Small Business Administration Streamlines Forgiveness Process for PPP Loans
The U.S. Small Business Administration (SBA) is launching a streamlined application portal on Aug. 4 to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for loan forgiveness directly through the SBA instead of going through their participating lender.
More than 600 banks have agreed to allow access to the portal for more than 2.17 million borrowers.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said SBA Administrator Isabel Casillas Guzman.
The new forgiveness platform will begin accepting applications from borrowers on Aug. Lenders are required to opt in to this program through directforgiveness.sba.gov.
In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.
Borrowers who need assistance or have questions should call 877-552-2692, Monday–Friday, 8 a.m.-8 p.m. ET.
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation.