The loan period starts the date PPP funds were dispersed to the borrower and continues through either the 8- or 24-week period of the specific loan.
"Start with the 3508EZ," Beth Milito, who is responsible for managing litigation and amicus work for NFIB, said. "Most borrowers are going to be able to use this form.
"… If you are able to check one of the first three boxes (in the 3508EZ form), you won't have to fill out the FTE (full-time equivalent) calculations required under the longer form worksheet."
To qualify to fill out the form, borrowers must meet criteria in one of three categories.
The first is if the borrower is a self-employed individual with no employees at the time of the PPP loan application and did not include any employee salaries in computation of average monthly payroll, according to the SBA.
The second category is if the borrower did not reduce employees' annual salary or hourly wages by more than 25% between Jan. 1 and March 31, or if the borrower did not reduce staffing levels during the pandemic.
"If you haven't changed the number of employees, … then you satisfy that condition and you can go forward," Ms. Wade said. She said borrowers will have to provide documentation to prove the number of employees on Jan. 1 is the same as it is at the end of the loan period.
She noted that if you furloughed an employee and tried to hire them back but they declined, then that won't be held against you.
The third category is for businesses that did not reduce salaries or hourly wages by more than 25% for employees, but could not maintain normal business because of state and federal COVID-related guidelines.
"This is the box that most businesses will check," Ms. Wade said.
This includes those who may have reduced store hours or added steps to their business workday to increase COVID response, like for example, using that time to clean.
For businesses like tire dealers, this would include having to limit the number of people in buildings as well as state stay-at-home orders that significantly impacted foot traffic.
"Max out on payroll," Ms. Milito advised listeners to the webinar. "That's the way to maximize the forgiveness of your loan."