On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), was signed into law and the PPPFA amended several key provisions of the Paycheck Protection Program (PPP); however, one item that did not change is the application deadline. This means all PPP applications are due by June 30, 2020. Applications must receive a Small Business Administration (SBA) loan number by June 30, 2020, and any interested applicants should work with their lender before this date to ensure submission of the application.
New Forgiveness Applications
On June 16, 2020, the SBA released revised forms of the loan forgiveness application and corresponding instructions to reflect the PPPFA amendments. The updated documents include a revised standard forgiveness application (Form 3508), as well as corresponding instructions, and a new short-form “EZ” forgiveness application (Form 3508EZ), as well as corresponding instructions, which can only be used if certain conditions are satisfied.
Small businesses are still able to apply for a PPP loan and can do so through June 30. To learn more about the PPP and resources available for small businesses, visit www.sba.gov/ppp.