SBA Opens PPP Loan Forgiveness Portal
July 29, 2021一The Small Business Administration has launched a streamlined application portal to allow businesses who received PPP loans of $150,000 to apply for forgiveness directly through the SBA, instead of through their lender.
The new change has been discussed for several weeks, but was officially announced Wednesday with the goal of expediting relief to businesses who were struggling through the process with their lender.
“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,” SBA Administrator Isabel Casillas Guzman said in a statement.
The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.