Paycheck Protection Program Update

  • As of June 5, borrowers can elect an 8-week covered period or a 24-week covered period.
  • 3508EZ Form – To apply for the EZ form you cannot reduce annual salary or hourly wages of any employee by more that 25 percent and you did not reduce the number of employees during the covered loan period dates.
  • New under $50,000 – Form 3508S is designed for those who borrowed less than $50,000.
  • As of right now there is no automatic forgiveness.