You may be able to apply for forgiveness through the SBA Form 3508EZ if you are a borrower who is:
- Self Employed Individuals, Independent Contractors, or Sole Proprietors who have no employees at the time of the PPP Loan application (no employee salaries included) OR
- A Borrower who did not reduce the annual salary or hourly wages of any employee by more than 25% during the Covered or Alternative Payroll Covered Period AND did not reduce the number of employees or the average paid hours of employees between Jan1 and the end of the covered period (please see instructions for details) OR
- A Borrower who did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020 AND was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020
Please see the instructions and application below for more details and contact your account manager for guidance.