a result of health directives related to the coronavirus and did not reduce salaries or wages of their employees by more than 25%.
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