SBA/Treasury issues updated loan applications including EZ form
On June 17, the SBA/Treasury issued updated loan applications incorporating the Paycheck Protection Plan Flexibility Act of 2020 and a few other changes. We are in the process of reviewing the applications and will provide a full review as well as revised workbooks soon. One thing that is immediately notable is that, as promised, there is now a simplified application called Form 3508EZ and a regular application called Form 3508, which is five pages (half the length of the original application). The simplified EZ application is three pages and requires fewer calculations and less documentation and is available to borrowers who are self-employed or did not reduce the salaries of employees by more than 25%. We will summarize the rest of the application and outline any significant observations as we review and document the updates.