SBA PPP Loan Forgiveness Portal Coming

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For enterprises with wage protection loans, asking for forgiveness will become more orderly.

On Friday Small Business Administration He is expected to provide details on his as-yet-to-be-launched Forgiveness Portal under the Payroll Protection Program, through which some small businesses can apply for loan forgiveness through the SBA. Currently, all borrowers need to apply for a loan forgiveness directly at their office. creditor

The SBA declined to comment further. Philadelphia Business Magazinehowever, this week reported that based on documentation provided to developers, PPP forgiveness portal will simplify the process for borrowers and lenders. The notice also addresses several use cases, one of which describes a situation in which a borrower may apply for forgiveness directly to the SBA… Chris Hearn of Fountainhead, a non-bank small business lender, said Journal that he suspects that outright loan forgiveness will be reserved for those with loans less than $ 150,000.

In any case, lenders will need to choose a platform. SBA Administrator Isabelle Guzmán previously said the platform could launch as early as August.

Meanwhile, the SBA is separately working on a way to improve the loan forgiveness process for loans between $ 150,000 and $ 2 million – in addition to various iterations. simplified statements of forgiveness SBA, launched earlier during the pandemic, Guzman said in an interview Business magazine earlier in June. Earlier this month, the SBA announced that exclude checking the need for credit for loans of $ 2 million or more. In total, the SBA has committed more than $ 780 billion in emergency funding to more than 8 million small businesses, most of which will soon be looking forward to their loan forgiveness.

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