New Loan Forgiveness Portal Opens Wednesday> Columbia Business Report

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BUT new portal The program is designed to accelerate the provision of assistance to small businesses with $ 150,000 or less under the payroll protection program. Opens Wednesday.

The streamlined Application Portal will allow borrowers with PPP loans from participating lenders of USD 150,000 or less to apply for loan forgiveness directly through the SBA.

Borrowers seeking assistance can call 877-552-2692 Monday through Friday, 8:00 am to 8:00 pm.

The SBA said the portal will help expedite aid to more than 6.5 million of the nation’s smallest businesses.

“The new streamlined SBA Application Portal will make it easier to forgive millions of our smallEST business“Es, including many sole proprietors, have used funds from our Payroll Protection Program loans to weather the pandemic,” SBA Administrator Isabella Casillas Guzmán said in a press release. “Overwhelming majority businessPending forgiveness there are loans up to $ 150,000. These entrepreneurs are busy with their businessBC, and they are challenged by an overly complex 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. ”

The SBA and lenders have provided over 11.7 million PPP loans to over 8.5 million small businesses, totaling nearly $ 800 billion.

More than 600 banks have chosen the direct forgiveness program, which allows over 2.2 million borrowers to apply, according to the SBA.

“This initiative will allow PPP borrowers to leave their concerns about achieving full forgiveness behind and focus on working and developing their businessAgain, ”said Patrick Kelly, Assistant Administrator at the SBA’s Capital Access Office. “We are delighted to be able to help financial institutions in the United States process forgiveness applications. small business owners. “

According to the organization, in 2021, the SBA approved over 6.5 million loans totaling over $ 275 billion with an average loan size of less than $ 42,000. In 2020, the average loan size was $ 101,000.

Also in 2021, 96% of PPP loans went to businesses with fewer than 20 employees, up from 87% in 2020, the SBA said.

The resilience of the country’s small business owners will be celebrated during National Small Business Week 2021 Virtual Summit, which will take place on September 13-15.

The summit will include educational panels, information on support services and representatives from Fortune 500 companies who will share the keys to their success, as well as entrepreneurial resources. Business owners will be able to use virtual kiosks to develop relationships with partners in the public and private sectors, learn about new business strategies, meet other entrepreneurs, and speak with industry experts.

Summit speakers will be announced later.

“As the voice of America’s 30 million small businesses and innovative start-ups, I am pleased to announce the annual SBA National Small Business Week Summit,” Guzman said in a video message. “Over the past 16 months, we have witnessed incredible determination and ingenuity in small businesses across the country. During NSBW, we will celebrate and celebrate their impact on our economies and strengthening communities as we strive to recover. ”

Registration is available on the website www.sba.gov/national-small-business-week

Call Melinda Waldrop at 803-726-7542.



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