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SBA Opens PPP Direct Forgiveness Portal

Posted by Concannon Miller on Thu, Jul 29, 2021

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PPP loanThe 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.)

Topics: 2020 Coronavirus

Concannon Miller’s unique, holistic and intimate approach to financial health sets us apart from smaller CPA firms with more limited resources as well as mega firms where mid-sized clients struggle for attention. Contact us here to talk about improving your business.

This communication is designed to provide accurate and authoritative information in regard to the subject matter covered at the time it was published. However, the general information herein is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purposes of avoiding tax penalties.

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