SIOUX FALLS, S.D. • The U.S. Small Business Administration said it is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
The new forgiveness platform will begin accepting applications from borrowers today, Aug. 4.
“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,” Administrator Isabel Casillas Guzman said in a statement.
“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 so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one.
Lenders are required to opt-in to this program through https://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 that need assistance or have questions should call 877-552-2692.
“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, associate administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”