The U.S. Small Business Administration launched a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
“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 Administrator 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 so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
The new forgiveness platform began accepting applications August 4. Lenders may opt-in to this program through https://directforgiveness.sba.gov.
Borrowers that need assistance should call (877) 552-2692.