SBA opens portal where PPP loan borrowers under $150K can apply for forgiveness
Source Small Business Administration
The Small Business Administration has opened a portal where Paycheck Protection Program (PPP) borrowers can apply for direct loan forgiveness for up to $150,000.
Forgiveness applications can be access the portal here. The SBA also encourages interested borrowers to attend an upcoming live webinar and Q&A sessions on Aug. 26 and Sep. 2. Both begin at 2:30 p.m. ET.
“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.
Since the opening of the Paycheck Protection Program Direct Borrower Forgiveness Portal on August 4, the U.S. Small Business Administration has received more than 340,000 submissions from borrowers with PPP loans of $150,000 or less.
Lenders can review the application and issue decisions within the same platform. Borrowers whose loans are through banks that have chosen not to opt-in to the SBA’s direct forgiveness portal must apply through their lender for forgiveness.
