Paycheck Protection Program Flexibility Act Changes

As expected, the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) published an updated Loan Forgiveness Application on June 16, 2020. Borrowers can complete this application in order to apply for loan forgiveness under the Paycheck Protection Program (PPP). This change was required to conform with changes to the PPP under the Paycheck Protection Flexibility Act (PPPFA). The change to the form introduced changes to the “Covered Period” extending it from eight (8) week to twenty-four (24) weeks. You can find instructions for the updated Loan Forgiveness Application right HERE.

Updates to the Xede Fa$trak Forgiveness Application Xelerator

Here at Xede we have updated our Fa$trak Forgiveness Application product to reflect the latest changes. This update is available to all users without charge. If you are interested in more information on the Xede Fa$trak Forgiveness Application Xelerator for Salesforce you can CONTACT US today for more information.

Paycheck Protection Program

Introduction of the Paycheck Protection Program Forgiveness Application “EZ Form”

In addition to changes to the original form the June update also introduced the “EZ Form”. The “EZ Form” is available to borrowers in one of the following categories [1]:

Self-employed individuals, independent contractors, or sole proprietors who had no employees at the time of their PPP loan application and did not include any employee salaries in the calculation of their PPP loan amount.
Borrowers who (1) did not reduce annual salary or hourly wages of certain employees[2] by more than 25% during the applicable covered period, compared to the period between January 1, 2020, and March 31, 2020, and (2) did not reduce the number of employees or the average paid hours of employees between January 1, 2020, and the end of the applicable covered period (ignoring certain reductions).
Borrowers who (1) did not reduce annual salary or hourly wages of certain employees by more than 25% during the applicable covered period, compared to the period between January 1, 2020, and March 31, 2020, and (2) were unable to operate during the applicable 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, by the Secretary of the U.S. Department of Health and Human Services (HHS), the Director of the U.S. Centers for Disease Control and Prevention (CDC), or the U.S. Occupational Safety and Health Administration (OSHA) related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Paycheck Protection Program EZ form

“EZ Form” added to the Xede Fa$trak Forgiveness Application Xelerator

The Xede Fa$trak Forgiveness Application has been updated to combine both the regular application and the new “EZ Form”. So no matter which application your customers need they can access it within one simple product. The Xede Fa$trak Forgiveness Application Xelerator is designed for use with any Salesforce implementation and for Salesforce Communities. When combined with our SBAnow product which provides a Communities ready PPP application you truly can have a one-stop solution. Check it out today by contacting us today.

[1] https://www.jdsupra.com/legalnews/sba-releases-new-ppp-loan-forgiveness-32279/

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