[vimeo 430717492 w=640 h=360]
Vimeo (https://vimeo.com).
I'm going to show you a little bit about the New PPP Forgiveness Applications. There are now two of them. One an EZ version, one a full version, we're going to talk about which one you should use, and then we'll walk through them. 
So to get started, we have the four documents that you need to download. I'll include them in the email that you probably got when you're looking at this.
There is a forgiveness calculation form. You can consider this the full application. It's only five pages, but it's got some complexity to it. The 3508EZ, which is the quick and EZ form, just three pages, and then there are instructions for each one.
So let's start with instructions for how to choose which form to use. If you fall under at least one of the three boxes below, at least one, you can do the EZ form, you do not submit the instructions with the form. It's just, here's how it works. So, Number 1, excuse me. If you are a self-employed individual, an independent contractor or sole proprietor who had no employees when you applied use Form EZ. If you did not reduce the annual salary or hourly wages of any employee by more than 25% during the coverage period or alternative covered period, compared to January 1 to March 31, 2020. So if you take January 1 to March 31, 2020, get your average pays, and then you can compare that to your covered period and we'll talk about that in a minute. If it's all the same, accepting those who made over 100,000, if they still make over 100,000 then this applies. And not only the average in terms of hourly wages and annual salary but also the number of employees and the average paid hours of employees between January 1, 2020, and the end of the covered period. 
You can ignore reductions that arose from an inability to rehire individuals. So if you were going well through March 31, and then you dropped a bunch of people. Cool. And then you brought a bunch of people back and now we're all back here at the end of the covered period, except for a few people who wouldn't come back to work, that's fine. You get to count them as coming back as long as you offered them the job formally and they declined or saved to have both of those. Or the borrow did not reduce the annual salary or hourly wages of any employee by more than 25% during the coverage period or alternative period compared to those between January 1 and March 31. And this is key. You didn't cut anybody's pay their wage or their salary, but you were unable to operate during the covered period at the same level of business as before February 15th, due to compliance with requirements established or guidance issued between March 1, 2020, and December 31 by HHS, Senator to CDC, those kinds of people. And it had to be specifically related to maintenance of standards of sanitation, social distancing, or other work. If you can check any one of these sets of three boxes, you are able to use the EZ form. If you wound up having salary reductions or the average number of employee reductions, you have to still use the longer form. Okay. 
Now, at this time, most of this is the same instructions basically between the two forms. So I'm just going to use the EZ form instructions for now. Most of the information here is very straightforward. It's your loan number, your name, how many employees you had at the time of the loan application it's on your loan application, the number of times that you forgive at the forgiveness application whenever you have now, it's all there. 
These are the two sections that have changed significantly covered period vs alternative covered period. Let's talk about the covered period first. The covered period now has two options. There it is. If you received your loan before June 5th, 2020, you may elect to use an 8-week covered period. So if you got this back in April, like many people, and you were working under the assumption that it's an 8-week...