The SBA has released the PPP Forgiveness EZ application form, and FINSYNC has implemented that solution into our PPP Forgiveness Solution for Banks and Credit unions. The PPP forgiveness EZ form is designed for businesses that meet at least one of the following criteria:
- You are self-employed and have no employees; OR
- You did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number of hours for your employees; OR
- Your business experienced reductions in business activity as a result of health directives related to COVID-19, and the business did not reduce the salaries or wages of its employees by more than 25%.
If you can check any one of these, then you are eligible to use the EZ form. Which is much shorter than the regular long-form.
What Are The Differences?
There are two major differences between the PPP Forgiveness Application and the PPP EZ Application:
- In the EZ form, there is no Schedule A section, and
- Certain questions in the long-form have been removed from the EZ form because they are not relevant.
How Does the EZ Form Work?
The main workflow of the PPP EZ form is the same as the long-form, as illustrated in the graphic below. Our form follows the SBA PPP EZ form instructions, which you can find here.
The video below provides an explanation of the EZ form and also walks you through how we’ve implemented the PPP EZ application into our PPP Forgiveness Solution.