The Small Business Administration will launch a streamlined application portal to allow PPP borrowers with loans of $150,000 or less to apply for forgiveness directly through the agency.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses -- including many sole proprietors -- who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman, in a statement. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. In addition to the technology platform, the SBA is starting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.
Related: Restaurant Revitalization Fund Portal Will Be Disabled; SBA Revokes Additional Restaurant Revitalization Funds.