SBA announces PPP direct forgiveness portal

Paycheck protection program ppp loan for small business forgiveness application.

The U.S. Small Business Administration is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.    

“In Region 7 there are 867 lenders that completed 216,938 PPP loans under $150,000, representing over $4.6 billion of PPP loans.  The opening of this portal allows a simpler method for borrower and lender to meet the needs of the business, lender and the agency,” Region 7 Acting Administrator Leon Milobar stated in a release. 

This new change will help rush relief to more than 6.5 million smallest of small businesses nationally. The new forgiveness platform will begin accepting applications from borrowers Aug. 4. If their lender has opted in, borrowers can go https://directforgiveness.sba.gov to register to use the Direct Forgiveness Platform.  

In addition to the technology platform, the SBA is standing 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 from 7 a.m.-7 p.m. Monday-Friday.

“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” Patrick Kelley, associate administrator for SBA’s Office of Capital Access, stated in a releases. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”