SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal
The U.S. Small Business Administration (SBA) has launched a new online application portal that allows borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA instead of through participating lenders.
The new application portal is designed to streamline and simplify forgiveness for small businesses. According to the SBA, most businesses (6.5 million) waiting for forgiveness have loans under $150,000. The new forgiveness portal will begin accepting applications from borrowers on August 4, 2021.
In addition, the SBA has set up a fully staffed PPP call-in number to answer borrower questions and assist filling out their forgiveness applications. Borrowers with questions or needing assistance with their PPP forgiveness application should call (877) 552-2692, Monday through Friday, from 8 a.m. to 8 p.m. EST. The forgiveness application portal can be accessed by clicking here.