Paycheck Protection Program
As of May 5, 2021, Paycheck Protection Program funding has been exhausted and the Small Business Administration has stopped accepting applications for loans.
If your business received a PPP loan through Think when the program was open, you must apply for PPP loan forgiveness.
There are three versions of the loan forgiveness application – an application for borrowers who received a loan of $150,000 or less, a standard application for loans of more than $150,000 and an "EZ" application for loans of more than $150,000 which can be used if at least one of these criteria apply:
1. The borrower did not reduce annual salary or hourly wages of any employee by more than 25% during the covered period compared to the most recent full quarter before the covered period AND the borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the covered period.
OR
2. The borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the covered period compared to the most recent full quarter before the covered period AND the borrower was unable to operated 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 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issues between March 1, 2020 and the last day of the covered period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any work or customer safety requirement related to COVID-19.
2. The borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the covered period compared to the most recent full quarter before the covered period AND the borrower was unable to operated 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 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issues between March 1, 2020 and the last day of the covered period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any work or customer safety requirement related to COVID-19.