=====Answer:=====

There is more than one answer. Two are shown here.

====Solution 1:====
Cut a hole out of the center and use that to fill the other hole. \\
{{:donutquestions:paperholepuzzlesoln1.jpg?200|}}
{{:donutquestions:paperholepuzzlesoln2.jpg?200|}}

====Solution 2:====
Cut a strip off the corner and put it on the opposite corner.\\
{{:donutquestions:paperholepuzzlesoln3.jpg?200|}}
{{:donutquestions:paperholepuzzlesoln4.jpg?200|}}