SBA Form 3508EZ may be used for forgiveness if at least one of the three following bullet points applies to the borrower:
Is self-employed with no employees OR
Did not reduce annual salary or hourly wages by more than 25% during the covered period compared to the period January 1-March 31, 2020 AND did not reduce the number of employees or average paid hours of employees between January 1 and the end of the covered period, OR
Did not reduce annual salary or hourly wages by more than 25% during the covered period compared to the period January 1-March 31, 2020, AND was unable to operate during the covered period at the same level of business activity as before February 15, 2020, due to COVID-19-related health & safety requirements.
The “covered period” is the 24-week (168-day) period beginning on the PPP Loan Disbursement Date; or if the disbursement date was before June 5, 2020, the borrower may elect to use an 8-week (56-day) covered period. In no event may the covered period extend beyond December 31, 2020.