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.
The new portal will begin accepting applications from borrowers Aug. 4. A user guide can be found here and the SBA also has a FAQ on the new portal for borrowers.
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.
Looking for more on PPP? Read our prior articles and check out our PPP expense trackers (McDonald’s version/general business version.)
