PPP Loan Forgiveness Made Easier
By Anne ZavagliaPosted on July 30th, 2021
The Small Business Administration (SBA) opened an online “Direct Forgiveness” portal on August 4th. The portal is designed to simplify the forgiveness process for borrowers with Paycheck Protection Program (PPP) loans $150,000 or less. Borrowers can save time by applying for forgiveness through the SBA instead of applying through their bank.
Lenders must opt in to the direct forgiveness program in order to allow the SBA to provide direct forgiveness to borrowers. So far almost 900 lenders have chosen to participate. You can download a list to see if your lender is participating.
Borrowers will need to create a login, and their loan information handy for the online application. The SBA has a Portal User Guide to help walk applicants through the process.