The SBA is launching a streamlined application portal to allow borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA.
Lenders are required to opt-in to this program through directforgiveness.sba.gov. So far, over 600 banks have opted in to direct forgiveness, enabling over 2.17 million borrowers to apply through the portal (accounting for 30% of loans $150,000 or less that have not yet been submitted for forgiveness.)
The vast majority of businesses waiting for PPP forgiveness have loans under $150,000. This change will deliver forgiveness more efficiently, the SBA said.
In addition to the technology platform, the SBA has 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.
Borrowers should consult with their PPP loan lenders prior to utilizing the portal to ensure the lender has opted in to the portal.