PPP Forgiveness New App Walkthrough

[vimeo 430717492 w=640 h=360] PPP Forgiveness New App Walkthrough from People Processes on Vimeo. I'm going to show you a little bit about the New PPP Forgiveness Applications. There are now two of them. One an EZ version, one a full version, we're going to talk about which one you should use, and then we'll walk through them.  So to get started, we have the four documents that you need to download. I'll include them in the email that you probably got when you're looking at this. PPP Loan Forgiveness Application Form 3508EZ PPP Forgiveness Application 3508EZ ( Revised 06.16.2020) PPP-Loan-Forgiveness-Application-Form-EZ-Instructions PPP-Loan-Forgiveness-Application-Instructions_1_0.pdf There is a forgiveness calculation form. You can consider this the full application. It's only five pages, but it's got some complexity to it. The 3508EZ, which is the quick and EZ form, just three pages, and then there are instructions for each one. So let's start with instructions for how to choose which form to use. If you fall under at least one of the three boxes below, at least one, you can do the EZ form, you do not submit the instructions with the form. It's just, here's how it works. So, Number 1, excuse me. If you are a self-employed individual, an independent contractor or sole proprietor who had no employees when you applied use Form EZ. If you did not reduce the annual salary or hourly wages of any employee by more than 25% during the coverage period or alternative covered period, compared to January 1 to March 31, 2020. So if you take January 1 to March 31, 2020, get your average pays, and then you can compare that to your covered period and we'll talk about that in a minute. If it's all the same, accepting those who made over 100,000, if they still make over 100,000 then this applies. And not only the average in terms of hourly wages and annual salary but also the number of employees and the average paid hours of employees between January 1, 2020, and the end of the covered period.  You can ignore reductions that arose from an inability to rehire individuals. So if you were going well through March 31, and then you dropped a bunch of people. Cool. And then you brought a bunch of people back and now we're all back here at the end of the covered period, except for a few people who...