Small Business Administration Launches Direct Loan Forgiveness Portal

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The Small Business Administration has launched a new portal for direct loan forgiveness through the Payroll Protection Program.

The SBA will begin accepting applications from borrowers on Wednesday.

Applications are open to businesses that have borrowed up to $ 150,000 and have not applied for forgiveness. The Direct Forgiveness Portal is also only available through participating lenders.

According to the SBA, 600 banks have opted for outright forgiveness. The portal allows you to apply for more than 2 million borrowers.

The purpose of the portal is to speed up the process and make it easier for businesses and banks that provide loans.

In 2021, the SBA said the average loan size was $ 42,000, well below the average loan size of $ 101,000 in 2020.

Click here to access the portal.

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