The United States Small Business Administration is rolling out a new online portal where Paycheck Protection Program borrowers can apply for forgiveness on loans of $150,000 or less without going through their bank. This change aims to speed relief to more than 6.5 million small businesses that took out PPP loans to get them through the pandemic. The portal will be accepting applications from borrowers on Aug. 4 and lenders need to opt into the program in order for the SBA to provide direct forgiveness to borrowers.
The SBA hopes to simplify the process of forgiveness for millions of small businesses that survived the pandemic with loans from the Paycheck Protection Program. These business owners can apply online through a new streamlined application portal which will deliver relief more efficiently so they can get back on their feet and continue powering America's economy.
More than 600 banks have opted in to direct forgiveness, allowing over 2.17 million borrowers to apply through the portal. That figure represents 30% of loans $150,000 or less that haven’t yet been submitted for forgiveness.
Lenders can opt into the program through https://directforgiveness.sba.gov. In addition to setting up the portal, the SBA has enlisted a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers who need help or have questions can call (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. EST.