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SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

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SBA and Treasury Announce New…

U.S. Department Of The Treasury // June 17, 2020

Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

Are self-employed and have no employees; OR
Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

Click here to view the EZ Forgiveness Application.

Click here to view the Full Forgiveness Application.

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MIRA is the strongest organization we have in the area to help independent food retailers compete and level the playing field against our corporate competitors as well as having our voices heard in government.”

“Promoting membership to MIRA makes the organization stronger, which generates more influence in the marketplace as well as with the government. As retailers, we can accomplish a great deal more as a team than as individuals.

Marvin YonoAlpine Marketplace, Linden MI

This industry is in my blood, and I want to serve it to give back what it has brought me.”

“I learned the business from others who were successful and being on the board gives me a chance to communicate how to better serve the industry—as well as make more money—to those who don’t yet know how. It’s important to hand our knowledge over to those who are new or are taking over a family business. We need to ask them what their most important issues are and help them understand the return on investment they can realize through MIRA’s programs, which save them money through better group pricing on everything they buy and all of their business expenses.” “If people know what MIRA is fighting for, they will want to be part of it. And if we work together, we can raise our industry to the next level.

Jim GarmoShoppers Valley Market

Not everyone realizes how important MIRA is or how it benefits their business.”

“There are many intangible assets for each member’s business from work MIRA does behind the scenes in Lansing, Columbus, and Washington on issues that affect all of us. As we gain more members, our voice becomes stronger.

Ronnie JamilBella Vino Wine, Farmington Hills MI

It’s rewarding to be part of an organization that is trying to pool resources to compete with the chain stores, such as the programs that have been endorsed by our committees. They help bring in savings with companies that otherwise would never have been presented.” “With more voices comes more success, because the stronger in numbers and participation in our organization, the more viable we become with politicians in our states to bring about positive legislation for our industry, as well as having more leverage in the vendor community to help make us more competitive and profitable.

Phil KassaHearland Marketplace, Farmington Hills MI

With size, comes scale, and scale can drive impact both commercially and politically. That’s why membership is so important.

Harold McGovernNational Wine & Spirits, Brownstown MI

It’s unbelievable what MIRA has been able to do. They’ve done a lot for us but just the CATax alone is the difference between making money and losing money. And now, with what they’re trying to do for us with the cigarette and tobacco tax is another battle we’re fighting to try to keep it down where things are semi-affordable for the normal wiring Joe!

Dave HilderbrandSterling One Stop & Sterling Crossing