business SBA to Unveil PPP Loan Forgiveness Online Portal July 30, 2021 The U.S. Small Business Administration (SBA) has announced that it will open a streamlined paycheck protection program (PPP) loan forgiveness portal. Here’s how it will work. Attention PPP borrowers…the SBA has announced a new online portal where borrowers can apply for forgiveness on loans of $150,000 or less. Here’s what you should know. PPP Refresher The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) offers many provisions to assist companies impacted by the COVID-19 pandemic, including the Paycheck Protection Program. The program has generated over 11.7 million loans totaling nearly $800 billon in relief for small businesses. Visit our PPP Headquarters for all the details on PPP funding, as well as information on loan forgiveness. What is the new online portal? The new online portal aims to simplify PPP loan forgiveness for millions of small businesses. It allows borrowers, of loans under $150,000, to apply for forgiveness directly, without having to go through their banks. Over 2.17 million borrowers will be able to apply through the portal, as more than 600 banks have opted into the direct forgiveness option. How do you apply? PPP lenders can opt into the program by visiting https://directforgiveness.sba.gov/ There is a PPP customer service team in addition to the portal, who are available to answer questions and assist borrowers with their applications. When will the SBA begin accepting applications? Borrowers can begin submitting applications through the online portal starting August 4, 2021. The SBA hopes that this initiative will allow businesses to put aside loan forgiveness concerns and focus on restoring and growing their businesses. Questions on the application or the online portal? We’re here to help.
