The U.S. Small Business Administration (SBA) has launched a streamlined Paycheck Protection Program forgiveness application portal to allow borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA. On August 4, the portal will begin accepting applications from borrowers that have a PPP loan with a lender that has opted into the forgiveness portal.
The new forgiveness portal will help rush relief to over 6.5 million smallest of small businesses. The SBA also is starting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers needing assistance or with questions can call 1-877-552-2692, Monday through Friday, 8 a.m. to 8 p.m. ET. Lenders must opt into the program through directforgiveness.sba.gov.
More than 600 banks have opted into direct forgiveness, enabling over 2.17 million borrowers to apply through the portal. This represents 30 percent of loans $150,000 or less that have not yet submitted for forgiveness.