WASHINGTON – Following calls from Arizona senior Senator Kyrsten Sinema, the Small Business Administration agreed to simplify its Paycheck Protection Program (PPP) forgiveness application to help Arizona small businesses remain viable and keep Arizonans employed during the COVID-19 pandemic.
“Simplifying forgiveness applications for PPP loans helps eliminate unnecessary hurdles preventing Arizona small businesses from accessing funds to keep their doors open and Arizonans employed,” said Sinema.
In response to feedback from Arizona small businesses, Sinema urged the Small Business Administration and U.S. Department of Treasury to simplify loan forgiveness PPP applications. The Small Business Administration and the U.S. Department of Treasury released an EZ application for those who are self-employed, did not reduce wages by more than 25 percent, or experienced reductions in business as a result of health directives and did not reduce the wages of their employees by more than 25 percent. For those who do not qualify for the EZ application, a slimmed down 5 page full application was also released.
In the recent Congressionally-approved coronavirus package, Sinema helped secure $310 billion for PPP loans, $60 billion for smaller, disadvantaged businesses, $60 billion for EIDL and grants, $75 billion for health care providers, and $25 billion for testing, including $11 billion directly to states.
Click HERE for Sinema’s letter.
