The U.S. Small Business Administration (SBA) will launch a streamlined Paycheck Protection Program (PPP) 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 small businesses, according to the SBA, and will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is setting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. EST.
As always, the SBA Loan Team at JFNA will keep you updated as we learn more about the new platform. You can direct questions about PPP forgiveness and the Employee Retention Tax Credit (ERTC) to SBALoans@JFNA.org.