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Get Prepared for PPP Loan Forgiveness

This week, SBA and US Treasury announced new forgiveness applications for small businesses that received the Paycheck Protection Program loan. 

The EZ version of the forgiveness application 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%.

WHAT THIS MEANS:
If you use any of these forms when filing your tax return, the EZ application may apply to you:

  • Form 1040 Schedule C Profit or Loss from Business
  • Form 1099
  • Schedule K-1
The new application gives borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.

Download the EZ Application Here

DO NOT FILE THE APPLICATION
Application For Informational Purposes Only

Your bank will contact you when it is time to submit your PPP loan forgiveness application.

 
COMING NEXT WEEK:
Full Forgiveness Application

 
Click to Download EZ PPP Forgiveness Application

For immediate assistance, please call: 803-743-1134.

SC COVID-19 Business Support Project is committed to helping small businesses navigate the challenges of COVID-19.

Click here to submit your question >>>
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MBDA Business Center - Columbia, SC · 400 Percival Road · Columbia, SC 29206 · USA

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