Aug 04 SBA TO OPEN STREAMLINED PPP LOAN FORGIVENESS PORTAL ON AUGUST 4
The Small Business Administration (SBA) will open an online portal where Paycheck Protection Program borrowers can directly apply for forgiveness on loans of $150,000 or less without going through their bank. The portal will open and begin accepting applications on Wednesday, August 4, and is aimed at simplifying and speeding up relief to more than 6.5 million small businesses that received PPP loans.
However, for the SBA to provide direct forgiveness to borrowers, lenders will need to opt into the program, and can do so here: https://directforgiveness.sba.gov. More than 600 banks have opted into direct forgiveness, allowing over 2.17 million borrowers to apply through the portal.
For questions concerning forgiveness applications, the SBA has created a PPP customer service team who can be reached at (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.