Newsroom
SBA, Treasury release revised PPP forgiveness application, EZ version
The Small Business Administration (SBA), in collaboration with the Treasury Department, Wednesday released a revised, borrower-friendly paycheck protection program (PPP) loan forgiveness application implementing changes made by the recently enacted Paycheck Protection Program Flexibility Act (H.R. 7010).
In addition, the agencies published a new EZ version of the forgiveness application for borrowers who:
- are self-employed and have no employees; or
- did not reduce the salaries or wages of their employees by more than 25 percent 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 the pandemic, and did not reduce the salaries or wages of their employees by more than 25 percent.
Of note, the EZ application requires fewer calculations and less documentation for eligible borrowers. Both applications allow borrowers to use the original 8-week covered period – if their loan was made before June 5 – or an extended 24-week covered period. The changes are designed to result in a more efficient process and make it easier for business to experience full forgiveness.
The House Small Business Committee Wednesday held a hearing with PPP borrowers and lenders to discuss challenges of the program, including the forgiveness application. A number of lawmakers discussed the diversity in loans originated and the lack of simplicity in forms amid changing guidelines.
Witnesses also expressed concerns on the lack of clarity and guidance, and confusion regarding loan implementation. Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler called on committee members to support efforts to provide automatic forgiveness.
Additionally, Democratic Members of the Select Subcommittee on the Coronavirus Crisis have launched an investigation into whether big banks favored larger customers. The group sent letters to the Treasury Department, the SBA, and eight national banks seeking documents and information on the disbursement of PPP funds.
NAFCU will continue advocating for improvements to the PPP to ensure credit unions can lend effectively through the program.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.