If you have a Paycheck Protection Program loan for $150,000 or less, applying for forgiveness just got easier. The SBA has announced their portal will open August 4, allowing borrowers to submit forgiveness applications directly with the SBA. The only catch? Your lender has to opt into the program, so check with them to be sure this will be available for your loan. According to the SBA, more than 600 banks have joined the program so far.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
In addition to the new portal, the SBA has established 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.