Shop NRCA has the industry resources you need
News July 28, 2020

SBA releases guidance regarding loan program

The Small Business Administration has released guidance outlining the procedures for lenders to submit Paycheck Protection Program loan forgiveness applications to the agency. The PPP Forgiveness Platform is expected to go live and begin accepting lender submissions Aug. 10. View more information about the lender submission process.

Employers who received a PPP loan and want to apply for forgiveness can submit one of two forms to their lender. View the primary revised PPP forgiveness application for borrowers.

Recently, the SBA has provided a new EZ version of the revised forgiveness application that may be used by borrowers who meet one of the following criteria:

  • Are self-employed and have no employees
  • Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of employees or their employees’ hours
  • 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%

This EZ application requires fewer calculations and less documentation for eligible borrowers.

For more information about the PPP loan forgiveness application, it is recommended you contact the lender that made the loan. For more general information about the PPP, visit the COVID-19 Resources for Roofing Contractors section of NRCA’s website or the Assistance For Small Businesses section of the Treasury Department’s website.

Advertisement

Subscribe for Updates Join 25,000+ roofing professionals following NRCA

Subscribe to NRCA