It’s never a dull moment with the Paycheck Protection Program. It changes all the time!
Just before the Independence Day holiday, the SBA released a shorter, simplified “EZ” forgiveness application and instructions for Paycheck Protection Program loans.
In this short video, I share three qualifications that will allow certain solo and small firms to use this new form:
- You are self-employed with no employees
- You made no reductions to your workforce or compensation, OR
- You weren’t allowed to operate your business
You can download a copy of the “EZ” loan forgiveness form here:
Now that sounds simple, but there’s some not-so-simple computations involved in filling out the form properly, such as …
- What’s the covered period? 8 weeks or 24 weeks?
- What’s the maximum forgivable amount per employee?
- Can you properly document payroll costs, rent, utility, and other covered payments?
That’s why you need a good support team community to help you run your business. People like accountants and bookkeepers who can work through those calculations and make sure you get the max you’re entitled to.
Community is also something I touch on in my 5-Day Action Plan for Small Business Survival – ways that a community provides the strength and strategy to get you through these difficult times.
Get your free copy at https://bit.ly/5DayActionPlan