News from Representative Luria

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Dear Friend,

In Coastal Virginia, small businesses are integral to our regional economy. During this public health emergency and economic crisis, we must give small businesses the assistance they need. That is why I voted for the CARES Act, which established the Paycheck Protection Program (PPP) to provide small businesses and nonprofits forgivable loans to cover payroll and other costs.

Last month, the Small Business Administration (SBA) opened the application for the PPP Loan Forgiveness Program. Borrowers must submit this application to determine how much of their PPP loan can be forgiven.

Recently, the SBA revised this application to create a new streamlined “EZ” application and an updated application for those who do not qualify for the EZ application. The EZ form requires fewer calculations and less documentation for eligible borrowers.

To qualify for the EZ application, a borrower must:

  • Be self-employed and have no employees; or
  • Not reduce the salaries or wages of employees by more than 25 percent, and not reduce employees’ hours; or
  • Have experienced reductions in business activity due to COVID-19 health directives but did not reduce salaries or wages of employees by 25 percent.

If borrowers do not meet these requirements, they must complete the Full Forgiveness Application.

Please know that my team and I stand ready to help our community during this time of need. For resources to help you and your family navigate through COVID-19, please visit our website. If you have any questions, please feel free to reach out to our offices via the phone numbers below.

Sincerely,

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