Small Business Administration (SBA) Announces Streamlined Process for PPP Loan Forgiveness
New Portal Opens August 4, 2021
The U.S. SBA is launching an online portal on August 4, 2021, to process PPP loan forgiveness program applications directly, assisting individual banks that have opted-in to the program. This streamlined process is available to borrowers who received $150,000 or less, benefiting millions of small businesses and independent contractors by reducing the burden on lenders to process millions of loan forgiveness requests.
- Lenders must opt-in to the program, and currently more than 600 banks have done so.
- Borrowers should visit the SBA Direct Forgiveness Portal to start a request.
- Borrowers with questions should contact SBA Customer Service, M–F, 8 am–8pm EST at 1-877-552-2692.
- Review the PPP Direct Forgiveness Platform User Guide before starting your application.
Save the date: August 4, 2021
Bookmark portal link.
Review the PPP Direct Forgiveness Platform User Guide.
Check the FAQ frequently as the SBA is updating it regularly.