The Small Business Administration has created an online portal that allows direct loan cancellation for borrowers up to $ 150,000.
Now, banks and businesses that choose to participate have a one-stop-shop online for borrowers to request a rebate on this SBA-run site: directforgiveness.sba.gov.
Lenders can review the request and issue decisions within the same platform.
“The SBA’s new streamlined application portal will make forgiveness easier for millions of our smallest businesses – including many sole proprietorships – who have used the funds from our Paycheck Protection Program loans to survive the pandemic SBA administrator Isabel Casillas Guzman said in a statement.
“The vast majority of businesses awaiting forgiveness have loans of less than $ 150,000. These entrepreneurs are busy running their business and face an overly complicated forgiveness process. We need to offer them forgiveness more effectively so that they can resume livening up our main streets, supporting 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 created their own.
PPP borrowers should check if their lenders have opted for this list provided by the SBA.
Since the Paycheck Protection Program Direct Borrower Forgiveness Portal opened on August 4, the US Small Business Administration has received more than 340,000 submissions from borrowers with P3 loans of $ 150,000 or less.
For more information, visit the PPP Direct Forgiveness Portal at https://directforgiveness.sba.gov/.