The U.S. Small Business Administration (SBA) announced that it will accept applications for its new Paycheck Protection Program (PPP) loan forgiveness portal beginning August 4, 2021. The portal is designed to simplify the loan forgiveness process by allowing borrowers of $150,000 or less to apply for loan forgiveness directly through the SBA.
The SBA noted that the majority of businesses waiting for forgiveness have loans of less than $150,000. The change will help expedite the loan forgiveness process for these borrowers. Lenders must opt-in to the program through the SBA PPP Forgiveness Portal. The SBA is also opening a PPP customer service team to assist borrowers with their forgiveness applications during Monday – Friday, 8 a.m. - 8 p.m. EST at (877) 552-2692.
The Coronavirus Aid, Relief & Economic Security (CARES) Act established the PPP loan program in March 2020 under the SBA’s Section 7(a) Loan Program to provide forgivable loans to small businesses adversely impacted by the COVID-19 pandemic. Congress extended the program with additional funds in December 2020 and in March 2021. The program stopped accepting applications when it ran out of funds in May 2021.
For information about PPP loan forgiveness, contact us. We are here to help.