Borrowers of PPP loans up to $ 150 thousand receive forgiveness through the new portal

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V Small Business Administration created an online portal to directly forgive loans to borrowers up to $ 150,000.

Banks and businesses that have agreed to participate now have a single online place where borrowers can apply for forgiveness on this SBA-operated site: directforgiveness.sba.gov

Lenders can view the application and make decisions on one platform.

“SBA new optimized app portal will make it easier to forgive millions of our smallest businesses – including many sole proprietors – who have used funds from our payroll protection loan to weather the pandemic, ”SBA Administrator Isabel Casillas Guzmán said in a statement.

“The vast majority of businesses awaiting forgiveness have loans of up to $ 150,000. These entrepreneurs are preoccupied with their businesses and face an overly difficult process of forgiveness. We need to more effectively offer forgiveness so that they can return to revitalizing our main streets, maintaining our neighborhoods and fueling our country’s economy, ”she added.

Some PPP lenders choose not to participate in this portal, especially those who have already set up their own.

PPP borrowers should check whether their lender has agreed to this list courtesy of SBA.

Since opening Payroll Protection Program (PPP) Portal of direct forgiveness of borrowers on August 4 U.S. Small Business Administration received more than 340,000 applications from borrowers with PPP loans for an amount not exceeding USD 150,000,

For more information visit the direct PPP forgiveness portal at https://directforgiveness.sba.gov/

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