SBA to Launch Direct Forgiveness Portal for Small PPP Loans
WASHINGTON, D.C. – The Small Business Administration has launched a new online portal allowing small businesses that received Paycheck Protection Program loans to apply for forgiveness directly through the agency.
The portal is available to those who borrowed $150,000 or less. Forgiveness applications will begin to be accepted Aug. 4. The portal can be accessed HERE.
More than 600 banks have opted to take part in forgiveness directly through the SBA, representing 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 vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently.”
To help with the portal, the SBA is also creating a PPP customer service team to answer questions and help with the applications. The team can be called at 877 552 2692 on weekdays between 8 a.m. and 8 p.m. EST.
Copyright 2022 The Business Journal, Youngstown, Ohio.