July 20, 2021—Small business owners who received PPP funding may have a new way to apply for loan forgiveness, Cleveland.com reported.
The Small Business Administration is working on a new loan forgiveness portal that would allow small business owners to apply for the forgiveness directly instead of through their lender.
The portal is designed to help small business owners deal with a non-responsive lender.
“The SBA is looking to launch their own portal,” Erik Asgeirsson, president and CEO of the Association of International Certified Professional Accountants, said in a recent online town hall. “It seems like they are going to have a direct forgiveness tool, and that’s what I would expect if the lender is no longer in existence — that would be a great option.”
