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.
The Small Business Administration has spent down all Paycheck Protection Program (PPP) loan funds and is not accepting new applications for this program. To help the Jewish community and others navigate through the loan forgiveness process and access employee retention tax credits (ERTC) we continue to provide support. You can reach us at SBALoans@jfna.org.
Here is some information that may be useful to you during the loan forgiveness process:
View FAQs (updated July 26, 2021)
The American Rescue Plan Act of 2021 includes a number of COVID-19 relief funding measures important to the Jewish communities public policy agenda. Learn how the ARP can help your community.
View a breakdown of provisions in the ARP
Watch a briefing about the ARP from March 18
Last Updated: July 28, 2021