31 Jul 2021 PPP Direct Forgiveness Portal Opens Aug 4
New portal will streamline applications for loans $150K or less
The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for forgiveness directly through the SBA.
This new change will help over 6.5 million small businesses. The new forgiveness platform begins accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program. In addition to the technology platform, the SBA will have 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, Monday – Friday, 8 a.m. – 8 p.m. EST.
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. Over 600 banks have opted in to direct forgiveness (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness). Learn more.
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