SBA Will Offer Streamlined PPP Forgiveness Application Through New Portal
If you took a Paycheck Protection Program loan, listen up because this new service might save you some headaches.
The U.S. Small Business Administration is launching a streamlined application portal to allow borrowers with PPP loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The program is currently undergoing a pilot program, but will open to the public in August 2021. You can register your account now so you're ready to apply later.
In our region, there are over 200,000 PPP loans that meet that criteria.
“The opening of this portal allows a simpler method for borrower and lender to meet the needs of the business, lender and the agency,” said Region 7 Acting Administrator Leon Milobar.
The new forgiveness platform will begin accepting applications from borrowers Aug. 4, 2021. Lenders are required to opt-in to this program through 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 who 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,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access.
Established by the CARES Act in 2020, PPP was among the first COVID-19 small business economic aid programs. It provided more than $798 billion in economic relief to small businesses and nonprofits across the nation.
Again, to register your account so you're ready when the program launches, visit directforgiveness.sba.gov.
Stay connected to KC entrepreneurship
Get entrepreneurial insights, inspiration and events delivered right to your inbox.